Detailed financial statements for Revolve Group, Inc. (RVLV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Revolve Group, Inc. operates as a fashion retailer for millennial and generation z consumers in the United States and internationally. The company operates in two segments, REVOLVE and FWRD. It operates a platform that connects consumers and global fashion influencers, as well as emerging, established, and owned brands. The company offers apparel, footwear, accessories, and beauty products from emerging, established, and owned brands, as well as luxury brands.
Analysis Summary
Revolve Group, Inc. reported revenue of $1.23B in the most recent fiscal year, growing at a 5-year CAGR of 16.1%. Net income reached $61.7M, with a 1.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 54.3%, operating margin 6.1%, net margin 5.5%. Free cash flow grew at -7.7% CAGR over 5 years.
At the current price of $20.61, RVLV trades at a P/E of 18.45 and an ROE of 14.05%. Market capitalisation stands at $1.5B.
Balance sheet quality for RVLV: current ratio of 2.8, net cash position of $259.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $48.0M represents 78% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $312.1M | $399.6M | $498.7M | $601.0M | $580.6M | $891.4M | $1.10B | $1.07B | $1.13B | $1.23B |
| Cost of Revenue | $168.8M | $205.9M | $233.4M | $279.0M | $275.4M | $401.6M | $509.1M | $514.5M | $536.6M | $569.9M |
| Gross Profit | $143.3M | $193.7M | $265.3M | $322.0M | $305.3M | $489.8M | $592.3M | $554.2M | $593.3M | $655.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $137.8M | $173.2M | $223.5M | $254.4M | $227.7M | $363.2M | $487.4M | $495.4M | $504.5M | $366.6M |
| Operating Expenses | $137.8M | $173.2M | $223.5M | $273.9M | $244.2M | $384.5M | $519.2M | $532.1M | $541.9M | $581.5M |
| Operating Income | $5.5M | $20.5M | $41.8M | $48.1M | $61.1M | $105.3M | $73.1M | $22.1M | $51.4M | $74.3M |
| EBITDA | $7.9M | $23.4M | $44.7M | $52.0M | $65.9M | $109.2M | $81.4M | $42.9M | $69.6M | $86.9M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $4.6M | $19.1M | $41.2M | $47.2M | $60.1M | $104.7M | $76.6M | $37.8M | $64.4M | $82.3M |
| Income Tax | $2.4M | $14.1M | $10.5M | $11.5M | $3.3M | $4.9M | $17.9M | $9.6M | $15.7M | $21.2M |
| Net Income | $2.4M | $5.3M | $30.7M | $35.7M | $56.8M | $99.8M | $58.7M | $28.1M | $49.6M | $61.7M |
| EPS | $0.05 | $0.08 | $0.45 | $-0.09 | $0.81 | $1.38 | $0.80 | $0.39 | $0.70 | $0.87 |
| EPS (Diluted) | $0.05 | $0.08 | $0.43 | $-0.09 | $0.79 | $1.34 | $0.79 | $0.38 | $0.69 | $0.86 |
| Shares Outstanding (Diluted) | $43.9M | $70.8M | $70.8M | $57.3M | $72.1M | $74.5M | $74.5M | $73.6M | $71.7M | $72.1M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.5M | $10.6M | $16.4M | $65.4M | $146.0M | $218.5M | $234.7M | $245.4M | $256.6M | $292.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $6.5M | $9.4M | $5.3M | $5.5M | $15.3M | $8.0M | $8.4M | $14.0M | $11.5M | $18.3M |
| Inventory | $72.5M | $76.2M | $102.2M | $104.3M | $95.3M | $171.3M | $215.2M | $203.6M | $229.2M | $251.8M |
| Total Current Assets | $93.4M | $105.5M | $139.2M | $199.3M | $276.9M | $439.8M | $518.2M | $528.6M | $561.1M | $647.0M |
| Property, Plant & Equipment | $5.7M | $5.4M | $5.9M | $13.5M | $11.2M | $15.5M | $31.9M | $44.2M | $45.2M | $44.2M |
| Goodwill | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M |
| Intangible Assets | $1.2M | $889000 | $564000 | $1.5M | $1.3M | $1.2M | $1.6M | $1.9M | $2.3M | $2.4M |
| Total Assets | $116.1M | $124.0M | $162.1M | $232.3M | $305.8M | $480.4M | $579.3M | $608.9M | $665.5M | $765.0M |
| Accounts Payable | $17.1M | $17.9M | $20.2M | $29.8M | $39.3M | $54.3M | $50.8M | $47.8M | $45.1M | $56.4M |
| Short-term Debt | $30.2M | $15.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $74.0M | $76.0M | $82.3M | $101.5M | $105.7M | $160.2M | $181.1M | $189.6M | $196.1M | $230.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $74.0M | $76.0M | $82.3M | $101.5M | $105.7M | $163.4M | $199.7M | $223.7M | $227.8M | $252.5M |
| Retained Earnings | -$1.2M | $31.5M | $61.3M | $56.7M | $114.0M | $213.4M | $269.2M | $268.4M | $305.1M | $368.2M |
| Total Equity | $42.4M | $48.6M | $79.8M | $130.8M | $200.1M | $317.0M | $379.6M | $385.1M | $438.2M | $512.5M |
| Total Debt | $30.2M | $15.1M | 0 | 0 | 0 | $6.9M | $24.5M | $41.0M | $40.7M | $32.5M |
| Net Debt | $18.7M | $4.5M | -$16.4M | -$65.4M | -$146.0M | -$211.5M | -$210.2M | -$204.5M | -$215.9M | -$259.8M |
| Working Capital | $19.4M | $29.5M | $56.9M | $97.8M | $171.2M | $279.6M | $337.1M | $339.0M | $365.0M | $416.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.4M | $5.0M | $30.6M | $35.7M | $56.8M | $99.8M | $58.7M | $28.1M | $48.8M | $61.1M |
| Depreciation & Amortization | $2.4M | $2.8M | $2.9M | $4.0M | $4.8M | $4.5M | $4.8M | $5.1M | $5.2M | $4.6M |
| Stock-based Compensation | $20000 | $911000 | $1.4M | $2.1M | $3.4M | $4.8M | $5.9M | $5.8M | $10.0M | $10.6M |
| Change in Working Capital | -$6.1M | $4.1M | -$4.5M | $6.0M | $7.3M | -$41.6M | -$40.2M | $9.5M | -$30.4M | -$17.9M |
| Operating Cash Flow | -$1.5M | $16.5M | $26.7M | $46.1M | $73.8M | $62.3M | $23.4M | $43.3M | $26.7M | $59.4M |
| Capital Expenditure | -$3.0M | -$2.3M | -$3.0M | -$12.5M | -$2.3M | -$2.2M | -$5.2M | -$4.2M | -$5.6M | -$11.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$427000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$40.8M | 0 | 0 | 0 | -$30.9M | -$11.8M | -$2.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$4.5M | $14.2M | $23.6M | $33.6M | $71.4M | $60.1M | $18.3M | $39.1M | $21.0M | $48.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +28.0% | +24.8% | +20.5% | -3.4% | +53.5% | +23.6% | -3.0% | +5.7% | +8.5% | |
| Net Income Growth (YoY) | +122.5% | +473.9% | +16.2% | +59.2% | +75.8% | -41.2% | -52.0% | +76.1% | +24.5% | |
| EPS Growth (YoY) | +44.1% | +471.1% | -120.0% | +1000.0% | +70.4% | -42.0% | -51.2% | +79.5% | +24.3% | |
| Shares Change (YoY) | +61.2% | +0.0% | -19.0% | +25.8% | +3.5% | -0.0% | -1.3% | -2.6% | +0.6% | |
| FCF Growth (YoY) | +414.8% | +66.1% | +42.3% | +112.6% | -15.9% | -69.6% | +114.3% | -46.2% | +128.1% | |
| Gross Margin | 45.9% | 48.5% | 53.2% | 53.6% | 52.6% | 55.0% | 53.8% | 51.9% | 52.5% | 53.5% |
| Operating Margin | 1.8% | 5.1% | 8.4% | 8.0% | 10.5% | 11.8% | 6.6% | 2.1% | 4.6% | 6.1% |
| EBITDA Margin | 2.5% | 5.8% | 9.0% | 8.7% | 11.3% | 12.3% | 7.4% | 4.0% | 6.2% | 7.1% |
| Net Margin | 0.8% | 1.3% | 6.2% | 5.9% | 9.8% | 11.2% | 5.3% | 2.6% | 4.4% | 5.0% |
| FCF Margin | -1.4% | 3.6% | 4.7% | 5.6% | 12.3% | 6.7% | 1.7% | 3.7% | 1.9% | 3.9% |
| Effective Tax Rate | 52.7% | 73.8% | 25.6% | 24.4% | 5.5% | 4.7% | 23.4% | 25.5% | 24.3% | 25.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.10 | $0.20 | $0.33 | $0.59 | $0.99 | $0.81 | $0.25 | $0.53 | $0.29 | $0.67 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $43.9M | $67.9M | $67.9M | $57.3M | $69.8M | $72.5M | $73.3M | $73.0M | $70.8M | $71.3M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 14.05% |
| Return on Invested Capital | 10.62% |
| Return on Assets | 8.60% |
| Gross Margin | 54.32% |
| Operating Margin | 6.11% |
| Net Margin | 5.54% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 2.48 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 8.37 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 621.57 | 431.47 | 75.56 | -204.00 | 38.48 | 40.61 | 27.82 | 42.51 | 47.84 | 34.70 |
| P/B | 35.25 | 47.48 | 28.92 | 8.04 | 10.87 | 12.82 | 4.30 | 3.14 | 5.41 | 4.20 |
| P/S | 4.78 | 5.78 | 4.63 | 1.75 | 3.75 | 4.56 | 1.48 | 1.13 | 2.10 | 1.76 |
| Gross Margin | 45.9% | 48.5% | 53.2% | 53.6% | 52.6% | 55.0% | 53.8% | 51.9% | 52.5% | 53.5% |
| Operating Margin | 1.8% | 5.1% | 8.4% | 8.0% | 10.5% | 11.8% | 6.6% | 2.1% | 4.6% | 6.1% |
| Net Margin | 0.8% | 1.3% | 6.2% | 5.9% | 9.8% | 11.2% | 5.3% | 2.6% | 4.4% | 5.0% |
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Explore sector: Consumer Cyclical · Specialty Retail
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