What is the 13F Pro Quality Score for REAL?

13F Pro ranks TheRealReal, Inc. (REAL) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View REAL's current score at https://13fpro.ai/research/REAL (free sign-up required for the full ranking).

Which hedge funds own the most REAL stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of REAL include FMR, BlackRock,, VANGUARD CAPITAL MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/REAL as soon as new 13F filings post.

Where does 13F Pro source REAL data?

All TheRealReal, Inc. fundamentals and ownership data come directly from SEC EDGAR. TheRealReal, Inc. files with the SEC under CIK 1573221. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is REAL in?

TheRealReal, Inc. (REAL) is classified in the Consumer Discretionary sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/consumer-discretionary.

How often is REAL research updated on 13F Pro?

REAL's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

TheRealReal, Inc.(REAL)Stock Analysis

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SEC EDGAR: CIK 1573221 REAL stock profile & AI dashboard →

13F Pro Quality Score

54.2/100

Rank #1,228 of 2,879 stocksTOP 50%

View Consumer Discretionary peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

69.3/100

Profitability

67.9/100

Balance Sheet

84.0/100

Earnings Quality

30.0/100

Free Cash Flow

21.1/100

Institutional Flow

33.4/100

Revenue Scale

42.3/100

Dilution Risk

28.5/100

REAL Stock Analysis & AI Quality Score

AI stock analysis and institutional research for TheRealReal, Inc. (REAL), a Consumer Discretionary sector company. 13F Pro's AI-powered ranking engine scores REAL at 54.2/100 on a 32-signal composite quality model, placing it at rank #1,228 of 2,879 stocks — the top half of the AI-ranked universe. REAL scores in the top quartile across balance sheet strength (84.0). Areas of concern include free cash flow (21.1) and earnings quality (30.0), which score below median versus the broader universe. Shareholder dilution risk is elevated at 28.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), TheRealReal, Inc. reports quarterly revenue of $189.7M, net income of $38.9M, an operating margin of -1.2%. Top institutional holders of REAL by reported 13-F value include FMR, BlackRock,, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. REAL trades on the Nasdaq exchange and files with the SEC under CIK 1573221. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate REAL daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for TheRealReal, Inc. directly from SEC EDGAR. TheRealReal, Inc.'s 13F Pro composite quality score has ranged between 28 and 54 since 2024, currently 54.2 — an improving long-term trajectory across 15 quarterly and live scoring snapshots.

✦

Fun facts about TheRealReal, Inc.

Quirks, history, and lore behind REAL — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. consumer discretionary company · listed on Nasdaq · headquartered in San Francisco · operates an online marketplace.
2
The Numbers
Annual revenue in the range of $500–600 million, yet the company has struggled to turn a consistent profit — a classic story of growth-over-earnings in e-commerce.
3
The History
Founded around 2011, it rode the wave of the circular economy movement and went public in 2019, pitching sustainability as a core selling point.
4
The Secret
It doesn't make anything — it authenticates every item it sells, which is the whole secret sauce keeping counterfeits off its platform and trust on it.
5
The Lore
The company employs a team of in-house authenticators trained to spot fake luxury handbags, watches, and jewelry — basically fashion detectives on the payroll.
6
The Giveaway
It's the largest resale platform for authenticated luxury goods in the U.S. — think pre-owned Chanel and Rolex, guaranteed not to be knockoffs, with a ticker that literally spells out what it sells.

▶ Think you know your stocks? Play the Daily Ticker

Revenue

Q1 2026

$189.7M

Net Income

Q1 2026

$38.9M

Free Cash Flow

Q1 2026

$-24.1M

Operating Margin

Q1 2026

-1.2%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+9.3% YoY

$600.5MFY 2024

FY19 $316.4MFY21 $467.7MFY23 $549.3MFY24 $600.5M

Net Income

-100.1% YoY

$-134.2MFY 2024

FY19 $-98.4MFY21 $236.11BFY23 $168.47BFY24 $-134.2M

Operating Income

+66.0% YoY

$-56.5MFY 2024

FY19 $-100.1MFY21 $-214.9MFY23 $-166.3MFY24 $-56.5M

EPS (Diluted)

+24.8% YoY

$-1.24FY 2024

FY19 $-2.14FY21 $-2.58FY23 $-1.65FY24 $-1.24

Total Assets

-5.3% YoY

$423.1MFY 2024

FY19 $465.2MFY21 $754.9MFY23 $446.9MFY24 $423.1M

Total Debt

—FY 2024

FY19 —FY21 —FY23 —FY24 —

Op. Cash Flow

+143.8% YoY

$26.8MFY 2024

FY19 $-54.5MFY21 $-142.2MFY23 $-61.3MFY24 $26.8M

Metric	FY 2024	FY 2023	FY 2021	FY 2019	FY 2018	FY 2017
Revenue	$600.5M +9.3%	$549.3M +17.4%	$467.7M +47.8%	$316.4M +48.0%	$213.7M +55.4%	$137.5M
Net Income	$-134.2M -100.1%	$168.47B -28.6%	$236.11B +239975.4%	$-98.4M -29.9%	$-75.8M -44.8%	$-52.3M
Operating Income	$-56.5M +66.0%	$-166.3M +22.6%	$-214.9M -114.7%	$-100.1M -35.5%	$-73.9M -42.7%	$-51.8M
EPS (Diluted)	$-1.24 +24.8%	$-1.65 +36.0%	$-2.58 -20.6%	$-2.14	—	—
Total Assets	$423.1M -5.3%	$446.9M -40.8%	$754.9M +62.3%	$465.2M +243.6%	$135.4M	—
Total Debt	—	—	—	—	$9.2M	—
Operating Cash Flow	$26.8M +143.8%	$-61.3M +56.9%	$-142.2M -160.9%	$-54.5M -15.5%	$-47.2M -22.3%	$-38.6M

AI Insight: REAL Financial Trends

TheRealReal reached its first positive operating income in Q4 2025 ($6M) as revenue climbed to $194M, but operating cash flow swings remain volatile and equity deficit deepens.

• Revenue grew steadily from $145M in Q2 2024 to $194M in Q4 2025, a ~34% increase over six quarters.

• Operating loss narrowed from -$19M in Q2 2024 to a first positive op income of $6M in Q4 2025, before slipping back to -$2M in Q1 2026.

• Equity deficit widened from -$335M in Q2 2024 to -$416M in Q4 2025, with only partial recovery to -$359M in Q1 2026.

• Net income remains erratic — swinging from -$68M in Q4 2024 to +$62M in Q1 2025 and back to -$39M in Q4 2025.

⚠ Operating cash flow is highly seasonal and volatile, ranging from -$28M in Q1 2025 to +$50M in Q4 2025; sustainability is unproven.

⚠ Operating income turned positive in Q4 2025 but immediately retreated to -$2M in Q1 2026 — durability of profitability is unconfirmed.

⚠ Total debt data is absent; without leverage visibility, balance sheet risk assessment for the deepening equity deficit is incomplete.

AI Insight: REAL Ratio Trends

Operating margin reached first positive quarter (3.2%) in Q4 2025, but profitability remains erratic with large swings driven by one-off items.

• Operating margin improved from -13.0% in Q2 2024 to 3.2% in Q4 2025, marking the first positive operating quarter in the dataset.

• TTM operating margin stands at -1.9%, confirming the overall operation is still loss-making on a trailing twelve-month basis.

• Net profit margin is highly volatile, swinging from -41.7% in Q4 2024 to +39.0% in Q1 2025 and back to -20.0% in Q3 2025, suggesting large non-recurring items.

⚠ Q1 2026 operating margin reverted to -1.2% after Q4 2025's +3.2% — watch whether positive operating quarters can be sustained.

⚠ ROA swings wildly (−64.7% in Q4 2024 to +62.3% in Q1 2025) — one-off items obscure true asset productivity; monitor for normalization.

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Available Research

13F Pro tracks comprehensive data for TheRealReal, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of REAL

FMR LLC
$99.1M10,917,753 sh
BlackRock, Inc.
$82.7M9,111,258 sh
VANGUARD CAPITAL MANAGEMENT LLC
$41.2M4,542,550 sh
TWO SIGMA INVESTMENTS, LP
$40.6M4,469,347 sh
D. E. Shaw & Co., Inc.
$39.8M4,383,797 sh
Divisadero Street Capital Management, LP
$39.4M4,342,757 sh
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$36.8M4,049,042 sh
Qube Research & Technologies Ltd
$29.0M3,195,482 sh
AMERICAN CENTURY COMPANIES INC
$27.2M2,994,474 sh
GEODE CAPITAL MANAGEMENT, LLC
$25.9M2,852,047 sh

Fund	Value	Shares
FMR LLC	$99.1M	10,917,753
BlackRock, Inc.	$82.7M	9,111,258
VANGUARD CAPITAL MANAGEMENT LLC	$41.2M	4,542,550
TWO SIGMA INVESTMENTS, LP	$40.6M	4,469,347
D. E. Shaw & Co., Inc.	$39.8M	4,383,797
Divisadero Street Capital Management, LP	$39.4M	4,342,757
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$36.8M	4,049,042
Qube Research & Technologies Ltd	$29.0M	3,195,482
AMERICAN CENTURY COMPANIES INC	$27.2M	2,994,474
GEODE CAPITAL MANAGEMENT, LLC	$25.9M	2,852,047

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Is REAL a good stock to buy?

13F Pro's AI-powered analysis of TheRealReal, Inc. (REAL) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Consumer Discretionary sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for REAL are available on the REAL stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own REAL?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling REAL. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of TheRealReal, Inc.'s investment landscape.