The Real Brokerage, Inc. — Earnings Quality Grade F
REAX · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 4 days, change -0 days YoY
AR growth 41.7% vs revenue growth 55.7%
Revenue 55.7%, CFFO 35.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 268.4% is >2x revenue growth 55.7%
SG&A/Gross Profit = 93.4%, exceeds 70%
Gross margin 8.4%, change -0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -7.66
Accruals ratio = -58.4%. Low accruals
Insufficient data
Balance Sheet Health
Goodwill+Intangibles $0.0B = 25% of equity. Manageable
Interest coverage = -15.3x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 14% YoY. Normal
Manipulation Score
M-Score = -4.68 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25