RE/MAX Holdings, Inc. (RMAX) intrinsic value & 10-year financials
RE/MAX Holdings, Inc. (RMAX) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 5.8% a year to $291.6M, with an average return on invested capital of 4.0%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $291.6M
- Revenue growth (10-yr CAGR)
- 5.8%
- ROIC (10-yr avg)
- 4.0%
- Free cash flow (FY2025)
- $33.5M
RMAX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $291.6M | $8.2M | — | $33.5M | 16.1% | 3.4% |
| FY2024 | $307.7M | $7.1M | — | $53.0M | 13.1% | 5.0% |
| FY2023 | $325.7M | -$69.0M | — | $21.8M | -3.3% | -1.3% |
| FY2022 | $353.4M | $6.1M | — | $61.2M | 10.8% | 2.2% |
| FY2021 | $329.7M | -$15.6M | — | $27.2M | -3.0% | -1.3% |
| FY2020 | $266.0M | $11.0M | $0.60 | $63.9M | 14.3% | 3.0% |
| FY2019 | $282.3M | $25.0M | $1.40 | $65.7M | 24.2% | 7.1% |
| FY2018 | $212.6M | $27.0M | $1.52 | $68.3M | 36.6% | 7.6% |
| FY2017 | $193.7M | $12.8M | $0.72 | $61.1M | 51.7% | 7.8% |
| FY2016 | $175.6M | $22.7M | $1.29 | $60.0M | 41.2% | 6.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RE/MAX Holdings, Inc. has demonstrated mature, steady growth, with revenue compounding at 5.8% annually over the past decade.
RE/MAX Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just 4.0% ROIC.
Over the decade, RE/MAX Holdings, Inc. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RE/MAX Holdings, Inc. is modeled at -17.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-13.63 per share.