Real Brokerage Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Real Brokerage has an operating margin of -2.0%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -3.8% the prior year.
Real Brokerage's revenue surged 83.5% year-over-year to $1.3B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Real Brokerage has a moderate D/E ratio of 1.69. This balance of debt and equity financing earns a leverage score of 48/100.
Real Brokerage's current ratio of 1.34 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.
Real Brokerage's free cash flow margin of 3.8% results in a low score of 19/100. Capital expenditures of $1.0M absorb a large share of operating cash flow.
Real Brokerage passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Real Brokerage generates $-1.84 in operating cash flow ($48.7M OCF vs -$26.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
This page shows Real Brokerage (REAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Real Brokerage generated $1.3B in revenue in fiscal year 2024. This represents an increase of 83.5% from the prior year.
Real Brokerage's EBITDA was -$23.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.2% from the prior year.
Real Brokerage generated $47.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 159.9% from the prior year.
Real Brokerage reported -$26.5M in net income in fiscal year 2024. This represents an increase of 3.5% from the prior year.
Real Brokerage earned $-0.14 per diluted share (EPS) in fiscal year 2024. This represents an increase of 6.7% from the prior year.
Real Brokerage held $23.4M in cash against $0 in long-term debt as of fiscal year 2024.
Real Brokerage had 202M shares outstanding in fiscal year 2024. This represents an increase of 10.3% from the prior year.
Real Brokerage's gross margin was 9.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.
Real Brokerage's operating margin was -2.0% in fiscal year 2024, reflecting core business profitability. This is up 1.8 percentage points from the prior year.
Real Brokerage's net profit margin was -2.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.9 percentage points from the prior year.
Real Brokerage invested $12.2M in research and development in fiscal year 2024. This represents an increase of 65.2% from the prior year.
Real Brokerage invested $1.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 66.1% from the prior year.
REAX Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $568.5M+5.1% | $540.7M+52.8% | $354.0M+1.0% | $350.6M+2.9% | $340.8M+69.8% | $200.7M | N/A | $214.6M |
| Cost of Revenue | $523.7M+6.3% | $492.9M+54.0% | $320.0M-0.2% | $320.6M+3.8% | $308.9M+71.6% | $180.0M | N/A | $195.9M |
| Gross Profit | $44.9M-6.3% | $47.9M+41.0% | $33.9M+13.2% | $30.0M-5.9% | $31.9M+53.5% | $20.8M | N/A | $18.8M |
| R&D Expenses | $4.7M+18.0% | $4.0M+1.6% | $3.9M-2.7% | $4.0M+54.9% | $2.6M+5.9% | $2.5M | N/A | $1.9M |
| SG&A Expenses | $19.6M+3.6% | $18.9M+7.9% | $17.5M-6.0% | $18.6M+32.9% | $14.0M+15.5% | $12.1M | N/A | $9.2M |
| Operating Income | -$473K-128.1% | $1.7M+132.3% | -$5.2M+18.4% | -$6.4M-891.6% | -$644K+95.9% | -$15.7M | N/A | -$4.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $89K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$447K-129.6% | $1.5M+130.4% | -$5.0M+25.2% | -$6.6M-446.7% | -$1.2M+92.5% | -$16.1M | N/A | -$4.0M |
| EPS (Diluted) | $0.00-100.0% | $0.01+150.0% | $-0.02+33.3% | $-0.03-200.0% | $-0.01+88.9% | $-0.09 | N/A | $-0.02 |
REAX Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $145.2M-2.8% | $149.4M+48.8% | $100.5M+16.0% | $86.6M | N/A | N/A | $64.5M | N/A |
| Current Assets | $124.7M-3.8% | $129.6M+54.5% | $83.9M+15.1% | $72.9M | N/A | N/A | $50.5M | N/A |
| Cash & Equivalents | $36.4M-26.6% | $49.6M+100.8% | $24.7M+5.7% | $23.4M | N/A | $20.1M+36.5% | $14.7M-22.6% | $19.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $27.9M+3.9% | $26.8M+59.8% | $16.8M+17.9% | $14.2M | N/A | N/A | $6.4M | N/A |
| Goodwill | $9.0M0.0% | $9.0M0.0% | $9.0M0.0% | $9.0M | N/A | N/A | $9.0M | N/A |
| Total Liabilities | $91.6M-8.8% | $100.5M+47.9% | $67.9M+24.8% | $54.5M | N/A | N/A | $27.5M | N/A |
| Current Liabilities | $91.6M-8.8% | $100.5M+47.9% | $67.9M+24.8% | $54.5M | N/A | N/A | $27.2M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $53.6M+9.1% | $49.2M+50.2% | $32.8M+1.9% | $32.1M+4.3% | $30.8M+20.3% | $25.6M-30.5% | $36.9M+18.3% | $31.2M |
| Retained Earnings | -$108.6M-0.4% | -$108.2M+1.4% | -$109.7M-4.7% | -$104.7M | N/A | N/A | -$78.2M | N/A |
REAX Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.8M-78.5% | $41.0M+157.2% | $15.9M+290.5% | $4.1M-74.4% | $16.0M-25.7% | $21.5M+466.5% | -$5.9M+26.1% | -$7.9M |
| Capital Expenditures | $395K+54.9% | $255K-10.5% | $285K+251.9% | $81K-83.8% | $501K+421.9% | $96K-47.0% | $181K-8.1% | $197K |
| Free Cash Flow | $8.4M-79.4% | $40.8M+160.2% | $15.7M+291.2% | $4.0M-74.1% | $15.5M-27.7% | $21.4M+453.9% | -$6.0M+25.7% | -$8.1M |
| Investing Cash Flow | -$17.5M-706.2% | $2.9M+309.1% | -$1.4M-674.2% | -$178K-104.8% | $3.7M+1604.9% | -$245K+5.8% | -$260K+88.4% | -$2.2M |
| Financing Cash Flow | -$14.8M-414.9% | -$2.9M+59.5% | -$7.1M-4.8% | -$6.8M+15.6% | -$8.0M-83.7% | -$4.4M-174.4% | -$1.6M-483.2% | -$273K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $15.5M | N/A | N/A | $15.1M | N/A | N/A | N/A | N/A |
REAX Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.9%-1.0pp | 8.8%-0.7pp | 9.6%+1.0pp | 8.6%-0.8pp | 9.3%-1.0pp | 10.3% | N/A | 8.8% |
| Operating Margin | -0.1%-0.4pp | 0.3%+1.8pp | -1.5%+0.4pp | -1.8%-1.6pp | -0.2%+7.6pp | -7.8% | N/A | -1.8% |
| Net Margin | -0.1%-0.4pp | 0.3%+1.7pp | -1.4%+0.5pp | -1.9%-1.5pp | -0.4%+7.7pp | -8.0% | N/A | -1.9% |
| Return on Equity | N/A | 3.1% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -0.3%-1.3pp | 1.0%+5.9pp | -4.9%+2.7pp | -7.7% | N/A | N/A | N/A | N/A |
| Current Ratio | 1.36+0.1 | 1.29+0.1 | 1.23-0.1 | 1.34 | N/A | N/A | 1.86 | N/A |
| Debt-to-Equity | 1.71-0.3 | 2.04-0.0 | 2.07+0.4 | 1.69 | N/A | N/A | 0.74 | N/A |
| FCF Margin | 1.5%-6.1pp | 7.5%+3.1pp | 4.4%+3.3pp | 1.1%-3.4pp | 4.5%-6.1pp | 10.7% | N/A | -3.8% |
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Frequently Asked Questions
What is Real Brokerage's annual revenue?
Real Brokerage (REAX) reported $1.3B in total revenue for fiscal year 2024. This represents a 83.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Real Brokerage's revenue growing?
Real Brokerage (REAX) revenue grew by 83.5% year-over-year, from $689.2M to $1.3B in fiscal year 2024.
Is Real Brokerage profitable?
No, Real Brokerage (REAX) reported a net income of -$26.5M in fiscal year 2024, with a net profit margin of -2.1%.
What is Real Brokerage's earnings per share (EPS)?
Real Brokerage (REAX) reported diluted earnings per share of $-0.14 for fiscal year 2024. This represents a 6.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Real Brokerage's EBITDA?
Real Brokerage (REAX) had EBITDA of -$23.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Real Brokerage's gross margin?
Real Brokerage (REAX) had a gross margin of 9.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Real Brokerage's operating margin?
Real Brokerage (REAX) had an operating margin of -2.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Real Brokerage's net profit margin?
Real Brokerage (REAX) had a net profit margin of -2.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Real Brokerage's free cash flow?
Real Brokerage (REAX) generated $47.7M in free cash flow during fiscal year 2024. This represents a 159.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Real Brokerage's operating cash flow?
Real Brokerage (REAX) generated $48.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Real Brokerage's total assets?
Real Brokerage (REAX) had $86.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Real Brokerage's capital expenditures?
Real Brokerage (REAX) invested $1.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Real Brokerage spend on research and development?
Real Brokerage (REAX) invested $12.2M in research and development during fiscal year 2024.
How many shares does Real Brokerage have outstanding?
Real Brokerage (REAX) had 202M shares outstanding as of fiscal year 2024.
What is Real Brokerage's current ratio?
Real Brokerage (REAX) had a current ratio of 1.34 as of fiscal year 2024, which is considered adequate.
What is Real Brokerage's debt-to-equity ratio?
Real Brokerage (REAX) had a debt-to-equity ratio of 1.69 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Real Brokerage's return on assets (ROA)?
Real Brokerage (REAX) had a return on assets of -30.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Real Brokerage's Piotroski F-Score?
Real Brokerage (REAX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Real Brokerage's earnings high quality?
Real Brokerage (REAX) has an earnings quality ratio of -1.84x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Real Brokerage?
Real Brokerage (REAX) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.