TDUPNasdaqRetail-Catalog & Mail-Order HousesFiscal year ends December 31
ThredUp Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$2.15−0.05 (-2.27%)
Close on Oct 19, 2026
- Market cap
- $279.19M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
79.4%+10.5 pts over 5 years
Operating margin
-7.0%+18.0 pts over 5 years
Net margin
-6.5%+19.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.5% | +2.5% | +10.8% | – | |
| Gross profit | +19.1% | +8.7% | +14.0% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 23.6% | -35.0% | |
| Return on assets | – | – | -11.9% | |
| Current ratio | – | 1.20 | 0.91 | |
| Debt to equity | – | -0.16 | 0.31 | |
| Net debt to EBITDA | – | 0.81× | 2.32× | |
| Interest coverage | – | -35.7× | -11.3× | |
| Inventory turnover | – | – | – | |
| Capex to revenue | – | 10.4% | 3.4% | |
| Diluted shares | – | 12M | 122M |
Where the cash went
Fiscal 2021 to 2025, five years combined
ThredUp generated $112.50M from operations and spent $93.24M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$112.50M
Used
$93.24M
Capital expenditure$93.24M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-6.5%
×Asset turnover1.84×
×Equity multiplier2.93×
=Return on equity, FY2025-35.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -6.5% | 1.84× | 2.93× | -35.0% |
| FY2024 | -29.6% | 1.23× | 2.63× | -96.1% |
| FY2023 | -27.6% | 0.94× | 2.26× | -58.4% |
| FY2022 | -32.0% | 0.87× | 1.92× | -53.4% |
| FY2021 | -25.1% | 1.00× | -30.64× | 768.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$20.21M
- Cash generatingOperating cash flow above zero$10.65M
- Return on assets improvedROA up on the prior year-30.8% → -11.8%
- Earnings backed by cashOperating cash flow above net income$10.65M vs -$20.21M
- Less leverageLong-term debt to assets fell10.6% → 8.5%
- Better liquidityCurrent ratio rose0.93 → 0.91
- No dilutionShare count did not rise112M → 122M
- Gross margin improvedGross margin up on the prior year79.65% → 79.39%
- More efficientAsset turnover rose1.04 → 1.82