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RVLV, Revolve Group

REVOLVE, we offer an assortment of premium apparel, footwear, beauty and accessories from emerging, established and owned brands.

As a trusted premium lifestyle brand and a go-to online source for discovery and inspiration, we deliver exceptional service and an engaging customer experience with a vast yet curated offering totaling over 140,000 apparel and footwear styles, as well as beauty and accessories.

Our dynamic platform connects a deeply engaged community of millions of consumers, thousands of global fashion influencers and over 1,600 emerging, established and owned brands.

Latest annual: FY2025 10-K

RVLV · Revolve Group

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.2B

+8.5% YoY · 16% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.3B 5-yr avg $1.1B

Gross margin 54% 5-yr avg 53%

Operating margin 5.9% 5-yr avg 6.2%

ROIC 29% 5-yr avg 40%

Owner-earnings margin 5% 5-yr avg 4%

Free cash flow margin 4% 5-yr avg 4%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is REVOLVE (86%) and FWRD (14%).
What moves the needle: Gross margin has run about 53% and operating margin about 6.6% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 2.1% to 12% — on a steadier 53% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 19% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 39%, above 15% in 8 of 9 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 4% of revenue reaches owners as cash, consistently. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

REVOLVE is 86% of revenue, with FWRD the other meaningful segment at 14%.

Revenue by reportable segment, FY2025

REVOLVE86%$1.1B
FWRD14%$172M

By geographyUnited States79%International21%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$400M	$499M	$601M	$581M	$891M	$1.1B	$1.1B	$1.1B	$1.2B	$1.3B	RevenueRevenue
48%	53%	54%	53%	55%	54%	52%	53%	54%	54%	Gross marginGross mgn
14%	13%	13%	12%	10%	10%	12%	13%	13%	13%	SG&A / revenueSG&A/rev
$21M	$42M	$48M	$61M	$105M	$73M	$22M	$51M	$74M	$75M	Operating incomeOp. inc.
5.1%	8.4%	8.0%	10.5%	11.8%	6.6%	2.1%	4.6%	6.1%	5.9%	Operating marginOp. mgn
$5M	$31M	$36M	$57M	$100M	$59M	$28M	$50M	$62M	$64M	Net incomeNet inc.
—	26%	24%	5%	5%	23%	25%	24%	26%	25%	Effective tax rateTax rate
										Cash flow & returns
$16M	$27M	$46M	$74M	$62M	$23M	$43M	$27M	$59M	$64M	Operating cash flowOp. cash
$3M	$3M	$4M	$5M	$5M	$5M	$5M	$4M	$5M	$5M	DepreciationDeprec.
$7M	($8M)	$4M	$9M	($47M)	($46M)	$4M	($37M)	($17M)	($17M)	Working capital & otherWC & other
$2M	$3M	$12M	$2M	$2M	$5M	$4M	$6M	$11M	$15M	CapexCapex
0.6%	0.6%	2.1%	0.4%	0.2%	0.5%	0.4%	0.5%	0.9%	1.1%	Capex / revenueCapex/rev
$14M	$24M	$42M	$71M	$60M	$18M	$39M	$22M	$55M	$59M	Owner earningsOwner earn.
3.6%	4.7%	7.0%	12.3%	6.7%	1.7%	3.7%	2.0%	4.5%	4.6%	Owner earnings marginOE mgn
$14M	$24M	$34M	$71M	$60M	$18M	$39M	$21M	$48M	$49M	Free cash flowFCF
3.6%	4.7%	5.6%	12.3%	6.7%	1.7%	3.7%	1.9%	3.9%	3.9%	Free cash flow marginFCF mgn
—	—	$41M	—	—	—	$31M	$12M	$2M	—	BuybacksBuybacks
21%	49%	56%	107%	102%	39%	12%	22%	25%	29%	ROICROIC
11%	38%	27%	28%	31%	15%	7%	11%	12%	12%	Return on equityROE
11%	38%	27%	28%	31%	15%	7%	11%	12%	12%	Retained to equityRetained/eq
										Balance sheet
—	$16M	$65M	$146M	$218M	$235M	$245M	$257M	$292M	$336M	Cash & investmentsCash+inv
—	$5M	$5M	$5M	$5M	$5M	$12M	$10M	$17M	$26M	ReceivablesReceiv.
—	$102M	$104M	$95M	$171M	$215M	$204M	$229M	$252M	$245M	InventoryInvent.
—	$20M	$30M	$39M	$54M	$51M	$48M	$45M	$56M	$71M	Accounts payablePayables
—	$87M	$79M	$61M	$122M	$170M	$168M	$194M	$212M	$201M	Operating working capitalOper. WC
—	$139M	$199M	$277M	$440M	$518M	$529M	$561M	$647M	$688M	Current assetsCur. assets
—	$82M	$102M	$106M	$160M	$181M	$190M	$196M	$231M	$271M	Current liabilitiesCur. liab.
—	1.7×	2.0×	2.6×	2.7×	2.9×	2.8×	2.9×	2.8×	2.5×	Current ratioCurr. ratio
—	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	GoodwillGoodwill
—	$162M	$232M	$306M	$480M	$579M	$609M	$666M	$765M	$821M	Total assetsAssets
—	($16M)	($65M)	($146M)	($218M)	($235M)	($245M)	($257M)	($292M)	($336M)	Net debt / (cash)Net debt
$48M	$80M	$131M	$200M	$317M	$380M	$385M	$438M	$513M	$528M	Shareholders’ equityEquity
0.2%	0.3%	0.3%	0.6%	0.5%	0.5%	0.5%	0.9%	0.9%	0.9%	Stock comp / revenueSBC/rev
										Per share
7.3M	7.4M	7.7M	72.1M	74.5M	74.5M	73.6M	71.7M	72.1M	72.4M	Shares out (diluted)Shares
$54.44	$67.12	$77.86	$8.06	$11.96	$14.78	$14.52	$15.76	$17.00	$17.58	Revenue / shareRev/sh
$0.73	$4.13	$4.62	$0.79	$1.34	$0.79	$0.38	$0.69	$0.86	$0.89	EPS (diluted)EPS
$1.94	$3.18	$5.45	$0.99	$0.81	$0.25	$0.53	$0.31	$0.76	$0.81	Owner earnings / shareOE/sh
$1.94	$3.18	$4.35	$0.99	$0.81	$0.25	$0.53	$0.29	$0.67	$0.68	Free cash flow / shareFCF/sh
$0.31	$0.41	$1.61	$0.03	$0.03	$0.07	$0.06	$0.08	$0.16	$0.20	Cap. spending / shareCapex/sh
$6.54	$10.74	$16.94	$2.78	$4.25	$5.09	$5.23	$6.11	$7.11	$7.30	Book value / shareBVPS

Share counts before 2019 are restated ×1/6 for a stock split, so per-share figures sit on one basis.

The diluted share count moved ×9.34 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	−13.5%/yr	+16.1%/yr
Owner earnings / share	−11.0%/yr	−5.2%/yr
EPS	+2.0%/yr	+1.7%/yr
Capital spending / share	−8.0%/yr	+37.4%/yr
Book value / share	+1.1%/yr	+20.7%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

72Mpeak FY2021

ROIC

25%low FY2023

Gross margin

54%low FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$55Mowner earningsvs.$62Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $55M of owner earnings, the operating cash left after the $5M it takes just to hold its position. It put $7M more into growth; free cash flow, after that spending, was $48M.

Reported net income$62M

Owner earnings$55M · 4% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$62M	$50M	$28M	$59M	$100M
Depreciation & amortizationnon-cash charge added back	+$5M	+$4M	+$5M	+$5M	+$5M
Stock-based compensationreal costnon-cash, but a real cost	+$11M	+$10M	+$6M	+$6M	+$5M
Working capital & othertiming of cash in and out, other non-cash items	−$17M	−$37M	+$4M	−$46M	−$47M
Cash from operations	$59M	$27M	$43M	$23M	$62M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$5M	−$4M	−$4M	−$5M	−$2M
Owner earnings	$55M	$22M	$39M	$18M	$60M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$7M	−$1M	—	—	—
Free cash flow	$48M	$21M	$39M	$18M	$60M
Owner-earnings marginowner earnings ÷ revenue	4%	2%	4%	2%	7%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $5M, roughly its depreciation, the rate its assets wear out). The other $7M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $11M), owner earnings is nearer $44M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$292M

Net cash, debt-free

Cash $292M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $292M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 130d

Long (60+ days)

DSO 5 + DIO 161 − DPO 36 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median -8%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 4%

Thin through the cycle

9-yr median margin, range 2%–12%; latest $55M = operating cash $59M − maintenance capex $5M

Industry peers: median 3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 4% of revenue this year, a 4% median across 9 years. Treating stock comp as the real expense it is (less $11M of SBC) leaves $44M.
Are earnings backed by cash? 0.96×

Mostly cash-backed

Cash from ops $59M ÷ net income $62M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 4%

Reinvests most of it

Dividends + buybacks $2M ÷ Owner Earnings $55M

What this means
Of $55M Owner Earnings, $2M (4%) went back to shareholders, $0 dividends, $2M buybacks. But the buybacks barely exceed stock issued to employees ($11M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 2.48×

Expanding

Capex $11M ÷ depreciation $5M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.81×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Pass

A profit every year (9-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +94%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.65/share (latest year $0.86), the averaged base the calculator's gate runs on, and book value is $7.17/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 9

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 7% → 4% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 7% early to 4% lately, median 7% — competition or costs are biting in.
Owner earnings growth +9%/yr

What this means
Owner earnings grew about 9% a year over the record.
Worst year 2023 · 2.1% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +6.4%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
How management talks about it Promotional

What this means
The record is compounding, but the filing leans on a promoter’s vocabulary rather than the per-share, return-on-capital terms an owner uses. The results back the talk here; the register is still worth noting.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Named as a competitive risk

Its FY2025 10-K names artificial intelligence as a competitive threat.

“Issues relating to our use of new and evolving technologies such as AI may cause us to experience brand or reputational harm, competitive harm, legal liability and new or enhanced governmental or regulatory scrutiny, and to incur additional costs to resolve such issues.”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$688M

Cash & short-term investments$336M
Receivables$26M
Inventory$245M
Other current assets$81M

Current liabilities$271M

Accounts payable$71M
Other current liabilities$200M

Current ratio2.54×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.64×stricter: inventory excluded

Cash ratio1.24×strictest: cash alone against what's due

Working capital$418Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+15.6%the freshest read on whether the business is still growing

Current ratio, recent quarters2.7× → 2.5×

Deeper floors

Tangible book value$524Mequity stripped of goodwill & intangibles

Net current asset value$395MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$33M$33M of it operating leases

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $378M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$49M · 13%
Buybacks$86M · 23%
Retained (debt / cash)$244M · 65%

Returned to owners$86M
25% of the owner earnings the business produced over the span, $0 as dividends and $86M as buybacks.
Average price paid for buybacks—
Buybacks ran $86M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count885.6%
The diluted count rose from 7M to 72M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained4%
Of the earnings it kept rather than paid out ($341M over the span), annual owner earnings (first three years vs last three) grew $12M, so each retained $1 added about 0.04 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mike Karanikolas	$473k	$473k	$60M
2022	Mike Karanikolas	$984k	$484k	$18M
2023	Mike Karanikolas	$981k	$481k	$39M
2024	Mike Karanikolas	$482k	$482k	$22M
2025	Mike Karanikolas	$485k	$485k	$55M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$11M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 14% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Revolve Group is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereIs it less profitable than it was?3.4% vs 5.1%
The owner-earnings margin averaged 5.1% early in the record and 3.4% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?885.6%
Diluted shares grew 885.6% over 2017–2025, even as the company spent $86M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, E-Commerce & Marketplaces

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PTRNPattern Group Inc. Series A	$2.5B	44%	3.9%	—	3%
GCTGigaCloud Technology Inc	$1.3B	—	11.2%	84%	13%
EZPWEZCORP Inc. Class A Non Voting	$1.3B	79%	7.7%	6%	7%
SFIXStitch Fix Inc.	$1.3B	44%	-3.0%	-35%	3%
LESLLeslie's	$1.2B	41%	13.1%	38%	3%
RVLVRevolve Group	$1.2B	53%	6.6%	39%	4%
BBBYBed Bath & Beyond Inc.	$1.0B	23%	-4.3%	-201%	-3%
HNSTThe Honest Company Inc.	$371M	33%	-11.3%	-23%	-4%
Group median	—	44%	5.3%	6%	3%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Revolve Group has delivered.

Today’s price $

Through the cycle, Revolve Group earns about $55M on its 4.5% median owner-earnings margin. This year’s 4.5% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($55M) Net of stock comp (−$11M) Steady-state · maintenance capex ($59M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−0%/yr

Owner-earnings growth · ’17→’25+8%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $49M on 71M shares outstanding (a weighted basic average, the only count this filer tags); net cash $336M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($15M) runs well above depreciation ($5M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $59M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh RVLV against another business →

The owners of RVLV: the meeting and the votes →

Cite: Owner Scorecard, "Revolve Group (RVLV), the owner's record," https://ownerscorecard.com/c/RVLV, data as of 2026-07-09.

Manual order: ← RUSHB its page in the Manual RVTY →

Industry order: ← REAL the E-Commerce & Marketplaces chapter SFIX →