Latest Ratios: P/E Ratio -149.0x · EV/EBITDA 52.7x · ROE N/A. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.8B | $1.2B | $205M | $120M | $1.1B | $1.7B | $1.6B | — | — |
| Enterprise Value | $1.9B | $2.2B | $1.6B | $606M | $422M | $1.2B | $1.6B | $1.5B | — | — |
| P/E Ratio → | -148.96 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.98 | 2.65 | 1.96 | 0.37 | 0.20 | 2.27 | 5.71 | 5.12 | — | — |
| P/B Ratio | — | — | — | — | — | 14.51 | 8.95 | 4.80 | — | — |
| P/FCF | 55.93 | 100.11 | — | — | — | — | — | — | — | — |
| P/OCF | 41.90 | 49.68 | 54.72 | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.10 | 2.59 | 1.10 | 0.70 | 2.47 | 5.47 | 4.63 | — | — |
| EV / EBITDA | 52.70 | 237.11 | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 117.10 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.8% | 69.8% | 74.5% | 68.5% | 57.8% | 58.5% | 62.5% | 63.7% | 66.0% | 63.7% |
| Operating Margin | -3.5% | -3.5% | -9.4% | -30.3% | -31.3% | -46.0% | -57.6% | -31.6% | -35.6% | -37.7% |
| Net Profit Margin | -6.0% | -6.0% | -22.3% | -30.7% | -32.6% | -50.5% | -58.6% | -31.1% | -36.5% | -38.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -178.6% | -66.5% | -247.4% | — | — |
| ROA | -10.0% | -10.0% | -30.9% | -31.7% | -28.7% | -34.7% | -32.9% | -32.8% | -71.7% | -68.9% |
| ROIC | — | — | -129.7% | -108.3% | -95.7% | -113.3% | -85.7% | -41.1% | — | — |
| ROCE | -15.0% | -15.0% | -26.1% | -49.9% | -38.8% | -42.0% | -43.0% | -50.8% | -256.4% | -488.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 6.97 | 1.46 | — | — | — |
| Debt / EBITDA | 51.08 | 51.08 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | 1.25 | -0.37 | -0.46 | — | — |
| Net Debt / EBITDA | 34.40 | 34.40 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 16.99 | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.50 | -0.50 | -5.26 | -14.72 | -17.74 | -9.96 | -32.38 | -158.46 | -64.68 | -67.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.86 | 0.86 | 0.94 | 1.25 | 1.79 | 2.75 | 2.84 | 3.43 | 1.01 | 0.72 |
| Quick Ratio | 0.74 | 0.74 | 0.84 | 1.13 | 1.59 | 2.38 | 2.56 | 3.25 | 0.89 | 0.62 |
| Cash Ratio | 0.57 | 0.57 | 0.69 | 0.93 | 1.42 | 2.22 | 2.39 | 3.06 | 0.70 | 0.44 |
| Asset Turnover | — | 1.69 | 1.42 | 1.23 | 0.98 | 0.62 | 0.50 | 0.68 | 1.53 | 1.81 |
| Inventory Turnover | 6.78 | 6.78 | 6.49 | 7.78 | 5.93 | 2.73 | 2.66 | 5.24 | 6.80 | 7.54 |
| Days Sales Outstanding | — | 12.55 | 8.49 | 11.45 | 7.38 | 6.06 | 8.78 | 8.98 | 13.33 | 18.57 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.8% | 1.0% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $117M | $108M | $102M | $96M | $91M | $88M | $86M | $63M | $63M |
Includes 30+ ratios · 9 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying REAL stock.
The RealReal, Inc.'s current P/E ratio is -149.0x. This places it at the 50th percentile of its historical range.
The RealReal, Inc.'s current EV/EBITDA is 52.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Based on historical data, The RealReal, Inc. is trading at a P/E of -149.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The RealReal, Inc. has 69.8% gross margin and -3.5% operating margin.
The RealReal, Inc.'s Debt/EBITDA ratio is 51.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative equity with elevated leverage
Metrics are mathematically derived from official filings.
Premium Multiples Pricing Future Profitability
Based on REAL's reported figures, the stock trades at 2.24 times trailing sales and a forward P/E of 106.89, implying the market is pricing a substantial future earnings recovery rather than current profitability.
With trailing P/E negative at -18.39 and EV/EBITDA of 205.37 on depressed trailing earnings, conventional earnings multiples offer little signal on their own. The forward EV/EBITDA of 25.91 compresses sharply versus trailing, which suggests the valuation hinges on a sizeable step-up in operating earnings that has not yet appeared in reported results. Investors should treat the sales multiple as the more stable anchor while monitoring whether margin expansion materializes at the pace the forward estimates imply.
Gross Margin Gains Not Yet Reaching Earnings
As reported in financial statements, REAL's gross margin rose from 68.6% in 2024Q2 to 74.9% in 2026Q3, yet operating margin only reached 0.7%, indicating fulfillment and operating costs absorb most of the gain.
The structural improvement in gross margin is meaningful and consistent with a shift toward higher-take-rate consignment mix, but it has not yet translated into durable operating profit. Operating margin swung between -13.0% and +3.2% across the period, which points to an operating cost base that scales nearly in step with revenue. Net margin volatility, including 39.0% in 2025Q1, suggests non-operating items distort reported bottom-line profitability and should be adjusted before judging earning power.
Elevated Debt Burden Against Thin Cash
Based on REAL's reported figures, total debt of $462.9M against cash of $130.4M leaves net debt near $332.5M, a reduction of only about $221M since 2024Q2 despite growing revenue.
Debt service coverage appears fragile, with interest coverage ratios turning negative in several quarters and swinging sharply, which limits the reliability of coverage as a comfort signal. The modest pace of net debt reduction suggests deleveraging is driven more by balance sheet shrinkage than by earnings-funded repayment. Investors should monitor refinancing timing and whether operating income can consistently exceed interest expense before treating current leverage as manageable.
Current Ratio Below Parity Under Pressure
As reported in financial statements, REAL's current ratio of 0.84 and quick ratio of 0.69 in 2026Q3 indicate current liabilities exceed current assets, with limited cushion against near-term obligations.
Liquidity has been sub-1.0 for the entire ten-quarter window, showing persistent rather than episodic tightness. Because the quick ratio sits only modestly below the current ratio, inventory is not the dominant source of the gap, though it still contributes to current assets. Under a severe stress scenario, a shortfall in cash conversion would leave limited headroom, which warrants further investigation of the company's working capital facilities.
Cash Conversion Cycle Shows Seasonal Swings
According to the reported quarterly series, REAL's cash conversion cycle ranged from 27 to 50 days, with inventory days moving between 49 and 65, suggesting working capital timing drives much of the cash volatility.
The shift in days inventory outstanding between quarters is large relative to the stable asset turnover of roughly 0.35 to 0.53, pointing to seasonal sell-through rather than a structural efficiency change. Payables days expanded from 21 to 36, which may reflect supplier leverage that could reverse and pressure cash. Investors should view the most recent cycle of 50 days as a function of timing and track whether inventory aging stabilizes.
Misapplied Operating Margin Framing for Consignment
Based on reported figures, operating margin is often read as the core earnings signal, yet for a consignment model where REAL earns commissions on third-party goods, gross merchandise volume and take rate may better capture economic activity.
Consignment revenue is recognized net of the consignor's share, so headline revenue and margin ratios can understate the transaction volume flowing through the platform while overstating the stability of the commission base. Applying a conventional retail margin lens therefore may misread the business, since fulfillment and authentication labor scale with unit volume rather than with reported sales. Investors should pair the margin ratios with GMV growth and take-rate trends before inferring the path to sustained profitability.