Reformation Inc. (California) (REF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-199.6%

-$15.68

vs $15.74 price

Levered DCF

$4.93

After debt service

Piotroski score

—

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	59.39×	24.66×	39.02×
P/B	1.7×	1.9×	0×
P/S	1.48×	1.85×	2.59×
EV / EBITDA	22.97×	15.52×	0×
Gross margin	60.2%	64.5%	64.1%
Operating margin	5.7%	12.0%	10.5%
Net margin	2.5%	7.5%	6.6%
Current ratio	1.52×	2.01×	0×
Debt / equity	0.77×	0.72×	0×
Interest coverage	1.98×	4.92×	0×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	2.9%	7.7%	0.0%
Return on invested capital	2.5%	4.7%	0.0%
Return on assets	1.3%	3.8%	0.0%
Free cash flow yield	-2.4%	2.2%	2.6%
Earnings yield	1.7%	4.1%	2.6%
Enterprise value	$1B	$1B	$0
Net debt / EBITDA	6.14×	3.31×	0×
Cash conversion cycle (days)	109	120	0