REF · Reformation Inc.
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.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $14.09 |
| SO | 59.1M |
| Options | 5.8M |
| Warrants | 0.0M |
| FD SO | 64.9M |
| MC | $914.7M |
| Cash | $76.6M |
| Total debt | $241.5M |
| EV | $1.08B |
| TTM Multiples | |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 11.1% |
| Insiders | 61.3% |
| # Institutions | 21 |
| Analysts | 8 |
| Consensus | Strong Buy |
| Avg target | $19.25 |
| Short % float | — |
| Days to cover | 4.24 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-09-08. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-10-12 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-09-30; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/27/26 | 6/28/25 | |
|---|---|---|
| Total Revenue | 155.23 | 125.07 |
| Cost of Revenue | 51.76 | 44.51 |
| Gross Profit | 103.47 | 80.57 |
| Gross Margin % | 66.7% | 64.4% |
| SG&A | 69.96 | 56.73 |
| Operating Expense | 84.45 | 67.98 |
| Operating Income | 19.02 | 12.59 |
| Operating Margin % | 12.3% | 10.1% |
| EBITDA | 23.02 | 15.39 |
| EBITDA Margin % | 14.8% | 12.3% |
| Interest Expense | 3.54 | 4.04 |
| Other Income / (Expense) | 1.62 | 0.72 |
| Pretax Income | 17.11 | 9.28 |
| Tax Provision | 4.70 | 2.36 |
| Net Income | 12.41 | 6.92 |
| Net Margin % | 8.0% | 5.5% |
| Diluted EPS | $0.23 | $0.13 |
| Basic EPS | $0.25 | $0.14 |
| Diluted Avg Shares | 52.9 | 51.3 |
| Basic Avg Shares | 49.8 | 49.8 |
No annual data available.
| 6/27/26 | 6/28/25 | |
|---|---|---|
| Cash & Equivalents | 76.63 | — |
| Receivables | 18.58 | — |
| Inventory | 81.77 | — |
| Other Current Assets | 33.78 | — |
| Total Current Assets | 210.76 | — |
| Net PPE | 89.22 | — |
| Operating Lease ROU | 176.94 | — |
| Goodwill | 209.42 | — |
| Intangible Assets | 0.98 | — |
| Other Assets | 317.83 | — |
| Total Assets | 1,005.16 | — |
| Accounts Payable | 6.30 | — |
| Current Debt | 1.61 | — |
| Current Lease Liabilities | 16.84 | — |
| Other Current Liabilities | 108.94 | — |
| Total Current Liabilities | 133.69 | — |
| Long-term Debt | 239.92 | — |
| Long-term Lease Liabilities | 176.95 | — |
| Other Liabilities | 77.87 | — |
| Total Liabilities | 628.43 | — |
| Retained Earnings | 1.30 | — |
| Total Equity | 376.73 | 429.24 |
| LTM | |
|---|---|
| Cash & Equivalents | 76.63 |
| Receivables | 18.58 |
| Inventory | 81.77 |
| Other Current Assets | 33.78 |
| Total Current Assets | 210.76 |
| Net PPE | 89.22 |
| Operating Lease ROU | 176.94 |
| Goodwill | 209.42 |
| Intangible Assets | 0.98 |
| Other Assets | 317.83 |
| Total Assets | 1,005.16 |
| Accounts Payable | 6.30 |
| Current Debt | 1.61 |
| Current Lease Liabilities | 16.84 |
| Other Current Liabilities | 108.94 |
| Total Current Liabilities | 133.69 |
| Long-term Debt | 239.92 |
| Long-term Lease Liabilities | 176.95 |
| Other Liabilities | 77.87 |
| Total Liabilities | 628.43 |
| Retained Earnings | 1.30 |
| Total Equity | 376.73 |
| 6M 6/27/26 | 6M 6/28/25 | |
|---|---|---|
| Net Income | 0.26 | 1.36 |
| D&A | 8.41 | 5.88 |
| Stock-Based Comp | 24.38 | 0.57 |
| Δ Working Cap & Other | (33.02) | (22.02) |
| Operating Cash Flow | 0.03 | (14.21) |
| CapEx | (13.22) | (21.06) |
| Investing Cash Flow | (13.22) | (21.06) |
| Other Financing | 24.82 | (2.02) |
| Financing Cash Flow | 24.82 | (2.02) |
| Free Cash Flow | (13.19) | (35.27) |
Year-to-date columns, not discrete quarters — this filer reports its cash flow statement cumulatively from the start of the fiscal year and has not published two interim periods within one year that could be subtracted to isolate a quarter. Each column's span is in its heading.
No annual data available.
| 6/27/26 | 6/28/25 | |
|---|---|---|
| Current Ratio | 1.58 | — |
| Quick Ratio | 0.96 | — |
| Debt / Equity | 0.64 | — |
| EBITDA Margin % | 14.8% | 12.3% |
| Working Capital | 77.07 | — |
| Net Debt | 164.90 | — |
| ROE % | 3.3% | 1.6% |
| ROA % | 1.2% | — |
| LTM | |
|---|---|
| Current Ratio | 1.58 |
| Quick Ratio | 0.96 |
| Debt / Equity | 0.64 |
| EBITDA Margin % | — |
| Working Capital | 77.07 |
| Net Debt | 164.90 |
| ROE % | — |
| ROA % | — |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-10-09 | Kleine Brigitte | Director | 2026-07-31 | P | 200 | $15.00 | $3,000 |
| 2026-10-09 | Allen Zipporah | Director | 2026-07-31 | P | 3,500 | $15.00 | $52,500 |
| 2026-10-09 | Coyle John Joseph | Director | 2026-07-31 | P | 200,000 | $15.00 | $3,000,000 |
| 2026-09-03 | Aflalo Yael | Director, 10% Owner | 2026-09-01 | S | (60,298) | $13.95 | -$841,157 |
| 2026-09-03 | Refo SCSp | 10% Owner | 2026-09-01 | S | (149,596) | $13.95 | -$2,086,864 |
| 2026-07-31 | Borenstein Hali | Director, Officer (CEO and President) | 2026-07-31 | D | (170,876) | $13.95 | -$2,383,720 |
| 2026-07-31 | Refo SCSp | 10% Owner | 2026-07-31 | S | (2,987,199) | $13.95 | -$41,671,426 |
| 2026-07-31 | Tchakarov Ivan | Officer (Chief Operating Officer) | 2026-07-31 | D | (37,396) | $13.95 | -$521,674 |
| 2026-07-31 | Tchakarov Ivan | Officer (Chief Operating Officer) | 2026-07-31 | D | (11,765) | $13.95 | -$164,122 |
| 2026-07-31 | Allen Zipporah | Director | 2026-07-29 | A | 9,333 | — | $0 |
| 2026-07-31 | Moore Joshua | Officer (Chief Financial Officer) | 2026-07-29 | A | 14,666 | — | $0 |
| 2026-07-31 | Moore Joshua | Officer (Chief Financial Officer) | 2026-07-29 | A | 160,000 | — | $0 |
| 2026-07-31 | Moore Joshua | Officer (Chief Financial Officer) | 2026-07-29 | A | 82,333 | — | $0 |
| 2026-07-31 | Moore Joshua | Officer (Chief Financial Officer) | 2026-07-29 | A | 58,831 | — | $0 |
| 2026-07-31 | RAUCH STACEY | Director | 2026-07-29 | A | 9,333 | — | $0 |
| 2026-07-31 | Borenstein Hali | Director, Officer (CEO and President) | 2026-07-29 | A | 300,000 | — | $0 |
| 2026-07-31 | Borenstein Hali | Director, Officer (CEO and President) | 2026-07-29 | A | 666,666 | — | $0 |
| 2026-07-31 | Borenstein Hali | Director, Officer (CEO and President) | 2026-07-29 | A | 166,666 | — | $0 |
| 2026-07-31 | Borenstein Hali | Director, Officer (CEO and President) | 2026-07-29 | A | 294,155 | — | $0 |
| 2026-07-31 | Borenstein Hali | Director, Officer (CEO and President) | 2026-07-29 | D | (538,410) | $13.95 | -$7,510,820 |
| 2026-07-31 | Kleine Brigitte | Director | 2026-07-29 | A | 9,333 | — | $0 |
| 2026-07-31 | Miller Steven Clive | Director | 2026-07-29 | A | 9,333 | — | $0 |
| 2026-07-31 | Tchakarov Ivan | Officer (Chief Operating Officer) | 2026-07-29 | A | 133,333 | — | $0 |
| 2026-07-31 | Tchakarov Ivan | Officer (Chief Operating Officer) | 2026-07-29 | A | 33,333 | — | $0 |
| 2026-07-31 | Tchakarov Ivan | Officer (Chief Operating Officer) | 2026-07-29 | A | 58,831 | — | $0 |
| 2026-07-31 | Coyle John Joseph | Director | 2026-07-29 | A | 9,333 | — | $0 |
| 2026-07-31 | Aflalo Yael | Director, 10% Owner | 2026-07-29 | S | (1,204,029) | $13.95 | -$16,796,205 |