REALThe RealReal, Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is REAL?
The RealReal, Inc. keeps −0.78% of every revenue dollar as operating profit, against 6.8% for the median Luxury Goods name.
Operating margin · Luxury Goods median 6.8% · 12 months to Q2 2026
- Share count, year on year
- +1.3%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 75%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −58% |
| FY2021 | −46% |
| FY2022 | −31% |
| FY2023 | −30% |
| FY2024 | −9.4% |
| FY2025 | −3.5% |
Details›
- Gross margin12 months to Q2 2026
- 75%
- Operating margin12 months to Q2 2026
- −0.78%
- Net margin12 months to Q2 2026
- −11%
- Free cash flow margin
- 4.8%
- Revenue, trailing twelve months
- $750M
- Free cash flow, trailing twelve months
- $36M
- Net income, trailing twelve months
- −$81M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Luxury Goods
Ranks #6 of 6 by RyuScore