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Side-by-side financial comparison of RE/MAX Holdings, Inc. (RMAX) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $71.1M, roughly 1.0× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -20.3%, a 22.4% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs -1.8%). Over the past eight quarters, Target Hospitality Corp.'s revenue compounded faster (0.7% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
RMAX vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.1M | $73.5M |
| Net Profit | $1.4M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | 13.1% | -22.9% |
| Net Margin | 2.0% | -20.3% |
| Revenue YoY | -1.8% | 22.0% |
| Net Profit YoY | -75.2% | -219.1% |
| EPS (diluted) | — | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $73.2M | $91.6M | ||
| Q2 25 | $72.8M | $54.9M | ||
| Q1 25 | $74.5M | $54.9M | ||
| Q4 24 | $72.5M | $60.2M | ||
| Q3 24 | $78.5M | $65.8M | ||
| Q2 24 | $78.5M | $67.5M | ||
| Q1 24 | $78.3M | $72.4M |
| Q4 25 | $1.4M | $-14.9M | ||
| Q3 25 | $4.0M | $-795.0K | ||
| Q2 25 | $4.7M | $-14.9M | ||
| Q1 25 | $-2.0M | $-6.5M | ||
| Q4 24 | $5.8M | $12.5M | ||
| Q3 24 | $966.0K | $20.0M | ||
| Q2 24 | $3.7M | $18.4M | ||
| Q1 24 | $-3.4M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | 13.1% | -22.9% | ||
| Q3 25 | 25.0% | 0.1% | ||
| Q2 25 | 19.3% | -30.8% | ||
| Q1 25 | 7.2% | -2.0% | ||
| Q4 24 | 5.9% | 34.5% | ||
| Q3 24 | 19.4% | 42.5% | ||
| Q2 24 | 20.6% | 43.8% | ||
| Q1 24 | 5.8% | 42.0% |
| Q4 25 | 2.0% | -20.3% | ||
| Q3 25 | 5.4% | -0.9% | ||
| Q2 25 | 6.4% | -27.2% | ||
| Q1 25 | -2.6% | -11.8% | ||
| Q4 24 | 8.0% | 20.8% | ||
| Q3 24 | 1.2% | 30.4% | ||
| Q2 24 | 4.7% | 27.2% | ||
| Q1 24 | -4.3% | 28.2% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | — | $-0.01 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | — | $0.12 | ||
| Q3 24 | — | $0.20 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | — | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $432.2M | $1.7M |
| Stockholders' EquityBook value | $452.4M | $389.3M |
| Total Assets | $582.5M | $530.2M |
| Debt / EquityLower = less leverage | 0.96× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $118.7M | $8.3M | ||
| Q3 25 | $107.5M | $30.4M | ||
| Q2 25 | $94.3M | $19.2M | ||
| Q1 25 | $89.1M | $34.5M | ||
| Q4 24 | $96.6M | $190.7M | ||
| Q3 24 | $83.8M | $177.7M | ||
| Q2 24 | $66.1M | $154.3M | ||
| Q1 24 | $82.1M | $124.3M |
| Q4 25 | $432.2M | $1.7M | ||
| Q3 25 | $433.3M | $2.0M | ||
| Q2 25 | $434.4M | $26.3M | ||
| Q1 25 | $435.3M | $42.9M | ||
| Q4 24 | $436.2M | $1.5M | ||
| Q3 24 | $437.2M | $994.0K | ||
| Q2 24 | $438.1M | $1.1M | ||
| Q1 24 | $439.0M | $179.9M |
| Q4 25 | $452.4M | $389.3M | ||
| Q3 25 | $448.1M | $402.4M | ||
| Q2 25 | $442.4M | $401.3M | ||
| Q1 25 | $433.5M | $415.3M | ||
| Q4 24 | $429.5M | $421.1M | ||
| Q3 24 | $423.1M | $417.6M | ||
| Q2 24 | $418.4M | $397.2M | ||
| Q1 24 | $412.0M | $375.5M |
| Q4 25 | $582.5M | $530.2M | ||
| Q3 25 | $582.2M | $541.2M | ||
| Q2 25 | $574.8M | $533.7M | ||
| Q1 25 | $571.4M | $562.5M | ||
| Q4 24 | $581.6M | $725.8M | ||
| Q3 24 | $578.6M | $709.8M | ||
| Q2 24 | $571.4M | $697.0M | ||
| Q1 24 | $566.7M | $687.2M |
| Q4 25 | 0.96× | 0.00× | ||
| Q3 25 | 0.97× | 0.01× | ||
| Q2 25 | 0.98× | 0.07× | ||
| Q1 25 | 1.00× | 0.10× | ||
| Q4 24 | 1.02× | 0.00× | ||
| Q3 24 | 1.03× | 0.00× | ||
| Q2 24 | 1.05× | 0.00× | ||
| Q1 24 | 1.07× | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $33.5M | — |
| FCF MarginFCF / Revenue | 47.1% | — |
| Capex IntensityCapex / Revenue | 10.4% | — |
| Cash ConversionOCF / Net Profit | 28.39× | — |
| TTM Free Cash FlowTrailing 4 quarters | $56.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.9M | $5.7M | ||
| Q3 25 | $17.7M | $53.4M | ||
| Q2 25 | $4.6M | $11.1M | ||
| Q1 25 | $5.7M | $3.9M | ||
| Q4 24 | $59.7M | $30.6M | ||
| Q3 24 | $17.6M | $31.4M | ||
| Q2 24 | $15.9M | $39.1M | ||
| Q1 24 | $9.4M | $50.6M |
| Q4 25 | $33.5M | — | ||
| Q3 25 | $16.4M | — | ||
| Q2 25 | $2.9M | — | ||
| Q1 25 | $4.0M | $-11.6M | ||
| 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% | -21.1% | ||
| 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% | 28.2% | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 3.3% | — |
| Q4 25 | 28.39× | — | ||
| Q3 25 | 4.45× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 10.28× | 2.44× | ||
| Q3 24 | 18.22× | 1.57× | ||
| Q2 24 | 4.29× | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
