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Side-by-side financial comparison of RE/MAX Holdings, Inc. (RMAX) and Velocity Financial, Inc. (VEL). 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 $51.6M, roughly 1.4× Velocity Financial, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs 2.0%, a 65.3% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -1.8%). RE/MAX Holdings, Inc. produced more free cash flow last quarter ($33.5M vs $17.9M). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% 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.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
RMAX vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.1M | $51.6M |
| Net Profit | $1.4M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | 13.1% | 97.0% |
| Net Margin | 2.0% | 67.3% |
| Revenue YoY | -1.8% | 32.8% |
| Net Profit YoY | -75.2% | 67.0% |
| EPS (diluted) | — | $0.90 |
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 | $51.6M | ||
| Q3 25 | $73.2M | $49.1M | ||
| Q2 25 | $72.8M | $47.6M | ||
| Q1 25 | $74.5M | $37.5M | ||
| Q4 24 | $72.5M | $38.9M | ||
| Q3 24 | $78.5M | $35.1M | ||
| Q2 24 | $78.5M | $32.4M | ||
| Q1 24 | $78.3M | $29.5M |
| Q4 25 | $1.4M | $34.8M | ||
| Q3 25 | $4.0M | $25.4M | ||
| Q2 25 | $4.7M | $26.0M | ||
| Q1 25 | $-2.0M | $18.9M | ||
| Q4 24 | $5.8M | $20.8M | ||
| Q3 24 | $966.0K | $15.8M | ||
| Q2 24 | $3.7M | $14.8M | ||
| Q1 24 | $-3.4M | $17.3M |
| Q4 25 | 13.1% | 97.0% | ||
| Q3 25 | 25.0% | 72.1% | ||
| Q2 25 | 19.3% | 71.3% | ||
| Q1 25 | 7.2% | 71.7% | ||
| Q4 24 | 5.9% | 82.5% | ||
| Q3 24 | 19.4% | 60.6% | ||
| Q2 24 | 20.6% | 61.3% | ||
| Q1 24 | 5.8% | 78.8% |
| Q4 25 | 2.0% | 67.3% | ||
| Q3 25 | 5.4% | 51.7% | ||
| Q2 25 | 6.4% | 54.6% | ||
| Q1 25 | -2.6% | 50.4% | ||
| Q4 24 | 8.0% | 53.5% | ||
| Q3 24 | 1.2% | 45.1% | ||
| Q2 24 | 4.7% | 45.6% | ||
| Q1 24 | -4.3% | 58.5% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | — | $0.65 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.56 | ||
| Q3 24 | — | $0.44 | ||
| Q2 24 | — | $0.42 | ||
| Q1 24 | — | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | $432.2M | — |
| Stockholders' EquityBook value | $452.4M | $672.5M |
| Total Assets | $582.5M | $7.4B |
| Debt / EquityLower = less leverage | 0.96× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $118.7M | $92.1M | ||
| Q3 25 | $107.5M | $99.0M | ||
| Q2 25 | $94.3M | $79.6M | ||
| Q1 25 | $89.1M | $51.7M | ||
| Q4 24 | $96.6M | $49.9M | ||
| Q3 24 | $83.8M | $44.1M | ||
| Q2 24 | $66.1M | $47.4M | ||
| Q1 24 | $82.1M | $34.8M |
| 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 | $452.4M | $672.5M | ||
| Q3 25 | $448.1M | $634.3M | ||
| Q2 25 | $442.4M | $597.9M | ||
| Q1 25 | $433.5M | $563.2M | ||
| Q4 24 | $429.5M | $516.9M | ||
| Q3 24 | $423.1M | $484.6M | ||
| Q2 24 | $418.4M | $471.3M | ||
| Q1 24 | $412.0M | $452.9M |
| Q4 25 | $582.5M | $7.4B | ||
| Q3 25 | $582.2M | $7.0B | ||
| Q2 25 | $574.8M | $6.5B | ||
| Q1 25 | $571.4M | $6.0B | ||
| Q4 24 | $581.6M | $5.5B | ||
| Q3 24 | $578.6M | $5.2B | ||
| Q2 24 | $571.4M | $4.9B | ||
| Q1 24 | $566.7M | $4.6B |
| 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 | $40.9M | $18.2M |
| Free Cash FlowOCF − Capex | $33.5M | $17.9M |
| FCF MarginFCF / Revenue | 47.1% | 34.6% |
| Capex IntensityCapex / Revenue | 10.4% | 0.5% |
| Cash ConversionOCF / Net Profit | 28.39× | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $56.8M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.9M | $18.2M | ||
| Q3 25 | $17.7M | $11.5M | ||
| Q2 25 | $4.6M | $7.7M | ||
| Q1 25 | $5.7M | $3.5M | ||
| Q4 24 | $59.7M | $37.8M | ||
| Q3 24 | $17.6M | $-17.6M | ||
| Q2 24 | $15.9M | $11.5M | ||
| Q1 24 | $9.4M | $10.6M |
| Q4 25 | $33.5M | $17.9M | ||
| Q3 25 | $16.4M | $11.4M | ||
| Q2 25 | $2.9M | $7.6M | ||
| Q1 25 | $4.0M | $3.5M | ||
| Q4 24 | $53.0M | $37.5M | ||
| Q3 24 | $16.3M | $-17.6M | ||
| Q2 24 | $14.0M | $11.4M | ||
| Q1 24 | $6.8M | $10.5M |
| Q4 25 | 47.1% | 34.6% | ||
| Q3 25 | 22.4% | 23.2% | ||
| Q2 25 | 4.0% | 15.9% | ||
| Q1 25 | 5.3% | 9.2% | ||
| Q4 24 | 73.2% | 96.4% | ||
| Q3 24 | 20.8% | -50.3% | ||
| Q2 24 | 17.8% | 35.1% | ||
| Q1 24 | 8.6% | 35.8% |
| Q4 25 | 10.4% | 0.5% | ||
| Q3 25 | 1.8% | 0.1% | ||
| Q2 25 | 2.2% | 0.2% | ||
| Q1 25 | 2.3% | 0.2% | ||
| Q4 24 | 9.1% | 0.7% | ||
| Q3 24 | 1.7% | 0.2% | ||
| Q2 24 | 2.4% | 0.3% | ||
| Q1 24 | 3.3% | 0.1% |
| Q4 25 | 28.39× | 0.52× | ||
| Q3 25 | 4.45× | 0.45× | ||
| Q2 25 | 0.97× | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | 10.28× | 1.81× | ||
| Q3 24 | 18.22× | -1.11× | ||
| Q2 24 | 4.29× | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
