RE/MAX (RMAX)
Market Price (8/25/2026): $13.79 | Market Cap: $293.5 MilSector: Real Estate | Industry: Real Estate Services
RE/MAX (RMAX)
Market Price (8/25/2026): $13.79Market Cap: $293.5 MilSector: Real EstateIndustry: Real Estate Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% Attractive yieldFCF Yield is 9.8% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, E-commerce & Digital Retail, and Digital Advertising. Themes include Real Estate Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -102% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 130% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.7%, Rev Chg QQuarterly Revenue Change % is -5.8% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 126% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.5% Key risksRMAX key risks include [1] a declining agent count that erodes its franchise-dependent revenue and [2] significant pressure from competition and commission-related lawsuits forcing a fundamental change to its traditional business model. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Attractive yieldFCF Yield is 9.8% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, E-commerce & Digital Retail, and Digital Advertising. Themes include Real Estate Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -102% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 130% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.7%, Rev Chg QQuarterly Revenue Change % is -5.8% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 126% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.5% |
| Key risksRMAX key risks include [1] a declining agent count that erodes its franchise-dependent revenue and [2] significant pressure from competition and commission-related lawsuits forcing a fundamental change to its traditional business model. |
Qualitative Assessment
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RE/MAX (RMAX) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Completion of the Merger with The Real Brokerage Inc.
The most significant driver for RE/MAX (RMAX) stock appreciation was the successful completion of its merger with The Real Brokerage Inc., forming Real REMAX Group Inc.. This transaction, initially announced on April 26, 2026, finalized on August 24, 2026, with RE/MAX becoming a wholly-owned subsidiary of the new entity. The market reacted positively to the strategic combination, which aims to create a "leading technology-enabled global real estate platform". Upon the merger's closing, RMAX shares jumped 7.6% in after-hours trading. Investor confidence was also indicated by the fact that cash elections for merger consideration exceeded the maximum $80 million cash pool, triggering proration.
2. Positive Macroeconomic Trends in the U.S. Real Estate Market during Fiscal Q2 2026.
Despite some company-specific challenges, the broader U.S. real estate market showed signs of improvement during RE/MAX's fiscal second quarter, which ended June 30, 2026. Existing home sales increased to approximately 4.17 million, marking the strongest quarterly performance since the market began stabilizing in 2025. The average days on market for homes declined to 53 days, down from 57 days in the previous quarter, indicating quicker sales. Additionally, the national median price for single-family existing homes rose to $434,900, representing a 1.5% increase from the prior year. These strengthening market fundamentals likely contributed to overall investor optimism in real estate-related stocks.
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RE/MAX (RMAX) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Completion of the Merger with The Real Brokerage Inc.
The most significant driver for RE/MAX (RMAX) stock appreciation was the successful completion of its merger with The Real Brokerage Inc., forming Real REMAX Group Inc.. This transaction, initially announced on April 26, 2026, finalized on August 24, 2026, with RE/MAX becoming a wholly-owned subsidiary of the new entity. The market reacted positively to the strategic combination, which aims to create a "leading technology-enabled global real estate platform". Upon the merger's closing, RMAX shares jumped 7.6% in after-hours trading. Investor confidence was also indicated by the fact that cash elections for merger consideration exceeded the maximum $80 million cash pool, triggering proration.
2. Positive Macroeconomic Trends in the U.S. Real Estate Market during Fiscal Q2 2026.
Despite some company-specific challenges, the broader U.S. real estate market showed signs of improvement during RE/MAX's fiscal second quarter, which ended June 30, 2026. Existing home sales increased to approximately 4.17 million, marking the strongest quarterly performance since the market began stabilizing in 2025. The average days on market for homes declined to 53 days, down from 57 days in the previous quarter, indicating quicker sales. Additionally, the national median price for single-family existing homes rose to $434,900, representing a 1.5% increase from the prior year. These strengthening market fundamentals likely contributed to overall investor optimism in real estate-related stocks.
3. Positive Analyst Sentiment and Market Reaction to Merger Progress.
Analyst sentiment, particularly around the time of the merger announcement and its progression, contributed to the stock's gain. On April 27, 2026, JonesTrading upgraded RE/MAX Holdings to a "Buy" rating with a price target of $14. Despite RE/MAX reporting a diluted GAAP loss of $0.20 per share for fiscal Q2 2026, primarily due to $11.5 million in merger-related costs, the stock still surged 11.03% on August 7, 2026, the day after earnings were released. This suggests that investor focus was heavily on the strategic benefits of the impending merger rather than the quarter's financial performance.
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Stock Movement Drivers
Fundamental Drivers
The 15.5% change in RMAX stock from 4/30/2026 to 8/24/2026 was primarily driven by a 26.1% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.70 | 12.36 | 15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 292 | 283 | -2.9% |
| P/S Multiple | 0.7 | 0.9 | 26.1% |
| Shares Outstanding (Mil) | 20 | 21 | -5.7% |
| Cumulative Contribution | 15.5% |
Market Drivers
4/30/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| RMAX | 15.5% | |
| Market (SPY) | 6.2% | 13.4% |
| Sector (XLRE) | 2.1% | 8.6% |
Fundamental Drivers
The 58.9% change in RMAX stock from 1/31/2026 to 8/24/2026 was primarily driven by a 74.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.78 | 12.36 | 58.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 293 | 283 | -3.3% |
| P/S Multiple | 0.5 | 0.9 | 74.6% |
| Shares Outstanding (Mil) | 20 | 21 | -5.8% |
| Cumulative Contribution | 58.9% |
Market Drivers
1/31/2026 to 8/24/2026| Return | Correlation | |
|---|---|---|
| RMAX | 58.9% | |
| Market (SPY) | 10.6% | 17.6% |
| Sector (XLRE) | 10.1% | 9.7% |
Fundamental Drivers
The 60.7% change in RMAX stock from 7/31/2025 to 8/24/2026 was primarily driven by a 80.4% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.69 | 12.36 | 60.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 298 | 283 | -5.0% |
| P/S Multiple | 0.5 | 0.9 | 80.4% |
| Shares Outstanding (Mil) | 20 | 21 | -6.2% |
| Cumulative Contribution | 60.7% |
Market Drivers
7/31/2025 to 8/24/2026| Return | Correlation | |
|---|---|---|
| RMAX | 60.7% | |
| Market (SPY) | 21.8% | 23.5% |
| Sector (XLRE) | 12.3% | 19.9% |
Fundamental Drivers
The -36.5% change in RMAX stock from 7/31/2023 to 8/24/2026 was primarily driven by a -18.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8242026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.47 | 12.36 | -36.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 348 | 283 | -18.6% |
| P/S Multiple | 1.0 | 0.9 | -7.4% |
| Shares Outstanding (Mil) | 18 | 21 | -15.8% |
| Cumulative Contribution | -36.5% |
Market Drivers
7/31/2023 to 8/24/2026| Return | Correlation | |
|---|---|---|
| RMAX | -36.5% | |
| Market (SPY) | 72.7% | 32.8% |
| Sector (XLRE) | 30.3% | 38.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RMAX Return | -14% | -36% | -26% | -20% | -29% | 79% | -59% |
| Peers Return | 59% | -64% | 21% | 26% | 8% | -9% | -14% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| RMAX Win Rate | 33% | 42% | 50% | 58% | 33% | 50% | |
| Peers Win Rate | 31% | 33% | 47% | 48% | 45% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RMAX Max Drawdown | -37% | -43% | -61% | -47% | -34% | -32% | |
| Peers Max Drawdown | -42% | -69% | -52% | -44% | -41% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: COMP, REAX, DOUG, MMI, FTHM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/24/2026 (YTD)
How Low Can It Go
| Event | RMAX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.8% | -18.8% |
| % Gain to Breakeven | 48.7% | 23.1% |
| Time to Breakeven | 372 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.6% | -33.7% |
| % Gain to Breakeven | 167.3% | 50.9% |
| Time to Breakeven | 274 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.2% | -19.2% |
| % Gain to Breakeven | 54.4% | 23.8% |
| Time to Breakeven | 130 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.3% | -12.2% |
| % Gain to Breakeven | 27.1% | 13.9% |
| Time to Breakeven | 97 days | 62 days |
In The Past
RE/MAX's stock fell -32.8% during the 2025 US Tariff Shock. Such a loss loss requires a 48.7% gain to breakeven.
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| Event | RMAX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.8% | -18.8% |
| % Gain to Breakeven | 48.7% | 23.1% |
| Time to Breakeven | 372 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.6% | -33.7% |
| % Gain to Breakeven | 167.3% | 50.9% |
| Time to Breakeven | 274 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.2% | -19.2% |
| % Gain to Breakeven | 54.4% | 23.8% |
| Time to Breakeven | 130 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.3% | -12.2% |
| % Gain to Breakeven | 27.1% | 13.9% |
| Time to Breakeven | 97 days | 62 days |
In The Past
RE/MAX's stock fell -32.8% during the 2025 US Tariff Shock. Such a loss loss requires a 48.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About RE/MAX (RMAX)
RE/MAX Holdings, Inc. (RMAX) operates as a global franchisor specializing in real estate and mortgage brokerage services. The company primarily generates revenue by franchising its well-known RE/MAX brand to real estate brokers and agents across the United States, Canada, and various international markets, empowering them to run their own independent real estate offices.
Beyond traditional real estate, RE/MAX diversifies its offerings by extending its franchising model into the mortgage sector through its Motto Mortgage brand. This segment provides mortgage brokerage services primarily to real estate and mortgage professionals, and other investors. Complementing these services, the company also operates wemlo, which delivers specialized mortgage loan processing software and related services.
To support its vast network of franchisees, agents, and brokers, RE/MAX provides a suite of integrated digital tools and platforms designed to enhance business operations and professional development. These resources include the First mobile app for client relationship management, the RE/MAX University platform for continuous learning, and the Booj platform, all aimed at fostering the success and efficiency of its global real estate and mortgage professionals.
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1. McDonald's for real estate and mortgage brokerages.
2. The Marriott of real estate brokerages.
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- Real Estate Brokerage Franchising: Offers franchising opportunities for real estate brokerage services under the RE/MAX brand.
- Mortgage Brokerage Services: Provides mortgage brokerage services to real estate professionals and investors under the Motto Mortgage brand.
- Mortgage Loan Processing Software and Services: Delivers mortgage loan processing software and services through its wemlo brand.
- Agent Productivity Tools (First mobile app): Offers a mobile app integrating digital products to help agents, brokers, and teams manage client relationships.
- Professional Development Platform (RE/MAX University): Provides a learning hub designed to enhance agents' professional expertise.
- Real Estate Technology Platform (Booj): Supplies a technology platform to support its real estate professionals.
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RE/MAX (RMAX) primarily operates as a franchisor and service provider to businesses and professionals within the real estate and mortgage industries, rather than selling directly to individual consumers or a few large corporate clients. Its major customers fall into the following categories:
- Franchise Owners (Real Estate and Mortgage): These are independent entrepreneurs and businesses that purchase and operate RE/MAX real estate brokerage franchises and Motto Mortgage brokerage franchises. They are the primary customers for RE/MAX's core franchising services and brand licensing.
- Real Estate Agents and Brokers: Professionals who operate within the RE/MAX network or utilize its various platforms and services, such as the First mobile app, RE/MAX University, and Booj platform, to enhance their real estate operations and client relationships.
- Mortgage Professionals: Individuals and firms in the mortgage industry who utilize Motto Mortgage's brokerage services or wemlo's mortgage loan processing software and services. This category includes mortgage brokers and other professionals in the mortgage sector.
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Erik Carlson, Chief Executive Officer and Director
Erik Carlson was appointed Chief Executive Officer of RE/MAX Holdings, Inc. and a member of its Board of Directors in November 2023. Prior to joining RE/MAX, he served as President and CEO of DISH Network Corporation, a Fortune 200 connectivity company, where he managed over $15 billion in revenue. During his tenure at DISH, he was instrumental in successful acquisitions, including that of Boost Mobile. Carlson held various other leadership positions at DISH, including President and Chief Operating Officer, overseeing day-to-day operations, in-home services, and customer service centers. He joined DISH in 1995 and also served on the DISH Board.
Karri Callahan, Chief Financial Officer
Karri Callahan has served as Chief Financial Officer of RE/MAX Holdings, Inc. since March 2016. She oversees finance, investor relations, legal, risk management, and other functions for RE/MAX Holdings and its affiliated companies. Callahan joined RE/MAX in 2013 as a Senior Manager of SEC Reporting, where she played a role in assisting with the initial public offering (IPO) of RE/MAX stock. She came to RE/MAX from Ernst & Young, LLP, bringing over 12 years of accounting and auditing experience. Callahan has been crucial in major strategic initiatives, including leading RE/MAX through its successful IPO and building out the mergers and acquisition strategy that resulted in four procurements during her time as CFO. She specifically managed the structure and execution of the acquisition of booj, a web design and technology company, and handled Wall Street's reaction to the transaction. Her experience includes mergers and acquisitions, debt refinancing, and capital allocation decision-making.
Chris Lim, President and Chief Growth Officer of RE/MAX, LLC
Chris Lim was promoted to President of RE/MAX, in addition to his role as Chief Growth Officer, in February 2026. He joined RE/MAX as Chief Growth Officer in February 2025. In his current role, Lim is responsible for overseeing all aspects of the RE/MAX global network, driving international growth, enhancing services for Broker/Owners and agents, and shaping the brand's long-term strategic vision. He reports directly to RE/MAX CEO Erik Carlson.
Travis Saxton, Executive Vice President of Strategy
Travis Saxton joined RE/MAX Holdings, Inc. as Executive Vice President of Strategy in January 2025. He is a veteran in the residential real estate technology sector. Before joining RE/MAX, Saxton served as Executive Vice President of Enterprise Solutions at T3 Sixty, where he led all technology initiatives for the company. His career also includes executive positions with RealTrends and BombBomb, where he focused on elevating tech integration and content strategies to improve business outcomes. Saxton has worked extensively with real estate brokerages across the U.S. and Canada, helping them refine and leverage technology for growth and efficiency.
Susie L. Winders, Executive Vice President, General Counsel, Chief Compliance Officer and Secretary
Susie L. Winders holds the titles of Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary at RE/MAX Holdings, Inc.
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The key risks to RE/MAX Holdings, Inc. (RMAX) are:
- Inability to Attract and Retain Agents, especially in the U.S. and Canada: RE/MAX operates on a franchise model where agent count is a crucial metric for revenue. The company has faced challenges in growing its agent base in the United States and Canada, which account for a significant portion of its revenue. A substantial or accelerating decline in agent count in these key markets could severely impact the company's financial performance. This risk is further intensified by the emergence of more flexible, technology-driven business models that attract agents away from traditional brokerages.
- Adverse Real Estate Market and Economic Conditions: RE/MAX's business is highly sensitive to the overall health of the real estate market. Factors such as persistently high mortgage rates and decreasing home sales activity negatively affect both real estate transaction volumes and mortgage origination services offered under its Motto Mortgage brand. Downturns in the housing market can lead to reduced demand for the company's services and impact agent productivity.
- Intensifying Market Disruption and Competition: The real estate industry is undergoing significant transformation, with new technology-driven models and increased competition challenging traditional brokerage firms like RE/MAX. This market disruption can lead to saturation and necessitate increased investment in product improvements or lower prices to attract and retain agents, potentially hindering profitability. Furthermore, there is a risk associated with potential regulatory changes concerning commissions, which could have significant implications for the traditional real estate brokerage business model.
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Legal challenges to the traditional real estate commission model, particularly anti-trust lawsuits against the National Association of Realtors (NAR) in the U.S., represent a clear emerging threat. These lawsuits, if successful, could fundamentally alter how real estate agents are compensated, potentially leading to buyers directly paying their agents or a significant reduction in overall commission rates. Such changes would directly impact the profitability and viability of RE/MAX's franchisee brokers and agents, potentially reducing franchise fees and overall revenue for RE/MAX.
The rise of disruptive brokerage models and technology-driven disintermediation also poses a threat. This includes iBuyer companies (e.g., Opendoor, Offerpad) that purchase homes directly from sellers, bypassing traditional agents and their commissions. Additionally, alternative agent-centric and tech-forward brokerages (e.g., eXp Realty, Compass) offer different compensation structures (like revenue share or stock options) and advanced platforms designed to attract and retain agents, directly competing with RE/MAX for talent and market share.
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RE/MAX Holdings, Inc. operates in various addressable markets related to its real estate and mortgage brokerage services.
Real Estate Brokerage Services (RE/MAX brand)
- The global real estate agency and brokerage market was valued at approximately $1.53 trillion in 2025 and is projected to reach $2.11 trillion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 6.7%.
- In the U.S., the real estate sales and brokerage market size is estimated at $240.0 billion in 2025. Another estimate places the U.S. real estate brokerage market at $206.45 billion in 2025, with a forecast to grow to $252.51 billion by 2030, at a CAGR of 4.11%.
- The North America real estate brokerage market is estimated to be $232.30 billion in 2025 and is expected to reach $260.28 billion by 2030, growing at a CAGR of 2.3% during the forecast period.
Mortgage Brokerage Services (Motto Mortgage brand)
- The global mortgage brokerage services market size is projected to increase from $112.58 billion in 2025 to $182.61 billion in 2030, with a CAGR of 10.1%.
- The United States mortgage/loan brokers market is anticipated to grow from $7.62 billion in 2025 to $9.88 billion by 2031, at a CAGR of 4.42%.
Mortgage Loan Processing Software and Services (wemlo brand)
- The global digital mortgage software market was valued at $3.7 billion in 2022 and is projected to reach $35.3 billion by 2032, expanding at a CAGR of 24.7% from 2024 to 2032.
- The global loan origination software market is expected to grow from $6.58 billion in 2025 to $11.48 billion in 2030, at a CAGR of 11.8%.
- North America was identified as the largest region in both the digital mortgage software market in 2022 and the loan origination software market in 2025.
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Share Repurchases
- The company's Board of Directors authorized a common stock repurchase program of up to $100 million in January 2022.
- As of December 31, 2025, $62.5 million remained available under the share repurchase program.
- No shares were repurchased by the company during the three months ending December 31, 2025.
Share Issuance
- RE/MAX Holdings shares outstanding increased by 5.73% in one year, as of March 2026.
- The CEO received multiple stock grants totaling 357,711 and 62,124 shares in March 2026 as part of equity awards and bonus compensation for 2025.
- Shares were withheld by the company to cover tax obligations on the issuance of Class A common stock for a portion of the 2025 bonus paid in equity.
Outbound Investments
- In June 2021, RE/MAX, LLC acquired the North America regions of RE/MAX INTEGRA, a deal that brought nearly 19,000 agents and over 1,100 offices under the Company-Owned Region umbrella, funded by $235 million in additional debt financing.
- RE/MAX expanded in Hawaii in July 2025 with the conversion of Better Homes and Gardens Real Estate Advantage Realty, adding 6 offices and 170 agents to the network.
- January 2026 saw the largest brokerage conversion in RE/MAX history, with nearly 1,200 agents joining RE/MAX Canada in Ontario.
Capital Expenditures
- Capital expenditures for purchases of property and equipment and capitalization of developed software totaled $7.4 million in 2025, $6.6 million in 2024, and $6.4 million in 2023.
- These expenditures primarily focused on investments in technology and property and equipment.
- Total capital expenditures for 2026 are expected to be between $9.0 million and $11.0 million.
Peer Outperformance in Real Estate Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 19.7% | 66.6% | 61.0% | WELL 219% · DHC 137% · CTRE 133% |
| Retail REITs | 22 | 16.6% | 41.5% | 39.8% | IVT 1609% · SKT 187% · SPG 117% |
| Other Specialized REITs | 11 | 4.5% | 22.7% | 25.5% | IRM 221% · LAMR 73% · EPR 72% |
| Real Estate Development | 6 | -0.5% | 21.5% | 21.5% | AXR 73% · JOE 65% · FOR 39% |
| Hotel & Resort REITs | 16 | 38.9% | 43.2% | 15.9% | RHP 93% · HST 82% · DRH 63% |
| Industrial REITs | 11 | 19.3% | 25.3% | 9.5% | EGP 37% · FR 34% · PLD 27% |
| Diversified REITs | 12 | 13.3% | 32.0% | -5.0% | CTO 83% · WPC 27% · EPRT 23% |
| Single-Family Residential REITs | 4 | 1.3% | 7.7% | -9.1% | AMH -1% · ELS -7% · INVH -11% |
| Multi-Family Residential REITs | 13 | -0.4% | 7.1% | -9.9% | AIV 25% · ESS 11% · BRT 5% |
| Real Estate Services ← | 27 | -13.1% | -4.3% | -22.7% | CHCI 220% · CBRE 61% · JLL 60% |
| Office REITs | 18 | 6.6% | 26.8% | -27.4% | CDP 67% · PSTL 61% · SLG 15% |
| Telecom Tower REITs | 3 | -14.8% | -9.8% | -42.4% | AMT -26% · SBAC -42% · CCI -49% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| RE/MAX Earnings Notes | 12/16/2025 | |
| With RE/MAX Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.98 |
| Mkt Cap | 0.4 |
| Rev LTM | 909 |
| Op Inc LTM | -11 |
| FCF LTM | 51 |
| FCF 3Y Avg | 32 |
| CFO LTM | 57 |
| CFO 3Y Avg | 39 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 2.6% |
| Rev Chg Q | 11.1% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 14.8% |
| Op Inc Chg 3Y Avg | 7.1% |
| Op Mgn LTM | -0.2% |
| Op Mgn 3Y Avg | -3.0% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 2.5% |
| CFO/Rev 3Y Avg | 2.5% |
| FCF/Rev LTM | 2.3% |
| FCF/Rev 3Y Avg | 2.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real Estate | 205 | 214 | 227 | 249 | 235 |
| Marketing Funds | 73 | 79 | 84 | 90 | 82 |
| Mortgage | 14 | 15 | 14 | 12 | 10 |
| Other | 0 | 0 | 1 | 1 | 2 |
| Total | 292 | 308 | 326 | 353 | 330 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real Estate | 504 | 508 | 474 | 588 | 674 |
| Mortgage | 50 | 44 | 34 | 42 | 38 |
| Marketing Funds | 28 | 29 | 70 | 65 | 63 |
| Other | 0 | 0 | 0 | 0 | 0 |
| Total | 582 | 582 | 577 | 695 | 776 |
Price Behavior
| Market Price | $12.36 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 10/02/2013 | |
| Distance from 52W High | -14.2% | |
| 50 Days | 200 Days | |
| DMA Price | $10.69 | $8.45 |
| DMA Trend | up | up |
| Distance from DMA | 15.6% | 46.3% |
| 3M | 1YR | |
| Volatility | 60.3% | 58.6% |
| Downside Capture | 4.24 | 71.23 |
| Upside Capture | 131.54 | 90.00 |
| Correlation (SPY) | 16.4% | 23.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.75 | 0.61 | 0.51 | 0.88 | 1.07 | 1.21 |
| Up Beta | -1.78 | -0.21 | 0.47 | 0.01 | 1.18 | 0.98 |
| Down Beta | 5.45 | 0.97 | 0.92 | 1.30 | 1.28 | 1.00 |
| Up Capture | 99% | 57% | -6% | 112% | 90% | 156% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 21 | 29 | 58 | 117 | 338 |
| Down Capture | 222% | 87% | 81% | 96% | 96% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 21 | 33 | 67 | 132 | 403 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RMAX | |
|---|---|---|---|---|
| RMAX | 47.5% | 59.3% | 0.86 | - |
| Sector ETF (XLRE) | 11.6% | 14.0% | 0.54 | 20.2% |
| Equity (SPY) | 21.2% | 12.9% | 1.23 | 23.0% |
| Gold (GLD) | 39.0% | 28.8% | 1.14 | -1.3% |
| Commodities (DBC) | 40.9% | 20.2% | 1.58 | -13.7% |
| Real Estate (VNQ) | 13.9% | 13.8% | 0.70 | 24.8% |
| Bitcoin (BTCUSD) | -30.4% | 44.2% | -0.69 | 12.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RMAX | |
|---|---|---|---|---|
| RMAX | -16.4% | 49.3% | -0.20 | - |
| Sector ETF (XLRE) | 2.6% | 19.2% | 0.03 | 40.4% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 38.9% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 6.3% |
| Commodities (DBC) | 10.2% | 19.6% | 0.41 | 5.4% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 44.5% |
| Bitcoin (BTCUSD) | 11.2% | 52.8% | 0.40 | 16.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RMAX | |
|---|---|---|---|---|
| RMAX | -9.5% | 48.5% | -0.02 | - |
| Sector ETF (XLRE) | 6.4% | 20.4% | 0.27 | 41.0% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 43.0% |
| Gold (GLD) | 12.9% | 16.3% | 0.65 | 3.1% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 13.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 46.4% |
| Bitcoin (BTCUSD) | 63.1% | 66.2% | 1.03 | 12.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 5.6% | 15.4% | |
| 5/8/2026 | -6.1% | -18.5% | -15.5% |
| 2/19/2026 | -3.2% | -6.6% | -16.1% |
| 10/30/2025 | -4.1% | -8.8% | -1.1% |
| 7/29/2025 | -8.7% | -8.5% | 10.0% |
| 5/1/2025 | 4.1% | 1.0% | -6.3% |
| 2/20/2025 | -10.2% | -11.1% | -12.3% |
| 10/31/2024 | -7.3% | 5.0% | 8.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 8 |
| # Negative | 13 | 14 | 16 |
| Median Positive | 4.1% | 5.0% | 9.3% |
| Median Negative | -6.1% | -8.6% | -8.3% |
| Max Positive | 9.5% | 21.9% | 26.6% |
| Max Negative | -13.5% | -18.5% | -23.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 5.6% | 15.4% | |
| 5/8/2026 | -6.1% | -18.5% | -15.5% |
| 2/19/2026 | -3.2% | -6.6% | -16.1% |
| 10/30/2025 | -4.1% | -8.8% | -1.1% |
| 7/29/2025 | -8.7% | -8.5% | 10.0% |
| 5/1/2025 | 4.1% | 1.0% | -6.3% |
| 2/20/2025 | -10.2% | -11.1% | -12.3% |
| 10/31/2024 | -7.3% | 5.0% | 8.7% |
| 8/8/2024 | 9.5% | 17.1% | 26.6% |
| 5/2/2024 | 7.7% | 21.9% | 13.0% |
| 2/22/2024 | -2.3% | -4.6% | -10.4% |
| 11/2/2023 | 4.1% | -18.5% | -13.1% |
| 8/2/2023 | -2.2% | -2.4% | -16.6% |
| 5/4/2023 | 4.9% | 4.1% | 2.2% |
| 2/16/2023 | -13.5% | -18.2% | -23.4% |
| 11/3/2022 | 1.5% | 1.3% | 10.8% |
| 8/4/2022 | 2.8% | 6.6% | -11.7% |
| 4/28/2022 | -3.7% | -2.7% | 1.9% |
| 2/23/2022 | 3.8% | 4.2% | -1.4% |
| 11/22/2021 | -6.5% | -10.6% | -0.4% |
| 8/4/2021 | 0.4% | 1.9% | -1.0% |
| 5/6/2021 | -2.1% | -5.8% | -5.6% |
| 2/25/2021 | 2.3% | -6.7% | -3.7% |
| 11/5/2020 | -6.2% | -10.3% | -4.2% |
| 8/6/2020 | 4.8% | 7.7% | 4.7% |
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 8 |
| # Negative | 13 | 14 | 16 |
| Median Positive | 4.1% | 5.0% | 9.3% |
| Median Negative | -6.1% | -8.6% | -8.3% |
| Max Positive | 9.5% | 21.9% | 26.6% |
| Max Negative | -13.5% | -18.5% | -23.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 12/21/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/01/2019 | 10-Q |
Insider Activity
Updated 8/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Peterson, Adam K | Direct | Sell | 4292026 | 11.10 | 216,281 | 2,400,719 | 10,905,084 | Form | |
| 2 | Peterson, Adam K | Direct | Sell | 4292026 | 10.97 | 493,006 | 5,408,276 | 13,149,969 | Form | |
| 3 | Peterson, Adam K | Direct | Sell | 4292026 | 9.84 | 632,091 | 6,219,775 | 16,646,594 | Form | |
| 4 | Peterson, Adam K | Direct | Sell | 4022026 | 5.71 | 61,000 | 348,310 | 14,872,512 | Form | |
| 5 | Peterson, Adam K | Direct | Sell | 4022026 | 5.80 | 81,693 | 473,819 | 15,460,729 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Peterson, Adam K | Direct | Sell | 4292026 | 11.10 | 216,281 | 2,400,719 | 10,905,084 | Form | |
| 2 | Peterson, Adam K | Direct | Sell | 4292026 | 10.97 | 493,006 | 5,408,276 | 13,149,969 | Form | |
| 3 | Peterson, Adam K | Direct | Sell | 4292026 | 9.84 | 632,091 | 6,219,775 | 16,646,594 | Form | |
| 4 | Peterson, Adam K | Direct | Sell | 4022026 | 5.71 | 61,000 | 348,310 | 14,872,512 | Form | |
| 5 | Peterson, Adam K | Direct | Sell | 4022026 | 5.80 | 81,693 | 473,819 | 15,460,729 | Form | |
| 6 | Peterson, Adam K | Direct | Sell | 2202026 | 6.84 | 67,500 | Form | |||
| 7 | Peterson, Adam K | Direct | Sell | 2202026 | 6.90 | 52,362 | Form | |||
| 8 | Dow, Roger J | Direct | Sell | 10022025 | 9.37 | 9,100 | 85,269 | 524,366 | Form |
Investor Activity (13F)
Updated Aug 25, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Real Estate Services Resources |
| CBRE Research |
| JLL Trends & Insights |
| Cushman & Wakefield Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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