REAL · Therealreal, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $692.85M | $600.48M | $549.30M | $603.49M | $467.69M | $299.95M |
| Cost of Revenue | $176.02M | $152.96M | $173.03M | $254.80M | $194.22M | $112.38M |
| Gross Profit | $516.82M | $447.52M | $376.28M | $348.69M | $273.48M | $187.57M |
| R&D | - | - | - | - | - | - |
| SG&A | $201.59M | $187.74M | $182.45M | $195.16M | $176.42M | $141.76M |
| Total Operating Expenses | $540.76M | $504.02M | $542.57M | $537.85M | $488.38M | $360.38M |
| D&A | $33.00M | $33.10M | $31.70M | $27.67M | $23.53M | $18.84M |
| Operating Income | ($23.93M) | ($56.49M) | ($166.29M) | ($189.16M) | ($214.91M) | ($172.82M) |
| Interest Expense | $27.70M | $21.38M | $10.70M | $10.47M | $21.53M | $5.26M |
| Income Tax | $363.0K | $276.0K | $283.0K | $172.0K | $56.0K | $101.0K |
| Net Income | ($41.80M) | ($134.20M) | ($168.47M) | ($196.44M) | ($236.11M) | ($175.83M) |
| EPS - Basic | ($0.36) | ($1.24) | ($1.65) | ($2.05) | ($2.01) | - |
| EPS - Diluted | ($0.70) | ($1.24) | ($1.65) | ($2.05) | ($2.01) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $151.23M | $172.21M | $175.71M | $293.79M | $418.17M | $350.85M |
| Accounts Receivable | $23.82M | $13.96M | $17.23M | $12.21M | $7.77M | $7.21M |
| Inventory | $30.84M | $23.58M | $22.25M | $42.97M | $71.02M | $42.32M |
| Accounts Payable | $14.56M | $11.00M | $8.96M | $11.90M | $4.50M | $14.35M |
| Current Assets | $227.49M | $232.67M | $235.95M | $372.26M | $517.81M | $421.47M |
| Total Assets | $409.03M | $423.10M | $446.92M | $615.64M | $754.94M | $605.11M |
| Current Liabilities | $264.24M | $248.68M | $188.86M | $207.51M | $187.99M | $148.26M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $824.55M | $830.47M | $750.22M | $785.73M | $681.82M | $413.82M |
| Stockholders' Equity | ($415.52M) | ($407.38M) | ($303.30M) | ($170.09M) | $73.13M | $191.29M |
| Retained Earnings | ($1.30B) | ($1.25B) | ($1.12B) | ($951.15M) | ($768.13M) | ($532.02M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $37.01M | $26.85M | ($61.27M) | ($91.56M) | ($142.15M) | ($134.42M) |
| Investing Cash Flow | ($29.22M) | ($25.59M) | ($42.13M) | ($36.92M) | ($43.44M) | $178.00M |
| Financing Cash Flow | ($28.87M) | ($4.76M) | $226.0K | $4.10M | $252.91M | $152.81M |
| CapEx | $18.64M | $14.25M | $29.18M | $22.86M | $37.47M | $18.25M |
| Free Cash Flow | $18.37M | $12.60M | ($90.44M) | ($114.42M) | ($179.62M) | ($152.67M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 74.6% | 74.5% | 68.5% | 57.8% | 58.5% | 62.5% |
| Operating margin | -3.5% | -9.4% | -30.3% | -31.3% | -46.0% | -57.6% |
| EBITDA margin | 1.3% | -3.9% | -24.5% | -26.8% | -40.9% | -51.3% |
| Net margin | -6.0% | -22.3% | -30.7% | -32.6% | -50.5% | -58.6% |
| Free cash flow margin | 2.7% | 2.1% | -16.5% | -19.0% | -38.4% | -50.9% |
| FCF / Net income | -0.44 | -0.09 | 0.54 | 0.58 | 0.76 | 0.87 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 29.1% | 31.3% | 33.2% | 32.3% | 37.7% | 47.3% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -10.2% | -31.7% | -37.7% | -31.9% | -31.3% | -29.1% |
| Return on equity | 10.1% | 32.9% | 55.5% | 115.5% | -322.9% | -91.9% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.86 | 0.94 | 1.25 | 1.79 | 2.75 | 2.84 |
| Quick ratio | 0.74 | 0.84 | 1.13 | 1.59 | 2.38 | 2.56 |
| Cash ratio | 0.57 | 0.69 | 0.93 | 1.42 | 2.22 | 2.37 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -0.9x | -2.6x | -15.5x | -18.1x | -10.0x | -32.8x |
| Equity multiplier | -0.98 | -1.04 | -1.47 | -3.62 | 10.32 | 3.16 |
| Liabilities / Assets | 2.02 | 1.96 | 1.68 | 1.28 | 0.90 | 0.68 |
| Efficiency | ||||||
| Asset turnover | 1.69 | 1.42 | 1.23 | 0.98 | 0.62 | 0.50 |
| Inventory turnover | 5.71 | 6.49 | 7.78 | 5.93 | 2.73 | 2.66 |
| Days sales outstanding | 13d | 8d | 11d | 7d | 6d | 9d |
| Days inventory outstanding | 64d | 56d | 47d | 62d | 133d | 137d |
| Days payable outstanding | 30d | 26d | 19d | 17d | 8d | 47d |
| Cash conversion cycle | 46d | 39d | 39d | 52d | 131d | 100d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | 13.9x | - |
| P / S | 2.7x | 2.0x | 0.4x | 0.2x | 2.2x | - |
| EV / EBITDA | 186.0x | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 15.4% | 9.3% | -9.0% | 29.0% | 55.9% | -5.7% |
| Revenue CAGR (3y) | 4.7% | 8.7% | 22.3% | 23.8% | - | - |
| Revenue CAGR (5y) | 18.2% | 13.6% | - | - | - | - |
| Gross profit growth (YoY) | 15.5% | 18.9% | 7.9% | 27.5% | 45.8% | 37.0% |
| Operating income growth (YoY) | 57.6% | 66.0% | 12.1% | 12.0% | -24.4% | -75.6% |
| Net income growth (YoY) | 68.9% | 20.3% | 14.2% | 16.8% | -34.3% | -236.1% |
| EPS growth (YoY) | 43.5% | 24.8% | 19.5% | -2.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 45.8% | - | 21.0% | 36.3% | -17.7% | -112.2% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -2.0% | -34.3% | -78.3% | - | -61.8% | -43.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$692.85M totalReportable Segment$692.85M · 100.0%
Product / service
$692.85M totalService$535.88M · 77.3%
Product$91.09M · 13.1%
Shipping And Handling$65.88M · 9.5%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-1.45
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Retail-Miscellaneous Retail
Comparing TheRealReal against the 5 most active filers in the same SIC group.