RE/MAX Holdings, Inc.
- Open
- 10.06
- Day high
- 10.36
- Day low
- 9.88
- Prev close
- 9.86
- Volume
- 208K
- Mkt cap
- $220M
- P/E (TTM)
- 476.5
- EPS (TTM)
- $0.02
- P/B
- 0.5
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$14.0M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
RE/MAX Holdings, Inc. (RMAX) is a Real Estate company listed on NYSE. The stock is up 18% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
RE/MAX Holdings, Inc. (RMAX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RMAX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $0.22 | $0.16 | -28.7% | $70M | -4.1% |
| Feb 19, 2026 | $0.28 | $0.30 | +7.1% | $71M | -4.1% |
| Oct 30, 2025 | $0.36 | $0.37 | +2.8% | $73M | +2.7% |
| Jul 29, 2025 | $0.35 | $0.39 | +11.4% | $73M | -2.7% |
| May 1, 2025 | $0.18 | $0.24 | +33.3% | $74M | +0.2% |
| Feb 20, 2025 | $0.29 | $0.30 | +3.4% | $72M | -2.5% |
| Oct 31, 2024 | $0.36 | $0.38 | +5.6% | $78M | +4.8% |
| Aug 8, 2024 | $0.35 | $0.41 | +17.1% | $78M | +0.9% |
| May 2, 2024 | $0.17 | $0.20 | +17.6% | $78M | +1.3% |
| Feb 22, 2024 | $0.28 | $0.30 | +7.1% | $77M | -0.5% |
| Nov 2, 2023 | $0.36 | $0.40 | +11.1% | $81M | +5.1% |
| Aug 2, 2023 | $0.39 | $0.40 | +2.6% | $82M | -0.0% |
RMAX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 14, 2026 | Menogan Annita Mdirector | Grant | 10,385 | — |
| May 14, 2026 | Scherping Katherine Leedirector | Grant | 10,385 | — |
| May 14, 2026 | Van De Bogart Teresa Sdirector | Grant | 10,385 | — |
| May 14, 2026 | Jenkins Norman K.director | Grant | 10,385 | — |
| May 14, 2026 | RAFFAELI C CATHLEENdirector | Grant | 10,385 | — |
| May 14, 2026 | Dow Roger J.director | Grant | 10,385 | — |
| Apr 29, 2026 | Peterson Adam Kother: See Footnote 6 | Sell | 632,091 | $9.84 |
| Apr 29, 2026 | Peterson Adam Kother: See Footnote 6 | Sell | 493,006 | $10.97 |
| Apr 29, 2026 | Peterson Adam Kother: See Footnote 6 | Sell | 216,281 | $11.10 |
| Apr 2, 2026 | Peterson Adam K10 percent owner | Sell | 61,000 | $5.71 |
| Apr 2, 2026 | Peterson Adam K10 percent owner | Sell | 81,693 | $5.80 |
| Mar 3, 2026 | Winders Susan Lofficer: REMAX President, C. Growth Ofc | Grant | 59,619 | — |
| Mar 3, 2026 | Callahan Karri R.officer: CHIEF FINANCIAL OFFICER | Tax | 18,414 | $6.29 |
| Mar 3, 2026 | Jenkins Leah Rofficer: VP, CHIEF ACCOUNTING OFFICER | Grant | 5,305 | — |
| Mar 3, 2026 | Lombardo Victor Stephenofficer: President of Mortgage Services | Grant | 16,923 | — |
Source: RMAX SEC Form 4 filings, latest May 14, 2026. For informational purposes only — not investment advice.
See the full RMAX insider & 13F page →RE/MAX Holdings, Inc. company profile
Overview
RE/MAX Holdings, Inc. (NYSE:RMAX) is a Denver-based franchisor that operates one of the world's largest real estate brokerage networks. Founded in 1973, the company has grown from a regional Colorado operation into a global franchise system with over 140,000 agents across more than 8,000 offices in over 110 countries and territories. RE/MAX went public in October 2013 and has since expanded beyond traditional real estate franchising into mortgage services and digital marketing platforms. The company operates through three primary business segments: Real Estate franchising, Mortgage services, and Marketing Funds, positioning itself as a comprehensive provider of real estate-related services to both agents and consumers.
Business
RE/MAX operates in the real estate services industry, functioning primarily as a franchisor rather than directly buying or selling properties. The company's core business revolves around licensing its brand and business model to independent real estate brokers who then operate RE/MAX-branded offices. The company operates through three distinct business segments: 1. Real Estate Segment (approximately 70-75% of revenue excluding marketing funds): This is the core franchising business where RE/MAX licenses its brand, systems, and support services to independent real estate brokers. These franchisees pay ongoing fees based on agent count and transaction volume. The segment includes the flagship RE/MAX brand, which focuses on experienced, productive agents, and provides technology platforms like the First mobile app, RE/MAX University training platform, and the Booj digital platform. 2. Mortgage Segment (approximately 5-10% of revenue): This segment includes Motto Mortgage, a mortgage brokerage franchise system that operates independently-owned mortgage offices, and wemlo, which provides mortgage loan processing software and services to mortgage professionals. This segment has faced challenges due to elevated interest rates but represents a strategic diversification effort. 3. Marketing Funds Segment (approximately 20-25% of revenue): This segment collects and manages marketing fund contributions from franchisees, which are used for national and regional advertising campaigns. The funds are collected from agents and brokers specifically for marketing purposes and are generally revenue-neutral for the company. The real estate franchising model works by providing independent brokers with brand recognition, training systems, technology platforms, and ongoing support in exchange for franchise fees and ongoing royalties. Unlike traditional real estate companies that employ agents directly, RE/MAX franchisees are independent business owners who benefit from the company's established brand and support infrastructure.
Competitive moat
RE/MAX possesses a moderate but potentially weakening moat built primarily on brand recognition and network effects, though this competitive advantage faces increasing challenges. Strengths of the Moat: The RE/MAX brand carries significant recognition in the real estate industry, built over 50 years of operation. The company benefits from network effects where a larger agent base attracts more franchisees, and vice versa. With over 140,000 agents globally, RE/MAX can offer extensive referral networks and market coverage that smaller competitors cannot match. The company's focus on experienced, productive agents (averaging 3.5-4x industry productivity) creates a quality differentiation versus competitors who accept less experienced agents. Moat Vulnerabilities: However, the moat faces significant erosion pressures. The real estate franchising industry has low barriers to entry, with numerous competitors like Keller Williams, Coldwell Banker, and Century 21 offering similar services. Technology disruption poses a substantial threat, as digital platforms and discount brokerages challenge traditional commission structures. Recent industry changes, including NAR settlement agreements and evolving commission practices, are reshaping competitive dynamics. The company's declining U.S. agent count (though offset by international growth) suggests the value proposition may be weakening for some market segments. Competitive Threats: Primary threats come from other large franchisors with similar resources, technology-enabled competitors offering lower-cost alternatives, and potential disintermediation through direct-to-consumer platforms. The mortgage business faces intense competition from established lenders and fintech companies. Additionally, regulatory changes and industry consolidation could further pressure traditional franchise models. Overall, while RE/MAX maintains market position through scale and brand recognition, the moat appears more fragile than in previous decades due to technological disruption and changing industry dynamics.
Risks & safety
RE/MAX demonstrates moderate financial safety with manageable debt levels but faces some liquidity and valuation concerns. Debt and Solvency: • Total debt-to-equity ratio of 1.08x indicates moderate leverage • Current ratio of 1.48x shows adequate short-term liquidity coverage • Cash and short-term investments of $89.1 million provide reasonable cushion • Leverage ratio of 3.61x (debt-to-EBITDA) is elevated but manageable for the industry • Free cash flow generation of $53 million annually supports debt service capabilities Valuation Metrics: • EV/EBITDA of 10.3x appears reasonable for a franchise business • Price-to-book ratio of 0.37x suggests potential undervaluation • Current price of $7.79 represents significant discount from historical levels • Market cap of approximately $315 million is relatively small, creating liquidity risk Other Considerations: • Declining U.S. agent count creates revenue headwinds • Mortgage segment remains challenged by interest rate environment • Recent operational efficiency improvements help offset revenue pressures • International growth provides some diversification benefit • Industry regulatory changes create uncertainty about future cash flows
Recent development
Over the past few years, RE/MAX has undertaken significant strategic initiatives to modernize its business model and diversify revenue streams in response to industry challenges and changing market dynamics. Technology and Digital Transformation: The company has invested heavily in digital platforms, launching the First mobile app that integrates multiple digital tools for agent and client relationship management. They've also developed the Booj platform and enhanced RE/MAX University as a comprehensive learning hub for agent professional development. Most recently, they introduced the HomeView app for improved client communication and are developing the MAX/Refer global referral system. New Revenue Initiatives: RE/MAX has launched several programs to generate additional revenue streams beyond traditional franchise fees. The Lead Concierge program helps nurture high-intent leads and shares economics between RE/MAX, partners, brokers, and agents. The company is also developing the RE/MAX Media Network to monetize their digital assets (remax.com and remax.ca) for advertising revenue, with management projecting potential seven-digit annual revenue from this initiative. Operational Excellence Focus: Under CEO Erik Carlson's leadership since late 2023, the company has prioritized operational efficiency, resulting in significant cost reductions. Selling, operating, and administrative expenses decreased by 5.9% in recent quarters, while adjusted EBITDA margins improved to over 30%. The company has also streamlined operations and improved collections processes. Market Adaptation: RE/MAX has been proactive in adapting to industry changes, including NAR settlement agreements and evolving commission structures. They've launched the Aspire program to attract and develop new agents, refreshed their branding and logo, and introduced the MAX/Engage social influencer platform. The company has also settled major litigation in Canada for $5.5 million, removing legal uncertainties. Leadership and Organizational Changes: The company has brought in new leadership, including Chris Lynn as Executive Vice President and Chief Growth Officer, and Travis Saxon as Executive Vice President of Strategy, signaling a focus on growth and strategic direction.
RMAX company profile · for informational purposes only — not investment advice.
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