REF · Reformation Inc.
One customer — 23% of receivables (2025)
“These risks are further heightened by the fact that our net accounts receivable are highly concentrated, with a single customer accounting for 23% of our consolidated accounts receivable as of 2025.”
Price & Indicators
The closing range uses available history since Jul 30, 2026; less than a full year is stored.
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Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
AI Brief
Q2 FY26 earnings call · Sep 10, 2026TL;DR. Reformation reported Q2 FY2026 net revenue of $155.2 million (up 24.1%) and adjusted EBITDA margin of 16.4%, its 21st consecutive quarter of double-digit growth, and initiated FY2026 net revenue guidance of $602–$606 million (~18.6%–19.5% growth) with adjusted EBITDA margin of 14.0%–14.2%.
- + Q2 net revenue grew 24.1% to $155.2 million, marking 21 consecutive quarters of double-digit growth.
- + Gross margin expanded 230 bps to 66.7% on lower tariff rates and higher AUR.
- + Active customers grew 22.9% to 1.2 million on an LTM basis, led by both new and returning customer strength.
- + Wholesale revenue grew 48.7% to $19.9 million and international revenue grew 36.8% to $31.2 million on expansion in France.
- + Net debt was reduced to ~0.9x net leverage after the IPO used ~$110 million of proceeds to repay debt.
- − DTC net revenue per customer declined 1.4% as outsized new customer growth weighed on the blended metric.
- − A $90 million recapitalization dividend was funded ahead of the IPO, increasing total debt to $246.7 million at quarter end.
- − Inventory grew 25.7% to $81.8 million, driven by new store openings and higher sales volume.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | 41.28M | 26 Weeks Ended June 27, 2026 | — |
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| Adjusted EBITDA margin non-GAAP | 15.4% | 26 Weeks Ended June 27, 2026 | — |
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| Stores | 70 | Q2 FY2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Apparel Retail — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
REF
this stock
Reformation Inc.
|
$856.65M | — | — | — | 4.3% |
|
IDEXF
Industria de Diseno Textil Inditex SA
|
$200.11B | -3.2% | — | — | 0.0% |
|
TJX
Tjx Companies Inc
|
$161.10B | -5.3% | +6.0% | 27.1 | 1.7% |
|
ROST
Ross Stores, Inc.
|
$75.79B | +30.0% | +7.7% | 28.7 | 3.2% |
|
BURL
Burlington Stores, Inc.
|
$15.59B | -14.1% | +8.8% | 22.3 | 5.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| REF | +3.2% | +12.2% | — | +16.2% | — |
| SPY | +0.5% | +0.7% | +7.6% | +1.4% | +13.4% |
| vs SPY | +2.7% | +11.5% | — | +14.8% | — |