TheRealReal, Inc.
REAL · Retail-Miscellaneous Retail · 120.5M shares · +21%/yr ↑ dilution · EDGAR filings ↗
Reference price $9.25 · est. market cap ~$1.1B — last insider sale, 2026-05-21 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C55Largest authenticated luxury-resale marketplace, now FCF-positive but still net-loss-making with heavy debt.
Strengths
- Positive FCF $18.4M and high gross margin 74.6% (72.7th pct); $151M cash (92.9th pct)
- Network-effect marketplace with >80% sell-through and repeat consignor base
Risks
- Still unprofitable: net margin -6% (25th pct), operating margin -3.5%
- Significant convertible/2029 note debt and consumer-discretionary demand exposure
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -6.0%)
- Weak liquidityCurrent ratio 0.86 (<1)
- Chronic dilutionShare count +21%/yr over 4y (dilution, book value/share -365%)
- Strong balance sheetStrong balance sheet — $151M cash & investments
- Insider sellingInsider selling — 35 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$5M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
74.6%
Operating margin
-3.5%
Net margin
-6.0%
Return on equity
10.1%
Return on assets
-10.2%
Revenue growth (QoQ)
-2.2%
Current ratio
0.9×
Free cash flow
$18M
EBITDA
$9M
Tangible book value
-$416M
Cash & investments
$151M
Stock comp / revenue
4.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-21 | Madan Gopal Ajay | Sell | 4.6K | $9.25 |
| 2026-05-21 | Lo Steve Ming | Sell | 2.1K | $9.25 |
| 2026-05-21 | Madan Gopal Ajay | Sell | 23K | $9.25 |
| 2026-05-21 | Lo Steve Ming | Sell | 1.4K | $9.25 |
| 2026-05-21 | Sahi Levesque Rati | Sell | 19K | $9.25 |
| 2026-05-21 | Sahi Levesque Rati | Sell | 54K | $9.25 |
| 2026-05-21 | Sahi Levesque Rati | Sell | 7.8K | $9.25 |
| 2026-05-21 | Friang Luke Thomas | Sell | 8.2K | $9.25 |
| 2026-05-21 | Madan Gopal Ajay | Sell | 7.8K | $9.25 |
| 2026-05-21 | Friang Luke Thomas | Sell | 8.2K | $9.25 |
| 2026-05-21 | Friang Luke Thomas | Sell | 2.4K | $9.25 |
| 2026-05-21 | Friang Luke Thomas | Sell | 2.4K | $9.25 |
| 2026-05-21 | Suko Todd A | Sell | 11K | $9.25 |
| 2026-05-21 | Suko Todd A | Sell | 4.1K | $9.25 |
| 2026-05-21 | Suko Todd A | Sell | 2.4K | $9.25 |
| 2026-05-21 | Lo Steve Ming | Sell | 8.6K | $9.25 |
| 2026-04-13 | Lo Steve Ming | Grant | 31K | — |
| 2026-04-13 | McKeehan Jennifer | Grant | 4.2K | — |
| 2026-03-31 | McCaffrey Mark | Grant | 963 | — |
| 2026-03-31 | KATZ KAREN | Grant | 2.0K | — |
| 2026-03-19 | Madan Gopal Ajay | Sell | 52K | $9.29 |
| 2026-02-23 | Suko Todd A | Grant | 64K | — |
| 2026-02-23 | Sahi Levesque Rati | Sell | 20K | $10.72 |
| 2026-02-23 | Madan Gopal Ajay | Sell | 24K | $10.72 |
| 2026-02-23 | Madan Gopal Ajay | Sell | 7.9K | $10.72 |
| 2026-02-23 | Madan Gopal Ajay | Grant | 106K | — |
| 2026-02-23 | Lo Steve Ming | Sell | 6.1K | $10.72 |
| 2026-02-23 | Lo Steve Ming | Sell | 8.8K | $10.72 |
| 2026-02-23 | Lo Steve Ming | Sell | 2.1K | $10.72 |
| 2026-02-23 | Sahi Levesque Rati | Sell | 5.3K | $10.72 |
| 2026-02-23 | Sahi Levesque Rati | Sell | 15K | $10.72 |
| 2026-02-23 | Sahi Levesque Rati | Sell | 26K | $10.72 |
| 2026-02-23 | Sahi Levesque Rati | Sell | 55K | $10.72 |
| 2026-02-23 | Sahi Levesque Rati | Grant | 180K | — |
| 2026-02-23 | Friang Luke Thomas | Sell | 8.8K | $10.72 |
| 2026-02-23 | Friang Luke Thomas | Sell | 8.3K | $10.72 |
| 2026-02-23 | Friang Luke Thomas | Sell | 2.4K | $10.72 |
| 2026-02-23 | Friang Luke Thomas | Grant | 72K | — |
| 2026-02-23 | Suko Todd A | Sell | 3.8K | $10.72 |
| 2026-02-23 | Suko Todd A | Sell | 9.4K | $10.72 |
| 2026-02-23 | Suko Todd A | Sell | 16K | $10.72 |
| 2026-02-23 | Suko Todd A | Sell | 12K | $10.72 |
| 2026-02-23 | Suko Todd A | Sell | 4.7K | $10.72 |
| 2025-12-31 | Leondakis Niki | Grant | 554 | — |
| 2025-12-31 | KATZ KAREN | Grant | 1.1K | — |
| 2025-12-09 | Lo Steve Ming | Sell | 44K | $14.45 |
| 2025-12-08 | Lo Steve Ming | Sell | 4.0K | $14.41 |
| 2025-12-08 | Lo Steve Ming | Sell | 14K | $14.13 |
| 2025-12-05 | Lo Steve Ming | Sell | 555 | $14.45 |
| 2025-11-26 | Madan Gopal Ajay | Sell | 29K | $14.73 |
| 2025-11-25 | Suko Todd A | Sell | 73K | $14.10 |
| 2025-11-25 | Lo Steve Ming | Sell | 60K | $14.46 |
| 2025-11-21 | Sahi Levesque Rati | Sell | 19K | $13.06 |
| 2025-11-21 | Sahi Levesque Rati | Sell | 54K | $13.06 |
| 2025-11-21 | Friang Luke Thomas | Sell | 8.1K | $13.06 |
| 2025-11-21 | Friang Luke Thomas | Sell | 8.1K | $13.06 |
| 2025-11-21 | Friang Luke Thomas | Sell | 2.4K | $13.06 |
| 2025-11-21 | Suko Todd A | Sell | 2.6K | $13.06 |
| 2025-11-21 | Suko Todd A | Sell | 3.4K | $13.06 |
| 2025-11-21 | Suko Todd A | Sell | 9.0K | $13.06 |
| 2025-11-21 | Suko Todd A | Sell | 12K | $13.06 |
| 2025-11-21 | Suko Todd A | Sell | 4.6K | $13.06 |
| 2025-11-21 | Sahi Levesque Rati | Sell | 15K | $13.06 |
| 2025-11-21 | Madan Gopal Ajay | Sell | 22K | $13.06 |
| 2025-11-21 | Madan Gopal Ajay | Sell | 7.7K | $13.06 |
| 2025-11-21 | Lo Steve Ming | Sell | 6.4K | $13.06 |
| 2025-11-21 | Lo Steve Ming | Sell | 5.4K | $13.06 |
| 2025-11-21 | Lo Steve Ming | Sell | 8.6K | $13.06 |
| 2025-11-21 | Lo Steve Ming | Sell | 2.1K | $13.06 |
| 2025-11-21 | Sahi Levesque Rati | Sell | 4.4K | $13.06 |
| 2025-11-21 | Sahi Levesque Rati | Sell | 4.8K | $13.06 |
| 2025-11-18 | Suko Todd A | Sell | 76K | $14.08 |
| 2025-11-17 | Baird Gilbert L. III | Sell | 7.7M | $13.21 |
| 2025-11-13 | Lo Steve Ming | Option exercise | 14K | $7.64 |
| 2025-11-13 | Lo Steve Ming | Sell | 14K | $14.27 |
| 2025-10-22 | McCaffrey Mark | Grant | 12K | — |
| 2025-09-30 | Leondakis Niki | Grant | 823 | — |
| 2025-09-30 | KATZ KAREN | Grant | 1.5K | — |
| 2025-08-20 | Lo Steve Ming | Disposition | 6.7K | $7.64 |
| 2025-08-20 | Madan Gopal Ajay | Disposition | 24K | $7.64 |
| 2025-08-20 | Madan Gopal Ajay | Disposition | 8.1K | $7.64 |
| 2025-08-20 | Lo Steve Ming | Disposition | 2.2K | $7.64 |
| 2025-08-20 | Lo Steve Ming | Disposition | 5.6K | $7.64 |
| 2025-08-20 | Lo Steve Ming | Disposition | 9.0K | $7.64 |
| 2025-08-20 | Sahi Levesque Rati | Disposition | 4.6K | $7.64 |
| 2025-08-20 | Sahi Levesque Rati | Disposition | 5.0K | $7.64 |
| 2025-08-20 | Sahi Levesque Rati | Disposition | 16K | $7.64 |
| 2025-08-20 | Sahi Levesque Rati | Disposition | 20K | $7.64 |
| 2025-08-20 | Sahi Levesque Rati | Disposition | 56K | $7.64 |
| 2025-08-20 | Friang Luke Thomas | Disposition | 2.5K | $7.64 |
| 2025-08-20 | Friang Luke Thomas | Disposition | 8.5K | $7.64 |
| 2025-08-20 | Friang Luke Thomas | Disposition | 8.5K | $7.64 |
| 2025-08-20 | Suko Todd A | Disposition | 2.8K | $7.64 |
| 2025-08-20 | Suko Todd A | Disposition | 3.5K | $7.64 |
| 2025-08-20 | Suko Todd A | Disposition | 9.4K | $7.64 |
| 2025-08-20 | Suko Todd A | Disposition | 13K | $7.64 |
| 2025-08-20 | Suko Todd A | Disposition | 4.8K | $7.64 |
| 2025-08-18 | Sahi Levesque Rati | Sell | 61K | $8.00 |
| 2025-08-18 | Sahi Levesque Rati | Sell | 199K | $7.92 |
| 2025-08-15 | Sahi Levesque Rati | Sell | 36K | $7.78 |
| 2025-08-15 | Sahi Levesque Rati | Sell | 115K | $7.78 |
| 2025-08-15 | Sahi Levesque Rati | Option exercise | 36K | $3.48 |
| 2025-08-12 | Lynch Chatelle Aileen | Sell | 51K | $7.46 |
| 2025-07-23 | Coleman Caretha | Grant | 26K | — |
| 2025-07-23 | Leondakis Niki | Grant | 26K | — |
| 2025-07-23 | Miller James R. | Grant | 26K | — |
| 2025-07-23 | KROLIK ROBERT J | Grant | 26K | — |
| 2025-07-23 | KATZ KAREN | Grant | 26K | — |
| 2025-07-23 | Baird Gilbert L. III | Grant | 26K | — |
| 2025-06-30 | KATZ KAREN | Grant | 3.4K | — |
| 2025-06-30 | Leondakis Niki | Grant | 1.8K | — |
| 2025-06-11 | KROLIK ROBERT J | Gift | 25K | — |
| 2025-05-20 | Lynch Chatelle Aileen | Disposition | 3.7K | $5.10 |
| 2025-05-20 | Friang Luke Thomas | Disposition | 8.4K | $5.10 |
| 2025-05-20 | Friang Luke Thomas | Disposition | 8.3K | $5.10 |
| 2025-05-20 | Friang Luke Thomas | Disposition | 2.5K | $5.10 |
| 2025-05-20 | Madan Gopal Ajay | Disposition | 23K | $5.10 |
| 2025-05-20 | Madan Gopal Ajay | Disposition | 7.9K | $5.10 |
| 2025-05-20 | Lo Steve Ming | Disposition | 8.8K | $5.10 |
| 2025-05-20 | Sahi Levesque Rati | Disposition | 4.9K | $5.10 |
| 2025-05-20 | Sahi Levesque Rati | Disposition | 15K | $5.10 |
| 2025-05-20 | Sahi Levesque Rati | Disposition | 20K | $5.10 |
| 2025-05-20 | Sahi Levesque Rati | Disposition | 4.5K | $5.10 |
| 2025-05-20 | Sahi Levesque Rati | Disposition | 55K | $5.10 |
| 2025-05-20 | Suko Todd A | Disposition | 3.4K | $5.10 |
| 2025-05-20 | Suko Todd A | Disposition | 9.2K | $5.10 |
| 2025-05-20 | Suko Todd A | Disposition | 12K | $5.10 |
| 2025-05-20 | Suko Todd A | Disposition | 2.7K | $5.10 |
| 2025-05-20 | Suko Todd A | Disposition | 4.7K | $5.10 |
| 2025-05-20 | Lo Steve Ming | Disposition | 5.5K | $5.10 |
| 2025-05-20 | Lo Steve Ming | Disposition | 2.1K | $5.10 |
| 2025-05-20 | Lo Steve Ming | Disposition | 6.6K | $5.10 |
| 2025-05-20 | Lynch Chatelle Aileen | Disposition | 17K | $5.10 |
| 2025-04-03 | Lo Steve Ming | Grant | 48K | — |
| 2025-03-31 | KATZ KAREN | Grant | 3.0K | — |
| 2025-03-31 | Leondakis Niki | Grant | 1.6K | — |
| 2025-03-18 | Madan Gopal Ajay | Sell | 51K | $5.82 |
| 2025-02-21 | Suko Todd A | Sell | 18K | $6.90 |
| 2025-02-21 | Sahi Levesque Rati | Sell | 29K | $6.90 |
| 2025-02-20 | Lo Steve Ming | Sell | 7.3K | $6.90 |
| 2025-02-20 | Lo Steve Ming | Sell | 6.1K | $6.90 |
| 2025-02-20 | Lo Steve Ming | Sell | 9.8K | $6.90 |
| 2025-02-20 | Suko Todd A | Sell | 14K | $6.90 |
| 2025-02-20 | Suko Todd A | Sell | 10K | $6.90 |
| 2025-02-20 | Suko Todd A | Sell | 3.8K | $6.90 |
| 2025-02-20 | Suko Todd A | Sell | 3.0K | $6.90 |
| 2025-02-20 | Sahi Levesque Rati | Sell | 3.5K | $6.90 |
| 2025-02-20 | Sahi Levesque Rati | Sell | 5.0K | $6.90 |
| 2025-02-20 | Sahi Levesque Rati | Sell | 5.5K | $6.90 |
| 2025-02-20 | Sahi Levesque Rati | Sell | 17K | $6.90 |
| 2025-02-20 | Sahi Levesque Rati | Sell | 22K | $6.90 |
| 2025-02-20 | Sahi Levesque Rati | Sell | 61K | $6.90 |
| 2025-02-20 | Suko Todd A | Sell | 705 | $6.90 |
| 2025-02-20 | Madan Gopal Ajay | Sell | 102K | $6.90 |
| 2025-02-20 | Friang Luke Thomas | Sell | 9.2K | $6.90 |
| 2025-02-20 | Friang Luke Thomas | Sell | 9.3K | $6.90 |
| 2025-02-20 | Lynch Chatelle Aileen | Sell | 18K | $6.90 |
| 2025-02-20 | Lo Steve Ming | Sell | 317 | $6.90 |
| 2025-02-19 | Suko Todd A | Grant | 108K | — |
| 2025-02-19 | Lynch Chatelle Aileen | Grant | 108K | — |
| 2025-02-19 | Friang Luke Thomas | Grant | 72K | — |
| 2025-02-19 | Madan Gopal Ajay | Grant | 180K | — |
| 2025-01-06 | Koryl John E | Sell | 328K | $9.61 |
| 2025-01-06 | Koryl John E | Sell | 5.0K | $9.87 |
| 2025-01-06 | Koryl John E | Sell | 63K | $9.61 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-09 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2025-11-18 | Exec/director changeExhibits | filing ↗ |
| 2025-11-10 | ResultsExhibits | filing ↗ |
| 2025-08-21 | Debt obligation3.02Exhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-10 | 0001573221-26-000048 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001573221-26-000045 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001573221-26-000046 ↗ |
| 8-K | 2026-03-09 | 2026-03-06 | 0001573221-26-000020 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001573221-26-000010 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001573221-26-000009 ↗ |
| 8-K | 2025-11-18 | 2025-11-17 | 0001193125-25-285350 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001573221-25-000076 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001573221-25-000078 ↗ |
| 8-K | 2025-08-21 | 2025-08-20 | 0001193125-25-185300 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001573221-25-000070 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001573221-25-000071 ↗ |