Down 75% in 5 Years, Is RH Stock Finally Positioned for a Turnaround?

RH (luxury furniture company) stock has declined 75% over five years due to COVID demand pull-forward, low housing turnover, and tariffs. Despite Q1 revenue beating guidance, cautious Q2 forecasts weighed on the stock. The company is betting on European expansion and RH Estates (ultra-high-end furniture line) to drive growth in the second half, with management targeting debt-free status by 2029. The stock trades at a forward P/E of 16 and is viewed as a speculative turnaround opportunity.