TDUP · Thredup Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $310.81M | $260.03M | $322.02M | $288.38M | $186.01M |
| Cost of Revenue | $64.06M | $52.91M | $108.22M | $96.04M | $57.87M |
| Gross Profit | $246.75M | $207.13M | $213.81M | $192.34M | $128.15M |
| R&D | $32.10M | $31.30M | $38.00M | $37.60M | $20.70M |
| SG&A | $56.66M | $56.90M | $62.66M | $61.81M | $28.56M |
| Total Operating Expenses | $268.50M | $247.74M | $285.64M | $281.82M | $174.74M |
| D&A | $12.92M | $17.33M | $18.73M | $14.03M | $5.58M |
| Operating Income | ($21.75M) | ($40.62M) | ($71.84M) | ($89.49M) | ($46.59M) |
| Interest Expense | $1.92M | $2.52M | $2.24M | $805.0K | $1.30M |
| Income Tax | $59.0K | $29.0K | $19.0K | $35.0K | $56.0K |
| Net Income | ($20.21M) | ($76.99M) | ($71.25M) | ($92.28M) | ($47.88M) |
| EPS - Basic | ($0.17) | ($0.69) | ($0.68) | ($0.92) | ($4.14) |
| EPS - Diluted | ($0.17) | ($0.69) | ($0.68) | ($0.92) | ($4.14) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | $38.63M | $31.85M | $56.08M | $38.03M | $84.55M |
| Accounts Receivable | $2.44M | $3.57M | $7.81M | $4.67M | $4.14M |
| Inventory | - | $690.0K | $15.69M | $17.52M | $9.82M |
| Accounts Payable | $10.33M | $8.33M | $9.46M | $7.80M | $13.34M |
| Current Assets | $56.68M | $56.92M | $93.89M | $134.19M | $228.41M |
| Total Assets | $167.25M | $171.22M | $249.97M | $301.95M | $360.83M |
| Current Liabilities | $62.38M | $61.52M | $76.67M | $84.41M | $89.41M |
| Long-term Debt | $14.28M | $18.15M | $22.01M | $25.79M | $27.56M |
| Total Liabilities | $108.05M | $114.92M | $146.05M | $161.95M | $155.09M |
| Stockholders' Equity | $59.19M | $56.30M | $103.92M | $140.00M | ($153.45M) |
| Retained Earnings | ($576.08M) | ($555.86M) | ($478.88M) | ($407.63M) | ($315.34M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Operating Cash Flow | $10.65M | $4.90M | ($22.59M) | ($52.10M) | ($19.11M) |
| Investing Cash Flow | ($7.17M) | ($10.26M) | $43.68M | $8.92M | ($19.42M) |
| Financing Cash Flow | ($397.0K) | ($4.39M) | ($3.60M) | ($3.94M) | $18.21M |
| CapEx | $10.47M | $6.58M | $15.98M | $43.25M | $19.42M |
| Free Cash Flow | $180.0K | ($1.68M) | ($38.58M) | ($95.36M) | ($38.53M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | 79.4% | 79.7% | 66.4% | 66.7% | 68.9% |
| Operating margin | -7.0% | -15.6% | -22.3% | -31.0% | -25.0% |
| EBITDA margin | -2.8% | -9.0% | -16.5% | -26.2% | -22.0% |
| Net margin | -6.5% | -29.6% | -22.1% | -32.0% | -25.7% |
| Free cash flow margin | 0.1% | -0.6% | -12.0% | -33.1% | -20.7% |
| FCF / Net income | -0.01 | 0.02 | 0.54 | 1.03 | 0.80 |
| R&D / Revenue | 10.3% | 12.0% | 11.8% | 13.0% | 11.1% |
| SG&A / Revenue | 18.2% | 21.9% | 19.5% | 21.4% | 15.4% |
| Effective tax rate | - | - | - | - | - |
| Return on assets | -12.1% | -45.0% | -28.5% | -30.6% | -13.3% |
| Return on equity | -34.1% | -136.7% | -68.6% | -65.9% | 31.2% |
| Return on invested capital | -23.4% | -43.1% | -45.1% | -42.6% | - |
| Liquidity | |||||
| Current ratio | 0.91 | 0.93 | 1.22 | 1.59 | 2.55 |
| Quick ratio | 0.91 | 0.91 | 1.02 | 1.38 | 2.44 |
| Cash ratio | 0.62 | 0.52 | 0.73 | 0.45 | 0.95 |
| Leverage | |||||
| Debt / Equity | 0.24 | 0.32 | 0.21 | 0.18 | -0.18 |
| Debt / Assets | 0.09 | 0.11 | 0.09 | 0.09 | 0.08 |
| Debt / EBITDA | - | - | - | - | - |
| Interest coverage | -11.3x | -16.1x | -32.1x | -111.2x | -35.7x |
| Equity multiplier | 2.83 | 3.04 | 2.41 | 2.16 | -2.35 |
| Liabilities / Assets | 0.65 | 0.67 | 0.58 | 0.54 | 0.43 |
| Efficiency | |||||
| Asset turnover | 1.86 | 1.52 | 1.29 | 0.96 | 0.52 |
| Inventory turnover | - | 76.68 | 6.90 | 5.48 | 5.89 |
| Days sales outstanding | 3d | 5d | 9d | 6d | 8d |
| Days inventory outstanding | - | 5d | 53d | 67d | 62d |
| Days payable outstanding | 59d | 57d | 32d | 30d | 84d |
| Cash conversion cycle | - | -48d | 30d | 43d | -14d |
| Valuation | |||||
| P / E | - | - | - | - | - |
| P / B | 13.1x | 2.8x | 2.3x | 0.9x | - |
| P / S | 2.5x | 0.6x | 0.7x | 0.5x | 0.8x |
| EV / EBITDA | - | - | - | - | - |
| Growth | |||||
| Revenue growth (YoY) | 19.5% | -19.3% | 11.7% | 55.0% | - |
| Revenue CAGR (3y) | 2.5% | 11.8% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | 19.1% | -3.1% | 11.2% | 50.1% | - |
| Operating income growth (YoY) | 46.5% | 43.5% | 19.7% | -92.1% | - |
| Net income growth (YoY) | 73.7% | -8.1% | 22.8% | -92.8% | - |
| EPS growth (YoY) | 75.4% | -1.5% | 26.1% | 77.8% | - |
| EPS CAGR (3y) | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | - | 95.6% | 59.5% | -147.5% | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | 5.1% | -45.8% | -25.8% | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Product / service
$260.03M totalConsignment$246.19M · 94.7%
Product$13.85M · 5.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-1.26
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Retail-Catalog & Mail-Order Houses
Comparing ThredUp Inc. against the 5 most active filers in the same SIC group.