Therealreal vs Warby Parker
Warby Parker is the larger business, with $872m of revenue in fiscal 2025 against $693m for Therealreal (1.3 times as much). Therealreal grew faster (15.4% against 13.0%). Warby Parker kept more of each dollar of sales as profit: a net margin of 0.2% against -6.0%.
| Latest fiscal year | TherealrealREAL, 2025 | Warby ParkerWRBY, 2025 |
|---|---|---|
| Revenue | $693m | $872m |
| Revenue growth | 15.4% | 13.0% |
| Net income | −$41.8m | $1.6m |
| Operating margin | -3.5% | -0.6% |
| Net margin | -6.0% | 0.2% |
| Return on equity | — | 0.5% |
| Free cash flow | $18.4m | $43.7m |
| Cash | $151m | $286m |
| Total debt | $231m | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 3,140 | 4,036 |
| Market value | $1.58bn | $2.76bn |
| Price vs our value range | — | — |
| Moat score | 47 (Moderate) | 40 (Weak) |
| Insider trades, 12 months | 0 buys, 80 sales | 0 buys, 35 sales |