Reformation Inc.

REF · NYSE · Consumer Cyclical / Apparel Retail

18.21USD+0.08 (+0.44%)

Price History

Full chart

Market Stats

Previous Close18.13

Open17.98

Day Range17.33 – 18.37

52-Week Range12.16 – 17.26

Volume365.86K

Market Cap730.81M

P/E (TTM)53.78

Forward P/E20.45

EPS0.23

Dividend Yield0.00%

50-Day Avg14.70

200-Day Avg14.70

About

Reformation Inc. manufactures and sells sustainable women's clothing and accessories in the United States and Internationally. It offers dresses, tops, pants, skirts, shorts, jeans, sweaters, shoes, jumpsuits, two-piece sets, outerwear, sleep and loungewear, swimwear, and accessories. The company also offers wedding collection. It retails its product through website, online channels, and stores, well as through wholesalers and other channels. The company was formerly known as REF Topco, Inc. and changed its name to Reformation Inc. in April 2025. Reformation Inc. was founded in 2009 and is headquartered in Vernon, California.

Company Details

SectorConsumer Cyclical
IndustryApparel Retail
CEOMs. Hali Borenstein
Employees1.35K
Headquarters5801 S. 2nd St., Vernon, CA, United States, 90058, USA
Websitehttps://www.thereformation.com

Leadership

Ms. Hali BorensteinCEO, President & Director · b. 1985
Mr. Joshua MooreChief Financial Officer · b. 1975
Mr. Ivan TchakarovChief Operating Officer · b. 1975
Mr. Fred ClarkChief Technology Officer
Ms. Christina HallidayGeneral Counsel & Corporate Secretary
Mr. Kelly Rew-PorterChief People Officer
Ms. Lauren CohanChief Creative & Brand Officer
Ms. Kathleen TalbotChief Sustainability Officer & VP of Operations
Ms. Jessica OzellaChief Digital Officer
Ms. Alison MelvilleChief Innovation Officer

Financials

Income Statement

Currency: USD	2023-12-31	2024-12-31	2025-12-31
Total Revenue	359.52M	438.16M	507.10M
Growth (%)	-	+21.87%	+15.74%
Cost of Revenue	129.19M	155.55M	201.62M
Gross Profit	230.34M	282.61M	305.49M
Gross Margin	64.07%	64.50%	60.24%
Operating Expense	192.76M	229.95M	276.67M
Operating Income	37.58M	52.66M	28.82M
Operating Margin	10.45%	12.02%	5.68%
EBITDA	47.23M	66.49M	44.60M
EBITDA Margin	13.14%	15.17%	8.80%
Net Income	23.89M	32.93M	12.64M
Net Income Margin	6.64%	7.52%	2.49%
Interest Expense	0	10.71M	14.57M
Interest Expense % of Total Revenue	0.00%	2.45%	2.87%

Balance Sheet

Currency: USD	2024-12-31	2025-12-31
Total Assets	873.77M	937.87M
Total Liabilities	447.16M	497.07M
Total Equity	426.61M	440.80M
Cash	87.68M	65.47M
Total Debt	-	339.48M
Net Debt	72.49M	274.01M

Cash Flow

Currency: USD	2023-12-31	2024-12-31	2025-12-31
Operating Cash Flow	37.81M	44.27M	26.67M
Investing Cash Flow	-	-	-44.54M
Financing Cash Flow	29.00K	-6.40M	-5.16M
Capital Expenditure	13.69M	26.15M	44.54M
Free Cash Flow	24.12M	18.12M	-17.87M
FCF to OCF	63.79%	40.93%	-67.02%

Earnings

Report Date	Sep 10, 2026
EPS Estimate	0.20
EPS Actual	0.23
Surprise	15.00%
Timing	After-hours

Key Statistics & Ratios

Market Cap730.81M

Enterprise Value1.10B

Trailing P/E53.78

Forward P/E20.45

Price / Sales1.30

Price / Book1.96

EPS0.23

Book Value9.13

Revenue (TTM)563.47M

Gross Profit (TTM)345.36M

EBITDA30.85M

Profit Margin2.05%

Operating Margin12.36%

Return on Equity0.00%

Return on Assets0.00%

Shares Outstanding59.08M

Shares Float16.14M

Dividend Yield0.00%

Dividend Rate0.00

Payout Ratio0.00%

Ownership Breakdown

Institutions: 8.37%
Insiders: 61.35%
Retail / Other: 30.28%

Top Fund Holders

AB Small Cap Growth A
794.77K1.35%
Loomis Sayles Small Cap Growth Instl
688.62K1.17%
Fidelity Contrafund
561.80K0.95%
Franklin Small Cap Growth Adv
551.70K0.93%
MFS New Discovery I
494.69K0.84%
BlackRock Event Driven Equity Instl
478.00K0.81%
Principal SmallCap Growth I Instl
440.55K0.75%
Emerald Growth A
256.59K0.43%
MFS VIT New Discovery Init
183.08K0.31%
Fidelity Blue Chip Growth
171.40K0.29%
Putnam Small Cap Value A
142.68K0.24%
Fidelity Contrafund K6
117.80K0.20%
Vanguard MStar Total Stk Mkt Idx Invest
86.55K0.15%
MFS Blended Research Small Cap Eq R6
69.89K0.12%
Fidelity VIP Contrafund Initial
51.10K0.09%
Fidelity Advisor New Insights I
46.70K0.08%