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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and RE/MAX Holdings, Inc. (RMAX). Click either name above to swap in a different company.
RE/MAX Holdings, Inc. is the larger business by last-quarter revenue ($71.1M vs $57.6M, roughly 1.2× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -1.8%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $-167.0M).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
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.
PHAT vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $71.1M |
| Net Profit | — | $1.4M |
| Gross Margin | 86.7% | — |
| Operating Margin | — | 13.1% |
| Net Margin | — | 2.0% |
| Revenue YoY | 94.1% | -1.8% |
| Net Profit YoY | 71.6% | -75.2% |
| EPS (diluted) | — | — |
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 | $57.6M | $71.1M | ||
| Q3 25 | $49.5M | $73.2M | ||
| Q2 25 | $39.5M | $72.8M | ||
| Q1 25 | $28.5M | $74.5M | ||
| Q4 24 | $29.7M | $72.5M | ||
| Q3 24 | $16.4M | $78.5M | ||
| Q2 24 | $7.3M | $78.5M | ||
| Q1 24 | — | $78.3M |
| Q4 25 | — | $1.4M | ||
| Q3 25 | $-30.0M | $4.0M | ||
| Q2 25 | $-75.8M | $4.7M | ||
| Q1 25 | $-94.3M | $-2.0M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $-85.6M | $966.0K | ||
| Q2 24 | $-91.4M | $3.7M | ||
| Q1 24 | — | $-3.4M |
| Q4 25 | 86.7% | — | ||
| Q3 25 | 87.5% | — | ||
| Q2 25 | 87.2% | — | ||
| Q1 25 | 86.9% | — | ||
| Q4 24 | 87.1% | — | ||
| Q3 24 | 85.6% | — | ||
| Q2 24 | 81.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 13.1% | ||
| Q3 25 | -30.8% | 25.0% | ||
| Q2 25 | -151.7% | 19.3% | ||
| Q1 25 | -276.5% | 7.2% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | -433.0% | 19.4% | ||
| Q2 24 | -1055.4% | 20.6% | ||
| Q1 24 | — | 5.8% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | -60.5% | 5.4% | ||
| Q2 25 | -191.9% | 6.4% | ||
| Q1 25 | -330.7% | -2.6% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | -523.3% | 1.2% | ||
| Q2 24 | -1248.6% | 4.7% | ||
| Q1 24 | — | -4.3% |
| Q4 25 | — | — | ||
| Q3 25 | $-0.41 | — | ||
| Q2 25 | $-1.05 | — | ||
| Q1 25 | $-1.31 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-1.32 | — | ||
| Q2 24 | $-1.56 | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $130.0M | $118.7M |
| Total DebtLower is stronger | $209.1M | $432.2M |
| Stockholders' EquityBook value | $-438.2M | $452.4M |
| Total Assets | $259.1M | $582.5M |
| Debt / EquityLower = less leverage | — | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $118.7M | ||
| Q3 25 | $135.2M | $107.5M | ||
| Q2 25 | $149.6M | $94.3M | ||
| Q1 25 | $212.3M | $89.1M | ||
| Q4 24 | $297.3M | $96.6M | ||
| Q3 24 | $334.7M | $83.8M | ||
| Q2 24 | $276.2M | $66.1M | ||
| Q1 24 | — | $82.1M |
| Q4 25 | $209.1M | $432.2M | ||
| Q3 25 | $207.1M | $433.3M | ||
| Q2 25 | $205.1M | $434.4M | ||
| Q1 25 | $203.2M | $435.3M | ||
| Q4 24 | $201.4M | $436.2M | ||
| Q3 24 | $175.7M | $437.2M | ||
| Q2 24 | $174.4M | $438.1M | ||
| Q1 24 | — | $439.0M |
| Q4 25 | $-438.2M | $452.4M | ||
| Q3 25 | $-422.5M | $448.1M | ||
| Q2 25 | $-405.8M | $442.4M | ||
| Q1 25 | $-338.4M | $433.5M | ||
| Q4 24 | $-253.6M | $429.5M | ||
| Q3 24 | $-187.1M | $423.1M | ||
| Q2 24 | $-233.8M | $418.4M | ||
| Q1 24 | — | $412.0M |
| Q4 25 | $259.1M | $582.5M | ||
| Q3 25 | $240.3M | $582.2M | ||
| Q2 25 | $250.2M | $574.8M | ||
| Q1 25 | $294.2M | $571.4M | ||
| Q4 24 | $378.3M | $581.6M | ||
| Q3 24 | $387.0M | $578.6M | ||
| Q2 24 | $319.4M | $571.4M | ||
| Q1 24 | — | $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 | $-166.8M | $40.9M |
| Free Cash FlowOCF − Capex | $-167.0M | $33.5M |
| FCF MarginFCF / Revenue | -290.0% | 47.1% |
| Capex IntensityCapex / Revenue | 0.4% | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $40.9M | ||
| Q3 25 | $-14.1M | $17.7M | ||
| Q2 25 | $-62.7M | $4.6M | ||
| Q1 25 | $-84.9M | $5.7M | ||
| Q4 24 | $-266.8M | $59.7M | ||
| Q3 24 | $-63.6M | $17.6M | ||
| Q2 24 | $-70.7M | $15.9M | ||
| Q1 24 | — | $9.4M |
| Q4 25 | $-167.0M | $33.5M | ||
| Q3 25 | $-14.1M | $16.4M | ||
| Q2 25 | $-62.8M | $2.9M | ||
| Q1 25 | $-84.9M | $4.0M | ||
| Q4 24 | $-266.9M | $53.0M | ||
| Q3 24 | $-63.6M | $16.3M | ||
| Q2 24 | $-70.8M | $14.0M | ||
| Q1 24 | — | $6.8M |
| Q4 25 | -290.0% | 47.1% | ||
| Q3 25 | -28.6% | 22.4% | ||
| Q2 25 | -159.0% | 4.0% | ||
| Q1 25 | -297.9% | 5.3% | ||
| Q4 24 | -899.8% | 73.2% | ||
| Q3 24 | -389.0% | 20.8% | ||
| Q2 24 | -966.2% | 17.8% | ||
| Q1 24 | — | 8.6% |
| Q4 25 | 0.4% | 10.4% | ||
| Q3 25 | 0.1% | 1.8% | ||
| Q2 25 | 0.2% | 2.2% | ||
| Q1 25 | 0.1% | 2.3% | ||
| Q4 24 | 0.5% | 9.1% | ||
| Q3 24 | 0.3% | 1.7% | ||
| Q2 24 | 0.6% | 2.4% | ||
| Q1 24 | — | 3.3% |
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PHAT
Segment breakdown not available.
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
