RH (Restoration Hardware) (RH)

Executive Summary

This report updates our May 26, 2026 deep dive on RH following the company’s fiscal first quarter 2026 results (quarter ended May 2, 2026), reported after the close on June 11. The quarter was a beat-and-raise against deeply depressed expectations: revenue of $800.3 million declined 1.7% but topped consensus of roughly $793 million, the adjusted loss of $1.97 per share beat the roughly $2.09-$2.11 loss the Street expected, adjusted EBITDA margin of 7.1% exceeded the high end of management’s own guidance, and the company raised the low end of its fiscal 2026 revenue outlook to 4.5%-8.0% growth with a 14.2%-16.0% adjusted EBITDA margin and $300-$400 million of adjusted free cash flow.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers