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The RealReal Valuation Multiples
Discover revenue and EBITDA valuation multiples for The RealReal and similar public comparables like Upwork, TBO.com, SMZDM.com, BuySell Technologies and more.
The RealReal Overview
About The RealReal
The RealReal is the largest pure-play luxury resale platform in the US, generating $1.8 billion in 2024 gross merchandise volume and addressing a niche (personal luxury resale) that had previously been serviced by inefficient upscale boutiques and local pawn shops. The company generates revenue via consignment and first-party sales on its online marketplace, and through a small volume of direct sales. With a hands-on approach that actively sources inventory and authenticates every item on its platform, The RealReal is able to justify much higher take rates than peers, working out to roughly 36% of net merchandise value in 2024, which excludes returns, cancellations, and first-party sales.
Founded
2011
HQ
Employees
3.0K
Website
Financials (LTM)
EV
$2B
The RealReal Financials
The RealReal reported last 12-month revenue of $718M and EBITDA of $48M.
In the same LTM period, The RealReal generated $535M in gross profit, $48M in EBITDA, and had net loss of ($37M).
Revenue (LTM)
The RealReal P&L
In the most recent fiscal year, The RealReal reported revenue of $693M and EBITDA of $42M.
The RealReal expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $718M | XXX | $693M | XXX | XXX | XXX |
| Gross Profit | $535M | XXX | $517M | XXX | XXX | XXX |
| Gross Margin | 75% | XXX | 75% | XXX | XXX | XXX |
| EBITDA | $48M | XXX | $42M | XXX | XXX | XXX |
| EBITDA Margin | 7% | XXX | 6% | XXX | XXX | XXX |
| EBIT Margin | (2%) | XXX | (3%) | XXX | XXX | XXX |
| Net Profit | ($37M) | XXX | ($42M) | XXX | XXX | XXX |
| Net Margin | (5%) | XXX | (6%) | XXX | XXX | XXX |
| Net Debt | — | — | $221M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
The RealReal Stock Performance
The RealReal has current market cap of $1B, and enterprise value of $2B.
Market Cap Evolution
The RealReal's stock price is $12.08.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $2B | $1B | -0.1% | XXX | XXX | XXX | $-0.35 |
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Start Free TrialThe RealReal Valuation Multiples
The RealReal trades at 2.4x EV/Revenue multiple, and 36.2x EV/EBITDA.
EV / Revenue (LTM)
The RealReal Financial Valuation Multiples
As of April 20, 2026, The RealReal has market cap of $1B and EV of $2B.
Equity research analysts estimate The RealReal's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
The RealReal has a P/E ratio of (39.3x).
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $1B | XXX | $1B | XXX | XXX | XXX |
| EV (current) | $2B | XXX | $2B | XXX | XXX | XXX |
| EV/Revenue | 2.4x | XXX | 2.5x | XXX | XXX | XXX |
| EV/EBITDA | 36.2x | XXX | 41.5x | XXX | XXX | XXX |
| EV/EBIT | (103.5x) | XXX | (73.2x) | XXX | XXX | XXX |
| EV/Gross Profit | 3.3x | XXX | 3.4x | XXX | XXX | XXX |
| P/E | (39.3x) | XXX | (34.4x) | XXX | XXX | XXX |
| EV/FCF | 112.0x | XXX | 200.6x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified The RealReal Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
The RealReal Margins & Growth Rates
The RealReal's revenue in the last 12 month grew by 11%.
The RealReal's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.2M for the same period.
The RealReal's rule of 40 is 20% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
The RealReal's rule of X is 38% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
The RealReal Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 11% | XXX | 12% | XXX | XXX | XXX |
| EBITDA Margin | 7% | XXX | 6% | XXX | XXX | XXX |
| EBITDA Growth | 45% | XXX | 49% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 20% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 38% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 9% | XXX | 9% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 29% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 39% | XXX | 39% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 78% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
The RealReal Public Comps
See public comps and valuation multiples for other Vertical Marketplaces and Consumer Marketplaces comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| The RealReal | XXX | XXX | XXX | XXX | XXX | XXX |
| Upwork | XXX | XXX | XXX | XXX | XXX | XXX |
| TBO.com | XXX | XXX | XXX | XXX | XXX | XXX |
| SMZDM.com | XXX | XXX | XXX | XXX | XXX | XXX |
| BuySell Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| eFinance | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
The RealReal M&A Activity
The RealReal acquired XXX companies to date.
Last acquisition by The RealReal was on XXXXXXXX, XXXXX. The RealReal acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by The RealReal
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialThe RealReal Investment Activity
The RealReal invested in XXX companies to date.
The RealReal made its latest investment on XXXXXXXX, XXXXX. The RealReal invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by The RealReal
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout The RealReal
| When was The RealReal founded? | The RealReal was founded in 2011. |
| Where is The RealReal headquartered? | The RealReal is headquartered in United States. |
| How many employees does The RealReal have? | As of today, The RealReal has over 3K employees. |
| Who is the CEO of The RealReal? | The RealReal's CEO is Rati Sahi Levesque. |
| Is The RealReal publicly listed? | Yes, The RealReal is a public company listed on Nasdaq. |
| What is the stock symbol of The RealReal? | The RealReal trades under REAL ticker. |
| When did The RealReal go public? | The RealReal went public in 2019. |
| Who are competitors of The RealReal? | The RealReal main competitors are Upwork, TBO.com, SMZDM.com, BuySell Technologies. |
| What is the current market cap of The RealReal? | The RealReal's current market cap is $1B. |
| What is the current revenue of The RealReal? | The RealReal's last 12 months revenue is $718M. |
| What is the current revenue growth of The RealReal? | The RealReal revenue growth (NTM/LTM) is 11%. |
| What is the current EV/Revenue multiple of The RealReal? | Current revenue multiple of The RealReal is 2.4x. |
| Is The RealReal profitable? | Yes, The RealReal is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of The RealReal? | The RealReal's last 12 months EBITDA is $48M. |
| What is The RealReal's EBITDA margin? | The RealReal's last 12 months EBITDA margin is 7%. |
| What is the current EV/EBITDA multiple of The RealReal? | Current EBITDA multiple of The RealReal is 36.2x. |
| What is the current FCF of The RealReal? | The RealReal's last 12 months FCF is $16M. |
| What is The RealReal's FCF margin? | The RealReal's last 12 months FCF margin is 2%. |
| What is the current EV/FCF multiple of The RealReal? | Current FCF multiple of The RealReal is 112.0x. |
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