REF (Reformation) FCF Margin %: -3.52% (As of Dec. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

REF Reformation Inc REF
8 GF Score
Price $16.22
View Full Analysis

What is Reformation FCF Margin %?

Reformation REF +7.56% 8 FCF Margin % is -3.52% as of Dec. 2025. GuruFocus rates REF with a GF Score™ of 8/100.

FCF Margin % is calculated as Free Cash Flow divided by its Revenue. Reformation's Free Cash Flow for the six months ended in Dec. 2025 was $-17.9 Mil. Reformation's Revenue for the six months ended in Dec. 2025 was $507.1 Mil. Therefore, Reformation's FCF Margin % for the quarter that ended in Dec. 2025 was -3.52%.

As of today, Reformation's current FCF Yield % is -1.87%.

The historical rank and industry rank for Reformation's FCF Margin % or its related term are showing as below:

REF' s FCF Margin % Range Over the Past 10 Years
Min: 0   Med: 0   Max: 0
Current: -3.52

REF's FCF Margin % is not ranked
in the Retail - Cyclical industry.
Industry Median: 3.06 vs REF: -3.52

Reformation FCF Margin % Related Terms

Reformation FCF Margin % Historical Data

* Premium members only.

The historical data trend for Reformation's FCF Margin % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Reformation FCF Margin % Chart

Reformation Annual Data
Trend Dec23 Dec24 Dec25
FCF Margin %
6.71 4.13 -3.52

Reformation Semi-Annual Data
Dec23 Dec24 Dec25
FCF Margin % 6.71 4.13 -3.52

REF vs : FCF Margin % Comparison

For the Apparel Retail subindustry, Reformation's FCF Margin %, along with its competitors' market caps and FCF Margin % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Reformation FCF Margin % vs Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, Reformation's FCF Margin % distribution charts can be found below:

* The bar in red indicates where Reformation's FCF Margin % falls into.


REF
8GF Score
Reformation Inc REF
FCF Margin % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Reformation FCF Margin % Calculation

FCF margin is the ratio of Free Cash Flow divided by net sales or Revenue, usually presented in percent.

Reformation's FCF Margin for the fiscal year that ended in Dec. 2025 is calculated as

FCF Margin=Free Cash Flow (A: Dec. 2025 )/Revenue (A: Dec. 2025 )
=-17.873/507.104
=-3.52 %

Reformation's FCF Margin for the quarter that ended in Dec. 2025 is calculated as

FCF Margin=Free Cash Flow (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=-17.873/507.104
=-3.52 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about FCF Margin % →
What does a FCF Margin % of -3.52% mean?
Reformation (REF) has a FCF Margin % of -3.52% as of Dec. 2025. Free cash flow margin is the ratio of total free cash flow to net sales. View historical data on Reformation and its competitors.
Is Reformation's FCF Margin % too high?
Reformation's current FCF Margin % is -3.52%. Overall, Reformation has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does Reformation's FCF Margin % compare to ?
Reformation's FCF Margin % of -3.52% can be compared against companies in the Retail - Cyclical industry. The industry median FCF Margin % is 3.06. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good FCF Margin % for a Retail - Cyclical company?
The median FCF Margin % among Retail - Cyclical companies is 3.06, based on 1,129 companies in the industry. Companies in the top quartile (top 25%) have a FCF Margin % significantly above this median, while those in the bottom quartile fall well below. However, FCF Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high FCF Margin % mean?
A high FCF Margin % can signal that a stock is expensive relative to its fundamentals. Free cash flow margin is the ratio of total free cash flow to net sales. View historical data on Reformation and its competitors. For the Retail - Cyclical industry, the median FCF Margin % is 3.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Reformation's current FCF Margin % is -3.52%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Reformation stock overvalued right now?
Reformation (REF) has a current FCF Margin % of -3.52%. The current FCF Margin % is -3.52%. Reformation's overall GF Score™ is 8/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is FCF Margin % calculated?
FCF Margin % is calculated from a company's financial statements. For Reformation (REF), the current FCF Margin % is -3.52% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Reformation Business Description

Comparable Companies
Address 5801 S. 2nd Street, Vernon, CA, USA, 90058
Reformation Inc sells apparel and accessories through its website, company-owned retail stores, wholesale channels, and other distribution channels in the United States and internationally. Its product portfolio includes dresses, bottoms, tops, sweaters, and accessories. The company focuses on womenswear and sources materials and products through its supply chain operations. The majority of the company's revenue was derived from the sale of its apparel and accessories, including clothing, shoes, and bags, through e-commerce and retail. Geographically, the maximum revenue is generated from the United States.
8GF Score

Get the complete analysis for REF

FCF Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$16.22
Price