The Real Brokerage, Inc. (REAX)

REAX · Real Estate Agents & Managers (For Others) · Miami, FL · filing with the SEC since 2021

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Grade6.0

◀ Past 6.8● Present 5.3▶ Future 6.5

2 est.

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The grade of The Real Brokerage, Inc.

Nine metrics read from its own filings, by tense

Headline grade

6.0/10

◀ Past6.825% of the headline

● Present5.345% of the headline

▶ Future6.530% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.8/1025% of the headline grade · 3 of 3 filed

Surviving crises

as filed

7.9/10

Has it survived what it has been through?

No warning events in its filings since 2021.

weight 45% of this tense · 79th percentile among 17 sector filers · read for itself

From the record

The Real Brokerage, Inc.'s filings since 2021 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.3/10

What has it actually done, year after year?

+68.9% a year over 3 filed years; profitable in 0 of 3.

weight 33% of this tense · 73rd percentile among 17 sector filers · read for its customers

From the record

The Real Brokerage, Inc.'s 3 filed years say what it did: revenue went from $689 million in fiscal 2023 to $2.0 billion in fiscal 2025, up 68.9% a year; it rose in 2 of 2 years; it never fell from a peak; net income was positive in 0 of 3 of those years (its annual reports).

What it rests on

revenue growth over the filed span68.9%top 9% of its family
the share of years revenue rosetop 9% of its family
the share of filed years with a profitbottom 18% of its family
the deepest fall from a revenue peak0.0%top 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

as filed

3.9/10

How has it treated the people who own it?

Share count grew 11.1% a year. 57% of cash flow returned. Insiders: 0 sales, 0 purchases.

weight 22% of this tense · 39th percentile among 11 sector filers · read for its shareholders

From the record

Over the 2 fiscal years to 2025-12-31, The Real Brokerage, Inc.'s diluted share count grew about 11.1% a year, and dividends and buybacks returned about 57% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 0 purchases of their own stock on the open market in the year to 2026-09-30 (their Form 4 filings).

What it rests on

the share count over the yearsbottom 23% of its family
cash returned against operating cash flowtop 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

● Present

What are they doing right now?

5.3/1045% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

4.5/10

Is it financially healthy right now?

ROE -16%: lost 16¢ per shareholder dollar. Leverage 59%: owes 59¢ per asset dollar.

weight 33% of this tense · 45th percentile among 16 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, The Real Brokerage, Inc. lost about 16 cents for every dollar of shareholders' money, and gross profitability: its products earned about 131 cents per dollar of everything the company owns. Leverage: it owed about 59 cents per dollar of assets, and net share issuance: its share count grew 15.0% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 32% of its family
return on equitybottom 30% of its family
gross profit against assetstop 6% of its family
the share count against the year beforebottom 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

6.4/10

How strong is its position in its industry?

top 36% of 17 in its family; net margin -0.4%.

weight 45% of this tense · 64th percentile among 17 sector filers · read for its customers

From the record

The Real Brokerage, Inc.'s standing among 17 graded names in its industry family: revenue of $2.0 billion in fiscal 2025 ranks in the top 43% by size; a net margin of -0.4% ranks in the top 50%; revenue growth of 68.9% a year over the last 2 filed years ranks in the top 15% (its annual reports).

What it rests on

revenue against the family$1.97Btop 43% of its family
net margin-0.4%top 50% of its family
three-year revenue growth68.9%top 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

4.3/10

What are the people in charge doing?

SI estimate 4.3/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 12 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 12 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read.
How it was reasoned: family median, 12 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: The Real Brokerage, Inc.'s leadership is put at 4.3 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; no officer or director has filed a Form 3, 4 or 5 for it in the last fifteen months, so the years in charge cannot be read, so the desk assumes the typical reading of its industry family, the median of 12 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

6.5/1030% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed

5.0/10

How much room does it have to grow?

top 50% of 17 in its family for room to expand.

weight 33% of this tense · 50th percentile among 17 sector filers · read for itself

From the record

The Real Brokerage, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $33 million against no long-term debt tagged leaves 26.2% of its assets as net cash, top 44% of its family; cash from operations less capital spending is 3.3% of revenue (top 38%); a gross margin of 8.4% (top 39%); research spending of 0.9% of revenue (bottom 21%) (its annual report).

What it rests on

cash less debt against assets26.2%top 44% of its family
cash from operations less capital spending against revenue3.3%top 38% of its family
gross margin8.4%top 39% of its family
research spending against revenue0.9%bottom 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

8.7/10

What could actually drive growth from here?

top 13% of 17 in its family for growth drivers.

weight 33% of this tense · 87th percentile among 17 sector filers · read for its customers

From the record

The Real Brokerage, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 68.9% a year over the last three filed years against 68.9% over all 3, speeding up (top 15% of its family); the newest year grew 55.7% (top 15%); research spending grew 53.9% a year (top 6%); capital spending grew 32.2% a year (top 17%) (its annual reports). The Real Brokerage, Inc. reported 4 lines of business in fiscal 2025: North American Brokerage at $2.0 billion (99%), One Real Mortgage at $6 million (0%), One Real Title at $5 million (0%), and 1 more; 4 of 4 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+0.0 points a yeartop 15% of its family
the newest year's revenue growth55.7%top 15% of its family
three-year growth of research spending53.9%top 6% of its family
three-year growth of capital spending32.2%top 17% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate

5.7/10

Did its newest year beat what its own record pointed to?

SI estimate 5.7/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 15 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 15 members with one.
What the record cannot read: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned: family median, 15 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: The Real Brokerage, Inc.'s expectations vs reality is put at 5.7 of 10 with a confidence of 20 of 100, because the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change, so the desk assumes the typical reading of its industry family, the median of 15 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton REAX · research, not advice