Latest Ratios: P/E Ratio 28.9x · EV/EBITDA 8.0x · ROE N/A. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $233M | $155M | $206M | $241M | $351M | $570M | $666M | $688M | $546M | $860M | $990M |
| Enterprise Value | $573M | $496M | $581M | $643M | $736M | $948M | $844M | $897M | $714M | $1.0B | $1.2B |
| P/E Ratio → | 28.88 | 18.97 | 28.84 | — | 58.25 | — | 59.56 | 14.69 | 20.23 | 67.36 | 43.41 |
| P/S Ratio | 0.80 | 0.53 | 0.67 | 0.74 | 0.99 | 1.73 | 2.50 | 2.44 | 2.57 | 4.39 | 5.62 |
| P/B Ratio | — | — | — | — | 11.54 | 8.25 | 5.91 | 6.99 | 6.89 | 12.39 | 16.31 |
| P/FCF | 6.95 | 4.62 | 3.88 | 11.05 | 5.74 | 20.95 | 10.41 | 10.46 | 8.00 | 14.08 | 16.53 |
| P/OCF | 5.69 | 3.79 | 3.45 | 8.54 | 4.94 | 13.43 | 9.40 | 8.71 | 7.18 | 13.59 | 15.38 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.70 | 1.89 | 1.97 | 2.08 | 2.88 | 3.17 | 3.18 | 3.36 | 5.30 | 6.60 |
| EV / EBITDA | 8.04 | 6.95 | 8.34 | 29.52 | 9.95 | 44.29 | 13.04 | 9.88 | 3.27 | 4.56 | 6.58 |
| EV / EBIT | 12.60 | 9.66 | 13.69 | — | 18.86 | — | 21.68 | 12.71 | 9.95 | 10.50 | 16.47 |
| EV / FCF | — | 14.79 | 10.96 | 29.42 | 12.02 | 34.85 | 13.20 | 13.64 | 10.46 | 16.99 | 19.43 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.6% | 57.6% | 74.3% | 74.2% | 74.4% | 75.0% | 75.8% | 74.4% | 90.3% | 89.5% | 90.9% |
| Operating Margin | 15.6% | 15.6% | 13.1% | -3.3% | 10.8% | -3.0% | 14.5% | 24.4% | 36.6% | 51.2% | 41.1% |
| Net Profit Margin | 2.8% | 2.8% | 2.3% | -21.2% | 1.7% | -4.7% | 4.2% | 9.0% | 12.7% | 6.5% | 12.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | 12.3% | -17.2% | 10.7% | 28.5% | 36.4% | 19.7% | 45.4% |
| ROA | 1.4% | 1.4% | 1.2% | -10.9% | 0.8% | -2.3% | 2.0% | 5.2% | 6.5% | 3.0% | 5.5% |
| ROIC | 10.9% | 10.9% | 9.4% | -2.2% | 6.6% | -2.0% | 9.7% | 18.7% | 23.6% | 31.2% | 29.8% |
| ROCE | 10.5% | 10.5% | 9.4% | -2.1% | 6.3% | -1.9% | 8.8% | 16.9% | 21.0% | 26.6% | 20.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 16.21 | 7.30 | 2.48 | 2.97 | 2.87 | 3.30 | 3.80 |
| Debt / EBITDA | 6.44 | 6.44 | 6.77 | 22.22 | 6.67 | 23.56 | 4.32 | 3.22 | 1.04 | 1.01 | 1.31 |
| Net Debt / Equity | — | — | — | — | 12.64 | 5.47 | 1.58 | 2.12 | 2.12 | 2.57 | 2.85 |
| Net Debt / EBITDA | 4.78 | 4.78 | 5.38 | 18.43 | 5.20 | 17.66 | 2.75 | 2.30 | 0.77 | 0.78 | 0.98 |
| Debt / FCF | — | 10.17 | 7.08 | 18.37 | 6.29 | 13.90 | 2.79 | 3.18 | 2.46 | 2.92 | 2.89 |
| Interest Coverage | 1.62 | 1.62 | 1.17 | -0.16 | 1.87 | -0.95 | 4.22 | 5.77 | 5.96 | 9.89 | 8.21 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.69 | 1.69 | 1.41 | 1.18 | 1.61 | 1.44 | 1.42 | 1.33 | 1.87 | 1.83 | 1.75 |
| Quick Ratio | 1.69 | 1.69 | 1.41 | 1.18 | 1.37 | 1.22 | 1.25 | 1.14 | 1.87 | 1.83 | 1.75 |
| Cash Ratio | 0.84 | 0.84 | 0.62 | 0.55 | 0.91 | 0.86 | 0.86 | 0.78 | 1.28 | 1.17 | 1.24 |
| Asset Turnover | — | 0.50 | 0.53 | 0.56 | 0.51 | 0.42 | 0.48 | 0.52 | 0.50 | 0.48 | 0.40 |
| Inventory Turnover | — | — | — | — | 3.07 | 2.56 | 3.24 | 3.51 | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.3% | 0.3% | 5.6% | 5.2% | 3.1% | 2.5% | 2.2% | 2.6% | 1.5% | 1.1% |
| Payout Ratio | 6.1% | 6.1% | 8.4% | — | 297.6% | — | 145.4% | 59.6% | 52.9% | 99.8% | 46.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 5.3% | 3.5% | — | 1.7% | — | 1.7% | 6.8% | 4.9% | 1.5% | 2.3% |
| FCF Yield | 14.4% | 21.6% | 25.8% | 9.0% | 17.4% | 4.8% | 9.6% | 9.6% | 12.5% | 7.1% | 6.0% |
| Buyback Yield | 0.0% | 0.0% | 1.5% | 1.4% | 9.7% | 0.9% | 0.4% | 0.2% | 0.2% | 0.1% | 0.1% |
| Total Shareholder Yield | 0.2% | 0.3% | 1.8% | 7.0% | 14.9% | 4.1% | 2.8% | 2.4% | 2.8% | 1.6% | 1.1% |
| Shares Outstanding | — | $20M | $19M | $18M | $19M | $19M | $18M | $18M | $18M | $18M | $18M |
Agent count attrition risk
Based on reported figures, RMAX trades at a forward P/E of 7.64, which appears to discount the company's historical franchise premium and suggests that investors are pricing in a permanent contraction in the agent base rather than a cyclical recovery in the broader housing market.
The significant spread between the TTM P/E of 24.65 and the forward multiple indicates that the market anticipates a sharp decline in earnings power. This valuation compression relative to historical norms suggests that the market is increasingly viewing RMAX as a legacy service provider rather than a high-margin intellectual property owner.
As reported in financial statements, ROIC has trended downward to 0.2% in 2026Q1, a stark departure from the mid-single-digit returns observed in 2025, indicating that the company's investments in technology and mortgage diversification are failing to generate adequate returns on the underlying capital base.
The erosion of ROIC suggests that the company's capital allocation strategy is struggling to offset the deleveraging effect of a shrinking agent count. Investors should monitor whether these returns can stabilize or if the current asset base remains over-capitalized relative to the declining revenue generation capacity.
According to recent SEC filings, the company's asset turnover remains stagnant at 0.12, reflecting a persistent inability to extract higher revenue from its existing franchise infrastructure as the core agent base faces competitive pressure from lower-cost, cloud-based brokerage models in the current market environment.
The lack of improvement in asset turnover, combined with fluctuating DSO metrics, suggests that the company is facing friction in its collection cycle. This inefficiency may imply that the franchise network is experiencing increased difficulty in maintaining timely fee payments, which warrants further investigation into credit quality.
Based on reported figures, the interest coverage ratio has deteriorated to -0.97 in 2026Q1, highlighting a precarious situation where operating income is no longer sufficient to cover debt service obligations, thereby increasing the company's vulnerability to further interest rate volatility or operational cash flow shortfalls.
The high D/EBITDA ratio of 69.75 suggests that the company's leverage is becoming disconnected from its current earnings capacity. This level of indebtedness limits management's strategic flexibility and may necessitate a pivot toward aggressive debt reduction at the expense of future growth initiatives or shareholder returns.
Data from financial disclosures indicates that investors frequently misapply traditional franchise valuation multiples to RMAX, failing to account for the fact that the underlying revenue base is highly sensitive to agent attrition rather than being a truly recurring, inflation-protected royalty stream.
By treating RMAX as a standard franchisor, analysts often overlook the variable nature of the agent count, which acts as the primary driver of the fee base. A more appropriate metric would be revenue per agent or agent retention rates, which provide a clearer view of the business's long-term viability.
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Quick answers to the most common questions about buying RMAX stock.
RE/MAX Holdings, Inc.'s current P/E ratio is 28.9x. The historical average is 37.1x. This places it at the 50th percentile of its historical range.
RE/MAX Holdings, Inc.'s current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Based on historical data, RE/MAX Holdings, Inc. is trading at a P/E of 28.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
RE/MAX Holdings, Inc.'s current dividend yield is 0.21% with a payout ratio of 6.1%.
RE/MAX Holdings, Inc. has 57.6% gross margin and 15.6% operating margin. Operating margin between 10-20% is typical for established companies.
RE/MAX Holdings, Inc.'s Debt/EBITDA ratio is 6.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.