The Real Brokerage Inc
REAXBuild a strategy around REAX
The Real Brokerage Inc AI Insights
Informational only. Not investment advice.Snapshot
- Asset turnover TTM of 14.6x vs industry median 0.12x - 118x more capital efficient, ultra-lean brokerage model[Asset Turnover]
- FCF TTM of 66.1M on -10.5M net income - cash generation decoupled from GAAP losses, stock comp masking profitability[Free Cash Flow]
- 5Y revenue CAGR 170% vs industry 6.6% - hypergrowth phase with 1.8B TTM revenue, approaching scale inflection[Total Revenue 5Y Growth]
Watch Triggers
- Gross Margin: Falls below 7% for 2 consecutive quarters — Would signal agent economics deteriorating and margin expansion thesis failing
- Free Cash Flow: Turns negative while losses persist — Would eliminate key bull case of cash generation despite GAAP losses
- Total Revenue 3Y Growth: Decelerates below 30% annualized — Growth premium evaporates if hypergrowth phase ends prematurely
Bull Case
Zero debt with 36.4M cash and 66M FCF provides M&A firepower in fragmented brokerage market without dilution risk
P/S of 0.49x vs industry median 4.5x - 90% discount despite 170% 5Y CAGR suggests market mispricing growth durability
Bear Case
Gross margin 8.6% structurally capped by agent commission splits - limited pricing power in commoditized brokerage
P/B of 22x on 53.6M equity - thin capital base means any impairment or loss acceleration destroys book value
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Gross margin expansion from 8.6% toward 12%+ as agent mix shifts to higher-retention producers
- Gross profit 1Y growth 40% outpacing revenue growth
- Operating leverage as fixed costs absorbed
- Agent productivity gains from tech platform
Path to GAAP profitability within 12-18 months as operating losses narrow
- Operating loss only -10.4M on 1.8B revenue
- FCF already positive at 66M
- Scale economics improving
Valuation Context
Caveats
REAX Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$398.16M | — | ||
$352.15M | — | ||
0.00 | — | ||
$2.08B | +46.7% | — | |
$-0.04 | — | ||
-0.31% | +0.7% | — | |
-0.32% | +0.8% | — | |
$69.45M | +65.5% | — | |
-13.3% | +39.6% | — | |
Beta 5Y (Monthly) | unknown | — |
REAX Dividend History
REAX Stock Splits
REAX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 6-K | |
03/04/26 | 12/31/25 | 40-F | |
10/30/25 | 09/30/25 | 6-K | |
08/07/25 | 06/30/25 | 6-K | |
05/08/25 | 03/31/25 | 6-K | |
03/06/25 | 12/31/24 | 40-F | |
03/06/25 | 09/30/24 | 6-K/A | |
11/07/24 | 09/30/24 | 6-K | |
08/07/24 | 06/30/24 | 6-K | |
03/06/25 | 06/30/24 | 6-K/A | |
05/07/24 | 03/31/24 | 6-K | |
03/14/24 | 12/31/23 | 40-F | |
11/09/23 | 09/30/23 | 6-K | |
03/06/25 | 09/30/23 | 6-K/A | |
03/06/25 | 06/30/23 | 6-K/A | |
08/09/23 | 06/30/23 | 6-K | |
05/11/23 | 03/31/23 | 6-K | |
03/16/23 | 12/31/22 | 40-F | |
11/10/22 | 09/30/22 | 6-K | |
08/11/22 | 06/30/22 | 6-K | |
05/09/22 | 03/31/22 | 6-K | |
03/18/22 | 12/31/21 | 40-F | |
11/16/21 | 09/30/21 | 6-K | |
08/11/21 | 06/30/21 | 6-K | |
05/11/21 | 03/31/21 | Quarterly | -- |
04/14/22 | 12/31/20 | 40-F/A | |
03/19/21 | 12/31/20 | Annual | -- |
11/20/20 | 09/30/20 | Quarterly | -- |
08/26/20 | 06/30/20 | Quarterly | -- |
07/14/20 | 03/31/20 | Quarterly | -- |
03/19/21 | 12/31/19 | Annual | -- |
11/20/20 | 09/30/19 | Quarterly | -- |
08/26/20 | 06/30/19 | Quarterly | -- |
07/14/20 | 03/31/19 | Quarterly | -- |