MeritValue

RE/MAX Holdings, Inc.

RMAXdata completeness 88%15 fiscal years on file
The thesis, from the filings

RE/MAX Holdings, Inc. earns about 1% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$329.7M1$353.4M2$325.7M3$307.7M3$291.6M3
Net income−$24.6M4$10.8M4−$98.5M4$8.08M4$13.4M4
Operating cash flow$42.4M5$71.1M6$28.3M7$59.7M7$40.9M7
Capital expenditure$15.2M8$9.93M9$6.42M10$6.62M10$7.37M10
Free cash flow (derived)$27.2M5,8$61.2M6,9$21.8M7,10$53M7,10$33.5M7,10
Total debt$452.1M11,12$448.3M13,14$444.6M15,16$440.8M17,18$436.8M17,18
Cash & equivalents$126.3M19$108.7M20$82.6M21$96.6M22$118.7M22
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 -1%FY22 3%FY23 -1%FY24 1%FY25 2%

It earned an average 1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-22 · period ending 2021-12-31 · accession 0001558370-24-001535 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001558370-25-001224 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K filed 2026-02-19 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-017561 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A filed 2026-04-30 · periods ending 2021-12-31, 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-052993 (NetIncomeLoss)
  5. 10-K filed 2024-02-22 · period ending 2021-12-31 · accession 0001558370-24-001535 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001558370-25-001224 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2026-02-19 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-017561 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2024-02-22 · period ending 2021-12-31 · accession 0001558370-24-001535 (PaymentsToAcquireProductiveAssets)
  9. 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001558370-25-001224 (PaymentsToAcquireProductiveAssets)
  10. 10-K filed 2026-02-19 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-017561 (PaymentsToAcquireProductiveAssets)
  11. 10-K filed 2023-02-28 · period ending 2021-12-31 · accession 0001558370-23-002369 (LongTermDebtNoncurrent)
  12. 10-K filed 2023-02-28 · period ending 2021-12-31 · accession 0001558370-23-002369 (LongTermDebtCurrent)
  13. 10-K filed 2024-02-22 · period ending 2022-12-31 · accession 0001558370-24-001535 (LongTermDebtNoncurrent)
  14. 10-K filed 2024-02-22 · period ending 2022-12-31 · accession 0001558370-24-001535 (LongTermDebtCurrent)
  15. 10-K filed 2025-02-20 · period ending 2023-12-31 · accession 0001558370-25-001224 (LongTermDebtNoncurrent)
  16. 10-K filed 2025-02-20 · period ending 2023-12-31 · accession 0001558370-25-001224 (LongTermDebtCurrent)
  17. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-017561 (LongTermDebtNoncurrent)
  18. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-017561 (LongTermDebtCurrent)
  19. 10-K filed 2023-02-28 · period ending 2021-12-31 · accession 0001558370-23-002369 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K filed 2024-02-22 · period ending 2022-12-31 · accession 0001558370-24-001535 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K filed 2025-02-20 · period ending 2023-12-31 · accession 0001558370-25-001224 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2026-02-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-017561 (CashAndCashEquivalentsAtCarryingValue)