The business behind the dividend
| Measure | RMAX | Median | Formula |
|---|---|---|---|
| Return on equity | 3.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.3% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $31.91m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $33.50m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 16.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 4.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.97x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.53x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.69x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 4.39x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 3.04x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.7% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.0% | 1.9% | -24.0% | 2.2% | -4.8% | 2.2% | 5.1% | 5.6% | 2.2% | 4.8% | 2.2% |
| Return on capital employed | 5.3% | 4.6% | -1.2% | 4.1% | -1.0% | 5.2% | 9.5% | 11.1% | 14.3% | 10.3% | 5.2% |
| Operating margin | 16.1% | 13.1% | -3.3% | 10.8% | -3.0% | 14.5% | 24.4% | 36.9% | 50.8% | 40.6% | 14.5% |
| Net margin | 4.6% | 2.6% | -30.2% | 3.0% | -7.5% | 4.2% | 9.0% | 12.8% | 5.2% | 12.7% | 4.2% |
| Debt to equity | 0.97x | 1.03x | 1.08x | 0.93x | 0.89x | 0.43x | 0.45x | 0.47x | 0.50x | 0.50x | 0.50x |
| Current ratio | 1.69x | 1.41x | 1.18x | 1.61x | 1.44x | 1.42x | 1.33x | 1.87x | 1.60x | 1.75x | 1.44x |
| Cash conversion | 3.04x | 7.39x | — | 6.61x | — | 6.30x | 3.12x | 2.80x | 6.27x | 2.90x | 6.27x |
How it compares in not classified
Among the 8 not classified companies here measured on free cash flow, RE/MAX Holdings pays out less than 7 of them. The median for that group is 35.0%, against this company’s 1.5%.
Closest on free cash flow
- ADT (ADT) 10.9%
- Allegion (ALLE) 25.6%
- AGNT (AGNT) 28.2%
- Marcus & Millichap (MMI) 35.0%
Same sector and same denominator, so the figures are comparable. All 10 in not classified →