REALNasdaqRetail-Miscellaneous RetailFiscal year ends December 31
TheRealReal, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$10.40+0.01 (+0.10%)
Close on Oct 19, 2026
- Market cap
- $1.26B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
74.6%+12.1 pts over 5 years
Operating margin
-3.5%+54.2 pts over 5 years
Net margin
-6.0%+52.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.4% | +4.7% | +18.2% | – | |
| Gross profit | +15.5% | +14.0% | +22.5% | – | |
| Free cash flow | +45.8% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -66.5% | 10.2% | |
| Return on assets | – | -32.9% | -10.0% | |
| Current ratio | – | 2.84 | 0.86 | |
| Debt to equity | – | – | -0.34 | |
| Net debt to EBITDA | – | – | -1.13× | |
| Interest coverage | – | -32.8× | -0.9× | |
| Inventory turnover | – | 3.5× | 6.5× | |
| Capex to revenue | – | 6.1% | 2.7% | |
| Diluted shares | – | 88M | 117M |
Where the cash went
Fiscal 2021 to 2025, five years combined
TheRealReal generated $358.83M from operations and spent $122.40M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$358.83M
Used
$122.40M
Capital expenditure$122.40M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-6.0%
×Asset turnover1.67×
×Equity multiplier-1.01×
=Return on equity, FY202510.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -6.0% | 1.67× | -1.01× | 10.2% |
| FY2024 | -22.3% | 1.38× | -1.22× | 37.8% |
| FY2023 | -30.7% | 1.03× | -2.24× | 71.2% |
| FY2022 | -32.6% | 0.88× | -14.13× | 405.2% |
| FY2021 | -50.5% | 0.69× | 5.14× | -178.6% |
| FY2020 | -58.6% | 0.56× | 2.03× | -66.5% |
| FY2019 | -31.1% | 1.05× | 7.55× | -247.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$41.80M
- Cash generatingOperating cash flow above zero$37.01M
- Return on assets improvedROA up on the prior year-30.0% → -9.9%
- Earnings backed by cashOperating cash flow above net income$37.01M vs -$41.80M
- Less leverageLong-term debt to assets fell31.8% → 34.5%
- Better liquidityCurrent ratio rose0.94 → 0.86
- No dilutionShare count did not rise108M → 117M
- Gross margin improvedGross margin up on the prior year74.53% → 74.59%
- More efficientAsset turnover rose1.34 → 1.64