Compass, Inc. (COMP) is a leading tech-enabled real estate services company and the largest real estate brokerage in the United States by sales volume. The company operates under the Compass and Christie’s International Real Estate brands, offering residential real estate brokerage services, integrated services like title and escrow, and a technology platform to empower real estate agents. Compass generates revenue primarily through sales commissions and transaction fees, while also expanding into affiliate partnerships and integrated services.
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Owned-Brokerage Business - Operates under the Compass brand, where independent real estate agents associate their licenses with Compass and use its platform to manage their businesses. Revenue is generated from gross sales commissions and transaction fees.
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Affiliate Business - Partners with independently operated brokerages that affiliate with Compass as franchisees or licensees under the Christie’s International Real Estate brand. Revenue comes from royalties based on gross sales commissions and additional fees like marketing and technology fees.
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Integrated Services - Provides title, escrow, and mortgage services to real estate agents and their clients, with potential for growth in this area.
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Technology Platform - Offers an end-to-end cloud-based software suite for customer relationship management, marketing, client service, and brokerage services, enhanced by proprietary data, analytics, AI, and machine learning.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert Reffkin ExecutiveBoard | Founder, Chief Executive Officer, and Chairman of the Board of Directors | Founder and Board Member at America Needs You | Robert Reffkin is the Founder, Chief Executive Officer, and Chairman of the Board of Directors at Compass, Inc., serving as CEO since October 2012 and Chairman since 2021. He also served as Interim Principal Financial Officer in 2022 and has extensive experience across investment banking, consulting, and government. | View Report → |
Bradley Serwin Executive | General Counsel and Corporate Secretary | Bradley Serwin is the General Counsel and Corporate Secretary of Compass, Inc. since May 2020. He has over 35 years of experience and previously served as General Counsel and Corporate Secretary at Glassdoor and as Senior Vice President and Deputy General Counsel at eBay. | ||
Kalani Reelitz Executive | Chief Financial Officer (CFO) | Kalani Reelitz has served as the Chief Financial Officer (CFO) of Compass, Inc since November 15, 2022. He has extensive financial leadership experience from previous roles at Cushman & Wakefield and Walgreens Boots Alliance. | ||
Allan Leinwand Board | Director | CTO of Webflow, Inc. | Allan Leinwand has been serving as a Director at Compass, Inc. since May 2022. He is also a seasoned technology leader, currently the Chief Technology Officer at Webflow, Inc., with a history of executive roles across leading tech companies. | |
Charles Phillips Board | Lead Independent Director | Co-founder & Managing Partner of Recognize; Chairman of the Board of Apollo Theater; Board Member of New York Police Foundation; Board Member of Council of Foreign Relations; Member of Defense Innovation Board; Board Member of Bloomberg L.P.; Founder & Co-Chairman of Black Economic Alliance; Director of American Express Company | Charles Phillips is currently the Lead Independent Director at Compass, Inc. since August 2020 with his term expiring in 2026. He brings extensive leadership experience from roles such as Co-founder & Managing Partner of Recognize since 2020 and former CEO at Infor, Inc.. | |
Dawanna Williams Board | Director | Board member of ACRES Commercial Realty Corp. since 2021; Board member and Real Estate Committee Chair at Apollo Theater since 2018 | Dawanna Williams has been a Director at Compass, Inc. since July 2022 and serves on the Audit Committee. With extensive experience in real estate development and corporate law, she previously founded and managed Dabar Development Partners since September 2003 and served as General Counsel at Victory Education Partners from 2010 to 2013. | |
Frank Martell Board | Director | President, Chief Executive Officer & Director at loanDepot, Inc. since April 2022 | Frank Martell is a seasoned leader with over 30 years of experience in finance and marketing. He currently serves as a Director at Compass, Inc. since November 2021, chairing the Audit Committee and serving on the Compensation Committee , and he is also the President, Chief Executive Officer & Director at loanDepot, Inc. since April 2022. | |
Josh McCarter Board | Director | CEO of EverPro (a division of EverCommerce, Inc.) | Josh McCarter has been a Director at Compass, Inc. since April 2022. He is also a member of the Nominating and Corporate Governance Committee. | |
Pamela Thomas-Graham Board | Director at Compass, Inc. | Founder and Chief Executive Officer at Dandelion Chandelier LLC; Director at Bumble, Inc.; Director at Peloton Interactive, Inc. | Pamela Thomas-Graham has been serving as a Director at Compass, Inc. since February 2020 and is also the Chair of the Compensation Committee, with a strong background in strategic leadership and corporate governance. | |
Steven Sordello Board | director | Board Member at Atlassian Corporation ; Board Member at Grafana Labs ; Finance Committee Chair at Santa Clara University | Steven Sordello has served as a director at Compass, Inc. since November 2020 and is an active member of both the Audit and Nominating & Corporate Governance Committees. He brings extensive experience from previous executive roles at LinkedIn, TiVo, and AskJeeves, among others. |
- Given the volatility witnessed in March and the tariff impacts in April, how does management intend to adjust its short-term forecasting and mitigate future macroeconomic disruptions affecting revenue?
- While the 3-phase marketing strategy is highlighted as a key differentiator, what specific performance metrics or KPIs are being used to measure its effectiveness in converting private exclusives into tangible market share gains?
- With recent acquisitions like Christie's International driving incremental operating expenses, how confident is management in maintaining its organic OpEx growth target of 3% to 4% amid the integration challenges?
- Despite adding 700 organic agents in Q1, historical churn remains a concern; what targeted initiatives are in place to improve net agent growth and ensure longer-term retention in a competitive market?
- Given Compass’s strategy of leveraging homeowner choice to counter restrictive industry practices, what are the potential regulatory or competitive risks that could undermine this strategy, and how does management plan to safeguard its market share against such challenges?
Research analysts who have asked questions during Compass earnings calls.
Jason Helfstein
Oppenheimer & Co. Inc.
4 questions for COMP
Michael Ng
Goldman Sachs
4 questions for COMP
Christopher Kuntarich
UBS
3 questions for COMP
Bernard McTernan
Needham & Company
2 questions for COMP
Elizabeth Langan
Barclays
2 questions for COMP
Ryan McKeveny
Zelman & Associates
2 questions for COMP
Alec Brondolo
Wells Fargo
1 question for COMP
Benjamin Black
Deutsche Bank AG
1 question for COMP
Bernie Mcternan
Needham & Company
1 question for COMP
Chris Kuntarich
UBS Group
1 question for COMP
Jeff Seiner
Deutsche Bank
1 question for COMP
Matthew Bouley
Barclays PLC
1 question for COMP
Matthew Cost
Morgan Stanley
1 question for COMP
Nick McAndrew
Zelman & Associates
1 question for COMP
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Christie's International Real Estate (At World Properties Holdings, LLC) | 2025 | Deal structure: $155.1 million cash (alternatively reported as $150 million) plus 44.1 million Class A shares with post‐closing adjustments; strategic rationale: to expand brokerage services and enter the high‐margin franchise sector; notable terms: accelerated share consideration payment if stock price conditions are met, with a closing on January 13, 2025. |
Title Insurance and Escrow Settlement Services Company | 2024 | Deal structure: Consideration includes an initial payment of $4.0 million in Class A common stock and an additional $0.5 million later, plus a total package (stock, cash, and contingent payments) reaching multi‐million dollar levels; strategic rationale: to expand Compass’s title and escrow presence; key assets: customer relationships, current/non‐current assets, liabilities, and recorded goodwill. |
Latter & Blum Holdings, LLC | 2024 | Deal structure: $26.1 million in Class A common stock, $21.3 million in cash (net of cash acquired), with an additional $2.7 million (cash and stock) and contingent consideration up to $7.1 million; strategic rationale: to grow both the brokerage business and title/escrow offerings in key markets using a flat fee/transaction fee agent model; key capabilities: recognized customer relationships of $28.7 million, trademark intangible assets, and significant goodwill. |
Parks Village Nashville, LLC | 2024 | Deal structure: Total consideration comprised of $26.1 million in Class A common stock, $21.3 million cash, an additional $2.7 million to be paid later, plus up to $7.1 million contingent on earnings targets; strategic rationale: to expand the residential brokerage business and increase market share in Tennessee, evidenced by a 24% year‐over‐year increase in principal agents and a leading market position; citations. |
@properties | 2024 | Deal structure: A merger agreement valued at $444 million consisting of $150 million cash and 44,136,191 Class A shares subject to adjustment based on the stock price one-year post‑closing; strategic rationale: to generate 9–10% adjusted EBITDA margin in year one while expanding into the franchise business, with a plan to maintain separate brands; notable terms: closing conditions including regulatory approvals and a Q1 2025 expected closing. |
Residential Real Estate Brokerage (Q1 Acquisition) | 2023 | Deal structure: Estimated purchase price of $8.8 million payable partly as contingent consideration in Class A common stock and cash through 2033; strategic rationale: to expand into a new key domestic market; key assets: customer relationships valued at $3.1 million and resulting goodwill of $5.3 million. |
Residential Real Estate Brokerage (Q2 Acquisition) | 2023 | Deal structure: Similarly structured at an estimated $8.8 million with contingent payments (undiscounted estimated obligation of $29.1 million as of June 30, 2023); strategic rationale: to further expand Compass's core brokerage business; key assets: recognized customer relationships of $3.1 million and $5.3 million in goodwill. |
Multiple Residential Real Estate Brokerages (Q3 Acquisitions) | 2023 | Deal structure: Comprised of a mix of $0.4 million in cash, $6.8 million in Class A common stock, and up to $4.0 million in additional contingent shares; strategic rationale: to broaden the company’s market footprint through several acquisitions; key assets: customer relationships valued at $10.8 million and $10.2 million in goodwill, though the impact on consolidated revenue was not material. |
Canadian Real Estate Proptech Company (Non‑Brokerage Assets) | 2023 | Deal structure: An asset purchase agreement valued at $32.4 million payable in Class A common stock, with an additional contingent payment (up to $5.5 million) based on a stock price trigger, structured as a financing transaction; strategic rationale: to strengthen the balance sheet amid challenging macroeconomic conditions; citations. |
Unknown Company (Q1 Acquisition) | 2022 | Deal structure: Acquired 100% ownership in a title insurance and escrow settlement services company along with the assets of a small real estate brokerage, accounted for as business combinations; strategic rationale: to expand Compass’s title and escrow as well as brokerage offerings in key domestic markets, with limited financial detail provided. |
Unknown Company (Q2/Unnamed Acquisition)* | 2022 | Deal structure: Total consideration of $12.1 million in cash, $0.8 million in Class A common stock, plus up to $3.6 million in contingent cash payments; strategic rationale: aimed at enhancing title, escrow, and brokerage capabilities; key assets: acquired customer relationships valued at $8.1 million, trademark intangible assets of $1.1 million, and $8.8 million in goodwill (with further tax-deductible adjustments possible). |
Recent press releases and 8-K filings for COMP.
- Compass Therapeutics, Inc. announced the pricing of an underwritten public offering of 33,290,000 shares of common stock at $3.00 per share and pre-funded warrants to purchase up to 6,710,000 shares at $2.9999 per pre-funded warrant.
- The offering is expected to generate approximately $120 million in gross proceeds for Compass Therapeutics.
- The offering is anticipated to close on or about August 14, 2025, subject to customary closing conditions.
- Net proceeds from the offering are intended to fund initial preparations for commercial readiness, research and clinical development of product candidates, and general corporate purposes.
- Compass Therapeutics reported a net loss of $19.9 million or $0.14 per share for the second quarter ended June 30, 2025.
- The company ended Q2 2025 with $101 million in cash and marketable securities, which is expected to provide a cash runway into 2027.
- The analysis of secondary endpoints for the tovecimig Phase 2/3 study is now expected in Q1 2026, a delay attributed to fewer observed deaths, which may suggest an impact on overall survival.
- In the CTX-8371 Phase 1 study, two deep and confirmed partial responses were observed, with cohort expansions for non-small cell lung cancer and triple-negative breast cancer planned to begin in Q4 2025.
- An Investigational New Drug (IND) filing for CTX-10726 is expected in Q4 2025, following preclinical data showing its superiority in PD-1 inhibition and anti-tumor responses compared to ivonescimab.
- Compass reported record earnings, including EBITDA, free cash flow, EBITDA margin, market share, and revenue, marking its 17th consecutive quarter of outperforming the market organically.
- Nationwide real estate inventory is up (27% for single-family, 16% total), reaching pre-pandemic levels and the highest in six years, while 42% of homes have price drops, and overall prices are up only 1% year-over-year.
- Regional market trends show the Northeast performing better, Florida with 8% fewer transactions, and nine states (including Texas) experiencing year-over-year price declines, while New York rental prices are up 7%.
- Compass is suing Zillow, alleging monopolistic practices for banning agents and sellers who do not list on Zillow within 24 hours, with Zillow reportedly holding 70% market share.
- Compass Group (COMP) has agreed to acquire Dutch premium food services company Vermaat Groep for approximately €1.5 billion ($1.75 billion), including debt, as part of its strategy to expand in Europe.
- The acquisition is expected to be accretive to Compass's margin and earnings per share in its first full year.
- Vermaat Groep is projected to generate around €700 million in sales in 2025 with a double-digit operating margin.
- The transaction is subject to regulatory approval and consultation with the Vermaat Works Council.
- Compass Group also reported robust organic revenue growth of 8.6% in the third quarter and raised its annual profit forecast to constant currency underlying operating profit growth toward 11%.
- Compass reported record EBITDA and free cash flow in Q1, with transactions increasing 28% year-over-year (including inorganic growth) compared to a 2% market decline, and 7% organically.
- The company's growth strategy includes leveraging an anticipated 35% increase in market units to mid-cycle levels, organic agent growth (hiring 700 principal agents in Q1 who produce 2.5x more than those who left), and accretive M&A, aiming for 30% market share in the top 30 cities within two years.
- Compass boasts a 97% agent retention rate, significantly higher than the industry average, primarily attributed to its proprietary technology platform.
- Management projects May and June 2025 to show year-over-year increases in purchase mortgage applications, with a potential for 2025 to be an "up" year for the housing market. The company also maintains a permanent focus on cost discipline, reducing the cost to serve a transaction by 50% in the last two years and expecting an additional 20% reduction this year.
- Compass, Inc. reported Q1 2025 revenue of $1.4 billion, an increase of 28.7% year-over-year, and achieved an Adjusted EBITDA of $15.6 million, an improvement of $35.7 million compared to Q1 2024.
- The company generated positive operating cash flow of $23.1 million and free cash flow of $19.5 million in Q1 2025, marking the fifth consecutive quarter of positive free cash flow.
- Quarterly market share grew 125 basis points year-over-year to a record 6.0% in Q1 2025, with total transactions increasing by 27.8% while the overall market transactions declined by 2.1%.
- For Q2 2025, Compass anticipates revenue between $2.0 billion and $2.15 billion and Adjusted EBITDA between $115 million and $135 million, and expects to be free cash flow positive for the full year 2025.