RE/MAX Holdings, Inc. (RMAX) Balance Sheet
RMAX balance sheet, 2025
December 31, 2025 · U.S. dollars$582.5M assets = $611.5M liabilities + −$29.0M equity
Liabilities exceed assets: shareholders’ equity is negative (−$29.0M).
Both columns are drawn to the same scale: what RMAX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RMAX financial health
Descriptive bands, not a rating. Fiscal 2025.
RMAX balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $437.2M2016 | $582.5M2025 | +3.2%/yr | |
| Total liabilities | $376.4M2016 | $611.5M2025 | +5.5%/yr | |
| Shareholders’ equity | $463.8M2016 | $452.4M2025 | −0.3%/yr | |
| Cash & short-term investments | $57.6M2016 | $118.7M2025 | +8.4%/yr | |
| Total debt | $230.8M2016 | $459.5M2025 | +7.9%/yr | |
| Net cash (debt) | −$173.2M2016 | −$340.7M2025 | −$167.5M | |
| Working capital | $34.7M2016 | $98.4M2025 | +$63.7M | |
| Book value per share | $26.242016 | $22.182025 | −1.8%/yr | |
| Current ratio | 1.752016 | 1.692025 | −0.05 | |
| Debt / equity | 0.502016 | 1.022025 | +0.52 | |
| Shares outstanding | 17.7M2016 | 20.4M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RMAX assets
RMAX liabilities and equity
RMAX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RMAX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $118.7M | $96.6M | $82.6M | $108.7M | $126.3M | $101.4M | $83.0M | $60.0M | $50.8M | $57.6M |
| Cash & equivalents | $118.7M | $96.6M | $82.6M | $108.7M | $126.3M | $101.4M | $83.0M | $60.0M | $50.8M | $57.6M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $26.9M | $35.4M | $35.1M | $32.5M | $34.6M | $30.0M | $28.6M | $21.2M | $20.3M | $19.4M |
| Inventory | $0 | $0 | $1 | $29.5M | $32.1M | $19.9M | $20.6M | $0 | $0 | $1 |
| Other current assets | $94.5M | $86.5M | $58.8M | $22.3M | $17.8M | $15.2M | $10.5M | $6.4M | $8.8M | $4.2M |
| Total current assets | $240.1M | $218.5M | $176.6M | $193.0M | $210.8M | $166.4M | $142.8M | $87.5M | $79.9M | $81.2M |
| Property, plant & equipment (net) | $18.6M | $25.4M | $31.6M | $35.6M | $49.2M | $46.8M | $56.6M | $4.4M | $2.9M | $2.7M |
| Goodwill & intangible assets | $250.3M | $250.6M | $361.9M | $404.6M | $445.5M | $278.0M | $279.0M | $276.8M | $263.0M | $245.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $2.0M | $2.0M | $1.7M | $0 | $0 | $0 |
| Other non-current assets | $73.4M | $87.1M | $7.1M | $60.8M | $68.7M | $64.3M | $62.3M | $58.1M | $60.7M | $107.7M |
| Total assets | $582.5M | $581.6M | $577.1M | $694.0M | $776.1M | $557.4M | $542.4M | $426.8M | $406.6M | $437.2M |
| Liabilities | ||||||||||
| Accounts payable | $4.0M | $5.8M | $4.7M | $6.2M | $5.2M | $2.1M | $3.0M | $1.9M | $517,000 | $1.0M |
| Short-term debt | $13.8M | $13.2M | $12.5M | $11.7M | $10.9M | $8.1M | $12.9M | $2.6M | $2.4M | $2.4M |
| Deferred revenue | $21.4M | $22.8M | $23.1M | $27.8M | $27.2M | $25.3M | $25.7M | $25.5M | $18.9M | $16.3M |
| Total current liabilities | $141.8M | $154.7M | $149.3M | $119.7M | $146.2M | $117.2M | $107.0M | $46.9M | $43.6M | $46.5M |
| Long-term debt | $432.2M | $436.2M | $440.0M | $443.7M | $221.1M | $221.1M | $223.0M | $225.2M | $226.6M | $228.5M |
| Lease obligations | $22.7M | $31.2M | $39.4M | $45.1M | $52.3M | $56.0M | $61.1M | — | — | — |
| Other long-term liabilities | $37.5M | $49.0M | $63.9M | $100.1M | $339.7M | $106.3M | $113.9M | $75.5M | $67.0M | $101.4M |
| Total liabilities | $611.5M | $640.0M | $653.2M | $663.5M | $707.1M | $444.7M | $444.0M | $347.6M | $337.2M | $376.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $451.2M | $447.0M |
| Retained earnings (deficit) | −$126.1M | −$133.7M | −$140.2M | −$55.3M | −$7.8M | $25.6M | $30.5M | $21.1M | $16.8M | $16.8M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $54,000 | −$1.9M | $638,000 | −$395,000 | $650,000 | $612,000 | $414,000 | $328,000 | $515,000 | −$28,000 |
| Minority interest | −$481.4M | −$487.9M | −$487.1M | −$449.5M | −$416.0M | −$404.5M | −$399.5M | −$402.3M | −$398.3M | −$403.1M |
| Total shareholders' equity | $452.4M | $429.5M | $411.1M | $479.9M | $508.3M | $517.2M | $497.9M | $481.6M | $466.8M | $463.8M |
| Key figures | ||||||||||
| Total debt | $459.5M | $472.1M | $484.0M | $493.4M | $504.3M | $279.5M | $291.8M | $227.8M | $229.0M | $230.8M |
| Net cash (debt) | −$340.7M | −$375.4M | −$401.4M | −$384.7M | −$378.1M | −$178.2M | −$208.8M | −$167.8M | −$178.2M | −$173.2M |
| Working capital | $98.4M | $63.8M | $27.2M | $73.3M | $64.6M | $49.1M | $35.8M | $40.6M | $36.3M | $34.7M |
| Tangible book value | $202.1M | $178.9M | $49.2M | $75.3M | $62.8M | $239.2M | $218.9M | $204.8M | $203.8M | $218.2M |
| Book value per share | $22.18 | $22.26 | $22.70 | $25.47 | $27.19 | $28.22 | $27.87 | $27.10 | $26.33 | $26.24 |
| Shares outstanding | 20.4M | 19.3M | 18.1M | 18.8M | 18.7M | 18.3M | 17.9M | 17.8M | 17.7M | 17.7M |
| Current ratio | 1.69 | 1.41 | 1.18 | 1.61 | 1.44 | 1.42 | 1.33 | 1.87 | 1.83 | 1.75 |
| Quick ratio | 1.03 | 0.85 | 0.79 | 1.18 | 1.10 | 1.12 | 1.04 | 1.73 | 1.63 | 1.66 |
| Debt / equity | 1.02 | 1.10 | 1.18 | 1.03 | 0.99 | 0.54 | 0.59 | 0.47 | 0.49 | 0.50 |
| Equity / assets | 77.7% | 73.8% | 71.2% | 69.2% | 65.5% | 92.8% | 91.8% | 112.8% | 114.8% | 106.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $112.4M | $107.1M | $118.7M | $107.5M | $94.3M | $89.1M | $96.6M | $83.8M | $66.1M | $82.1M | $82.6M | $89.8M |
| Cash & equivalents | $112.4M | $107.1M | $118.7M | $107.5M | $94.3M | $89.1M | $96.6M | $83.8M | $66.1M | $82.1M | $82.6M | $89.8M |
| Receivables | $40.1M | $28.2M | $35.1M | $39.3M | $40.7M | $36.0M | $35.4M | $32.3M | $36.7M | $35.2M | $35.1M | $33.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $31.0M |
| Other current assets | $83.1M | $97.5M | $86.3M | $88.5M | $85.9M | $89.6M | $86.5M | $85.8M | $86.0M | $58.5M | $58.8M | $17.8M |
| Total current assets | $235.6M | $232.9M | $240.1M | $235.3M | $220.9M | $214.6M | $218.5M | $201.9M | $188.8M | $175.7M | $176.6M | $172.6M |
| Property, plant & equipment (net) | $16.2M | $17.4M | $18.6M | $20.3M | $22.1M | $23.5M | $25.4M | $27.5M | $29.0M | $30.6M | $31.6M | $32.6M |
| Goodwill & intangible assets | $308.4M | $250.4M | $250.3M | $249.6M | $326.2M | $250.1M | $250.6M | $342.7M | $347.4M | $353.9M | $361.9M | $385.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $7.3M | $71.6M | $73.4M | $76.9M | $5.6M | $83.2M | $87.1M | $6.5M | $6.2M | $6.4M | $7.1M | $7.7M |
| Total assets | $567.4M | $572.3M | $582.5M | $582.2M | $574.8M | $571.4M | $581.6M | $578.6M | $571.4M | $566.7M | $577.1M | $597.9M |
| Liabilities | ||||||||||||
| Accounts payable | $3.7M | $6.8M | $4.0M | $3.9M | $4.7M | $3.4M | $5.8M | $5.3M | $3.1M | $3.1M | $4.7M | $8.3M |
| Short-term debt | $14.3M | $14.1M | $13.8M | $13.7M | $13.5M | $13.3M | $13.2M | $13.0M | $12.8M | $12.6M | $12.5M | $12.3M |
| Deferred revenue | $21.7M | $20.1M | $21.4M | $22.7M | $22.7M | $21.0M | $22.8M | $22.6M | $23.8M | $23.2M | $23.1M | $24.1M |
| Total current liabilities | $153.1M | $14.1M | $141.8M | $142.7M | $140.6M | $145.1M | $154.7M | $147.7M | $143.7M | $144.9M | $149.3M | $151.3M |
| Long-term debt | $430.4M | $431.4M | $432.2M | $433.3M | $434.4M | $435.3M | $436.2M | $437.2M | $438.1M | $439.0M | $440.0M | $440.9M |
| Lease obligations | $18.9M | $21.0M | $22.7M | $24.9M | $27.1M | $29.2M | $31.2M | $33.5M | $35.5M | $37.4M | $39.4M | $41.2M |
| Other long-term liabilities | $30.8M | $168.6M | $37.5M | $41.0M | $43.4M | $46.5M | $49.0M | $55.5M | $58.7M | $60.7M | $63.9M | $69.0M |
| Total liabilities | $614.3M | $614.0M | $611.5M | $617.1M | $618.4M | $626.9M | $640.0M | $640.4M | $640.5M | $644.6M | $653.2M | $661.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Retained earnings (deficit) | −$140.2M | −$135.9M | −$126.1M | −$127.4M | −$131.3M | −$136.0M | −$133.7M | −$139.5M | −$140.5M | −$144.2M | −$140.2M | −$129.2M |
| Accumulated other comprehensive income | −$1.5M | −$598,000 | $54,000 | −$731,000 | −$27,000 | −$1.6M | −$1.9M | $35,000 | −$380,000 | −$105,000 | $638,000 | −$129,000 |
| Minority interest | −$490.8M | −$487.8M | −$481.4M | −$483.0M | −$486.0M | — | — | — | — | — | — | — |
| Total shareholders' equity | $443.9M | $446.1M | $452.4M | $448.1M | $442.4M | $433.5M | $429.5M | $423.1M | $418.4M | $412.0M | $411.1M | $416.8M |
| Key figures | ||||||||||||
| Total debt | $453.9M | $456.9M | $459.5M | $462.8M | $466.1M | $469.1M | $472.1M | $475.3M | $478.2M | $481.0M | $484.0M | $486.7M |
| Net cash (debt) | −$341.5M | −$349.8M | −$340.7M | −$355.3M | −$371.8M | −$380.0M | −$375.4M | −$391.5M | −$412.1M | −$399.0M | −$401.4M | −$396.9M |
| Working capital | $82.6M | $218.8M | $98.4M | $92.6M | $80.3M | $69.5M | $63.8M | $54.2M | $45.1M | $30.9M | $27.2M | $21.3M |
| Tangible book value | $135.6M | $195.8M | $202.1M | $198.5M | $116.2M | $183.4M | $178.9M | $80.4M | $71.0M | $58.1M | $49.2M | $31.8M |
| Book value per share | $20.86 | $21.77 | $21.64 | $21.67 | $21.93 | $22.47 | $21.49 | $21.72 | $22.02 | $22.29 | $22.52 | $22.96 |
| Shares outstanding | 21.3M | 20.5M | 20.9M | 20.7M | 20.2M | 19.3M | 20.0M | 19.5M | 19.0M | 18.5M | 18.3M | 18.2M |
| Current ratio | 1.54 | 16.57 | 1.69 | 1.65 | 1.57 | 1.48 | 1.41 | 1.37 | 1.31 | 1.21 | 1.18 | 1.14 |
| Quick ratio | 1.00 | 9.63 | 1.09 | 1.03 | 0.96 | 0.86 | 0.85 | 0.79 | 0.72 | 0.81 | 0.79 | 0.82 |
| Debt / equity | 1.02 | 1.02 | 1.02 | 1.03 | 1.05 | 1.08 | 1.10 | 1.12 | 1.14 | 1.17 | 1.18 | 1.17 |
| Equity / assets | 78.2% | 78.0% | 77.7% | 77.0% | 77.0% | 75.9% | 73.8% | 73.1% | 73.2% | 72.7% | 71.2% | 69.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
RMAX financial position
At the end of fiscal 2025 (December 31, 2025), RE/MAX had total assets of $582.5 million (up 0.2% from a year earlier), total liabilities of $611.5 million and shareholders' equity of $452.4 million. It held $118.7 million in cash and short-term investments against $459.5 million of debt, net debt of $340.7 million. Its current ratio was 1.69. In the latest quarter (ended June 30, 2026) total assets were $567.4 million and equity $443.9 million.
Related: RMAX income statement, RMAX cash flow statement, RMAX key metrics. See the RMAX stock overview for the latest quote and news.
RMAX balance sheet FAQ
What are RE/MAX's total assets?
RE/MAX reported total assets of $582.5 million at the end of fiscal 2025 (December 31, 2025), compared with $581.6 million a year earlier.
How much debt does RE/MAX have?
RE/MAX had $459.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.02.
How much cash does RE/MAX have?
RE/MAX held $118.7 million in cash and short-term investments at the end of fiscal 2025; with $459.5 million of debt that is net debt of $340.7 million.
What is RE/MAX's book value?
RE/MAX's shareholders' equity (book value) was $452.4 million at the end of fiscal 2025, or $22.18 per share.
What is RE/MAX's current ratio?
RE/MAX had current assets of $240.1 million and current liabilities of $141.8 million, a current ratio of 1.69 (it can cover its short-term obligations).
How much goodwill does RE/MAX have?
RE/MAX carried $250.3 million of goodwill and intangible assets, 43.0% of total assets, at the end of fiscal 2025.