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Therealreal, Inc. (REAL) stock

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NASDAQ: REAL Nasdaq Other Specialty Retail Next results ~January 25, 2027

C Fundamentals grade

Therealreal, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.3

Valuation models combined (3)

Base case. Range ~$2.8–$3.9. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Therealreal, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 80 sales by directors and officers, last 12 monthsInsider trades
  • Funds149 adding, 111 cuttingOf 56 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Therealreal files

10-Q filed October 29: Therealreal

Model value +4.1%

Revenue over the twelve months to September 2026 reached $782m, an 18.1% rise on a year earlier and little changed in pace from the prior quarter. That places TheRealReal 5th of 26 among the specialty retailers we cover on this measure. Profitability has improved markedly: free-cash-flow margin climbed to 4.4% from -0.7%, while the operating margin turned to 0.4% from -5.3%. Set against this, the diluted share count has grown 5.2% over the year, diluting existing holders. Our model value edges up to $3.80 a share from $3.65, still well short of the current share price of $11.41.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Therealreal stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $750m, up 17.7% on a year earlier, faster than the 17.2% growth a quarter earlier. That growth ranks 5 of 24 among the other specialty retail companies we cover. Free-cash-flow margin rose to 4.8% from -2.6% a year earlier. Operating margin widened to -0.8% from -6.7%. The diluted share count is up 3.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 5 financial-health checks. Our revenue-to-maturity cash-flow model value is $3.65 a share, against a share price of $11.63.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Therealreal, Inc.'s trailing-twelve-month revenue grew 18.1% year on year, with a free-cash-flow margin of 4.4%. Where it stands out: gross margin of 74.7% ranks 3 of 31 other specialty retail companies we cover. Where it lags: long-term debt as % of assets of 36.6% ranks 24 of 26 other specialty retail companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 506% in the quarter to 2026-09-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.1% over the last 12 months, against a median of 4.0% for other specialty retail companies we cover.
  • Margins widening. Operating margin is up 5.7 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 34.1% over 90 days.

Things to watch

  • Share dilution. Diluted shares rose 5.2% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 72% and a beta of 2.1 against the S&P 500.
  • Insiders selling. 6 insiders sold $115M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 36.6% ranks 24 of 26 other specialty retail companies we cover (median 14.2%).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 3.6% ranks 27 of 30 other specialty retail companies we cover (median 0.7%).
  • Heavily shorted. 16.4% of the shares available to trade are sold short (6.0 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.02 against an average estimate of $0.00: beat by 506.1%
Revenue
$206m, up 18.7% on a year earlier
Share reaction
+8.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $0.11

Therealreal's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+8.9%
  • 1 week+20.7%
  • 1 month+46.3%
  • This year-17.5%
  • 1 year+6.6%
  • 5 years+2.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$782M
Operating margin
0.4%
Net margin
-1.4%
EPS (TTM, diluted)
$-0.09

Growth

Revenue growth
+18.1%
Change in growth rate
+0.3 pts
Share count change
+5.2%

Cash

Free cash flow (TTM)
$34.6M
FCF margin
4.4%
Stock pay % of revenue
3.6%

Earnings

Last results
October 29, 2026
Next results (est.)
January 25, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Therealreal, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Therealreal, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.32 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.8 ~$1.6–$3.7 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.7 ~$2.6–$5.5 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.9 ~$3.4–$5.3 Left out: out of range vs price (0.15x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$3.9 ~$3.0–$4.9 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.3 ~$2.8–$3.9 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Therealreal, Inc. with Other Specialty Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$18.85$19.54$11.61$1.25$2.01$10.93$15.78$13.02
Market value$895m$1.7bn$1.1bn$120m$205m$1.2bn$1.8bn$1.6bn
+ Net debt (− = net cash)−$154m−$155m−$70m$156m$277m$131m$80m$101m
Enterprise value$741m$1.6bn$991m$276m$481m$1.3bn$1.9bn$1.7bn
Multiples
Price / sales 2.8x5.7x2.3x0.2x0.4x2.0x2.7x2.0x
Price / earnings ————————
Price / free cash flow —————93.6x100.1x45.5x
EV / EBITDA ——————n/m47.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

47 /100

Moderate moat

How hard Therealreal's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 46.5% of total assets over 7 years.

  • Pricing power 15 / 20

    Gross margin has been a median 64.4%, moving by 6.7 percentage points (standard deviation) across 8 years.

  • Durability 10 / 20

    Operating margin has been a median -32.9%; its worst year was -53.0%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 8 years, at a median -20.5% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 33.8% over five years; stock-based pay has been a median 5.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (52 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.10 +184% $805m +16%
Next $0.30 +199% $889m +10%

Next year's EPS estimate has moved +34.1% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +66.5% on 90 days ago. In the last 30 days, 2 analysts raised Therealreal, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Therealreal, Inc., last 90 days
$0.00 $0.10 $0.20 $0.30 $0.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.06 Current fiscal year, 60 days ago: $0.10 Current fiscal year, 30 days ago: $0.10 Current fiscal year, 7 days ago: $0.10 Current fiscal year, Now: $0.10 $0.10 Next fiscal year, 90 days ago: $0.23 Next fiscal year, 60 days ago: $0.29 Next fiscal year, 30 days ago: $0.29 Next fiscal year, 7 days ago: $0.30 Next fiscal year, Now: $0.30 $0.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.06$0.23
60 days ago $0.10$0.29
30 days ago $0.10$0.29
7 days ago $0.10$0.30
Now $0.10$0.30

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.00 $0.02 +506.1%
Jun 2026 −$0.02 −$0.01 +43.2%
Mar 2026 −$0.01 −$0.01 +32.9%
Dec 2025 $0.04 $0.06 +62.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

9 analysts, Oct 2026
Buy778%
Hold222%
Sell00%

Monthly trend

  1. Oct 2026729
  2. Sep 2026729
  3. Aug 2026729
  4. Jul 2026729

Counts of recommendations published by analysts covering Therealreal, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
16.4%
of tradable shares
Days to cover
6.02
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
7.2%
of shares
Employees
3,140
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.6%

$12.21 on October 31, 2025 to $13.02

ThenNowEffect
Revenue (last 12 months) $637m $750m +17.7%
P/S multiple 2.2x 2.1x −6.0%
Share count 114m 118m −3.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +762.3%

$1.51 on November 3, 2023 to $13.02

ThenNowEffect
Revenue (last 12 months) $575m $750m +30.4%
P/S multiple 0.3x 2.1x +689.3%
Share count 99m 118m −16.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
REAL−41%−89%+61%+444%+44%−18%
Industry peers (median)+44%−27%+2%−23%−11%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
REAL50%8%42%50%58%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
REAL−65%−91%−55%−50%−56%−52%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since June 28, 2019: 96% from June 28, 2019 to May 2, 2023. Getting back needed a 2706% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$8.12 – $16.90
From 52-week high
−23.0%
vs 50-day average
+29.7%
vs 200-day average
+18.5%
Volatility (1 year)
73%
Beta vs S&P 500
2.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±15.9%
After a week
4 up, 7 down
typical move ±18.3%
After a month
4 up, 7 down
typical move ±39.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +8.1% −2.1% — —
August 6, 2026 −2.8% +0.5% −13.5% −22.1%
May 7, 2026 −21.1% +0.5% −28.1% −29.2%
February 26, 2026 +2.0% −1.0% −5.4% −28.7%
November 10, 2025 +40.9% +1.8% +29.0% +33.3%
August 7, 2025 +11.3% +0.7% +36.9% +43.1%
May 8, 2025 −28.4% +0.6% −25.2% −13.2%
February 20, 2025 −18.9% −2.1% −18.1% −21.8%
February 10, 2025 −8.4% +0.8% −2.2% −30.0%
November 4, 2024 +22.4% +1.0% +25.8% +105.7%
October 28, 2024 +3.8% +0.5% +4.1% +80.5%
August 6, 2024 −23.2% +0.2% −13.2% −26.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Therealreal, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Therealreal, Inc.
$500M $600M $700M $800M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $549.3M Revenue (TTM), FY24 Q1: $551.2M Revenue (TTM), FY24 Q2: $565.3M Revenue (TTM), FY24 Q3: $579.9M Revenue (TTM), FY24 Q4: $600.5M Revenue (TTM), FY25 Q1: $616.7M Revenue (TTM), FY25 Q2: $637M Revenue (TTM), FY25 Q3: $662.8M Revenue (TTM), FY25 Q4: $692.8M Revenue (TTM), FY26 Q1: $722.5M Revenue (TTM), FY26 Q2: $749.9M Revenue (TTM), FY26 Q3: $782.5M $782.5M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $549.3M
FY24 Q1 $551.2M
FY24 Q2 $565.3M
FY24 Q3 $579.9M
FY24 Q4 $600.5M
FY25 Q1 $616.7M
FY25 Q2 $637M
FY25 Q3 $662.8M
FY25 Q4 $692.8M
FY26 Q1 $722.5M
FY26 Q2 $749.9M
FY26 Q3 $782.5M
Revenue growth, TTM YoY Therealreal, Inc.
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -9.0% Revenue growth, TTM YoY, FY24 Q1: -7.9% Revenue growth, TTM YoY, FY24 Q2: -1.7% Revenue growth, TTM YoY, FY24 Q3: 2.5% Revenue growth, TTM YoY, FY24 Q4: 9.3% Revenue growth, TTM YoY, FY25 Q1: 11.9% Revenue growth, TTM YoY, FY25 Q2: 12.7% Revenue growth, TTM YoY, FY25 Q3: 14.3% Revenue growth, TTM YoY, FY25 Q4: 15.4% Revenue growth, TTM YoY, FY26 Q1: 17.2% Revenue growth, TTM YoY, FY26 Q2: 17.7% Revenue growth, TTM YoY, FY26 Q3: 18.1% 18.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -9.0%
FY24 Q1 -7.9%
FY24 Q2 -1.7%
FY24 Q3 2.5%
FY24 Q4 9.3%
FY25 Q1 11.9%
FY25 Q2 12.7%
FY25 Q3 14.3%
FY25 Q4 15.4%
FY26 Q1 17.2%
FY26 Q2 17.7%
FY26 Q3 18.1%
Operating margin (TTM) Therealreal, Inc.
-40% -30% -20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -30.3% Operating margin (TTM), FY24 Q1: -18.6% Operating margin (TTM), FY24 Q2: -14.2% Operating margin (TTM), FY24 Q3: -12.5% Operating margin (TTM), FY24 Q4: -9.4% Operating margin (TTM), FY25 Q1: -8.3% Operating margin (TTM), FY25 Q2: -6.7% Operating margin (TTM), FY25 Q3: -5.3% Operating margin (TTM), FY25 Q4: -3.5% Operating margin (TTM), FY26 Q1: -1.9% Operating margin (TTM), FY26 Q2: -0.8% Operating margin (TTM), FY26 Q3: 0.4% 0.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -30.3%
FY24 Q1 -18.6%
FY24 Q2 -14.2%
FY24 Q3 -12.5%
FY24 Q4 -9.4%
FY25 Q1 -8.3%
FY25 Q2 -6.7%
FY25 Q3 -5.3%
FY25 Q4 -3.5%
FY26 Q1 -1.9%
FY26 Q2 -0.8%
FY26 Q3 0.4%
FCF margin (TTM) Therealreal, Inc.
-20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -16.5% FCF margin (TTM), FY24 Q1: -9.8% FCF margin (TTM), FY24 Q2: -4.5% FCF margin (TTM), FY24 Q3: -0.6% FCF margin (TTM), FY24 Q4: 2.1% FCF margin (TTM), FY25 Q1: -2.4% FCF margin (TTM), FY25 Q2: -2.6% FCF margin (TTM), FY25 Q3: -0.7% FCF margin (TTM), FY25 Q4: 2.7% FCF margin (TTM), FY26 Q1: 3.8% FCF margin (TTM), FY26 Q2: 4.8% FCF margin (TTM), FY26 Q3: 4.4% 4.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -16.5%
FY24 Q1 -9.8%
FY24 Q2 -4.5%
FY24 Q3 -0.6%
FY24 Q4 2.1%
FY25 Q1 -2.4%
FY25 Q2 -2.6%
FY25 Q3 -0.7%
FY25 Q4 2.7%
FY26 Q1 3.8%
FY26 Q2 4.8%
FY26 Q3 4.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 138 214 316 300 468 603 549 600 693 782
Gross profit 88 137 202 188 273 349 376 448 517 584
EBITDA −46 −65 −87 −154 −191 −161 −135 −23 9 35
Operating income −52 −74 −100 −173 −215 −189 −166 −56 −24 3
Net income −52 −76 −98 −176 −236 −196 −168 −134 −42 −11
Diluted EPS −$6.74 −$10.12 −$2.14 −$2.01 −$2.58 −$2.05 −$1.65 −$1.24 −$0.70 −$0.09
Growth (year on year)
Revenue — +55.4% +48.0% −5.2% +55.9% +29.0% −9.0% +9.3% +15.4% +18.1%
Margins
Gross margin 63.7% 64.1% 63.7% 62.5% 58.5% 57.8% 68.5% 74.5% 74.6% 74.7%
EBITDA margin −33.6% −30.2% −27.4% −51.3% −40.9% −26.8% −24.5% −3.9% 1.3% 4.5%
Operating margin −37.7% −34.6% −31.6% −57.6% −46.0% −31.3% −30.3% −9.4% −3.5% 0.4%
Net margin −38.0% −35.4% −31.1% −58.6% −50.5% −32.6% −30.7% −22.3% −6.0% −1.4%
Free-cash-flow margin −36.5% −28.3% −25.1% −50.9% −38.4% −19.0% −16.5% 2.1% 2.7% 4.4%
Cash flow
Cash from operations −39 −47 −54 −134 −142 −92 −61 27 37 59
Capital spending 12 13 25 18 37 23 29 14 19 25
Free cash flow −50 −61 −79 −153 −180 −114 −90 13 18 35
Stock-based pay 2 3 8 24 49 46 34 29 29 28
Free cash flow after stock pay −52 −63 −87 −177 −228 −161 −125 −16 −11 7
Balance sheet
Cash 16 34 154 351 418 294 176 172 151 130
Total debt 0 9 — 196 348 450 452 303 231 232
Net debt (negative = net cash) −16 −25 −154 −155 −70 156 277 131 80 101
Diluted shares 8m 8m 47m 88m 91m 96m 102m 108m 117m 121m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · September 30, 2026
What it owns · $404m
Short-term assets $218mLonger-term assets $185m
What it owes, and who funded it · $758m
Short-term liabilities $261mLonger-term liabilities $497mShareholders' equity $-354m
  • Short-term assets cover short-term liabilities $218m of assets due within a year against $261m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $218m short-term assets against $497m of longer-dated liabilities.
  • More cash than debt $130m of cash against $148m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $59m of operating cash flow against $148m of debt.
  • Operating profit covers interest at least five times over Operating income of $3m against $29m of interest.

From Therealreal, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+5.2%
year over year
Sales & admin spending
27.2%
of revenue
Days sales outstanding
13 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in other specialty retail
Last 12 months unless stated REAL BWMX WRBY BBW SPWH LIVE Median
Revenue, last 12 months $782m $743m $912m $518m $1.2bn $434m $1.2bn
Revenue growth, last 12 months 18.1% −4.1% 11.0% −0.9% 0.8% −2.2% 4.0%
Revenue growth, 3-year average 11.4% — 12.9% 2.6% −2.6% 10.1% 2.6%
Revenue growth, latest quarter 18.7% — 9.8% −7.2% 0.6% −3.2% 2.3%
Gross margin 74.7% 66.6% 54.7% 56.7% 30.9% 33.1% 36.5%
Operating margin 0.4% — 0.2% — −2.8% 2.4% 2.2%
Operating margin, 3-year average −5.8% — −3.2% — −2.2% 0.6% 1.5%
Net margin −1.4% 7.4% 0.8% 10.0% −3.9% −0.6% 0.8%
Cash from operations / revenue 7.6% 15.7% 10.5% 11.4% 4.2% 4.9% 5.5%
Free-cash-flow margin 4.4% 13.0% 2.4% 4.7% 2.6% 3.2% 3.0%
Free-cash-flow margin, 3-year average 1.0% 15.6% 4.0% 6.4% 0.9% 2.7% 2.7%
Stock pay / revenue 3.6% 0.0% 3.8% 0.5% 0.3% 0.0% 0.6%
Change in share count 5.2% 0.0% 3.1% −3.7% 1.6% 9.7% 0.7%

Median of all 35 companies we cover in other specialty retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 other specialty retail companies
Measure Company Peer median Rank
Revenue growth Growth 18.1% 4.0% 9 of 35
Change in growth rate Growth +0.3pp -0.2pp 13 of 35
Gross margin Profitability 74.7% 36.5% 3 of 31
Operating margin Profitability 0.4% 2.2% 20 of 33
Net margin Profitability -1.4% 0.8% 25 of 35
Free-cash-flow margin Cash generation 4.4% 3.1% 12 of 34
Stock pay as % of revenue Cash generation 3.6% 0.7% 27 of 30
Long-term debt as % of assets Balance sheet 36.6% 14.2% 24 of 26
Change in share count Balance sheet 5.2% 0.6% 26 of 33
Days sales outstanding Balance sheet 13 days 13 days 11 of 20

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Services $536M 77.3% ▲ 13.2%
Products $91.1M 13.1% ▲ 41.1%
Shipping and Handling $65.9M 9.5% ▲ 5.4%

From Therealreal, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.3B
Institutions reporting
251
Shares held vs prior quarter
▼ 2.5%
Positions opened / closed
47 / 42

Top buyers and sellers, Q2 2026: 149 institutions bought and 111 sold ; the biggest buyer was Divisadero Street Capital Management, LP (+4.9M shares) and the biggest seller FMR LLC (−5.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $135M 11.4M 10.1% ▲ 25.2%
Divisadero Street Capital Management, LP $108M 9.2M 8.1% ▲ 111.8%
FMR LLC $59.5M 5.0M 4.5% ▼ 53.8%
D. E. Shaw & Co., Inc. $57.6M 4.9M 4.3% ▲ 11.4%
Vanguard Capital Management LLC $55.6M 4.7M 4.2% ▲ 3.8%
Two Sigma Investments, LP $47.1M 4.0M 3.5% ▼ 10.6%
Arrowstreet Capital, Limited Partnership $46.4M 3.9M 3.5% ▼ 2.8%
American Century Companies Inc $43.8M 3.7M 3.3% ▲ 24.2%
Woodson Capital Management, LP $38.9M 3.3M 2.9% ▲ 23.6%
State Street Corp $37.3M 3.2M 2.8% ▲ 13.4%
Geode Capital Management, LLC $33.6M 2.8M 2.5% ▼ 0.2%
Goldman Sachs Group Inc $32M 2.7M 2.4% ▲ 23.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Therealreal, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $115M 80 trades by 6 insiders · 0% under pre-set plans
Net ▼ $115M net selling
Insider Date Trade Shares Price Value
Sahi Levesque Rati Chief Executive Officer August 21, 2026 Sell 8,071 $10.98 $88,620
Sahi Levesque Rati Chief Executive Officer August 21, 2026 Sell 56,145 $10.98 $616,472
Sahi Levesque Rati Chief Executive Officer August 21, 2026 Sell 20,216 $10.98 $221,972
Suko Todd A Chief Legal Officer and Secret August 21, 2026 Sell 10,895 $10.97 $119,518
Suko Todd A Chief Legal Officer and Secret August 21, 2026 Sell 4,193 $10.98 $46,039
Suko Todd A Chief Legal Officer and Secret August 21, 2026 Sell 2,479 $10.98 $27,219
Lo Steve Ming Chief Accounting Officer August 21, 2026 Sell 2,167 $10.97 $23,772
Lo Steve Ming Chief Accounting Officer August 21, 2026 Sell 8,985 $10.97 $98,565
Lo Steve Ming Chief Accounting Officer August 21, 2026 Sell 1,407 $10.98 $15,449
Friang Luke Thomas Chief Product & Tech Officer August 21, 2026 Sell 2,514 $10.98 $27,604
Friang Luke Thomas Chief Product & Tech Officer August 21, 2026 Sell 8,528 $10.98 $93,637
Friang Luke Thomas Chief Product & Tech Officer August 21, 2026 Sell 2,501 $10.98 $27,461

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 10, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Therealreal, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Therealreal, Inc. in brief

What does Therealreal, Inc. do?
Therealreal, Inc. is a US-listed company in the other specialty retail industry. Its financial year ends in December.
What is Therealreal, Inc.'s stock ticker?
Therealreal, Inc. trades under the ticker REAL on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Therealreal, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Therealreal, Inc. reported revenue of $782M, 18.1% higher than a year earlier, according to its SEC filings.
What is Therealreal, Inc.'s free cash flow?
Therealreal, Inc.'s free-cash-flow margin is 4.4% of revenue over the trailing twelve months, ranking 12 of the 34 other specialty retail companies we cover.
Who are Therealreal, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Divisadero Street Capital Management, LP and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Therealreal, Inc.'s market cap?
On November 2, 2026, Therealreal, Inc.'s market capitalisation was about $1.6B and net debt of $101M. Market figures come from third-party market data and may be delayed.
Who are Therealreal, Inc.'s competitors?
In our Other Specialty Retail peer group, the companies closest to Therealreal, Inc. are Betterware DE Mexico, S.a.p.i. DE C.v, Warby Parker Inc., Build-a-bear Workshop Inc, Sportsman's Warehouse Holdings, Inc. and Live Ventures Inc. The side-by-side comparison below sets their revenue, margins and growth against Therealreal, Inc.'s.
Are insiders buying or selling Therealreal, Inc. stock?
Over the last 12 months, Therealreal, Inc.'s directors and officers reported 0 open-market purchases and 80 sales on Form 4. The insider trading page charts every trade.
When is Therealreal, Inc.'s next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Therealreal, Inc. announces its own schedule.