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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $71.1M, roughly 1.9× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -22.8%, a 24.8% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs -1.8%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $11.7M). Over the past eight quarters, Emerald Holding, Inc.'s revenue compounded faster (-0.3% CAGR vs -4.7%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $71.1M |
| Net Profit | $-30.2M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | 13.1% |
| Net Margin | -22.8% | 2.0% |
| Revenue YoY | 24.3% | -1.8% |
| Net Profit YoY | -692.2% | -75.2% |
| EPS (diluted) | $-0.15 | — |
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 | $132.7M | $71.1M | ||
| Q3 25 | $77.5M | $73.2M | ||
| Q2 25 | $105.5M | $72.8M | ||
| Q1 25 | $147.7M | $74.5M | ||
| Q4 24 | $106.8M | $72.5M | ||
| Q3 24 | $72.6M | $78.5M | ||
| Q2 24 | $86.0M | $78.5M | ||
| Q1 24 | $133.4M | $78.3M |
| Q4 25 | $-30.2M | $1.4M | ||
| Q3 25 | $-14.4M | $4.0M | ||
| Q2 25 | $-1.4M | $4.7M | ||
| Q1 25 | $15.3M | $-2.0M | ||
| Q4 24 | $5.1M | $5.8M | ||
| Q3 24 | $-11.1M | $966.0K | ||
| Q2 24 | $-2.8M | $3.7M | ||
| Q1 24 | $11.0M | $-3.4M |
| Q4 25 | -11.8% | 13.1% | ||
| Q3 25 | -10.1% | 25.0% | ||
| Q2 25 | 9.7% | 19.3% | ||
| Q1 25 | 24.2% | 7.2% | ||
| Q4 24 | 19.5% | 5.9% | ||
| Q3 24 | -6.5% | 19.4% | ||
| Q2 24 | 7.4% | 20.6% | ||
| Q1 24 | 18.2% | 5.8% |
| Q4 25 | -22.8% | 2.0% | ||
| Q3 25 | -18.6% | 5.4% | ||
| Q2 25 | -1.3% | 6.4% | ||
| Q1 25 | 10.4% | -2.6% | ||
| Q4 24 | 4.8% | 8.0% | ||
| Q3 24 | -15.3% | 1.2% | ||
| Q2 24 | -3.3% | 4.7% | ||
| Q1 24 | 8.2% | -4.3% |
| Q4 25 | $-0.15 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $0.08 | — | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $-0.05 | — | ||
| Q2 24 | $-0.03 | — | ||
| Q1 24 | $0.00 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $100.9M | $118.7M |
| Total DebtLower is stronger | — | $432.2M |
| Stockholders' EquityBook value | $338.8M | $452.4M |
| Total Assets | $1.2B | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $118.7M | ||
| Q3 25 | $95.4M | $107.5M | ||
| Q2 25 | $156.4M | $94.3M | ||
| Q1 25 | $276.8M | $89.1M | ||
| Q4 24 | $194.8M | $96.6M | ||
| Q3 24 | $188.9M | $83.8M | ||
| Q2 24 | $193.2M | $66.1M | ||
| Q1 24 | $186.8M | $82.1M |
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
| Q4 25 | $338.8M | $452.4M | ||
| Q3 25 | $369.5M | $448.1M | ||
| Q2 25 | $389.4M | $442.4M | ||
| Q1 25 | $392.1M | $433.5M | ||
| Q4 24 | $385.9M | $429.5M | ||
| Q3 24 | $391.1M | $423.1M | ||
| Q2 24 | $407.6M | $418.4M | ||
| Q1 24 | $-90.7M | $412.0M |
| Q4 25 | $1.2B | $582.5M | ||
| Q3 25 | $1.2B | $582.2M | ||
| Q2 25 | $1.2B | $574.8M | ||
| Q1 25 | $1.2B | $571.4M | ||
| Q4 24 | $1.0B | $581.6M | ||
| Q3 24 | $1.1B | $578.6M | ||
| Q2 24 | $1.1B | $571.4M | ||
| Q1 24 | $1.1B | $566.7M |
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 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 | $12.3M | $40.9M |
| Free Cash FlowOCF − Capex | $11.7M | $33.5M |
| FCF MarginFCF / Revenue | 8.8% | 47.1% |
| Capex IntensityCapex / Revenue | 0.5% | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $40.9M | ||
| Q3 25 | $1.8M | $17.7M | ||
| Q2 25 | $15.9M | $4.6M | ||
| Q1 25 | $12.6M | $5.7M | ||
| Q4 24 | $20.6M | $59.7M | ||
| Q3 24 | $9.1M | $17.6M | ||
| Q2 24 | $9.8M | $15.9M | ||
| Q1 24 | $7.3M | $9.4M |
| Q4 25 | $11.7M | $33.5M | ||
| Q3 25 | $1.5M | $16.4M | ||
| Q2 25 | $15.8M | $2.9M | ||
| Q1 25 | $12.4M | $4.0M | ||
| Q4 24 | $19.9M | $53.0M | ||
| Q3 24 | $9.0M | $16.3M | ||
| Q2 24 | $9.6M | $14.0M | ||
| Q1 24 | $7.0M | $6.8M |
| Q4 25 | 8.8% | 47.1% | ||
| Q3 25 | 1.9% | 22.4% | ||
| Q2 25 | 15.0% | 4.0% | ||
| Q1 25 | 8.4% | 5.3% | ||
| Q4 24 | 18.6% | 73.2% | ||
| Q3 24 | 12.4% | 20.8% | ||
| Q2 24 | 11.2% | 17.8% | ||
| Q1 24 | 5.2% | 8.6% |
| Q4 25 | 0.5% | 10.4% | ||
| Q3 25 | 0.4% | 1.8% | ||
| Q2 25 | 0.1% | 2.2% | ||
| Q1 25 | 0.1% | 2.3% | ||
| Q4 24 | 0.7% | 9.1% | ||
| Q3 24 | 0.1% | 1.7% | ||
| Q2 24 | 0.2% | 2.4% | ||
| Q1 24 | 0.2% | 3.3% |
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | 0.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
