Stock fact sheet · data as of
Reformation Inc. (California) (REF): fair value, margin of safety and Wheel Score
Consumer Cyclical · Apparel - Footwear & Accessories · United States · Speculative / Distressed
Is REF undervalued?
Reformation Inc. (California) (REF) closed at 13.56 on 16 Oct 2026, 3775% above the GLS average fair value of 0.3499. 5 of the 5 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
There is a wide gap between EPV (0.0580) and Graham Number (0.9428). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files REF under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for REF
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 0.9428 | -93% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 0.2987 | -98% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 0.1305 | -99% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.3197 | -98% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 0.0580 | -100% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -5.69 | -142% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 18.83 | +39% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Reformation Inc. (California) scores only 0 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 3.7/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 1.6%, ROE 2.9%, ROA 1.3% - with debt at 0.77 times equity and negative free cash flow.
Reformation Inc. (California) pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Reportable 100% (quarter Q2 FY2026).
Institutional ownership scores 5/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 0 / 9 | ROIC | 1.6% |
|---|---|---|---|
| GLS Moat | 3.7 / 10 | ROE | 2.9% |
| Debt / equity | 0.77 | ROA | 1.3% |
| Free-cash-flow yield | -1.6% | Payout ratio | 22718% |
| Institutions | 5 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 34: Weak
With a Wheel Score of 34 Reformation Inc. (California) sits in the Weak band. The parts - Value 0/25, Health 0/20, Moat 6/15, Premium 18/20, Stability 10/20 - show where: Value (0/25) scores lowest.
Implied volatility is 69% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (18 of 20) because volatility this high usually comes with a reason. Chain open interest is thin - 1,440 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 279k shares a day on a market cap of $801M, with a beta of 0.00 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 10 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -3775% margin of safety | |
| Health | 0 / 20 | Piotroski 0/9 | |
| Moat | 6 / 15 | moat 3.7/10 | |
| Premium | 18 / 20 | implied volatility 69% | |
| Stability | 10 / 20 | 279k shares/day, $801M cap, beta 0.00 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for REF in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Apparel - Footwear & Accessories
The 12 companies below are the closest to Reformation Inc. (California) by market cap within the Apparel - Footwear & Accessories industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| WEYS Weyco Group, Inc. | 52.46 | 60.67 | +14% | 39No options | $501M |
| WWW Wolverine World Wide, Inc. | 18.83 | 33.55 | +44% | 80Prime | $1.5B |
| FOSL Fossil Group, Inc. | 6.88 | - | - | 43Weak | $407M |
| CPRI Capri Holdings Limited | 15.85 | 17.49 | +9% | 75Good | $1.8B |
| RCKY Rocky Brands, Inc. | 45.12 | 36.04 | -25% | 27No options | $338M |
| DBI Designer Brands Inc. | 6.42 | 14.85 | +57% | 74Good | $328M |
| SHOO Steven Madden, Ltd. | 44.74 | 35.40 | -26% | 57Fair | $3.3B |
| VRA Vera Bradley, Inc. | 5.63 | 20.22 | +72% | 45Weak | $160M |
| MCRAA McRae Industries, Inc. | 50.27 | 34.78 | -45% | 23No options | $114M |
| MCRAB McRae Industries, Inc. | 50.00 | 34.72 | -44% | 23No options | $113M |
| CROX Crocs, Inc. | 124.77 | 171.39 | +27% | 81Prime | $6.0B |
| BIRK Birkenstock Holding plc | 35.89 | 47.44 | +24% | 89Prime | $6.4B |
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Start free See the Sunday ScanQuestions about REF
Is REF undervalued right now?
No: at 13.56 the stock trades 3775% above the GLS average fair value of 0.3499 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of REF and what does it mean?
REF scores 34 out of 100 (Weak). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for REF?
0.3499 per share as of 16 Oct 2026 - the simple average of the 5 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Reformation Inc. (California) report earnings next?
No upcoming earnings date is recorded for REF in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does REF have listed options, and how liquid are they?
Yes. The nightly snapshot found 98 listed contracts with 1,440 open interest across all expiries and implied volatility of 69% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.