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The RealReal Valuation Multiples

Discover revenue and EBITDA valuation multiples for The RealReal and similar public comparables like Just Eat Takeaway.com, Prosus, and Articore Group.

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

United States of America
Employees

3.0K+

Website

therealreal.com

Financials

LTM Revenue $616M

LTM EBITDA $14.5M

EV

$949M

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The RealReal Financials

The RealReal has a last 12-month revenue of $616M and a last 12-month EBITDA of $14.5M.

In the most recent fiscal year, The RealReal achieved revenue of $600M and an EBITDA of -$79.4M.

The RealReal expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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The RealReal P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $549M $600M XXX XXX XXX
Gross Profit $349M $376M XXX XXX XXX
Gross Margin 63% 63% XXX XXX XXX
EBITDA -$126M -$79.4M XXX XXX XXX
EBITDA Margin -23% -13% XXX XXX XXX
Net Profit -$196M -$168M XXX XXX XXX
Net Margin -36% -28% XXX XXX XXX
Net Debt $156M $277M XXX XXX XXX

Financial data powered by Morningstar, Inc.

The RealReal Stock Performance

As of April 15, 2025, The RealReal's stock price is $5.

The RealReal has current market cap of $575M, and EV of $949M.

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The RealReal Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$949M $575M XXX XXX XXX XXX $-0.33

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The RealReal Valuation Multiples

As of April 15, 2025, The RealReal has market cap of $575M and EV of $949M.

The RealReal's trades at 1.5x LTM EV/Revenue multiple, and 65.5x LTM EBITDA.

Analysts estimate The RealReal's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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The RealReal Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $949M XXX XXX XXX
EV/Revenue 1.6x XXX XXX XXX
EV/EBITDA -12.0x XXX XXX XXX
P/E -4.3x XXX XXX XXX
P/E/Growth n/a XXX XXX XXX
EV/FCF 1189.8x XXX XXX XXX

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The RealReal Valuation Multiples

The RealReal's NTM/LTM revenue growth is 9%

The RealReal's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, The RealReal's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate The RealReal's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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The RealReal Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 9% XXX XXX XXX XXX
EBITDA Margin -13% XXX XXX XXX XXX
EBITDA Growth -37% XXX XXX XXX XXX
Rule of 40 (SaaS-only) -4% XXX XXX XXX XXX
Revenue per Employee $0.2M XXX XXX XXX XXX
Opex per Employee $0.2M XXX XXX XXX XXX
S&M Expenses to Revenue 9% XXX XXX XXX XXX
G&A Expenses to Revenue 31% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 84% XXX XXX XXX XXX

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The RealReal Public Comps

See public comps and valuation multiples for Vertical Marketplaces and Consumer Marketplaces comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Prosus XXX XXX XXX XXX XXX XXX
Just Eat Takeaway.com XXX XXX XXX XXX XXX XXX
Marti Technologies XXX XXX XXX XXX XXX XXX
Airtasker XXX XXX XXX XXX XXX XXX
Articore Group 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 and Investment Activity

The RealReal acquired  XXX companies to date.

Last acquisition by The RealReal was  XXXXXXXX, XXXXX XXXXX XXXXXX . The RealReal acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by The RealReal

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About 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 of America.
How many employees does The RealReal have? As of today, The RealReal has 3.0K+ employees.
Who is the CEO of The RealReal? The RealReal's CEO is Ms. Rati Sahi Levesque.
Is The RealReal publicy listed? Yes, The RealReal is a public company listed on NAS.
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? Similar companies to The RealReal include e.g. Prosus, Just Eat Takeaway.com, Marti Technologies, Airtasker.
What is the current market cap of The RealReal? The RealReal's current market cap is $575M
What is the current revenue of The RealReal? The RealReal's last 12-month revenue is $616M.
What is the current EBITDA of The RealReal? The RealReal's last 12-month EBITDA is $14.5M.
What is the current EV/Revenue multiple of The RealReal? Current revenue multiple of The RealReal is 1.5x.
What is the current EV/EBITDA multiple of The RealReal? Current EBITDA multiple of The RealReal is 65.5x.
What is the current revenue growth of The RealReal? The RealReal revenue growth between 2023 and 2024 was 9%.
Is The RealReal profitable? Yes, The RealReal is EBITDA-positive (as of the last 12 months).

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