RE/MAX Holdings, Inc. — Earnings Quality Grade F
RMAX · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 34 days, change +1 days YoY
AR growth -3.1% vs revenue growth -5.2%
Revenue -5.2%, CFFO -31.5%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 11.4% vs revenue -5.2%. Normal
SG&A/Gross Profit = 67.1%. Normal
Gross margin 75.0%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 5.01. Profits backed by cash
FCF $0.0B, FCF/NI = 4.11
Accruals ratio = -5.6%. Low accruals
Cash $0.1B covers only 26% of debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 70% of equity. Over 50%
Debt/EBITDA = 6.0x (>4x). Interest coverage = 1.4x (<2x). Financial stress
Other assets 13.3% vs revenue -5.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -4% YoY. Normal
Manipulation Score
M-Score = -2.79 (< -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