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1. Company Snapshot

1.a. Company Description

RE/MAX Holdings, Inc.operates as a franchisor of real estate and mortgage brokerage services in the United States, Canada, and internationally.The company operates through three segments: Real Estate, Mortgage, and Marketing Funds.


It offers real estate brokerage franchising services under the RE/MAX brand; mortgage brokerage services to real estate brokers, real estate professionals, mortgage professionals, and other investors under the Motto Mortgage brand; and mortgage loan processing software and services under the wemlo brand.In addition, the company provides First mobile app, which integrates a suite of digital products that enables agents, brokers, and teams to establish and manage client relationships; RE/MAX University platform, a learning hub designed to help each agent in their professional expertise; and Booj platform.The company was founded in 1973 and is headquartered in Denver, Colorado.

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1.b. Last Insights on RMAX

RE/MAX Holdings, Inc.'s recent performance was negatively impacted by a 6.7% decrease in total revenue to $73.3 million, primarily due to a 5.4% organic revenue growth decline and 0.2% adverse foreign currency movements. The company's U.S. and Canada combined agent count decreased 5.1% to 74,198 agents, while total open Motto Mortgage franchises decreased 10.3% to 210 offices. Despite beating earnings estimates with an adjusted EPS of $0.37, the company's revenue decline and agent count decrease in key markets are concerns.

1.c. Company Highlights

2. RE/MAX Holdings Posts Strong Q4 2025 Results, Driven by Agent Count Growth and Strategic Progress

RE/MAX Holdings reported a total revenue of $71.1 million, adjusted EBITDA of $22.4 million, and adjusted diluted EPS of $0.30, beating the estimated EPS of $0.28. The company's financial performance was driven by a strong agent count growth, with a record high of over 148,500 agents as of December 31, 2025.

Publication Date: Mar -09

📋 Highlights
  • Major Brokerage Conversion:: Added 1,200 agents in RE/MAX Canada via the largest brokerage conversion in company history.
  • Global Agent Growth:: Worldwide agent count reached 148,500 as of December 31, 2025, a record high.
  • Financial Performance:: Q4 2025 revenue $71.1M, adjusted EBITDA $22.4M, and adjusted EPS $0.30, with leverage ratio at 3.12x.
  • 2026 Guidance:: Q1 revenue guidance $69M–$74M and adjusted EBITDA $14M–$17M; full-year agent growth projected 1.5%–3.5%.
  • New Economic Models:: Aspire program adopted by 2,000 agents, aiming to stabilize broker fee revenue seasonality and enhance flexibility.

Revenue and Profitability

The company's revenue growth was driven by its strategic progress, including the launch of new initiatives such as the Aspire Aspire program, which has gained traction among agents. The adjusted EBITDA margin was also maintained, reflecting the company's ability to manage its costs effectively. The revenue is expected to grow by 1.9% in the next year, driven by the increasing agent count and improved market conditions.

Agent Count and Network Growth

RE/MAX's worldwide agent count hit an all-time high, driven by the conversion of 1,200 agents to RE/MAX Canada in January, which was the largest brokerage conversion in RE/MAX history. The company's agent count is expected to increase by 1.5% to 2.5% in Q1 2026, and by 1.5% to 3.5% for the full year. The growth in agent count is a key driver of the company's revenue growth.

Valuation and Outlook

The company's valuation metrics, including a P/E Ratio of 14.95, P/B Ratio of 0.27, and EV/EBITDA of 6.07, indicate that the stock is reasonably priced. The company's guidance for 2026 suggests a revenue range of $285 million to $305 million, and adjusted EBITDA range of $90 million to $100 million. The company's focus on executing its comprehensive growth and revenue strategy, driving adoption, and managing outcomes is expected to drive long-term value creation.

Strategic Initiatives and Future Plans

RE/MAX has launched new economic models, including Aspire, Ascend, and Appreciate, which provide brokers with greater flexibility and a wider framework for recruiting and retention. The company has also invested in digital marketing assets, including a 6-month Marketing as a Service platform, which is gaining traction and delivering encouraging results. The company's mortgage business has introduced a new franchise royalty fee model, which reduces fixed costs and introduces a transaction-based component.

Capital Allocation and Shareholder Returns

RE/MAX is taking a prudent approach to capital allocation, balancing return of capital with reinvesting in the business. The company may engage in additional share repurchases, considering the stock price and mortgage rates. The company's dividend yield is currently 0.0%, and the free cash flow yield is 27.4%, indicating a strong ability to generate cash.

3. NewsRoom

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REMAX Makes Bold Move in Support of Consumer Transparency, Becomes a Leading Brand to Align with Zillow Preview to Elevate the Homebuying and Selling Experience

Mar -17

Source: prnewswire.com

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REMAX NATIONAL HOUSING REPORT FOR FEBRUARY 2026

Mar -16

Source: prnewswire.com

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Critical Contrast: WillScot (NASDAQ:WSC) versus RE/MAX (NYSE:RMAX)

Mar -15

Source: defenseworld.net

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Top-Producing Real Estate Brokerage in Rhode Island Aligns with REMAX for Agent-Focused Future

Mar -10

Source: prnewswire.com

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Comparing RE/MAX (NYSE:RMAX) & Shenzhen Investment Hldgs Bay Area Dvlpmt Co. Ltd. Sponsrd (OTCMKTS:SIHBY)

Mar -06

Source: defenseworld.net

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Down 19.2% in 4 Weeks, Here's Why You Should You Buy the Dip in RE/MAX (RMAX)

Mar -02

Source: zacks.com

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Global REMAX R4 Conference Introduces Bold Ideas, New Products to Advance World's Most Productive Real Estate Network

Feb -26

Source: prnewswire.com

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RE/MAX (RMAX) Moves to Buy: Rationale Behind the Upgrade

Feb -26

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.11%)

6. Segments

Real Estate

Expected Growth: 1.2%

RE/MAX Holdings, Inc.'s 1.2% growth in Real Estate is driven by increasing demand for housing, low interest rates, and a strong economy. Additionally, the company's expansion into new markets, technology investments, and agent recruitment efforts have contributed to its growth. Furthermore, the company's diversified business model, which includes franchising, mortgage, and title services, has helped to mitigate risks and drive revenue growth.

Marketing Funds

Expected Growth: 0.8%

Marketing Funds from RE/MAX Holdings, Inc. growth of 0.8 driven by increasing agent count, rising real estate transactions, and expanding global footprint. Additionally, strategic investments in digital marketing, lead generation, and brand awareness campaigns contribute to growth. Furthermore, RE/MAX's strong brand reputation and competitive commission structure attract and retain top agents, fueling marketing fund growth.

Mortgage

Expected Growth: 1.5%

The 1.5% growth in Mortgage from RE/MAX Holdings, Inc. is driven by increasing demand for housing, low interest rates, and government-backed mortgage programs. Additionally, RE/MAX's strong brand recognition, extensive agent network, and technology investments have enabled the company to capitalize on market trends, resulting in sustained growth.

Other

Expected Growth: 0.5%

RE/MAX Holdings, Inc.'s 0.5% growth in 'Other' segment is driven by increasing demand for mortgage services, expansion of mortgage processing capabilities, and strategic partnerships. Additionally, growth in title insurance and settlement services, as well as increased adoption of digital mortgage solutions, contribute to this modest growth.

7. Detailed Products

Residential Real Estate Brokerage Services

RE/MAX Holdings, Inc. provides residential real estate brokerage services through its franchise network, connecting buyers and sellers of residential properties.

Commercial Real Estate Brokerage Services

RE/MAX Holdings, Inc. offers commercial real estate brokerage services, providing expertise in leasing, sales, and investment opportunities for commercial properties.

Mortgage Services

RE/MAX Holdings, Inc. provides mortgage services through its mortgage partners, offering a range of loan options and competitive rates.

Title and Settlement Services

RE/MAX Holdings, Inc. offers title and settlement services, ensuring a smooth and secure transaction process for buyers and sellers.

Franchise Opportunities

RE/MAX Holdings, Inc. offers franchise opportunities for entrepreneurs and real estate professionals, providing training, support, and brand recognition.

Real Estate Technology and Data Analytics

RE/MAX Holdings, Inc. provides real estate technology and data analytics solutions, empowering agents and brokers with insights and tools to succeed.

8. RE/MAX Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for RE/MAX Holdings, Inc. is medium due to the presence of alternative real estate companies and online platforms that offer similar services.

Bargaining Power Of Customers

The bargaining power of customers for RE/MAX Holdings, Inc. is low due to the fragmented nature of the real estate market and the lack of concentration of buyers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for RE/MAX Holdings, Inc. is medium due to the presence of multiple suppliers of real estate services and the moderate level of concentration among suppliers.

Threat Of New Entrants

The threat of new entrants for RE/MAX Holdings, Inc. is high due to the relatively low barriers to entry in the real estate industry and the increasing trend of online platforms and new business models.

Intensity Of Rivalry

The intensity of rivalry for RE/MAX Holdings, Inc. is high due to the highly competitive nature of the real estate industry, with many established players and new entrants competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 52.40%
Debt Cost 3.95%
Equity Weight 47.60%
Equity Cost 11.05%
WACC 7.33%
Leverage 110.08%

11. Quality Control: RE/MAX Holdings, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Newmark

A-Score: 4.8/10

Value: 5.6

Growth: 4.0

Quality: 4.4

Yield: 2.0

Momentum: 7.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
RE/MAX

A-Score: 4.6/10

Value: 9.2

Growth: 3.2

Quality: 7.1

Yield: 2.0

Momentum: 1.5

Volatility: 4.3

1-Year Total Return ->

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eXp World Holdings

A-Score: 4.1/10

Value: 7.2

Growth: 5.2

Quality: 2.2

Yield: 3.0

Momentum: 3.5

Volatility: 3.7

1-Year Total Return ->

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Doma

A-Score: 4.0/10

Value: 9.8

Growth: 3.3

Quality: 4.0

Yield: 0.0

Momentum: 6.0

Volatility: 0.7

1-Year Total Return ->

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FRP Holdings

A-Score: 3.9/10

Value: 2.9

Growth: 4.0

Quality: 6.2

Yield: 0.0

Momentum: 1.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
J.W. Mays

A-Score: 3.3/10

Value: 3.7

Growth: 4.4

Quality: 2.4

Yield: 0.0

Momentum: 2.5

Volatility: 6.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.09$

Current Price

6.09$

Potential

-0.00%

Expected Cash-Flows