REAL · CIK 0001573221 · FY2025 live · 2025-12-31
TheRealReal, Inc.
View as
Model
Z″
FY2025
−11.84
Zone
Distress
Prior
—
Market DD
—
1y PD
—
Meridian Rank
5.91
0–100 · Z″ tape · not a PD
Book standing
7
Year change
—
Market PD
—
O-score
3
−11.84
Classic Z −3.34
Z″ −11.84 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
−0.096.56 × = −0.59X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−3.173.26 × = −10.33X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
−0.066.72 × = −0.39X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names are not punished for turnover.
−0.501.05 × = −0.53
Five-year path
Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings rather than invent a series.
Overview
rule-v1
TheRealReal, Inc. is on Z″ at −11.84 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print. This is the first live year on the desk. No market tape loaded. Z″ drops sales/assets so asset-light names are not punished for turnover. X4 is book equity on every name.
Book screen Distress; market PD —. Tape not priced — not a single default call.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Z″ scores · 7th percentile in Consumer.
- TDUPDistressThredUp Inc.−11.75
- LVLUDistressLulu's Fashion Lounge Holdings, Inc.−12.78
- GAMGDistressGlobal Asset Management Group, Inc.−12.89
- JZXNDistressJiuzi Holdings, Inc.−10.67
- PLBLDistressPolibeli Group Ltd−10.65
- CURIDistressCuriosityStream Inc.−13.22
- ASPNDistressASPEN AEROGELS INC−10.32
- ANGXDistressAngel Studios, Inc.−10.22
KPI widgets
Current assets
$227M
Total assets
$409M
Current liabilities
$264M
Total liabilities
$825M
Working capital
−$37M
Retained earnings
−$1.3B
EBIT
−$24M
Total sales
$693M
Book equity
−$416M
Accession 0001573221-26-000010. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as does not rewrite the live rank. X4 is book equity. Pulled 13 Sept 2026.