(RMAX) Re Max Holding - Overview
Sector: Real Estate | Industry: Real Estate Services | Exchange: NYSE (USA) | Market Cap: 516m USD | Total Return: 26.9% in 12m
Avg Turnover: 5.11M
EPS Trend: -93.0%
Qual. Beats: -1
Rev. Trend: -99.6%
Qual. Beats: -1
Warnings
P/E ratio 469.0
High Debt/EBITDA (6.0) with thin interest coverage (1.2)
Altman Z'' 0.47 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
No distinct edge detected
RE/MAX Holdings, Inc. (RMAX) is a global franchisor of real estate and mortgage brokerage services. The company operates through three primary segments: Real Estate, Mortgage, and Marketing Funds. Its business model relies on a high-margin franchising structure where the firm collects recurring fees and dues from independent franchisees rather than owning individual brokerage offices. This capital-light approach allows for scalable expansion across its RE/MAX and Motto Mortgage brands.
The company integrates proprietary technology into its service offering, including the BoldTrail digital platform for lead management and the wemlo software for mortgage loan processing. In the broader real estate sector, franchisors often experience cyclicality tied to interest rates and housing inventory levels, though recurring franchise fees can provide a buffer against transaction volume volatility. Investors should evaluate ValueRay to analyze how these revenue streams align with current market trends.
Founded in 1973 and headquartered in Denver, Colorado, RE/MAX maintains an international presence through a network of agents supported by its centralized marketing funds and professional development tools. The company’s Mortgage segment represents a strategic diversification effort to capture value across multiple stages of the residential property transaction lifecycle.
- Elevated mortgage rates and low housing inventory suppress transaction volumes and franchise fees
- Expansion of Motto Mortgage and wemlo software diversifies revenue away from brokerage
- Agent headcount fluctuations impact recurring monthly membership dues and royalty streams
- Legal settlements and regulatory changes regarding real estate commissions pressure brokerage margins
- High sensitivity to Federal Reserve monetary policy and regional housing market cycles
| Net Income: 370k TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -4.42 > 1.0 |
| NWC/Revenue: 31.71% < 20% (prev 22.88%; Δ 8.83% < -1%) |
| CFO/TA 0.06 > 3% & CFO 33.1m > Net Income 370k |
| Net Debt (370.8m) to EBITDA (62.1m): 5.97 < 3 |
| Current Ratio: 1.64 > 1.5 & < 3 |
| Outstanding Shares: last quarter (20.5m) vs 12m ago 6.22% < -2% |
| Gross Margin: 66.93% > 18% (prev 0.74%; Δ 6.62k% > 0.5%) |
| Asset Turnover: 50.25% > 50% (prev 53.18%; Δ -2.93% > 0%) |
| Interest Coverage Ratio: 1.20 > 6 (EBITDA TTM 62.1m / Interest Expense TTM 30.9m) |
| A: 0.16 (Total Current Assets 232.9m - Total Current Liabilities 141.8m) / Total Assets 572.3m |
| B: -0.24 (Retained Earnings -135.9m / Total Assets 572.3m) |
| C: 0.06 (EBIT TTM 37.0m / Avg Total Assets 571.9m) |
| D: -0.22 (Book Value of Equity -135.9m / Total Liabilities 614.0m) |
| Altman-Z'' = 0.47 = B |
| DSRI: 0.83 (Receivables 28.2m/36.0m, Revenue 287.4m/303.9m) |
| GMI: 1.11 (GM 66.93% / 74.45%) |
| AQI: 0.96 (AQ_t 0.56 / AQ_t-1 0.58) |
| SGI: 0.95 (Revenue 287.4m / 303.9m) |
| TATA: -0.06 (NI 370k - CFO 33.1m) / TA 572.3m) |
| Beneish M = -3.18 (Cap -4..+1) = AA |
As of May 29, 2026, the stock is trading at USD 9.47 with a total of 187,633 shares traded.
Over the past week, the price has changed by -0.73%,
over one month by -16.12%,
over three months by +50.56% and
over the past year by +26.94%.
Re Max Holding has received a consensus analysts rating of 2.75. Therefore, it is recommended to hold RMAX.
- StrongBuy: 0
- Buy: 0
- Hold: 3
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 11.4 | 20.4% |
P/E Trailing = 469.0
P/E Forward = 12.0773
P/S = 1.7961
P/B = 0.4464
P/EG = 4.07
Revenue TTM = 287.4m USD
EBIT TTM = 37.0m USD
EBITDA TTM = 62.1m USD
Long Term Debt = 431.4m USD (from longTermDebt, last quarter)
Short Term Debt = 14.1m USD (from shortTermDebt, last quarter)
Debt = 477.9m USD (from shortLongTermDebtTotal, last quarter) + Leases 21.0m
Net Debt = 370.8m USD (calculated: Debt 477.9m - CCE 107.1m)
Enterprise Value = 886.9m USD (516.1m + Debt 477.9m - CCE 107.1m)
Interest Coverage Ratio = 1.20 (Ebit TTM 37.0m / Interest Expense TTM 30.9m)
EV/FCF = 35.43x (Enterprise Value 886.9m / FCF TTM 25.0m)
FCF Yield = 2.82% (FCF TTM 25.0m / Enterprise Value 886.9m)
FCF Margin = 8.71% (FCF TTM 25.0m / Revenue TTM 287.4m)
Net Margin = 0.13% (Net Income TTM 370k / Revenue TTM 287.4m)
Gross Margin = 66.93% ((Revenue TTM 287.4m - Cost of Revenue TTM 95.0m) / Revenue TTM)
Gross Margin QoQ = 59.25% (prev 57.85%)
Tobins Q-Ratio = 1.55 (Enterprise Value 886.9m / Total Assets 572.3m)
Interest Expense / Debt = 6.47% (Interest Expense 30.9m / Debt 477.9m)
Taxrate = 31.56% (6.20m / 19.6m)
NOPAT = 25.3m (EBIT 37.0m * (1 - 31.56%))
Current Ratio = 1.64 (Total Current Assets 232.9m / Total Current Liabilities 141.8m)
Debt / Equity = 1.07 (Debt 477.9m / totalStockholderEquity, last quarter 446.1m)
Debt / EBITDA = 5.97 (Net Debt 370.8m / EBITDA 62.1m)
Debt / FCF = 14.81 (Net Debt 370.8m / FCF TTM 25.0m)
Total Stockholder Equity = 447.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 0.06% (Net Income 370k / Total Assets 572.3m)
RoE = 0.06% (Net Income TTM 370k / Total Stockholder Equity 583.2m)
RoCE = 3.65% (EBIT 37.0m / Capital Employed (Equity 583.2m + L.T.Debt 431.4m))
RoIC = 4.42% (NOPAT 25.3m / Invested Capital 572.3m)
WACC = 8.17% (E(516.1m)/V(994.0m) * Re(11.64%) + D(477.9m)/V(994.0m) * Rd(6.47%) * (1-Tc(0.32)))
Discount Rate = 11.64% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.22 | Cagr: 5.27%
[DCF] Terminal Value 73.10% ; FCFF base≈35.1m ; Y1≈30.8m ; Y5≈24.9m
[DCF] Fair Price = 1.35 (EV 399.4m - Net Debt 370.8m = Equity 28.6m / Shares 21.2m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: -92.97 | EPS CAGR: -11.61% | SUE: -2.34 | # QB: -1
Revenue Correlation: -99.58 | Revenue CAGR: -5.57% | SUE: -3.05 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.39 | Chg30d=+0.00% | Revisions=+33% | Analysts=3
EPS next Quarter (2026-09-30): EPS=0.41 | Chg30d=+0.00% | Revisions=+33% | Analysts=3
EPS current Year (2026-12-31): EPS=1.29 | Chg30d=+0.00% | Revisions=+33% | GrowthEPS=-0.6% | GrowthRev=+1.2%
EPS next Year (2027-12-31): EPS=1.43 | Chg30d=+0.00% | Revisions=+20% | GrowthEPS=+10.4% | GrowthRev=+2.5%
[Analyst] Revisions Ratio: +33%