The RealReal

REAL

Luxury Goods · Consumer Cyclical

Price

$11.21

-0.19 (-1.67%)

Market Cap

$3.25B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+218.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 91.4M (2021) → 291.3M (2025)

The RealReal, Inc. operates an online marketplace for consigned luxury goods in the United State. It offers various product categories, including women's, men's, kids', jewelry and watches, and home and art products. The company was incorporated in 2011 and is headquartered in San Francisco, California.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+135.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$243M/ year

↑ Rising (+7% vs prior year)

35.1% of revenue

8.8x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

20.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~15 months

$124M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

The RealReal is putting 35% of revenue into R&D and that number is rising. That's 8.8x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

74.5%

Premium pricing power — 74.5% gross margin

Operating Margin

-1.2%

Losing money on operations — -1.2%

ROCE

-2.2%

Weak — -2.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+17.2%

Fast-growing sales (17.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

1.7%

Thin free cash flow (1.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

27.3x

Growth-priced — P/E 27.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

-158.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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