$REF

Jim Cramer highlighted Reformation Inc. (REF) as an intriguing growth story with high margins and rapid growth, but cautioned it's speculative due to fashion industry risks. REF's Q2 gross margin was 66.7%, compared to peers like Ralph Lauren (70%) and Levi Strauss (low 60s). Cramer noted REF's enterprise multiple of 10 is higher than Levi's (7) and Gap (4), but lower than Revolve (13). He advised treating REF as a speculative investment.

Jim Cramer expressed optimism about Reformation Inc. (REF) during Mad Money, citing strong financial performance. REF reported Q2 2026 revenue of $155.2M, up 24.1% YoY, with gross margins at 66.7%. Net income rose to $12.4M from $6.9M YoY. Management reaffirmed full-year guidance, projecting revenue of $602M-$606M and adjusted EBITDA margins of 14%-14.2%. Despite sector headwinds, Cramer noted the stock's potential.

Telsey Advisory maintained a Buy rating on Reformation, Inc. (REF) with a $20.00 price target. The company has a Strong Buy consensus and a $19.25 average target. Insider activity is negative, with more sales than earlier this year.

J.P. Morgan recommends Reformation (REF) and Martin Marietta Materials (MLM) as investment opportunities. REF, a sustainable fashion company, reported Q2 revenue of $155.2M, up 24%, and has a $21 price target. MLM, a construction materials supplier, completed a $13.5B acquisition and reported Q2 revenue of $1.9B, up 21%. Both stocks have positive analyst ratings.

Reformation reported 70% of 2025 revenue from repeat customers, with wholesale and international revenue growing 48.7% and 36.8% respectively. The company opened four new stores, bringing the total to 70, and plans to double its store count in five years. Gross margin expanded to 66.7%, and the company reaffirmed its 2026 revenue guidance of $602M-$606M. Reformation ended Q2 with $76.6M in cash and $136.7M in total debt.

Reformation (REF) reported Q2FY26 revenue of $155.2M, up 24% YoY, with adjusted EBITDA growing 54% to $25.4M. DTC revenue increased 21.2% to $135.3M, while wholesale revenue jumped 48.7% to $19.9M. Gross margin improved to 66.7% from 64.4%. The company reduced debt to $136.7M post-IPO and plans to open 15-16 stores by year-end.

Reformation Inc. (REF) filed an SEC Form 8-K — Results of Operations and Financial Condition. Reformation Announces Second Quarter Fiscal 2026 Results Net Revenue increased 24.1% Net Income grew 79.4% Adjusted EBITDA Margin expanded 320 basis points to 16.4% LOS ANGELES, Sept. 10, 2026 - Reformation Inc. (NYSE: REF) (the "Company"), the sustainable women’s fashion brand,

Aflalo Yael sold 60,298 indirectly-held shares of Reformation Inc. (REF) at $13.95 ($0.84M total) on 2026-09-01.

Refo SCSp sold 149,596 shares of Reformation Inc. (REF) at $13.95 ($2.09M total) on 2026-09-01. Filed jointly with P6 GP Sarl (10% owner), Permira VI L.P.1 (10% owner) and Permira VI G.P. Ltd (10% owner).

William Blair initiated coverage on Reformation Inc (NYSE:REF) with an outperform rating, citing its competitive advantages and 62% gross profit margin. The firm values shares at 16.5x 2028 EPS, but notes current P/E of 133 suggests overvaluation. Projections include 40% annualized earnings growth over five years. Other firms like JPMorgan, Morgan Stanley, RBC, and Baird have also initiated coverage with varying ratings and price targets.