The company maintains a significant debt burden of $456.9M against a total asset base of $572.3M, signaling limited financial flexibility amid ongoing operational headwinds.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 232.89M | 240.14M | 218.51M | 176.56M | 192.96M | 210.77M | 166.37M | 142.78M | 87.55M | 79.91M | 81.21M | 134.75M | 130.77M | 110.08M | 87.08M | 56.68M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 107.13M | 118.74M | 96.62M | 82.62M | 108.66M | 126.27M | 101.36M | 83M | 59.97M | 50.81M | 57.61M | 110.21M | 107.2M | 88.38M | 68.5M | 38.61M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 29.46M | 32.13M | 19.87M | 20.6M | 0 | 0 | 0 | 354K | 693K | 710K | 780K | 671K |
| Days Inventory Outstanding | - | - | - | - | 119.07 | 142.33 | 112.63 | 104 | - | - | - | 8.54 | - | - | - | - |
| Other Current Assets | 97.52M | 94.46M | 86.49M | 58.81M | 22.32M | 17.76M | 15.16M | 10.53M | 6.39M | 8.94M | 4.19M | 4.43M | 5.93M | 5.72M | 3.49M | 2.31M |
| Total Non-Current Assets | 339.46M | 342.33M | 363.08M | 400.58M | 501M | 565.36M | 391.02M | 399.57M | 339.29M | 326.66M | 355.94M | 250.57M | 227.56M | 242.74M | 164.44M | 129.79M |
| Property, Plant & Equipment | 17.42M | 18.6M | 25.36M | 31.65M | 35.62M | 49.21M | 46.75M | 56.57M | 4.39M | 2.9M | 2.69M | 2.4M | 2.66M | 2.58M | 3.33M | 5.17M |
| Fixed Asset Turnover | 14.66x | 15.67x | 12.13x | 10.29x | 9.92x | 6.70x | 5.69x | 4.99x | 48.43x | 67.45x | 65.52x | 73.85x | 64.26x | 61.50x | 43.12x | 26.77x |
| Goodwill | 238.85M | 239.57M | 237.24M | 241.16M | 258.63M | 269.12M | 175.84M | 159.04M | 150.68M | 135.21M | 126.63M | 71.87M | 72.46M | 72.78M | 71.04M | 41.88M |
| Intangible Assets | 11.54M | 10.77M | 13.38M | 120.69M | 145.94M | 176.36M | 102.17M | 119.98M | 126.12M | 127.83M | 118.95M | 66.88M | 78.23M | 91.56M | 81.16M | 74.47M |
| Long-Term Investments | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 572.35M | 582.48M | 581.59M | 577.15M | 693.96M | 776.13M | 557.39M | 542.35M | 426.84M | 406.56M | 437.15M | 385.31M | 358.33M | 352.82M | 251.51M | 186.47M |
| Asset Turnover | 0.50x | 0.50x | 0.53x | 0.56x | 0.51x | 0.42x | 0.48x | 0.52x | 0.50x | 0.48x | 0.40x | 0.46x | 0.48x | 0.45x | 0.57x | 0.74x |
| Asset Growth % | 1.53% | 0.15% | 0.77% | -16.83% | -10.59% | 39.24% | 2.77% | 27.06% | 4.99% | -7% | 13.45% | 7.53% | 1.56% | 40.28% | 34.88% | - |
| Total Current Liabilities | 14.05M | 141.77M | 154.7M | 149.32M | 119.67M | 146.22M | 117.25M | 107M | 46.92M | 43.56M | 46.54M | 57.25M | 42.66M | 49.03M | 40.32M | 34.6M |
| Accounts Payable | 6.81M | 3.99M | 5.76M | 4.7M | 6.17M | 5.19M | 2.11M | 2.98M | 1.89M | 517K | 1M | 515K | 1.68M | 1.75M | 2.92M | 2.78M |
| Days Payables Outstanding | 18.64 | 11.78 | 26.62 | 20.46 | 24.91 | 22.99 | 11.95 | 15.06 | 33.36 | 9.2 | 22.68 | 12.43 | - | - | - | - |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | -26.93M | 58.38M | 0 | 0 | 0 | 0 | 0 | -5.1M | 0 | 7.98M | 0 | 422K | 904K | 916K | 1.01M | 1.02M |
| Current Ratio | 16.57x | 1.69x | 1.41x | 1.18x | 1.61x | 1.44x | 1.42x | 1.33x | 1.87x | 1.83x | 1.75x | 2.35x | 3.07x | 2.25x | 2.16x | 1.64x |
| Quick Ratio | 16.57x | 1.69x | 1.41x | 1.18x | 1.37x | 1.22x | 1.25x | 1.14x | 1.87x | 1.83x | 1.75x | 2.35x | 3.05x | 2.23x | 2.14x | 1.62x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 599.95M | 469.69M | 485.29M | 503.89M | 543.86M | 560.85M | 327.47M | 336.98M | 300.65M | 293.61M | 329.91M | 288.64M | 276.38M | 288.25M | 307.96M | 261.39M |
| Long-Term Debt | 431.36M | 432.15M | 436.24M | 439.98M | 443.72M | 447.46M | 221.14M | 223.03M | 225.16M | 226.64M | 228.47M | 185.55M | 202.21M | 211.1M | 221.73M | 187.07M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 614M | 611.46M | 639.99M | 653.21M | 663.53M | 707.07M | 444.71M | 443.98M | 347.56M | 337.17M | 376.44M | 345.9M | 319.04M | 337.28M | 348.28M | 295.99M |
| Total Debt | 456.92M | 459.48M | 472.07M | 483.98M | 493.38M | 504.33M | 279.53M | 291.84M | 227.79M | 228.99M | 230.82M | 201.88M | 211.67M | 228.4M | 232.33M | 195.34M |
| Net Debt | 349.8M | 340.75M | 375.45M | 401.36M | 384.71M | 378.06M | 178.18M | 208.84M | 167.81M | 178.18M | 173.21M | 91.67M | 104.47M | 140.03M | 163.82M | 156.73M |
| Debt / Equity | -10.97x | - | - | - | 16.21x | 7.30x | 2.48x | 2.97x | 2.87x | 3.30x | 3.80x | 5.12x | 5.39x | 14.70x | - | - |
| Debt / EBITDA | 6.70x | 6.44x | 6.77x | 22.22x | 6.67x | 23.56x | 4.32x | 3.22x | 1.04x | 1.01x | 1.31x | 2.26x | 2.67x | 3.67x | 4.03x | 3.69x |
| Net Debt / EBITDA | 5.13x | 4.78x | 5.38x | 18.43x | 5.20x | 17.66x | 2.75x | 2.30x | 0.77x | 0.78x | 0.98x | 1.03x | 1.32x | 2.25x | 2.84x | 2.96x |
| Interest Coverage | - | 1.62x | 1.17x | -0.16x | 1.87x | -0.95x | 4.22x | 5.77x | 5.96x | 9.89x | 8.21x | 7.03x | 6.80x | 3.12x | 4.03x | 3.17x |
| Total Equity | -41.66M | -28.99M | -58.39M | -76.06M | 30.43M | 69.07M | 112.68M | 98.38M | 79.28M | 69.39M | 60.71M | 39.41M | 39.28M | 15.54M | -96.77M | -109.52M |
| Equity Growth % | 155.91% | 50.36% | 23.23% | -349.95% | -55.94% | -38.71% | 14.54% | 24.09% | 14.24% | 14.31% | 54.03% | 0.33% | 152.8% | 116.06% | 11.65% | - |
| Book Value per Share | -2.03 | -1.42 | -3.03 | -4.20 | 1.61 | 3.70 | 6.15 | 5.51 | 4.46 | 3.91 | 3.43 | 3.07 | 3.21 | 1.34 | -3.30 | -3.73 |
| Total Shareholders' Equity | 446.15M | 452.41M | 429.48M | 411.06M | 479.9M | 508.27M | 517.17M | 497.89M | 481.57M | 466.83M | 463.78M | 449.67M | 254.81M | 241.96M | -96.77M | -109.52M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1K | 0 | 0 |
| Retained Earnings | -135.91M | -126.07M | -133.73M | -140.22M | -55.27M | -7.82M | 25.63M | 30.52M | 21.14M | 16.83M | 16.81M | 4.69M | 12.04M | 1.51M | -80.15M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 54K | -1.86M | 638K | -395K | 650K | 612K | 414K | 328K | 515K | -28K | -105K | 886K | 1.37M | 1.75M | 1.9M |
| Minority Interest | -487.81M | -481.4M | -487.88M | -487.12M | -449.47M | -439.21M | -404.49M | -399.51M | -402.29M | -397.44M | -403.07M | -410.26M | -215.53M | -226.43M | 0 | 0 |
High leverage and attrition
According to reported financial statements, RMAX's equity base has trended downward from $411.1M in 2023Q4 to $446.1M in 2026Q1, while total liabilities remain elevated at $614.0M, signaling a weakening financial position as the company struggles to offset persistent operational headwinds with its existing capital structure.
The persistent negative retained earnings, which reached -$135.9M in 2026Q1, suggest that the company is failing to generate sufficient internal capital to bolster its equity position. This trajectory indicates that the business model is currently unable to support its historical capital allocation strategies without further straining the balance sheet.
Based on the provided data, RMAX maintains a significant debt load of $456.9M as of 2026Q1, which, when viewed against the backdrop of declining profitability, suggests that the company's ability to service its obligations may be increasingly sensitive to further volatility in the residential real estate market.
The high debt-to-asset ratio implies that management has limited room for error in navigating the current industry downturn. Investors should monitor whether the company will be forced to prioritize debt reduction over necessary technology investments, which could further impair its competitive standing against more agile, cloud-based peers.
As reported in recent filings, RMAX's cash position of $107.1M in 2026Q1 provides a modest liquidity buffer, yet the current ratio of 16.57 appears anomalous and warrants investigation into whether this reflects a genuine improvement in short-term solvency or a distortion in current asset classification.
While the headline current ratio suggests strong coverage, the underlying cash burn observed in recent periods indicates that this liquidity may be consumed rapidly if agent attrition accelerates. The reliance on cash reserves to fund operations during periods of negative free cash flow suggests a precarious liquidity profile that requires close oversight.
Data from financial disclosures indicates that goodwill remains a substantial component of total assets at $238.9M, representing nearly 42% of the total asset base, which suggests that any further decline in the company's market valuation could trigger significant non-cash impairment charges that would further erode equity.
The concentration of intangible assets on the balance sheet highlights a potential vulnerability, as these values are predicated on the long-term viability of the franchise network. If the core value proposition continues to face pressure from industry-wide commission changes, the carrying value of this goodwill may no longer be supported by future cash flows.
Quick answers to the most common questions about buying RMAX stock.
As of 2025, RE/MAX Holdings, Inc. (RMAX) had total assets of $582.5M including $240.1M in current assets.
RE/MAX Holdings, Inc. (RMAX) carries total debt of $459.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
RE/MAX Holdings, Inc. (RMAX) has total shareholders' equity (book value) of $452.4M ($-1.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
RE/MAX Holdings, Inc. (RMAX) reported a current ratio of 1.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.