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Side-by-side financial comparison of RE/MAX Holdings, Inc. (RMAX) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $71.1M, roughly 1.3× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -5.9%, a 7.9% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -1.8%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs -4.7%).
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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
RMAX vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.1M | $91.6M |
| Net Profit | $1.4M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | 13.1% | -1.0% |
| Net Margin | 2.0% | -5.9% |
| Revenue YoY | -1.8% | 7.2% |
| Net Profit YoY | -75.2% | -95.8% |
| EPS (diluted) | — | $-0.13 |
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 | $71.1M | $91.6M | ||
| Q3 25 | $73.2M | $89.8M | ||
| Q2 25 | $72.8M | $88.6M | ||
| Q1 25 | $74.5M | $87.9M | ||
| Q4 24 | $72.5M | $85.4M | ||
| Q3 24 | $78.5M | $87.6M | ||
| Q2 24 | $78.5M | $85.8M | ||
| Q1 24 | $78.3M | $69.2M |
| Q4 25 | $1.4M | $-5.4M | ||
| Q3 25 | $4.0M | $-9.4M | ||
| Q2 25 | $4.7M | $-9.0M | ||
| Q1 25 | $-2.0M | $-9.1M | ||
| Q4 24 | $5.8M | $-2.7M | ||
| Q3 24 | $966.0K | $-5.3M | ||
| Q2 24 | $3.7M | $-12.9M | ||
| Q1 24 | $-3.4M | $214.7M |
| Q4 25 | 13.1% | -1.0% | ||
| Q3 25 | 25.0% | -8.0% | ||
| Q2 25 | 19.3% | -10.3% | ||
| Q1 25 | 7.2% | -6.9% | ||
| Q4 24 | 5.9% | -6.7% | ||
| Q3 24 | 19.4% | -4.8% | ||
| Q2 24 | 20.6% | -18.5% | ||
| Q1 24 | 5.8% | -4.0% |
| Q4 25 | 2.0% | -5.9% | ||
| Q3 25 | 5.4% | -10.5% | ||
| Q2 25 | 6.4% | -10.2% | ||
| Q1 25 | -2.6% | -10.4% | ||
| Q4 24 | 8.0% | -3.2% | ||
| Q3 24 | 1.2% | -6.0% | ||
| Q2 24 | 4.7% | -15.0% | ||
| Q1 24 | -4.3% | 310.0% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | — | $-0.20 | ||
| Q2 25 | — | $-0.19 | ||
| Q1 25 | — | $-0.19 | ||
| Q4 24 | — | $-0.34 | ||
| Q3 24 | — | $-0.13 | ||
| Q2 24 | — | $-0.24 | ||
| Q1 24 | — | $4.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.7M | $27.3M |
| Total DebtLower is stronger | $432.2M | $642.4M |
| Stockholders' EquityBook value | $452.4M | $880.8M |
| Total Assets | $582.5M | $1.9B |
| Debt / EquityLower = less leverage | 0.96× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $118.7M | $27.3M | ||
| Q3 25 | $107.5M | $22.6M | ||
| Q2 25 | $94.3M | $29.1M | ||
| Q1 25 | $89.1M | $87.5M | ||
| Q4 24 | $96.6M | $46.3M | ||
| Q3 24 | $83.8M | $43.1M | ||
| Q2 24 | $66.1M | $43.8M | ||
| Q1 24 | $82.1M | $389.7M |
| Q4 25 | $432.2M | $642.4M | ||
| Q3 25 | $433.3M | $535.4M | ||
| Q2 25 | $434.4M | $513.1M | ||
| Q1 25 | $435.3M | $515.8M | ||
| Q4 24 | $436.2M | $418.0M | ||
| Q3 24 | $437.2M | $345.2M | ||
| Q2 24 | $438.1M | $297.4M | ||
| Q1 24 | $439.0M | $298.7M |
| Q4 25 | $452.4M | $880.8M | ||
| Q3 25 | $448.1M | $892.7M | ||
| Q2 25 | $442.4M | $902.0M | ||
| Q1 25 | $433.5M | $910.5M | ||
| Q4 24 | $429.5M | $918.6M | ||
| Q3 24 | $423.1M | $925.4M | ||
| Q2 24 | $418.4M | $933.1M | ||
| Q1 24 | $412.0M | $871.6M |
| Q4 25 | $582.5M | $1.9B | ||
| Q3 25 | $582.2M | $1.9B | ||
| Q2 25 | $574.8M | $1.8B | ||
| Q1 25 | $571.4M | $1.8B | ||
| Q4 24 | $581.6M | $1.7B | ||
| Q3 24 | $578.6M | $1.7B | ||
| Q2 24 | $571.4M | $1.7B | ||
| Q1 24 | $566.7M | $1.4B |
| Q4 25 | 0.96× | 0.73× | ||
| Q3 25 | 0.97× | 0.60× | ||
| Q2 25 | 0.98× | 0.57× | ||
| Q1 25 | 1.00× | 0.57× | ||
| Q4 24 | 1.02× | 0.46× | ||
| Q3 24 | 1.03× | 0.37× | ||
| Q2 24 | 1.05× | 0.32× | ||
| Q1 24 | 1.07× | 0.34× |
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 | $40.9M | $28.8M |
| Free Cash FlowOCF − Capex | $33.5M | $-78.6M |
| FCF MarginFCF / Revenue | 47.1% | -85.8% |
| Capex IntensityCapex / Revenue | 10.4% | 117.2% |
| Cash ConversionOCF / Net Profit | 28.39× | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.8M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.9M | $28.8M | ||
| Q3 25 | $17.7M | $30.7M | ||
| Q2 25 | $4.6M | $20.9M | ||
| Q1 25 | $5.7M | $20.5M | ||
| Q4 24 | $59.7M | $20.6M | ||
| Q3 24 | $17.6M | $24.3M | ||
| Q2 24 | $15.9M | $2.5M | ||
| Q1 24 | $9.4M | $15.2M |
| Q4 25 | $33.5M | $-78.6M | ||
| Q3 25 | $16.4M | $-51.4M | ||
| Q2 25 | $2.9M | $-65.3M | ||
| Q1 25 | $4.0M | $-62.7M | ||
| Q4 24 | $53.0M | $-72.0M | ||
| Q3 24 | $16.3M | $-51.3M | ||
| Q2 24 | $14.0M | $-78.3M | ||
| Q1 24 | $6.8M | $-54.9M |
| Q4 25 | 47.1% | -85.8% | ||
| Q3 25 | 22.4% | -57.2% | ||
| Q2 25 | 4.0% | -73.7% | ||
| Q1 25 | 5.3% | -71.3% | ||
| Q4 24 | 73.2% | -84.3% | ||
| Q3 24 | 20.8% | -58.5% | ||
| Q2 24 | 17.8% | -91.3% | ||
| Q1 24 | 8.6% | -79.3% |
| Q4 25 | 10.4% | 117.2% | ||
| Q3 25 | 1.8% | 91.4% | ||
| Q2 25 | 2.2% | 97.3% | ||
| Q1 25 | 2.3% | 94.7% | ||
| Q4 24 | 9.1% | 108.4% | ||
| Q3 24 | 1.7% | 86.2% | ||
| Q2 24 | 2.4% | 94.2% | ||
| Q1 24 | 3.3% | 101.2% |
| 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 | — | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
