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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
Armada Hoffler Properties, Inc. is the larger business by last-quarter revenue ($75.6M vs $71.1M, roughly 1.1× RE/MAX Holdings, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs 2.0%, a 1.1% gap on every dollar of revenue. On growth, Armada Hoffler Properties, Inc. posted the faster year-over-year revenue change (0.8% vs -1.8%). Over the past eight quarters, RE/MAX Holdings, Inc.'s revenue compounded faster (-4.7% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
AHH vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $71.1M |
| Net Profit | $2.4M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | 13.1% |
| Net Margin | 3.1% | 2.0% |
| Revenue YoY | 0.8% | -1.8% |
| Net Profit YoY | -89.8% | -75.2% |
| EPS (diluted) | $0.00 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $71.1M | ||
| Q3 25 | $72.7M | $73.2M | ||
| Q2 25 | $69.1M | $72.8M | ||
| Q1 25 | $67.8M | $74.5M | ||
| Q4 24 | $75.0M | $72.5M | ||
| Q3 24 | $114.4M | $78.5M | ||
| Q2 24 | $116.8M | $78.5M | ||
| Q1 24 | $127.0M | $78.3M |
| Q4 25 | $2.4M | $1.4M | ||
| Q3 25 | $80.0K | $4.0M | ||
| Q2 25 | $5.9M | $4.7M | ||
| Q1 25 | $-2.8M | $-2.0M | ||
| Q4 24 | $23.4M | $5.8M | ||
| Q3 24 | $-5.0M | $966.0K | ||
| Q2 24 | $3.2M | $3.7M | ||
| Q1 24 | $14.1M | $-3.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
| Q4 25 | 31.0% | 13.1% | ||
| Q3 25 | 29.2% | 25.0% | ||
| Q2 25 | 29.6% | 19.3% | ||
| Q1 25 | 23.2% | 7.2% | ||
| Q4 24 | 50.1% | 5.9% | ||
| Q3 24 | 19.0% | 19.4% | ||
| Q2 24 | 11.9% | 20.6% | ||
| Q1 24 | 15.1% | 5.8% |
| Q4 25 | 3.1% | 2.0% | ||
| Q3 25 | 0.1% | 5.4% | ||
| Q2 25 | 8.6% | 6.4% | ||
| Q1 25 | -4.1% | -2.6% | ||
| Q4 24 | 31.2% | 8.0% | ||
| Q3 24 | -4.4% | 1.2% | ||
| Q2 24 | 2.7% | 4.7% | ||
| Q1 24 | 11.1% | -4.3% |
| Q4 25 | $0.00 | — | ||
| Q3 25 | $-0.04 | — | ||
| Q2 25 | $0.04 | — | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $-0.11 | — | ||
| Q2 24 | $0.00 | — | ||
| Q1 24 | $0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $118.7M |
| Total DebtLower is stronger | $1.5B | $432.2M |
| Stockholders' EquityBook value | $627.8M | $452.4M |
| Total Assets | $2.6B | $582.5M |
| Debt / EquityLower = less leverage | 2.43× | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $118.7M | ||
| Q3 25 | $46.5M | $107.5M | ||
| Q2 25 | $52.1M | $94.3M | ||
| Q1 25 | $45.7M | $89.1M | ||
| Q4 24 | $31.9M | $96.6M | ||
| Q3 24 | $43.9M | $83.8M | ||
| Q2 24 | $20.3M | $66.1M | ||
| Q1 24 | $41.9M | $82.1M |
| Q4 25 | $1.5B | $432.2M | ||
| Q3 25 | $1.5B | $433.3M | ||
| Q2 25 | $1.4B | $434.4M | ||
| Q1 25 | $1.3B | $435.3M | ||
| Q4 24 | $1.3B | $436.2M | ||
| Q3 24 | $1.3B | $437.2M | ||
| Q2 24 | $1.4B | $438.1M | ||
| Q1 24 | $1.4B | $439.0M |
| Q4 25 | $627.8M | $452.4M | ||
| Q3 25 | $638.8M | $448.1M | ||
| Q2 25 | $652.0M | $442.4M | ||
| Q1 25 | $657.4M | $433.5M | ||
| Q4 24 | $670.6M | $429.5M | ||
| Q3 24 | $663.9M | $423.1M | ||
| Q2 24 | $562.7M | $418.4M | ||
| Q1 24 | $571.4M | $412.0M |
| Q4 25 | $2.6B | $582.5M | ||
| Q3 25 | $2.6B | $582.2M | ||
| Q2 25 | $2.6B | $574.8M | ||
| Q1 25 | $2.5B | $571.4M | ||
| Q4 24 | $2.5B | $581.6M | ||
| Q3 24 | $2.6B | $578.6M | ||
| Q2 24 | $2.6B | $571.4M | ||
| Q1 24 | $2.6B | $566.7M |
| Q4 25 | 2.43× | 0.96× | ||
| Q3 25 | 2.33× | 0.97× | ||
| Q2 25 | 2.22× | 0.98× | ||
| Q1 25 | 2.01× | 1.00× | ||
| Q4 24 | 1.93× | 1.02× | ||
| Q3 24 | 2.00× | 1.03× | ||
| Q2 24 | 2.52× | 1.05× | ||
| Q1 24 | 2.50× | 1.07× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $40.9M |
| Free Cash FlowOCF − Capex | — | $33.5M |
| FCF MarginFCF / Revenue | — | 47.1% |
| Capex IntensityCapex / Revenue | — | 10.4% |
| Cash ConversionOCF / Net Profit | 26.99× | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | — | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $40.9M | ||
| Q3 25 | $26.3M | $17.7M | ||
| Q2 25 | $11.1M | $4.6M | ||
| Q1 25 | $107.0K | $5.7M | ||
| Q4 24 | $112.0M | $59.7M | ||
| Q3 24 | $27.3M | $17.6M | ||
| Q2 24 | $17.4M | $15.9M | ||
| Q1 24 | $46.5M | $9.4M |
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.3% |
| Q4 25 | 26.99× | 28.39× | ||
| Q3 25 | 328.63× | 4.45× | ||
| Q2 25 | 1.87× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | 5.48× | 4.29× | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
