TheRealReal, Inc. (REAL) intrinsic value & 10-year financials
TheRealReal, Inc. (REAL) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 22.4% a year to $692.8M, with an average return on invested capital of 104.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $10.39
- Market cap
- $1.2B
- Revenue (FY2025)
- $692.8M
- Revenue growth (10-yr CAGR)
- 22.4%
- ROIC (10-yr avg)
- 104.0%
- Free cash flow (FY2025)
- $18.4M
REAL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $692.8M | -$41.8M | -$0.70 | $18.4M | -3.5% | 6.7% |
| FY2024 | $600.5M | -$134.2M | -$1.24 | $12.6M | -9.4% | 15.4% |
| FY2023 | $549.3M | -$168.5M | -$1.65 | -$90.4M | -30.3% | 46.7% |
| FY2022 | $603.5M | -$196.4M | -$2.05 | -$114.4M | -31.3% | 70.0% |
| FY2021 | $467.7M | -$236.1M | -$2.58 | -$179.6M | -46.0% | 174.5% |
| FY2020 | $299.9M | -$175.8M | -$2.01 | -$152.7M | -57.6% | 388.6% |
| FY2019 | $318.0M | -$96.7M | -$2.14 | -$79.3M | -30.9% | — |
| FY2018 | $213.7M | -$75.8M | — | -$60.6M | -34.6% | 26.1% |
| FY2017 | $137.5M | -$52.3M | — | -$50.2M | -37.7% | — |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TheRealReal, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
TheRealReal, Inc. has earned high returns on invested capital, averaging 24.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
TheRealReal, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TheRealReal, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-23.25 per share.