# TheRealReal, Inc. (REAL) · Edgar & Edgarette company card

> TheRealReal (REAL) grew revenue 15.4% in FY2025 to $693 million, operating margin -3.5% against a 4.7% median for miscellaneous retail, equity -102% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1573221 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/REAL) · [JSON](https://www.pops4.com/boards/company/REAL.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $693M |
| Revenue growth, 1 year | 15.4% |
| Revenue growth per year | 10.3% |
| Operating margin | -3.5% (prior year -9.4%) |
| Net margin | -6.0% |
| Operating cash flow | $37M |
| Capital spending | $19M |
| Free cash flow | $18M |
| Cash | $151M |
| Long-term debt | — |
| Total assets | $409M |
| Total equity | −$416M |
| Equity ÷ assets | -101.6% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -11.84 (distress zone)
- Piotroski F: 6 of 9 (solid)
- Beneish M: -2.86 (below the −1.78 line)
- Health Harbor boat: Old boat · three warning signs · liabilities exceed assets (often from years of share buybacks, not always distress); slow and jumpy: growing slower than its size class, with revenue that swings more; operating loss: a margin of -3.5% in FY2025
- Cash Compass: Fading · slow and jumpy, lagging its peers

## Edgarette's reading

Exposure: revenue $692.8M (FY2025). Experience: revenue up 15.4% on the year, up 10.3% a year over 4 years; operating margin -3.5%, up from -9.4%. Soundness: equity -101.6% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $608.8M and $919.4M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $548.4M to $1.0B. A statistical range, not company guidance. Against peers (9 filers, $50M+ revenue, retail-miscellaneous retail): operating margin -3.5% against a 4.7% median; growth 15.4% against 7.9%.

Range logged 2026-09-27, receipt 2437bb0410577ff0, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 3, latest 2026-11-05 ([filing](https://www.sec.gov/Archives/edgar/data/1573221/000157322126000069/0001573221-26-000069-index.htm))

## Recent filings

- 8-K · filed 2026-11-05 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1573221/000157322126000069/0001573221-26-000069-index.htm)
- 10-Q · filed 2026-10-29 · [filing](https://www.sec.gov/Archives/edgar/data/1573221/000157322126000066/0001573221-26-000066-index.htm)
- 8-K · filed 2026-10-29 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1573221/000157322126000064/0001573221-26-000064-index.htm)
- 8-K · filed 2026-10-15 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1573221/000119312526422329/0001193125-26-422329-index.htm)
- 10-Q · filed 2026-08-06 · [filing](https://www.sec.gov/Archives/edgar/data/1573221/000157322126000053/0001573221-26-000053-index.htm)
- 8-K · filed 2026-08-06 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1573221/000157322126000052/0001573221-26-000052-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001573221.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1573221

## Cite

POPS4, Edgar & Edgarette: TheRealReal, Inc. (REAL) company card, from the company's own SEC filings, accessed 2026-11-12, https://www.pops4.com/boards/company/REAL. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.