olivLaw · US equity research
RH RH
Retail-Furniture Stores · SIC 5712 · Vertical: Home furniture and electronics stores (SIC 57xx)
RH is a luxury lifestyle retailer and brand that sells home furnishings and décor through design galleries, sourcebooks and its own website, with a strategy of larger galleries and international expansion. The company is expanding its gallery network and hospitality experiences at a time when the luxury furniture market is under pressure from high interest rates and uncertain trade tariffs, while its own estimates of revenue potential are 5 to 6 billion USD for North America and 20 to 25 billion USD for the global brand.
At the close of 02 Nov 2026, RH (RH) stock was 146.52 USD (−0.10% on the day), with market capitalisation 2.8 bn USD, P/E 26.1 on diluted EPS of 5.62 USD over the last 12 months, beta 2.45, 52-week range 110.99–232.90 USD. Latest reported quarter (Q2 2027): revenue of 922.2 m USD (+2.6% YoY), net income of 60.2 m USD (+16.4% YoY), diluted EPS 3.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 64.6
- strong (55–70)
- Bollinger (20, 2)
- 99.89 – 154.35
- in the upper half of the band · %B 0.86 · band width 42.8%
- SMA 50 / 200
- 130.94 / 152.85
- mixed trend
- MACD (12, 26, 9)
- 5.09 / 1.37
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.6% | −2.3% | +24.0 pp | — |
| 3 months | −15.7% | −0.8% | −14.9 pp | — |
| 6 months | +19.8% | +4.7% | +15.0 pp | — |
| Year to date | −18.2% | +10.2% | −28.4 pp | — |
| 1 year | −15.1% | +10.3% | −25.3 pp | +16.9% |
| 3 years | −39.0% | +73.0% | −112.0 pp | +15.7% |
| 5 years | −78.3% | +61.8% | −140.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 811.7 m | 812.4 m | 814.0 m | 899.2 m | 883.8 m | 842.6 m | 800.3 m | 922.2 m |
| Cost of revenue | 450.4 m | 449.6 m | 458.6 m | 489.9 m | 494.1 m | 481.2 m | 469.1 m | 477.3 m |
| Gross profit | 361.3 m | 362.8 m | 355.3 m | 409.3 m | 389.7 m | 361.4 m | 331.3 m | 444.9 m |
| SG&A | 259.9 m | 292.5 m | 299.4 m | 280.4 m | 283.8 m | 264.9 m | 297.0 m | 337.3 m |
| Operating income | 101.5 m | 70.3 m | 55.9 m | 128.9 m | 105.9 m | 96.6 m | 34.2 m | 107.6 m |
| Depreciation & amortisation | 33.0 m | 34.1 m | 35.2 m | 34.6 m | 38.4 m | 40.3 m | 38.7 m | 40.9 m |
| Interest expense | 57.6 m | 60.9 m | — | — | — | — | — | — |
| Pre-tax income | 43.9 m | -894.0 k | 3.0 m | 72.1 m | 48.1 m | 43.8 m | -19.2 m | 58.4 m |
| Income tax | 9.3 m | -6.1 m | 3.1 m | 19.0 m | 11.6 m | 13.4 m | -5.9 m | 16.2 m |
| Net income | 33.2 m | 13.9 m | 8.0 m | 51.7 m | 36.3 m | 28.8 m | -13.7 m | 60.2 m |
| Diluted EPS | 1.66 | 0.69 ≈ | 0.40 | 2.62 | 1.83 | 1.46 ≈ | -0.73 | 3.06 |
| Operating cash flow | -31.4 m ≈ | -18.8 m | 86.6 m | 137.7 m ≈ | 131.9 m ≈ | 96.1 m | 52.5 m | 145.2 m ≈ |
| Capex | 64.6 m ≈ | 50.9 m | 52.6 m | 57.0 m ≈ | 48.8 m ≈ | 41.5 m | 39.2 m | 45.6 m ≈ |
| Share repurchases | — | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 39 percentile of its own 33-quarter history (min 12.4, median 30.7, max 200.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.6 bn | 2.8 bn | 3.8 bn | 3.6 bn | 3.0 bn | 3.2 bn | 3.4 bn |
| Revenue YoY | unavailable | +5.7% | +7.6% | +32.0% | −4.5% | −15.6% | +5.0% | +8.1% |
| Net income | 135.7 m | 220.4 m | 271.8 m | 688.5 m | 528.6 m | 127.6 m | 72.4 m | 124.8 m |
| Net income YoY | unavailable | +62.4% | +23.3% | +153.3% | −23.2% | −75.9% | −43.2% | +72.3% |
| Diluted EPS | 5.12 | 9.07 | 9.96 | 22.13 | 19.90 | 5.91 | 3.62 | 6.31 |
| Diluted EPS YoY | unavailable | +77.1% | +9.8% | +122.2% | −10.1% | −70.3% | −38.7% | +74.3% |
| net % | 5.4% | 8.3% | 9.5% | 18.3% | 14.7% | 4.2% | 2.3% | 3.6% |
| Free cash flow | 169.6 m | 245.6 m | 389.6 m | 476.7 m | 230.0 m | -67.1 m | -213.7 m | 252.4 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 41.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 60.6 m USD
- Total assets
- 4.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.19x
- ROE
- unavailable
- ROA
- 2.7%
- FCF margin
- 7.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 3.8 bn | 3.6 bn | 3.0 bn | 3.2 bn | 3.4 bn | SEC (XBRL)· 01 Apr 2026verified |
| Cost of revenue | 1.5 bn | 1.9 bn | 1.8 bn | 1.6 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 01 Apr 2026verified |
| Gross profit | 1.3 bn | 1.9 bn | 1.8 bn | 1.4 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 01 Apr 2026verified |
| SG&A | 858.7 m | 928.2 m | 1.1 bn | 1.0 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 01 Apr 2026verified |
| Operating income | 466.9 m | 927.2 m | 722.2 m | 366.1 m | 322.6 m | 387.3 m | SEC (XBRL)· 01 Apr 2026verified |
| Depreciation & amortisation | 100.0 m | 96.0 m | 108.6 m | 119.0 m | 130.2 m | 148.5 m | SEC (XBRL)· 01 Apr 2026verified |
| EBITDA | 566.9 m ≈ | 1.0 bn ≈ | 830.7 m ≈ | 485.1 m ≈ | 452.8 m ≈ | 535.8 m ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Interest expense | 69.3 m | 66.9 m | 151.7 m | 237.9 m | 234.5 m | 228.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Pre-tax income | 376.4 m | 822.1 m | 437.3 m | 155.8 m | 77.2 m | 166.9 m | SEC (XBRL)· 01 Apr 2026verified |
| Income tax | 104.6 m | 133.6 m | -91.4 m | 28.3 m | 4.8 m | 47.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Net income | 271.8 m | 688.5 m | 528.6 m | 127.6 m | 72.4 m | 124.8 m | SEC (XBRL)· 01 Apr 2026verified |
| Diluted EPS | 9.96 | 22.13 | 19.90 | 5.91 | 3.62 | 6.31 | SEC (XBRL)· 01 Apr 2026verified |
| Weighted average diluted shares | 27.3 m | 31.1 m | 26.6 m | 21.6 m | 20.0 m | 19.8 m | SEC (XBRL)· 01 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 100.4 m | 2.2 bn | 1.5 bn | 123.7 m | 30.4 m | 41.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Receivables | 59.5 m | 57.9 m | 59.8 m | 55.1 m | 63.5 m | 63.4 m | SEC (XBRL)· 01 Apr 2026verified |
| Current assets | 801.5 m | 3.1 bn | 2.5 bn | 1.1 bn | 1.3 bn | 1.1 bn | SEC (XBRL)· 01 Apr 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.2 bn | 1.6 bn | 1.7 bn | 1.9 bn | 2.2 bn | SEC (XBRL)· 01 Apr 2026verified |
| Goodwill | 141.1 m | 141.1 m | 141.0 m | 141.0 m | 140.9 m | 144.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Total assets | 2.9 bn | 5.5 bn | 5.3 bn | 4.1 bn | 4.6 bn | 4.8 bn | SEC (XBRL)· 01 Apr 2026verified |
| Accounts payable | 224.9 m | 242.0 m | 166.1 m | 192.3 m | 245.3 m | 197.7 m | SEC (XBRL)· 01 Apr 2026verified |
| Short-term debt | 22.7 m | 13.6 m | 1.2 m | — | — | — | SEC (XBRL)· 29 Mar 2023verified |
| Long-term debt | 14.6 m | 1.1 m | — | — | — | — | SEC (XBRL)· 30 Mar 2022verified |
| Current liabilities | 921.6 m | 1.1 bn | 886.0 m | 872.9 m | 905.1 m | 930.6 m | SEC (XBRL)· 01 Apr 2026verified |
| Total liabilities | 2.5 bn | 4.4 bn | 4.5 bn | 4.4 bn | 4.7 bn | 4.8 bn | SEC (XBRL)· 01 Apr 2026verified |
| Equity | 447.0 m † | 1.2 bn † | 784.7 m † | -297.4 m † | -163.6 m † | 60.6 m † | SEC (XBRL)· 01 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 500.8 m | 662.1 m | 403.7 m | 202.2 m | 17.1 m | 452.2 m | SEC (XBRL)· 01 Apr 2026verified |
| Capex | 111.1 m | 185.4 m | 173.6 m | 269.4 m | 230.8 m | 199.8 m | SEC (XBRL)· 01 Apr 2026verified |
| Free cash flow | 389.6 m ≈ | 476.7 m ≈ | 230.0 m ≈ | -67.1 m ≈ | -213.7 m ≈ | 252.4 m ≈ | SEC (XBRL)· 01 Apr 2026derived |
| Investing cash flow | -197.6 m | -194.4 m | -171.1 m | -307.4 m | -240.4 m | -223.7 m | SEC (XBRL)· 01 Apr 2026verified |
| Financing cash flow | -243.9 m | 1.6 bn | -902.5 m | -1.3 bn | 130.6 m | -219.4 m | SEC (XBRL)· 01 Apr 2026verified |
| Share repurchases | — | — | 1.0 bn | 1.3 bn | 12.0 m | — | SEC (XBRL)· 02 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 2.8 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 57.39 – 115.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E57.39 – 115.83 (Mid 89.68)7 companies used · median multiple 16.0x · quartiles 10.2x – 20.6xARHS, BBY, GME, HTLM, IZM, LOVE, WSM
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.2% | 56 (vs peers) | 11% |
| FCF conversion · Quality | 224.6% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -1.4% | 0 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -31.8% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.1x | 27 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 26.1x | 14 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.0% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet11/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation52/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RH (RH). Latest full fiscal year: 2026; data up to 2026-08-01.
Figures computed from the financial statements: revenue 3.4 bn USD in 2026; YoY growth 8.1%; net margin 3.2%; ROE 280.7%.
The estimated value range is 57.39–115.83 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 89.68 USD, the price of 146.52 USD leaves a potential of -38.8% (value / price − 1) and a margin of safety of -63.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 224.6%
- FCF yield: 9.0%
What contradicts it
- Revenue CAGR 3Y: -1.4%
- EPS CAGR 3Y: -31.8%
- Interest coverage: 1.5x
- Current ratio: 1.1x
- P/E (TTM): 26.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Home furniture and electronics stores (SIC 57xx) · same major group (2-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WSMWilliams-Sonoma, Inc. | 30.6 bn | 26.6 | 55.0% | 14.7% | +1.2% | +44% / +177% |
| BBYBest Buy Co., Inc. | 20.2 bn | 16.0 | 43.1% | 3.0% | +0.4% | +21% / +36% |
| GMEGameStop Corp. | 12.2 bn | 16.0 | 15.8% | 25.2% | −5.1% | +7% / +66% |
| RHRh | 2.8 bn | 26.1 | 280.7% | 3.2% | +8.1% | −15% / −39% |
| ARHSArhaus, Inc. | 1.7 bn | 25.3 | 17.3% | 4.9% | +8.5% | +21% / +35% |
| LOVEThe Lovesac Company | 241.9 m | 13.8 | 8.8% | 2.6% | +2.4% | +17% / −19% |
| HTLMHomesToLife Ltd | 102.2 m | 6.3 | 85.9% | 4.4% | +12.8% | −61% / unavailable |
| AMCIAmc Robotics Corporation | 51.4 m | — | -392.8% | -506.4% | −41.4% | −74% / −79% |
| IZMIczoom Group Inc. | 7.3 m | 6.6 | 7.8% | 0.6% | +5.1% | −33% / −94% |
| HVTHaverty Furniture Companies, Inc | — | — | 7.6% | 2.9% | +5.0% | +28% / −3% |
1- and 3-year price returns: for RH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 85.36 Total return -42% · Per year -42% | 151.36 Total return 3% · Per year 3% | 228.62 Total return 56% · Per year 56% |
| 3 years | 73.28 Total return -50% · Per year -21% | 147.09 Total return 0% · Per year 0% | 245.28 Total return 67% · Per year 19% |
| 5 years | 62.90 Total return -57% · Per year -16% | 142.94 Total return -2% · Per year -0% | 263.15 Total return 80% · Per year 12% |
- Exit P/E± 36.77
- Net margin± 25.74
- Annual revenue growth± 22.40
- Annual dilution± 2.16
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
RH is a luxury lifestyle retailer and brand that sells home furnishings and décor through design galleries, sourcebooks and its own website, with a strategy of larger galleries and international expansion. The company is expanding its gallery network and hospitality experiences at a time when the luxury furniture market is under pressure from high interest rates and uncertain trade tariffs, while its own estimates of revenue potential are 5 to 6 billion USD for North America and 20 to 25 billion USD for the global brand 1.
SWOT
Strengths
- The luxury brand, the multi-channel integrated assortment and the architecturally distinctive design galleries form a position the company considers difficult to replicate 1.
- Integrating hospitality into galleries creates an experience the company considers impossible to reproduce online 12.
- The proprietary product development platform and in-house catalog production give the company control over imagery and costs 1.
Weaknesses
- The company is running many new initiatives at once, some of them complex and untested, which raises execution risk 1.
- Sales are sensitive to demand from higher-income consumers, and growth rates have fluctuated sharply from quarter to quarter 1.
- Upfront costs for new galleries and Guesthouses are incurred before revenue, which can weigh on results over short periods 1.
Opportunities
- Larger galleries in major cities and in Europe could open new markets, in line with the company's goals 1.
- Hospitality and Guesthouses could attract travelers seeking luxury and privacy, a segment the company considers underserved 1.
- Stabilization of interest rates and the luxury housing market could revive demand for luxury furniture 12.
Threats
- Trade tariffs and uncertain trade policy can raise acquisition costs, and changes can arrive at short notice 1.
- High interest rates and a slowdown in the luxury market can limit demand for an extended period 12.
- International expansion exposes the company to political, currency and regulatory risks it has not yet managed at scale 1.
Risks
- Execution of several simultaneous initiativeshigh
The company is launching several projects in parallel, including international expansion and new categories, and acknowledges it cannot guarantee their success 1. If they fall short, financial results could be negatively affected 1.
- Sensitivity to luxury demandhigh
Sales depend on higher-income consumers, who may cut spending when financial markets are volatile or when interest rates rise 1. The company says such factors have previously affected the sector 1.
- Tariffs and trade policyhigh
Most products are imported, and tariff changes could raise costs or delay deliveries; the company cannot predict future tariff levels with certainty 12. This could weigh on margins if costs cannot be passed on to customers 1.
- Supply chain and inventorymedium
Swings in demand can create excess stock or shortages, and the company has in the past reported periods of backorders and cancelled orders 1. If forecasts are wrong, products could be sold at markdowns or through outlets 1.
- International expansion risksmedium
Operating outside the US involves political, currency, compliance and cybersecurity risks that the company acknowledges it cannot fully control 1. If these materialize, global growth could slow 1.
Investment thesis
What would need to be true (bull case)
- If new galleries and Guesthouses reach the sales the company anticipates, growth could be supported by a unique assortment and integrated hospitality 12.
- If European expansion gains traction, the brand could become an international platform with a different position than in North America 1.
- If interest rates fall and the luxury housing market recovers, demand for luxury furniture could return quickly, increasing the company's ability to support its galleries 12.
What would break the thesis
- If new galleries fail to reach expected sales, high upfront costs could remain unrecovered and pressure margins 1.
- If trade tariffs rise or policy changes quickly, acquisition costs could exceed the company's ability to pass them on to customers 12.
- If demand from higher-income customers stays weak, gallery and online sales could keep stagnating and expansion could become more costly 1.
What to watch
- Performance of new galleries, especially those in Milan and London2027
- Evolution of trade tariffs and their impact on acquisition costsQ1 2027
- Sales of the RH Estates category and customer response to the new collections2027
- Progress on the Aspen Guesthouse and other hospitality projectsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
RH describes its business model as fully integrated, where design galleries, the website, Sourcebook catalogs and Waterworks showrooms work together and support each other's sales 1. The range covers furniture, lighting, textiles, bathware, décor, outdoor and garden products, and baby, child and teen furnishings 1. As of August 1, 2026, the network included 78 total RH retail locations, 44 outlets, one Guesthouse and 15 Waterworks showrooms 2.
The company ties product sales to space sales through its ecosystem of Products, Places, Services and Spaces, which includes integrated hospitality in galleries, Guesthouses and exclusive experiences such as private jets and a charter yacht 1. As of August 1, 2026, 27 of its design galleries had an integrated RH Hospitality experience, comprising restaurants and wine bars 2. The company says hospitality could drive sales of home furnishings in galleries, an effect it believes cannot be replicated online 1.
The product development platform is integrated from ideation to presentation, and the company says scale and its own sourcing capabilities could reduce product costs 1. The process relies on a network of artisan and specialty partners, and catalogs are created in-house at the RH Center of Innovation 1. In the first half of fiscal 2026 the company launched RH Estates, with RH Bespoke furniture and RH Couture upholstery 2.
Segments
Design galleries and retail locations
Design galleries are the main expansion format, with roughly 30,000 to 50,000 square feet of selling space at most new locations, and the company intends to open galleries in every major market in North America 1. As of August 1, 2026, RH had 40 design galleries in North America and 8 in Europe 2.
Outlets, Waterworks and Guesthouse
The outlet channel sells slower-moving and discontinued inventory, and Waterworks operates as a separate chain of bathware showrooms 12. The New York Guesthouse is the only one in operation, while the second, in Aspen, is under construction 1.
International expansion
International expansion includes galleries in the United Kingdom, Germany, Belgium, Spain and France, and for 2026 the company announced galleries in Milan and London 1. The company cites a projected 20 to 25 billion USD global brand, presented as a goal rather than a forecast 1.
Market context
RH operates in the luxury home furnishings and décor market, where demand depends on the financial health of higher-end consumers, the luxury housing market and factors such as interest rates and property values 1. The company describes the global luxury environment as more fragmented and more open to disruption than North America, with no direct competitor of its scale 1. The company says demand declined after the pandemic as consumers shifted spending toward travel and leisure 1.
The hospitality segment the company targets through Guesthouses is the North American hotel industry, which the company estimates at 200 billion USD 1. The effect of interest rates and tariffs on demand and costs remains uncertain, and the company acknowledges that trade policy can change quickly 12.
Trends
- Interest rates and the luxury housing marketheadwind
The company says high interest and mortgage rates have limited demand for luxury furniture and that the slowdown in the luxury housing market has affected sales 12. Lower rates could support demand, but the timing and scale of any such change are not predictable 1.
- Trade tariffs and supply chainsmixed
Most of the assortment is imported from outside the US, and the company has said it is moving supply away from higher-tariff countries; after a February 2026 Supreme Court ruling struck down certain tariffs, the administration announced new duties, making costs hard to anticipate 1. If tariffs stabilize or fall, margins could benefit, but the company cannot guarantee this 1.
- Gallery and hospitality expansionmixed
Opening larger galleries and integrating restaurants and wine bars could raise sales per square foot, according to the company's arguments, but each new location carries upfront costs before revenue 12. The company acknowledges it cannot guarantee the success of new formats 1.
Competitive position
The company says there is no direct competitor of its scale, given its product, operating platform and brand strength, although the luxury furniture sector includes other players targeting the same higher-end customers 1. Competition shows up mainly in the attention and budgets of higher-income clients, which RH aims to capture through galleries, catalogs and hospitality 1.
In luxury hospitality, RH positions its Guesthouses against hotels and boutique inns by offering private, exclusive space; this comparison is the company's own and is not documented in the sources reviewed 1. In international markets the company sees a more fragmented environment where brand position could matter more than size 1.
- Specialty artisan and vendor partners
RH works with a network of specialty artisans and vendors that it considers an extension of its own product development team, so they act more as partners than direct rivals, though they influence cost and quality 1.
- European luxury furniture and design brands
The company describes the international market as fragmented without naming specific competitors in the sources reviewed, so their identity cannot be verified from these documents 1.
- Luxury hotels and boutique inns
RH Guesthouses target travelers seeking privacy and luxury, a category served by luxury hotels, though the sources do not name any particular competitor 1.
- Mass-market home décor and furniture retailers
The company differentiates itself from retailers selling at lower price points or online, but the sources do not name them, so their identity remains outside this profile 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report10 Sept 2026
- Current report10 Sept 2026Results of operations · Financial statements and exhibits
- Current report23 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report25 Jun 2026Shareholder vote
- Quarterly report11 Jun 2026
- Current report11 Jun 2026Results of operations · Financial statements and exhibits
- Proxy statement04 May 2026
- Annual report01 Apr 2026
- Current report31 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / RH · 01 Apr 2026
- [2] Form 10-Q, quarter ended 2026-08-01 · SEC / RH · 10 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / RH · 10 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.