Brilliant Earth Group Inc (BRLT) is undervalued and Therealreal Inc (REAL) is overvalued.
Against our estimates of intrinsic value, BRLT trades at the wider discount: a margin of safety of +62%, against -75% for REAL.
Values as of the 22 Sept 2026 close.
A 0.9x revenue multiple, discounted for its losses, values the shares at $3.71; the price of $1.41 is 62% below that value.
Leak Score 56/100 on 2 of 12 signals
A 0.9x revenue multiple, discounted for its losses, values the shares at $5.66; the price of $9.90 is 75% above that value.
Leak Score 40/100 on 7 of 12 signals
| Metric | BRLT | REAL |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $1.41 | $9.90 |
| Intrinsic value | $3.71 | $5.66 |
| Margin of safety | +62% | -75% |
| Leak Score | 56/100 (2/12) | 40/100 (7/12) |
| Market cap | $144M | $1.2B |
| Revenue growth, 5 years | 11.7% | 18.2% |
| Operating margin | -2.0% | -0.6% |
| Net margin | -1.0% | -10.8% |
| Return on equity | -32.8% | — |
| Debt to equity | 3.45 | — |
| Forward P/E | 13.8x | 42.1x |
| P/B | 2.0x | — |