The RealReal, Inc. (REAL) Key Metrics
REAL valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $1.26B
- Enterprise value
- $1.46B
- P/E (TTM)
- —
- Forward P/E
- 38.2
- PEG ratio
- —
- Price / sales
- 1.7 10-yr median 2.3
- Price / book
- 4.8 10-yr median 8.9
- EV / EBITDA
- 93.7
- Dividend yield
- —
- Beta
- 2.81
REAL key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsREAL valuation Price multiples at each fiscal year-end price.
Price / sales+35.1%
2.7
2025 · hover or tap a bar for each year
20172025
Free cash flow yield+1.4 pts
1.0%
2025 · hover or tap a bar for each year
20172025
REAL returns How much profit the business earns on the capital it uses.
Return on assets+20.8 pts
−10.0%
2025 · hover or tap a bar for each year
20172025
Free cash flow margin+3.4 pts
2.7%
2025 · hover or tap a bar for each year
20172025
Asset turnover+20.6%
1.67
2025 · hover or tap a bar for each year
20172025
REAL per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+6.8%
$5.95
2025 · hover or tap a bar for each year
20172025
Earnings per share
−$0.36
2025 · hover or tap a bar for each year
20172025
Free cash flow per share
$0.16
2025 · hover or tap a bar for each year
20172025
Book value per share
−$3.57
2025 · hover or tap a bar for each year
20172025
Shares outstanding+8.0%
116.5M
2025 · hover or tap a bar for each year
20172025
REAL financial health Debt, liquidity and how easily interest is covered.
Net debt−$62.3M
$312.0M
2025 · hover or tap a bar for each year
20172025
Current ratio−8.0%
0.86
2025 · hover or tap a bar for each year
20172025
Interest coverage
-0.9
2025 · hover or tap a bar for each year
20172025
Debt / assets−12.3%
1.13
2025 · hover or tap a bar for each year
20172025
REAL efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding0 days
10 days
2025 · hover or tap a bar for each year
20172025
Days of inventory−7 days
48 days
2025 · hover or tap a bar for each year
20172025
Days payables outstanding−1 days
22 days
2025 · hover or tap a bar for each year
20172025
Cash conversion cycle−5 days
35 days
2025 · hover or tap a bar for each year
20172025
Capex / revenue−1.6 pts
2.7%
2025 · hover or tap a bar for each year
20172025
REAL valuation history
Fiscal year-endToday9-year median
REAL returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
REAL debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
REAL cash returned to shareholders
DividendsBuybacksFree cash flow
REAL price vs earnings per share
Share price at year-endEPS (right axis)
REAL key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $1.84B | $1.18B | $204.6M | $119.9M | $1.06B | $1.71B | $1.62B | — | — |
| Enterprise value | $2.15B | $1.55B | $606.3M | $421.9M | $1.15B | $1.64B | $1.35B | — | — |
| Price / sales | 2.7 | 2.0 | 0.4 | 0.2 | 2.3 | 5.7 | 5.1 | — | — |
| Price / book | — | — | — | — | 14.5 | 8.9 | 4.8 | — | — |
| Price / free cash flow | 100.1 | — | — | — | — | — | — | — | — |
| Price / operating cash flow | 49.7 | 54.7 | — | — | — | — | — | — | — |
| EV / sales | 3.1 | 2.6 | 1.1 | 0.7 | 2.5 | 5.5 | 4.3 | — | — |
| EV / EBITDA | 111.6 | — | — | — | — | — | — | — | — |
| EV / free cash flow | 117.1 | — | — | — | — | — | — | — | — |
| Earnings yield | −2.3% | −11.4% | −82.3% | −163.8% | −22.2% | −10.3% | −6.1% | — | — |
| Free cash flow yield | 1.0% | −0.4% | −44.2% | −95.4% | −17.9% | −9.4% | −5.5% | — | — |
| Dividend yield | — | — | — | — | 26.2% | 9.7% | 0.0% | — | — |
| Shareholder yield (dividends + buybacks) | — | — | 0.3% | 0.2% | 26.2% | 9.7% | 0.0% | — | — |
| Share price at fiscal year-end | $15.78 | $10.93 | $2.01 | $1.25 | $11.61 | $19.54 | $18.85 | — | — |
| Per share | |||||||||
| Revenue per share | $5.95 | $5.57 | $5.40 | $6.29 | $5.12 | $3.42 | $3.68 | $3.32 | $2.20 |
| Earnings per share | −$0.36 | −$1.24 | −$1.65 | −$2.05 | −$2.58 | −$2.01 | −$1.15 | −$1.21 | −$0.84 |
| Operating cash flow per share | $0.32 | $0.20 | −$0.60 | −$0.95 | −$1.56 | −$1.53 | −$0.63 | −$0.75 | −$0.62 |
| Free cash flow per share | $0.16 | −$0.04 | −$0.89 | −$1.19 | −$2.07 | −$1.84 | −$1.03 | −$1.06 | −$0.84 |
| Cash per share | $1.30 | $1.60 | $1.73 | $3.06 | $4.57 | $4.05 | $4.23 | $0.98 | $0.46 |
| Book value per share | −$3.57 | −$3.78 | −$2.98 | −$1.77 | $0.80 | $2.18 | $3.93 | −$4.12 | −$2.83 |
| Tangible book value per share | −$3.57 | −$3.78 | −$2.98 | −$1.77 | $0.80 | $2.18 | $3.93 | −$4.12 | −$2.83 |
| Dividends per share | — | — | — | — | $3.04 | $1.89 | $0.00 | — | — |
| Capex per share | $0.16 | $0.24 | $0.29 | $0.24 | $0.52 | $0.31 | $0.40 | $0.31 | $0.23 |
| Debt per share | $3.98 | $5.07 | $5.67 | $6.21 | $5.58 | $3.19 | $1.10 | $0.15 | $0.22 |
| Shares outstanding | 116.5M | 107.9M | 101.8M | 95.9M | 91.4M | 87.6M | 85.9M | 62.5M | 62.5M |
| Change in shares outstanding | +8.0% | +6.0% | +6.1% | +4.9% | +4.4% | +2.0% | +37.3% | 0.0% | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | — | — | — | — | −178.6% | −66.5% | −247.4% | — | — |
| Return on invested capital (ROIC) | — | — | −114.1% | −100.8% | −121.1% | −148.3% | — | — | — |
| Return on assets (ROA) | −10.0% | −30.9% | −31.7% | −28.7% | −34.7% | −32.9% | −32.8% | −71.7% | −68.9% |
| Return on tangible assets | −10.2% | −31.7% | −37.7% | −31.9% | −31.3% | −29.1% | −21.2% | −55.9% | −68.9% |
| Free cash flow margin | 2.7% | −0.7% | −16.5% | −19.0% | −40.5% | −53.8% | −28.0% | −32.0% | −38.3% |
| Financial health | |||||||||
| Total debt | $463.3M | $546.6M | $577.4M | $595.7M | $509.8M | $279.3M | $94.4M | $9.2M | $13.7M |
| Cash & short-term investments | $151.2M | $172.2M | $175.7M | $293.8M | $418.2M | $354.9M | $363.3M | $61.5M | $28.9M |
| Net debt | $312.0M | $374.3M | $401.7M | $301.9M | $91.6M | −$75.6M | −$268.8M | −$52.3M | −$15.2M |
| Debt / equity | — | — | — | — | 6.97 | 1.46 | 0.28 | — | — |
| Debt / assets | 1.13 | 1.29 | 1.29 | 0.97 | 0.68 | 0.46 | 0.20 | 0.07 | 0.18 |
| Net debt / EBITDA | 16.19 | — | — | — | — | — | — | — | — |
| Current ratio | 0.86 | 0.94 | 1.25 | 1.79 | 2.75 | 2.84 | 3.43 | 1.01 | 0.72 |
| Quick ratio | 0.74 | 0.84 | 1.13 | 1.59 | 2.38 | 2.56 | 3.25 | 0.89 | 0.62 |
| Interest coverage | -0.9 | -2.6 | -15.5 | -18.1 | -10.0 | -32.8 | -162.5 | -64.2 | -68.0 |
| Working capital | −$36.7M | −$16.0M | $47.1M | $164.7M | $329.8M | $273.2M | $288.2M | $792,000 | −$18.5M |
| Invested capital | −$103.5M | −$33.0M | $98.4M | $131.9M | $164.7M | $115.7M | $68.4M | −$310.0M | −$192.2M |
| Tangible asset value | −$415.5M | −$407.4M | −$303.3M | −$170.1M | $73.1M | $191.3M | $337.2M | −$257.7M | −$177.0M |
| Net current asset value | −$597.1M | −$597.8M | −$514.3M | −$413.5M | −$164.0M | $7.7M | $278.8M | −$304.0M | −$206.1M |
| Graham net-net per share | −$5.49 | −$5.90 | −$5.41 | −$4.81 | −$2.43 | −$0.37 | $2.94 | −$5.13 | −$3.45 |
| Capital allocation | |||||||||
| Dividends paid | — | — | — | — | $278.2M | $165.5M | $130,000 | — | — |
| Share buybacks (net) | — | — | $679,000 | $205,000 | $5,000 | $748,000 | $130,000 | $0 | $0 |
| Capex / revenue | 2.7% | 4.3% | 5.3% | 3.8% | 10.1% | 9.0% | 10.8% | 9.2% | 10.3% |
| Capex / operating cash flow | 50.4% | 120.9% | — | — | — | — | — | — | — |
| Capex / depreciation | 0.56 | 0.79 | 0.92 | 0.83 | 2.02 | 1.43 | 2.54 | 2.06 | 2.51 |
| Stock-based compensation / revenue | 4.2% | 4.8% | 6.2% | 7.6% | 10.4% | 8.1% | 2.7% | 1.8% | 1.3% |
| R&D / revenue | 35.1% | 37.9% | 41.0% | 41.7% | 45.4% | 48.3% | 41.0% | 50.6% | 42.7% |
| SG&A / revenue | 38.2% | 40.5% | 80.3% | 42.8% | 51.1% | 65.5% | 50.1% | 81.3% | 74.7% |
| Efficiency | |||||||||
| Days sales outstanding | 10.0 | 9.5 | 9.8 | 6.0 | 5.8 | 9.1 | 8.9 | 12.8 | 18.6 |
| Days of inventory on hand | 47.5 | 54.7 | 68.8 | 81.6 | 106.5 | 104.3 | 51.3 | 44.0 | 48.4 |
| Days payables outstanding | 22.3 | 23.8 | 22.0 | 11.7 | 17.7 | 41.4 | 25.9 | 32.9 | 55.4 |
| Cash conversion cycle (days) | 35.1 | 40.3 | 56.6 | 75.9 | 94.6 | 72.0 | 34.2 | 23.8 | 11.6 |
| Receivables turnover | 36.67 | 38.51 | 37.33 | 60.43 | 62.44 | 40.01 | 41.22 | 28.47 | 19.65 |
| Payables turnover | 16.35 | 15.32 | 16.59 | 31.06 | 20.61 | 8.81 | 14.08 | 11.08 | 6.59 |
| Inventory turnover | 7.68 | 6.68 | 5.31 | 4.47 | 3.43 | 3.50 | 7.12 | 8.30 | 7.54 |
| Asset turnover | 1.67 | 1.38 | 1.03 | 0.88 | 0.69 | 0.56 | 1.05 | 1.96 | 1.81 |
| Average receivables | $18.9M | $15.6M | $14.7M | $10.0M | $7.5M | $7.5M | $7.7M | $7.3M | $7.0M |
| Average payables | $12.8M | $10.0M | $10.4M | $8.2M | $9.4M | $12.8M | $8.2M | $6.4M | $7.6M |
| Average inventory | $27.2M | $22.9M | $32.6M | $57.0M | $56.7M | $32.1M | $16.1M | $8.5M | $6.6M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from REAL's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
REAL valuation and financial ratios
It ended the year with $463.3 million of debt and $151.2 million in cash and short-term investments, net debt of $312.0 million. The share count rose 86.3% from 62.5M to 116.5M over 8 years.
See the REAL income statement, the REAL chart for price history, or the REAL stock overview for the latest quote and news.
REAL key metrics FAQ
What is RealReal's EV/EBITDA?
RealReal's enterprise value was 111.6 times EBITDA at the end of fiscal 2025 (enterprise value $2.2 billion, EBITDA $19.3 million); the current EV/EBITDA is 93.7.
How much debt does RealReal have?
RealReal had total debt of $463.3 million at the end of fiscal 2025 and $312.0 million of net debt (16.19 times EBITDA).
What is RealReal's free cash flow yield?
RealReal generated $18.4 million of free cash flow in fiscal 2025, a free cash flow yield of 1.0% on its market value at year-end ($1.8 billion).
What is RealReal's current ratio?
RealReal's current ratio was 0.86 at the end of fiscal 2025: current assets were 0.86 times current liabilities.