olivLaw · US equity research
AGNT, Inc. AGNT
Real Estate Agents & Managers (For Others) · SIC 6531 · Vertical: Real Estate Agents & Managers (For Others) (SIC 6531)
AGNT, Inc., formerly eXp World Holdings, is the holding company for the eXp Realty brokerage, which runs a cloud model with agents across several countries, expanded in 2026 by the NextHome acquisition. With the residential market still constrained by high mortgage rates and low inventory, the company reported a record revenue quarter and more transactions, with revenue of billion USD in Q2 2026, up 11%.
At the close of 04 Nov 2026, AGNT, Inc. (AGNT) stock was 4.27 USD (+8.93% on the day), with market capitalisation 713.6 m USD, dividend yield 4.68%, beta 1.11, 52-week range 3.51–11.80 USD. Latest reported quarter (Q2 2026): revenue of 1.4 bn USD (+10.7% YoY), net income of -2.7 m USD, diluted EPS -0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.1
- strong (55–70)
- Bollinger (20, 2)
- 3.58 – 4.29
- in the upper half of the band · %B 0.97 · band width 18.1%
- SMA 50 / 200
- 3.89 / 5.36
- mixed trend
- MACD (12, 26, 9)
- 0.06 / 0.04
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.3% | −1.1% | +11.4 pp | — |
| 3 months | +5.4% | −0.5% | +5.9 pp | — |
| 6 months | −34.5% | +4.4% | −38.9 pp | — |
| Year to date | −52.8% | +12.3% | −65.1 pp | — |
| 1 year | −56.8% | +13.5% | −70.4 pp | −16.3% |
| 3 years | −69.8% | +76.4% | −146.2 pp | −12.1% |
| 5 years | −90.1% | +63.7% | −153.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.1 bn | 954.9 m | 1.3 bn | 1.3 bn | 1.2 bn | 1.0 bn | 1.4 bn |
| Cost of revenue | 911.0 k | — | — | — | — | — | — | — |
| Gross profit | — | — | 76.1 m | 92.7 m | — | — | 75.3 m | 98.8 m |
| Research & development | 13.8 m | 14.8 m | 16.8 m | 18.1 m | 17.3 m | 17.4 m | 17.6 m | 18.4 m |
| Operating income | -8.3 m | -11.0 m | -10.4 m | -2.4 m | 4.0 m | -12.7 m | -8.8 m | 1.6 m |
| Depreciation & amortisation | 2.4 m | 93.0 k | 1.9 m | 1.6 m | 1.7 m | 1.6 m | 1.7 m | 1.6 m |
| Pre-tax income | -7.8 m | -10.7 m | -9.4 m | -1.8 m | 4.4 m | -13.5 m | -8.7 m | 2.3 m |
| Income tax | -1.3 m | -2.4 m | 1.7 m | 468.0 k | 932.0 k | -591.0 k | -3.6 m | 5.0 m |
| Net income | -8.5 m | -9.5 m | -11.0 m | -2.3 m | 3.5 m | -12.9 m | -5.1 m | -2.7 m |
| Diluted EPS | -0.06 | -0.06 ≈ | -0.07 | -0.01 | 0.02 | -0.08 ≈ | -0.03 | -0.02 |
| Operating cash flow | 46.0 m ≈ | 13.7 m | 39.8 m | 36.1 m ≈ | 28.9 m ≈ | 13.8 m | 20.6 m | 38.8 m ≈ |
| Capex | 1.6 m ≈ | 2.1 m | 2.6 m | 2.8 m ≈ | 2.3 m ≈ | 1.9 m | 2.5 m | 2.4 m ≈ |
| Dividends paid | 7.5 m ≈ | 7.5 m | 7.6 m | 7.7 m ≈ | 7.7 m ≈ | 7.8 m | 8.0 m | 8.2 m |
| Share repurchases | 35.0 m ≈ | 24.8 m | 5.0 m | 24.9 m ≈ | 16.4 m ≈ | 10.0 m | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 500.1 m | 979.9 m | 1.8 bn | 3.8 bn | 4.6 bn | 4.3 bn | 4.6 bn | 4.8 bn |
| Revenue YoY | +220.4% | — | +83.5% | +109.7% | +21.7% | −6.9% | +6.9% | +4.5% |
| Net income | -22.4 m | -9.5 m | 31.1 m | 81.2 m | 15.4 m | -9.0 m | -21.3 m | -22.7 m |
| Net income YoY | unavailable | — | unavailable | +160.9% | −81.0% | −158.1% | unavailable | unavailable |
| Diluted EPS | -0.19 | -0.08 | 0.21 | 0.51 | 0.10 | -0.06 | -0.14 | -0.14 |
| Diluted EPS YoY | unavailable | — | unavailable | +142.9% | −80.4% | −160.0% | unavailable | unavailable |
| net % | -4.5% | -1.0% | 1.7% | 2.2% | 0.3% | -0.2% | -0.5% | -0.5% |
| Free cash flow | 22.2 m | 50.2 m | 113.2 m | 233.5 m | 198.5 m | 203.8 m | 185.0 m | 109.0 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 124.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 242.8 m USD
- Total assets
- 442.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.53x
- ROE
- -10.1%
- ROA
- -5.5%
- FCF margin
- 2.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 3.8 bn | 4.6 bn | 4.3 bn | 4.6 bn | 4.8 bn | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | — | — | — | 319.9 m | 342.4 m | 333.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | — | — | 54.2 m | 59.5 m | 58.2 m | 69.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 31.6 m | 34.2 m | 16.4 m | 522.0 k | -19.0 m | -21.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 4.2 m | 6.2 m | 9.8 m | 10.9 m | 7.8 m | 6.9 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 35.8 m ≈ | 40.4 m ≈ | 26.2 m ≈ | 11.4 m ≈ | -11.2 m ≈ | -14.6 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Pre-tax income | 31.4 m | 33.7 m | 15.5 m | 3.5 m | -15.7 m | -20.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 413.0 k | -47.5 m | -8.2 m | -16.0 k | 1.1 m | 2.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 31.1 m | 81.2 m | 15.4 m | -9.0 m | -21.3 m | -22.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 0.21 | 0.51 | 0.10 | -0.06 | -0.14 | -0.14 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 151.6 m | 157.7 m | 156.2 m | 156.8 m | 153.7 m | 156.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | — | 0.08 | 0.17 | 0.05 | 0.05 | 0.05 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 100.1 m | 108.2 m | 121.6 m | 125.9 m | 113.6 m | 124.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 77.0 m | 133.5 m | 87.3 m | 85.3 m | 87.7 m | 108.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 212.2 m | 319.3 m | 255.1 m | 266.5 m | 268.0 m | 304.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 7.8 m | 15.9 m | 18.2 m | 12.0 m | 11.0 m | 13.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 12.9 m | 12.9 m | 27.2 m | 17.0 m | 17.2 m | 17.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 8.4 m | 7.5 m | 8.7 m | 7.0 m | 6.5 m | 4.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 242.2 m | 413.8 m | 381.7 m | 385.7 m | 390.7 m | 442.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 4.0 m | 7.2 m | 10.4 m | 8.8 m | 10.5 m | 14.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 1.4 m | — | — | — | — | — | SEC (XBRL)· 11 Mar 2021verified |
| Long-term debt | 2.9 m | 2.7 m | 4.7 m | 20.0 k | — | — | SEC (XBRL)· 22 Feb 2024verified |
| Current liabilities | 96.7 m | 186.8 m | 127.3 m | 141.7 m | 185.9 m | 199.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 99.6 m | 190.3 m | 132.7 m | 141.7 m | 185.9 m | 199.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 142.6 m | 223.5 m | 249.0 m | 244.0 m | 204.9 m | 242.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Shares outstanding at year end | — | 148.8 m | 152.8 m | 154.7 m | 154.1 m | 161.0 m | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 119.7 m | 246.9 m | 210.5 m | 209.1 m | 191.5 m | 118.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 6.4 m | 13.4 m | 12.1 m | 5.4 m | 6.5 m | 9.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 113.2 m ≈ | 233.5 m ≈ | 198.5 m ≈ | 203.8 m ≈ | 185.0 m ≈ | 109.0 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -17.0 m | -18.9 m | -22.5 m | -13.5 m | -19.5 m | -23.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -21.9 m | -179.9 m | -204.5 m | -184.1 m | -170.4 m | -86.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | — | 11.5 m | 25.2 m | 28.5 m | 30.1 m | 30.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 29.4 m | 172.0 m | 179.5 m | 160.6 m | 141.1 m | 56.2 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 58.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 713.6 m USD
Key indicators
Coverage and freshness
Score by group
59% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.66 – 3.53 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)0.66 – 0.88 (Mid 0.75)
- Peers: P/B0.91 – 3.53 (Mid 3.19)10 companies used · median multiple 1.9x · quartiles 0.5x – 2.1xCOMP, DOUG, FTHM, JLL, LHAI, MMI, OPAD, OPEN, PETZ, VAC
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 58.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -6.9% | 38 (vs peers) | 11% |
| EBITDA margin · Quality | -0.2% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | 1.3% | 13 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 2.5x | 18 (vs peers) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 4.7% | 100 (vs peers) | 26% |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth13/100 · 1/1 factors with a value
- Quality16/100 · 2/2 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial18/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AGNT, INC. (AGNT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.8 bn USD in 2025; YoY growth 4.5%; net margin -0.3%; ROE -6.9%.
The estimated value range is 0.78–2.21 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.97 USD, the price of 4.27 USD leaves a potential of -53.9% (value / price − 1) and a margin of safety of -116.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 58.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Dividend yield: 4.7%
What contradicts it
- EBITDA margin: -0.2%
- Revenue CAGR 3Y: 1.3%
- P/B: 2.5x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, P/E (TTM), Payout ratio (EPS).
Versus the vertical median
Real Estate Agents & Managers (For Others) (SIC 6531) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JLLJones Lang LaSalle Incorporated | 17.8 bn | 16.9 | 14.7% | 3.9% | +11.4% | +20% / +151% |
| COMPCompass, Inc. | 7.6 bn | 180.8 | 3.6% | 0.6% | +23.7% | −4% / +352% |
| VACMarriott Vacations Worldwide Corp | 3.9 bn | — | -10.9% | -4.7% | +1.3% | +110% / +57% |
| OPENOpendoor Technologies Inc. | 1.9 bn | — | -196.9% | -46.7% | −15.2% | −74% / −34% |
| MMIMarcus & Millichap, Inc. | 1.1 bn | 79.3 | 2.4% | 1.8% | +8.5% | +1% / −14% |
| AGNTAgnt, Inc. | 713.6 m | — | -6.9% | -0.3% | +4.5% | −57% / −70% |
| OMHOhmyhome Limited | 346.1 m | — | -164.6% | -75.2% | +19.5% | −63% / −83% |
| DOUGDouglas Elliman Inc. | 151.8 m | 5.6 | 16.3% | 2.5% | +3.8% | −37% / −14% |
| LHAILinkhome Holdings Inc. | 15.8 m | — | -5.6% | -1.4% | +175.7% | −92% / unavailable |
| PETZTDH Holdings, Inc. | 12.8 m | 7.3 | 6.2% | 143.8% | +122.0% | +25% / −10% |
| OPADOfferpad Solutions Inc. | 11.8 m | — | -116.9% | -11.3% | −38.2% | +19% / −78% |
| FTHMFathom Holdings Inc. | 6.1 m | — | -79.0% | -6.3% | +25.4% | −86% / −94% |
| LRHCStratum Holdings Corp. | 1.4 m | — | — | -46.4% | +16.7% | −100% / unavailable |
| NMRKNewmark Group, Inc. | — | 17.5 | 10.9% | 4.1% | +20.3% | −29% / +50% |
| BEKEKE Holdings Inc. | — | 154.8 | 4.4% | 3.2% | +5.6% | +8% / +17% |
1- and 3-year price returns: for AGNT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
AGNT, Inc., formerly eXp World Holdings, is the holding company for the eXp Realty brokerage, which runs a cloud model with agents across several countries, expanded in 2026 by the NextHome acquisition. With the residential market still constrained by high mortgage rates and low inventory, the company reported a record revenue quarter and more transactions, with revenue of 1 billion USD in Q2 2026, up 11%3.
SWOT
Strengths
- A cloud platform with low fixed costs and a large agent network gives operational flexibility. The company reported a record revenue and transaction quarter in 2026 3.
- A debt-free balance sheet, even after the NextHome acquisition paid from cash on hand, provides a solid financial cushion. The company also paid quarterly dividends 3.
- Diversification into several brokerage models, including the NextHome franchise and the SUCCESS brand, widens the affiliation options for agents 2.
Weaknesses
- The company posted net losses in 2025 and in Q2 2026, and technology and legal costs have risen considerably 13.
- A lower agent satisfaction score, measured by aNPS, points to pressure on long-term retention 3.
- The international segment and Other Affiliated Services reported operating losses, which limits their contribution to profit 1.
Opportunities
- If mortgage rates ease, housing demand could recover and transaction volumes could rise on the existing platform 2.
- Expansion into new countries and the integration of NextHome could open new revenue sources for the cloud brokerage 13.
- The LYVVE platform and AI tools could raise agent productivity if adoption remains effective 1.
Threats
- Commission rules and antitrust litigation could raise costs or change the compensation structure across the sector 1.
- Commission pressure from non-traditional platforms and low-fee brokers could compress margins 1.
- Changes in economic and trade policy and geopolitical risks could affect housing demand and international operations 1.
Risks
- Dependence on the U.S. residential markethigh
Results depend heavily on transaction volumes and home prices, which are shaped by interest rates, inflation and affordability 1.
- Antitrust litigation and commission ruleshigh
The company is a party to antitrust class actions in the U.S. and Canada, and sector settlements could require changes to its compensation model 1.
- Agent retentionmedium
Success depends on attracting and keeping agents, and competition for talent and changes in the profession could shrink the agent base 1.
- Artificial intelligence risksmedium
Using AI tools may produce errors, privacy problems and compliance issues that affect reputation 1.
- Seasonality and climate factorslow
Revenue is concentrated in spring and summer quarters, and extreme weather can disrupt transactions and quarterly results 1.
Investment thesis
What would need to be true (bull case)
- If the recovery in transaction volumes holds and operating costs keep falling, margins could rise meaningfully from recent levels. The NextHome acquisition and the cloud platform could support durable growth 23.
- The company has a debt-free balance sheet and cash, which could allow investment in technology and expansion without outside financing. High retention among top producers suggests a stable revenue base 3.
- Diversification across several brokerage models and new international markets could reduce dependence on a single affiliation model and a single market 13.
What would break the thesis
- The company keeps reporting net losses, and technology and legal costs have risen. If rates stay high and sector reforms reduce commissions, margins could stay under pressure 13.
- Lower agent satisfaction could lead to the loss of productive agents, which would weigh on the long-term revenue base 3.
- The 2026 guidance includes a wide range of results, and if the market does not improve, the company could land at the lower end of its forecasts 3.
What to watch
- Third-quarter results and guidance for revenue and adjusted EBITDAQ3 2026
- Trend in agent satisfaction (aNPS) and agent retention after the NextHome acquisition2026
- Integration of NextHome and its contribution to revenue and profitabilityQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
AGNT, Inc. (Nasdaq: AGNT) owns a portfolio of integrated service businesses run on a proprietary technology platform, centred on expanding its eXp Realty brokerage. Its cloud model offers agents low entry fees, ownership opportunities and a revenue-sharing plan. The company operates in the United States, Canada and 27 countries, and in May 2026 acquired NextHome, a franchised brokerage network 2.
Commissions on residential transactions are the main revenue source, shared with affiliated agents and brokers. Beyond brokerage, the company offers CRM tools, the LYVVE property search platform, the FrameVR.io virtual environment, and specialised divisions for land and ranch and for sports and entertainment properties 1.
The Other Affiliated Services division, which includes SUCCESS magazine and brand, is a small part of revenue and declined in 2025. For 2025 the company reported an operating loss, affected by legal and technology expenses, although revenue grew 4% 1.
Segments
North American Realty
The segment that dominates revenue, active in the United States and Canada, includes residential and commercial brokerage, lead generation and the FrameVR.io platform. In 2025 it represented 96.9% of revenue, and its revenue rose 3% 1.
Market context
High mortgage rates, weak affordability and limited inventory could keep transaction volumes below the market's potential. Changes to commission rules and antitrust litigation remain a source of uncertainty for the whole sector 1.
Trends
- High mortgage ratesheadwind
The cost of mortgage credit reduces buying power and delays purchases, especially for first-time buyers. If rates stay high, transaction volume could remain below expectations 1.
- Recovery in transaction volumestailwind
The number of transactions and sales volume rose in 2026, supported by agent productivity and higher prices. This signal could support revenue if the market keeps improving 2.
- Changes to commission rulesmixed
Sector regulations and settlements on commission transparency could reduce pressure on commission rates or change competitive dynamics. The long-term effect remains uncertain 1.
- Artificial intelligence and digital platformsmixed
Adopting AI tools can raise agent efficiency and productivity, but brings reliability, privacy and compliance risks. Changing regulation may limit how quickly they are deployed 1.
Competitive position
Residential brokerage competes with local, regional, national and international firms, both for home sales and for attracting agents. The company differentiates itself through its cloud model, low agent costs and an ownership programme, but competitive pressure could reduce commissions 1.
Non-traditional platforms, listing aggregators and low-commission brokers could change the market structure. The company believes its affiliation alternatives, such as NextHome, extend its competitive position 3.
- CompassCOMP
large U.S. residential brokerage with a big agent network; cited as a general type of competitor in the sources reviewed
- Local and regional independent brokerages
regional networks competing for sellers, buyers and agents
- Listing aggregation platforms
non-traditional platforms that could put pressure on commissions
- Low-commission brokers
brokerage models with lower fees that can attract price-sensitive clients
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report08 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report15 Sept 2026Other events
- Current report08 Sept 2026Material agreement · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Jun 2026Material agreement · Item 3.03 · Departure or appointment of officers · Amendments to articles or bylaws · Financial statements and exhibits
- Current report29 May 2026Other events
- Current report12 May 2026Shareholder vote
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AGNT, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AGNT, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / AGNT, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.