RE/MAX Holdings, Inc. (RMAX)
NYSEReal EstateReal Estate - ServicesSnapshot 2026-09-04
$12.36-9.25%
Close 2026-08-24 · 1-day change
NYSEReal EstateReal Estate - ServicesSnapshot 2026-09-04
Warn: Primary pillar under pressure — Adjusted EBITDA reaches about $100 million in 2026: FY26 EBITDA guide $95M vs $100M target.
RE/MAX is growing revenue to about $295 million in 2026. Profitability improves with adjusted EBITDA near $100 million. The company has a strong brand and stable cash flow. The stock trades cheaply with a price-to-earnings ratio of 10.9.
Revenue growth could slow below 3.5% expected by analysts. Profit margins may not improve as forecast. The real estate sector faces headwinds that could pressure earnings.
The price is about 24% below our fair value near $15. Analysts expect roughly 3.5% revenue growth. Our view aligns with these moderate growth expectations.
Breaks if: Adjusted EBITDA falls below $90 million in FY26
Breaks if: Q1 revenue falls below $69 million
Breaks if: Revenue falls below $285 million in FY26
Management expects revenue for 2026 to be between $285 million and $305 million.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a turnaround story with a focus on navigating a significant merger. The current thesis state indicates mixed results, as the company works to stabilize its operations while facing elevated risks.
The market appears to have priced in a cheap valuation compared to peers, reflecting a gap in expectations. However, the fundamentals suggest that the company is currently underperforming relative to its industry.
Management is focused on completing the merger with The Real Brokerage Inc. while managing revenue and profitability. Recent financial performance has been weak, with declining revenue and net losses, indicating challenges ahead.
The thesis hinges on several factors, including the potential for the Fed to cut interest rates, which could benefit RMAX and the real estate sector. Additionally, the performance of sector leaders like CBRE and JLL will be crucial for RMAX's momentum.
In the next 1 to 3 years, RMAX's success will depend on its ability to navigate the merger and improve financial performance amid sector challenges. Not investment advice.
The most important moves since the prior daily snapshot.
Yes, our read has strengthened. The completion of the merger with The Real Brokerage Inc. supports this improvement. This merger aligns with growth objectives and enhances strategic positioning. There are no new threats impacting the thesis at this time.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.