REAL Nasdaq Retail-Miscellaneous Retail Financials FY2017βFY2025
TheRealReal, Inc. had $693M of revenue in fiscal 2025, up 15.4% on the year before. Over five years, revenue changed +18.2% a year on average.
Last close Β· Oct 23, 2026
$10.84
3.4%Hi! I read TheRealReal, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+15.4%
Yes. Sales grew 15.4% last year.
Does it make a profit?
β6.0%
No. It lost money last year.
Does profit turn into cash?
2.7%
Partly. 2.7% of sales ends up as free cash.
How healthy are the accounts?
5 / 8
Mixed. It passes 5 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· TheRealReal, Inc. had $693M of revenue in fiscal 2025, up 15.4% on the year before. Over five years, revenue changed +18.2% a year on average. Its operating margin was β3.5%, up 6.0Β pts: of every 100 in sales, about β3 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· TheRealReal, Inc. lost $41.8M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $18.4M in fiscal 2025, 2.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $115M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$115M
6 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Todd A SukoChief Legal Officer and Secret | Sold | 17,567 | $10.97 | $0.2M | Form 4 |
| Aug 21, 2026 | Steve Ming LoChief Accounting Officer | Sold | 12,559 | $10.97 | $0.1M | Form 4 |
| Aug 21, 2026 | Luke Thomas FriangChief Product & Tech Officer | Sold | 22,028 | $10.98 | $0.2M | Form 4 |
| Aug 21, 2026 | Levesque Rati SahiChief Executive Officer | Sold | 84,432 | $10.98 | $0.9M | Form 4 |
| Aug 21, 2026 | Gopal Ajay MadanChief Financial Officer | Sold | 36,418 | $10.98 | $0.4M | Form 4 |
| May 21, 2026 | Todd A SukoChief Legal Officer and Secret | Sold | 17,353 | $9.25 | $0.2M | Form 4 |
| May 21, 2026 | Levesque Rati SahiChief Executive Officer | Sold | 81,194 | $9.25 | $0.8M | Form 4 |
| May 21, 2026 | Luke Thomas FriangChief Product & Tech Officer | Sold | 21,183 | $9.25 | $0.2M | Form 4 |
| May 21, 2026 | Gopal Ajay MadanChief Financial Officer | Sold | 35,023 | $9.25 | $0.3M | Form 4 |
| May 21, 2026 | Steve Ming LoChief Accounting Officer | Sold | 12,077 | $9.25 | $0.1M | Form 4 |
| Mar 19, 2026 | Gopal Ajay MadanChief Financial Officer | Sold | 51,585 | $9.29 | $0.5M | Form 4 |
| Feb 23, 2026 | Levesque Rati SahiChief Executive Officer | Sold | 121,399 | $10.72 | $1.3M | Form 4 |
| Feb 23, 2026 | Gopal Ajay MadanChief Financial Officer | Sold | 31,381 | $10.72 | $0.3M | Form 4 |
| Feb 23, 2026 | Todd A SukoChief Legal Officer and Secret | Sold | 45,947 | $10.72 | $0.5M | Form 4 |
| Feb 23, 2026 | Luke Thomas FriangChief Product & Tech Officer | Sold | 19,609 | $10.72 | $0.2M | Form 4 |
| Feb 23, 2026 | Steve Ming LoChief Accounting Officer | Sold | 16,962 | $10.72 | $0.2M | Form 4 |
| Dec 9, 2025 | Steve Ming LoChief Accounting Officer | Sold | 43,926 | $14.45 | $0.6M | Form 4 |
| Dec 8, 2025 | Steve Ming LoChief Accounting Officer | Sold | 17,874 | $14.19 | $0.3M | Form 4 |
| Dec 5, 2025 | Steve Ming LoChief Accounting Officer | Sold | 555 | $14.45 | $0.0M | Form 4 |
| Nov 26, 2025 | Gopal Ajay MadanChief Financial Officer | Sold | 28,520 | $14.73 | $0.4M | Form 4 |
| Nov 25, 2025 | Steve Ming LoChief Accounting Officer | Sold | 59,789 | $14.46 | $0.9M | Form 4 |
| Nov 25, 2025 | Todd A SukoChief Legal Officer and Secret | Sold | 72,933 | $14.10 | $1.0M | Form 4 |
| Nov 21, 2025 | Todd A SukoChief Legal Officer and Secret | Sold | 31,611 | $13.06 | $0.4M | Form 4 |
| Nov 21, 2025 | Gopal Ajay MadanChief Financial Officer | Sold | 30,196 | $13.06 | $0.4M | Form 4 |
| Nov 21, 2025 | Steve Ming LoChief Accounting Officer | Sold | 22,426 | $13.06 | $0.3M | Form 4 |
| Nov 21, 2025 | Luke Thomas FriangChief Product & Tech Officer | Sold | 18,619 | $13.06 | $0.2M | Form 4 |
| Nov 21, 2025 | Levesque Rati SahiChief Executive Officer | Sold | 97,036 | $13.06 | $1.3M | Form 4 |
| Nov 18, 2025 | Todd A SukoChief Legal Officer and Secret | Sold | 75,693 | $14.08 | $1.1M | Form 4 |
| Nov 17, 2025 | Gilbert L. Baird IIIDirector | Sold | 7,686,442 | $13.21 | $102M | Form 4 |
| Nov 13, 2025 | Steve Ming LoChief Accounting Officer | Sold | 13,542 | $14.27 | $0.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably TheRealReal, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $418M | $294M | $176M | $172M | $151M |
| Interest coverage | β10.0x | β18.1x | β15.5x | β2.6x | β0.9x |
| Current ratio | 2.8x | 1.8x | 1.2x | 0.9x | 0.9x |
| Quick ratio | 2.4x | 1.6x | 1.1x | 0.8x | 0.7x |
| Total assets | $755M | $616M | $447M | $423M | $409M |
| Total liabilities | $682M | $786M | $750M | $830M | $825M |
| Shareholders' equity | $73.1M | β$170M | β$303M | β$407M | β$416M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· TheRealReal, Inc. passes 5 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 3 / 8 | 1 / 8 | 2 / 8 | 2 / 8 | 3 / 8 | 5 / 8 | 5 / 8 |
| Accruals ratio | β | β21.1% | β14.6% | β7.7% | β13.8% | β15.3% | β20.2% | β37.0% | β18.9% |
| Altman Z'' | β | β12.57 | 2.89 | β1.34 | β2.25 | β5.57 | β10.40 | β11.32 | β11.84 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $138M | $214M | $316M | $300M | $468M | $603M | $549M | $600M | $693M |
| Gross profit | $87.6M | $137M | $202M | $188M | $273M | $349M | $376M | $448M | $517M |
| Operating income | β$51.8M | β$73.9M | β$100M | β$173M | β$215M | β$189M | β$166M | β$56.5M | β$23.9M |
| Interest expense | $0.8M | $1.2M | $0.6M | $5.3M | $21.5M | $10.5M | $10.7M | $21.4M | $27.7M |
| Pretax income | β$52.3M | β$75.7M | β$98.2M | β$176M | β$236M | β$196M | β$168M | β$134M | β$41.4M |
| Income tax | $0.1M | $0.1M | $0.2M | $0.1M | $0.1M | $0.2M | $0.3M | $0.3M | $0.4M |
| Net income | β$52.3M | β$75.8M | β$98.4M | β$176M | β$236M | β$196M | β$168M | β$134M | β$41.8M |
| Net income to common | β$54.9M | β$84.7M | β$102M | β$176M | β$236M | β$196M | β$168M | β$134M | β$41.8M |
| Diluted EPS | β$6.74 | β$10.12 | β$2.14 | β$2.01 | β$2.58 | β$2.05 | β$1.65 | β$1.24 | β$0.70 |
| Diluted shares | 0.01B | 0.01B | 0.05B | 0.09B | 0.09B | 0.10B | 0.10B | 0.11B | 0.12B |
| Cash flow | |||||||||
| Cash from operations | β$38.6M | β$47.2M | β$54.5M | β$134M | β$142M | β$91.6M | β$61.3M | $26.8M | $37.0M |
| Capital expenditure | $11.6M | $13.4M | $24.8M | $18.3M | $37.5M | $22.9M | $29.2M | $14.2M | $18.6M |
| Free cash flow | β$50.2M | β$60.6M | β$79.3M | β$153M | β$180M | β$114M | β$90.4M | $12.6M | $18.4M |
| Depreciation and amortization | $5.6M | $9.3M | $13.4M | $18.8M | $23.5M | $27.7M | $31.7M | $33.1M | $33.0M |
| Stock-based compensation | $1.9M | $2.9M | $7.7M | $24.3M | $48.8M | $46.1M | $34.3M | $29.1M | $28.9M |
| Balance sheet | |||||||||
| Cash and short-term investments | $16.5M | $61.5M | $363M | $355M | $418M | $294M | $176M | $172M | $151M |
| Total debt | β | $9.2M | β | β | β | β | β | β | β |
| Current assets | β | $89.1M | $407M | $421M | $518M | $372M | $236M | $233M | $227M |
| Current liabilities | β | $88.4M | $119M | $148M | $188M | $208M | $189M | $249M | $264M |
| Inventory | β | $10.4M | $21.9M | $42.3M | $71.0M | $43.0M | $22.2M | $23.6M | $30.8M |
| Property and equipment, net | β | $33.3M | $55.8M | $63.5M | $89.3M | $113M | $104M | $94.4M | $96.1M |
| Total assets | β | $135M | $465M | $605M | $755M | $616M | $447M | $423M | $409M |
| Total liabilities | β | $98.9M | $128M | $414M | $682M | $786M | $750M | $830M | $825M |
| Shareholders' equity | β$177M | β$258M | $337M | $191M | $73.1M | β$170M | β$303M | β$407M | β$416M |
| Margins | |||||||||
| Gross margin | 63.7% | 64.1% | 63.7% | 62.5% | 58.5% | 57.8% | 68.5% | 74.5% | 74.6% |
| Operating margin | β37.7% | β34.6% | β31.6% | β57.6% | β46.0% | β31.3% | β30.3% | β9.4% | β3.5% |
| EBITDA margin | β33.6% | β30.2% | β27.4% | β51.3% | β40.9% | β26.8% | β24.5% | β3.9% | 1.3% |
| Net margin | β38.0% | β35.4% | β31.1% | β58.6% | β50.5% | β32.6% | β30.7% | β22.3% | β6.0% |
| FCF margin | β36.5% | β28.3% | β25.1% | β50.9% | β38.4% | β19.0% | β16.5% | 2.1% | 2.7% |
| Returns | |||||||||
| Return on capital employed | β | β157.0% | β28.9% | β37.8% | β37.9% | β46.3% | β64.4% | β32.4% | β16.5% |
| Return on equity | β | β | β247.4% | β66.5% | β178.6% | β | β | β | β |
| Return on assets | β | β55.9% | β32.8% | β32.9% | β34.7% | β28.7% | β31.7% | β30.9% | β10.0% |
| Return on tangible equity | β | β | β30.2% | β91.9% | β322.9% | β | β | β | β |
| Growth | |||||||||
| Revenue growth | β | 55.4% | 48.0% | β5.2% | 55.9% | 29.0% | β9.0% | 9.3% | 15.4% |
| FCF growth | β | β | β | β | β | β | β | β | 45.8% |
| Share count change | β | 2.7% | 467.6% | 84.5% | 4.4% | 4.9% | 6.1% | 6.0% | 8.0% |
| Financial health | |||||||||
| Interest coverage | β68.0x | β64.2x | β162.5x | β32.8x | β10.0x | β18.1x | β15.5x | β2.6x | β0.9x |
| Current ratio | β | 1.0x | 3.4x | 2.8x | 2.8x | 1.8x | 1.2x | 0.9x | 0.9x |
| Quick ratio | β | 0.9x | 3.2x | 2.6x | 2.4x | 1.6x | 1.1x | 0.8x | 0.7x |
| Capital allocation | |||||||||
| Capex / revenue | 8.4% | 6.3% | 7.8% | 6.1% | 8.0% | 3.8% | 5.3% | 2.4% | 2.7% |
| Stock comp / revenue | 1.3% | 1.4% | 2.4% | 8.1% | 10.4% | 7.6% | 6.2% | 4.8% | 4.2% |
| Quality scores | |||||||||
| Piotroski F-score | β | β | 3.0 | 1.0 | 2.0 | 2.0 | 3.0 | 5.0 | 5.0 |
| Altman Z'' | β | β12.6 | 2.9 | β1.3 | β2.3 | β5.6 | β10.4 | β11.3 | β11.8 |
| Accruals ratio | β | β21.1% | β14.6% | β7.7% | β13.8% | β15.3% | β20.2% | β37.0% | β18.9% |
Source: SEC EDGAR XBRL filings (CIK 0001573221). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
