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/RMAX
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Re/Max Holdings Inc

Re/Max Holdings Inc

RMAX
$11.10USD↓-3.39%-0.39 today

MARKET CAP

376.0M

P/E (TTM)

9.1x

FWD P/E

8.2x

DAY RANGE

$11 – $12

52W RANGE

$5
$12

AI Summary

Stalk
StalkMedium

Following a decisive momentum breakout above multi-month resistance on expanding volume, the medium-term structure supports a bullish stance, yet price is currently extended and extreme overbought. Execution should be deferred, awaiting a pullback into rising EMAs near the breakout zone. Long-term trend remains bearish, requiring caution.

  • ↑International agent growth +9% YoY to 147.5 k, boosting global fee revenue
  • ↑Q4 ’25 revenue $71.1 M and adj. EBITDA $22.4 M, margin at 31.5%
  • ↓U.S. agent counts down 5.6% YoY, driving negative organic growth
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The case for & against

Bull & Bear analysis

Bearish

RE/MAX Holdings, Inc. (NYSE: RMAX) is a leading global real estate franchise network, recognized for its strong brand presence and extensive franchise model. Given its vast agent network of over 147,500 agents, RE/MAX aims to leverage technology and innovative programs to drive operational excellence and enhance the agent and consumer experience. The company operates within the broader real estate industry, which is currently navigating challenges such as fluctuating inventory levels and high-interest rates, significantly impacting market dynamics.

Bull says

  • ↑International agent growth +9% YoY to 147.5 k, boosting global fee revenue
  • ↑Q4 ’25 revenue $71.1 M and adj. EBITDA $22.4 M, margin at 31.5%
  • ↑Aspire and Lead Concierge programs driving agent recruitment and productivity
  • ↑~60% of adj. EBITDA converts to free cash flow for reinvestment and returns
  • ↑Book-to-price ~2.4 x and dividend yield ~0.40% indicate value appeal
  • ↑Housing market normalization and rising inventory may lift transaction volumes

Bear says

  • ↓U.S. agent counts down 5.6% YoY, driving negative organic growth
  • ↓SG&A up 4.4% YoY to $37.3 M, straining margins if revenue stalls
  • ↓Inflation and rising rates press affordability and curb agent activity
  • ↓Execution risk: Aspire ramp slower than expected, delaying revenue lift
  • ↓Elevated price volatility and weak profitability factors undermine stability
  • ↓Weak size and quality factors signal liquidity and balance-sheet vulnerabilities

Earnings Call · Q4 2024 · Mgmt. Guidance

Updated 07-03-2026neutral

Transcript signals

Bull points

  • Throughout the year, we implemented process improvements and added additional resources, which contributed to improved collections activity.
  • Execution of the final settlement agreement is subject to the parties reaching an agreement on all terms. These cases are comparable to the ones that we have settled here in the US.
  • we're looking at that to be a little bit more muted for next year kind of mid single digit growth.

Bear points

  • Looking closer at revenue, excluding the marketing funds, revenue was 53.8 million, a decrease of 3.9% compared to the same period last year, driven by negative organic growth of 3.5%, and adverse foreign currency movements of 0.4%.
  • Negative organic growth was principally driven due to U.S. agent counts and reduced revenue from previous acquisitions.
  • As a result of the strategic decision to settle the Canadian litigation, our total leverage ratio ticked up slightly to 3.57 to one, as of the end of the year.
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