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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.
The business is unprofitable at the operating level (-3.45% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 15.4% YoY with margins expanding 6.0pp.
Net debt of $171M represents 9.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$723M
▲ +15.4% YoY
Net Income (TTM)
-$65M
▲ +68.9% YoY
Op. Margin
-1.86%
▲ +6.0pp YoY
ROIC
-3.25%
▲ +3.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$27M
▲ +45.8% YoY
Op. Cash Flow (TTM)
$49M
▲ +37.9% YoY
Net Debt
$196M
Cash & Equiv.
$124M
5Y CAGR: +18.2%
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