Rent the Runway remains a buy, with a P/S-based target price range of $9.64–$16.03, implying significant upside from current levels. Q1 FY26 revenue grew 29% year-over-year, but profitability and free cash flow remain negative; subscriber growth is moderate, and seasonality is a concern. Leadership risk is elevated following the CEO and CFO departures, with interim management drawn from Nordstrom, but permanent appointments are still pending.