TheRealReal, Inc. REAL
The RealReal is the world's largest online marketplace for authenticated, resale luxury goods. We are revolutionizing luxury resale by providing an end-to-end service that unlocks supply and creates a trusted, curated online marketplace for buyers globally. Since our inception, we have cultivated a loyal and engaged consignor and buyer base through continuous investment in our technology platform, logistics infrastructure, brand and people.
We offer a wide selection of authenticated, primarily pre-owned luxury goods on our online marketplace bearing the brands of thousands of luxury and premium designers. The top-selling luxury designers on our online marketplace include Cartier, Chanel, Christian Dior, Gucci, Hermès, Louis Vuitton, Prada, Rolex, Saint Laurent, Tiffany & Co., Van Cleef & Arpels and Bvlgari. We offer products across multiple categories including women's fashion, men's fashion, jewelry and watches. We have built a vibrant online marketplace that we believe expands the overall luxury market, promotes the recirculation of luxury goods and contributes to a more sustainable world.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $692.8M | $600.5M | $549.3M | $603.5M | $467.7M | $299.9M | $316.4M | $213.7M | $137.5M | — |
| Cost of revenue | $176.0M | $153.0M | $173.0M | $254.8M | $194.2M | $112.4M | $114.8M | $76.8M | $49.9M | — |
| Gross profit | $516.8M | $447.5M | $376.3M | $348.7M | $273.5M | $187.6M | $201.5M | $136.9M | $87.6M | — |
| SG&A | $201.6M | $187.7M | $183.8M | $195.3M | $176.2M | $140.7M | $110.7M | $63.7M | $44.0M | — |
| Total operating expenses | $540.8M | $504.0M | $542.6M | $537.9M | $488.4M | $360.4M | $301.6M | $210.8M | $139.4M | — |
| Operating income | -$23.9M | -$56.5M | -$166.3M | -$189.2M | -$214.9M | -$172.8M | -$100.1M | -$73.9M | -$51.8M | — |
| Interest expense | $27.7M | $21.4M | $10.7M | $10.5M | $21.5M | $5.3M | $616.0K | $1.2M | $762.0K | — |
| Pre-tax income | -$41.4M | -$133.9M | -$168.2M | -$196.3M | -$236.1M | -$175.7M | -$98.2M | -$75.7M | -$52.3M | — |
| Income tax | $363.0K | $276.0K | $283.0K | $172.0K | $56.0K | $101.0K | $199.0K | $99.0K | $57.0K | — |
| Net income | $41.80B | $134.20B | $168.47B | $196.44B | $236.11B | -$175.8M | -$98.4M | -$75.8M | -$52.3M | — |
| EPS, basic | -0.36 | -1.24 | -1.65 | -2.05 | -2.58 | -2.01 | -2.14 | — | — | — |
| EPS, diluted | -0.70 | -1.24 | -1.65 | -2.05 | -2.58 | -2.01 | -2.14 | -10.12 | -6.74 | — |
| Shares, diluted (wtd. avg.) | $116.5M | $107.9M | $101.8M | $95.9M | $91.4M | $87.6M | $47.5M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $151.2M | $172.2M | $175.7M | $293.8M | $418.2M | $350.8M | $154.4M | $34.4M | $16.5M | — |
| Short-term investments | — | — | — | — | $0 | $4.0M | $208.8M | $27.1M | — | — |
| Receivables | $23.8M | $14.0M | $17.2M | $12.2M | $7.8M | $7.2M | $7.8M | $7.6M | — | — |
| Inventory | $30.8M | $23.6M | $22.2M | $43.0M | $71.0M | $42.3M | $21.9M | $10.4M | — | — |
| Total current assets | $227.5M | $232.7M | $235.9M | $372.3M | $517.8M | $421.5M | $406.8M | $89.1M | — | — |
| Property, plant and equipment | $96.1M | $94.4M | $104.1M | $112.7M | $89.3M | $63.5M | $55.8M | $33.3M | — | — |
| Total assets | $409.0M | $423.1M | $446.9M | $615.6M | $754.9M | $605.1M | $465.2M | $135.4M | — | — |
| Accounts payable | $14.6M | $11.0M | $9.0M | $11.9M | $4.5M | $14.3M | $11.2M | $5.1M | — | — |
| Short-term debt | — | — | — | — | — | — | — | $6.0M | — | — |
| Total current liabilities | $264.2M | $248.7M | $188.9M | $207.5M | $188.0M | $148.3M | $118.5M | $88.4M | — | — |
| Long-term debt | — | — | — | — | — | — | — | $3.2M | — | — |
| Total liabilities | $824.6M | $830.5M | $750.2M | $785.7M | $681.8M | $413.8M | $128.0M | $98.9M | — | — |
| Retained earnings | -$1.30B | -$1.25B | -$1.12B | -$951.2M | -$768.1M | -$532.0M | -$356.2M | -$257.7M | — | — |
| Total equity | -$415.5M | -$407.4M | -$303.3M | -$170.1M | $73.1M | $191.3M | $337.2M | -$257.7M | -$177.0M | -$122.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $37.0M | $26.8M | -$61.3M | -$91.6M | -$142.2M | -$134.4M | -$54.5M | -$47.2M | -$38.6M | — |
| Depreciation and amortisation | $33.0M | $33.1M | $31.7M | $27.7M | $23.5M | $18.8M | $13.4M | $9.3M | $5.6M | — |
| Stock-based compensation | $28.9M | $29.1M | $34.3M | $46.1M | $48.8M | $24.3M | $7.7M | $2.9M | $1.9M | — |
| Capital expenditure | $18.6M | $14.2M | $29.2M | $22.9M | $37.5M | $18.3M | $24.8M | $13.4M | $11.6M | — |
| Investing cash flow | -$29.2M | -$25.6M | -$42.1M | -$36.9M | -$43.4M | $178.0M | -$215.4M | -$33.9M | -$11.3M | — |
| Financing cash flow | -$28.9M | -$4.8M | $226.0K | $4.1M | $252.9M | $152.8M | $378.7M | $106.1M | $46.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001573221-26-000036.
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