The RealReal, Inc. (REAL) Stock Analysis
Consumer Cyclical · Luxury Goods · NasdaqGS
The RealReal, Inc. (REAL) posted $692.85M in revenue for fiscal 2025 (up 15.4% year over year), with a net loss of $41.80M, and has compounded revenue about 18.2%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on The RealReal, Inc.
The RealReal, Inc. has grown revenue from $137.52M to $692.85M over the last 9 fiscal years, compounding about 18.2% a year. The most recent year was up 15.4%, so growth has cooled from its longer-run pace.
Net margin sits at -6%, up 16.3 points year over year on a 74.6% gross margin. It carries about $371.81M of total debt.
At today's valuation the market is pricing in roughly 40.6% annual free-cash-flow growth. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from The RealReal, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
The RealReal, Inc. revenue & earnings — last 9 fiscal years
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $137.52M | $213.73M | $316.35M | $299.95M | $467.69M | $603.49M | $549.30M | $600.48M | $692.85M |
| Gross profit | $87.64M | $136.92M | $201.52M | $187.57M | $273.48M | $348.69M | $376.28M | $447.52M | $516.82M |
| Net income | $-52.31M | $-75.77M | $-98.43M | $-175.83M | $-236.11M | $-196.44M | $-168.47M | $-134.20M | $-41.80M |
| Net margin | -38.0% | -35.4% | -31.1% | -58.6% | -50.5% | -32.6% | -30.7% | -22.3% | -6.0% |
Source: The RealReal, Inc. SEC filings (10-K).
The RealReal, Inc.: 4 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 70.6% while revenue rose 15.4% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Share count rising (dilution)Shares outstanding grew 27.3% over 4 years (93M → 118.3M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $371.8M is 10.0× last year's operating cash flow — it would take years of cash flow to clear.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -6.0%).
What growth is priced into REAL stock?
At today's market cap of $1.14B, The RealReal, Inc. is priced for free-cash-flow growth of about 40.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $5.48M from the FY ending 2025-12-31). For comparison, revenue 18.2%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 9 years of The RealReal, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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The RealReal, Inc. financial history by metric
About The RealReal, Inc.
The RealReal, Inc. operates an online marketplace for resale luxury goods worldwide. It provides a range of product categories, including women's fashion, men's fashion, jewelry, and watches. The company sells products through its website, online marketplace, mobile app, and retail stores. The RealReal, Inc. was incorporated in 2011 and is headquartered in San Francisco, California.
The RealReal, Inc. — frequently asked questions
What is The RealReal, Inc.'s revenue?
The RealReal, Inc. (REAL) reported revenue of $692.85M for fiscal year 2025, up 15.4% from the prior year, according to its SEC filings.
Is The RealReal, Inc. profitable?
No — REAL reported a net loss of $-41.80M in fiscal 2025.
What is REAL's P/E ratio?
The RealReal, Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is The RealReal, Inc. growing?
REAL's revenue grew at roughly 18.2% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does The RealReal, Inc. have?
As of fiscal year 2025, REAL carried roughly $371.81M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is The RealReal, Inc.'s gross margin?
REAL's gross margin was 74.6% in fiscal 2025 — gross profit of $516.82M on revenue of $692.85M.
What is The RealReal, Inc.'s market cap?
The RealReal, Inc. (REAL) has a market capitalization of about $1.14B, based on the latest data in our nightly-refreshed cache.
When does The RealReal, Inc.'s fiscal year end?
REAL's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into REAL stock?
At today's market cap of $1.14B, The RealReal, Inc. is priced for free-cash-flow growth of about 40.6% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $5.48M from the FY ending 2025-12-31). For comparison, revenue 18.2%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from The RealReal, Inc.'s official SEC filings (10-K and 10-Q), covering 9 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.