Added to YB: 2026-07-30
Pitch date: 2026-07-28
REAL [bullish]
The RealReal, Inc.
-1.35%
current return
Author Info
P14 Capital is a former buy-side research analyst who uncovers undervalued opportunities in SMID-cap equities. Long-biased and generalist. Sign up for the newsletter.
Company Info
The RealReal, Inc. operates an online marketplace for resale luxury goods worldwide. It provides a range of product categories, including women’s fashion, men’s fashion, jewelry, and watches.
Market Cap
$1.4B
Pitch Price
$11.85
Price Target
19.22 (+61%)
Dividend
N/A
EV/EBITDA
31.04
P/E
-19.00
EV/Sales
2.46
Sector
Specialty Retail
Category
growth
$REAL - The RealReal, Inc.
REAL: Largest authenticated luxury resale marketplace, +100% 1yr but -29% YTD. Trades 2.3x EV/TTM sales, discount to peers despite stronger growth. Hard-luxury mix shift lifts AOV; Athena AI cuts intake time 14→7 days, driving leverage. P14 sees FY26 rev +13.3%, 12.1% rev CAGR/13.5% GMV CAGR FY26-28 above consensus; AEBITDA margin 7.1%→13.5% FY28 (mgmt target 15-20%). Base case 3.0x FY27E rev $879M = $19.22 PT, 73% upside; bear ~$7, 37% downside. Net lev ~5x improving. Risks: macro, competition, authentication, facility concentration.
Read full article (15 min)