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ThredUp (TDUP) Financials

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$9.90 -0.01 (-0.05%)
As of 11:18 AM Eastern
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Annual Income Statements for ThredUp

Annual Income Statements for ThredUp

This table shows ThredUp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
-38 -48 -63 -92 -71 -77
Consolidated Net Income / (Loss)
-38 -48 -63 -92 -71 -77
Net Income / (Loss) Continuing Operations
-38 -48 -63 -92 -52 -40
Total Pre-Tax Income
-38 -48 -63 -92 -52 -40
Total Operating Income
-37 -47 -62 -89 -53 -41
Total Gross Profit
113 128 178 192 198 207
Total Revenue
164 186 252 288 259 260
Operating Revenue
164 186 252 288 259 260
Total Cost of Revenue
51 58 74 96 60 53
Operating Cost of Revenue
51 58 74 96 60 53
Total Operating Expenses
149 175 241 282 251 248
Selling, General & Admin Expense
22 29 49 62 57 57
Marketing Expense
45 45 64 64 51 49
Other Operating Expenses / (Income)
82 101 128 156 143 142
Total Other Income / (Expense), net
-1.35 -1.23 -0.71 -2.76 0.66 0.65
Interest Expense
1.43 1.31 2.28 0.81 2.24 2.53
Other Income / (Expense), net
0.07 0.07 1.57 -1.96 2.90 3.17
Income Tax Expense
0.04 0.06 0.08 0.04 0.02 0.03
Net Income / (Loss) Discontinued Operations
- - - - -19 -37
Basic Earnings per Share
($3.72) ($4.14) ($0.82) ($0.92) ($0.68) ($0.69)
Weighted Average Basic Shares Outstanding
10.27M 11.57M 77.09M 99.82M 104.88M 111.96M
Diluted Earnings per Share
($3.72) ($4.14) ($0.82) ($0.92) ($0.68) ($0.69)
Weighted Average Diluted Shares Outstanding
10.27M 11.57M 77.09M 99.82M 104.88M 111.96M
Weighted Average Basic & Diluted Shares Outstanding
- - 98.78M 101.61M 108.83M 116.19M

Quarterly Income Statements for ThredUp

This table shows ThredUp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders
-19 -20 -19 -18 -15 -17 -14 -25 -22 -5.22 -5.18
Consolidated Net Income / (Loss)
-19 -20 -19 -18 -15 -17 -14 -25 -22 -5.22 -5.18
Net Income / (Loss) Continuing Operations
-19 -20 -19 -18 4.28 -12 -9.39 -25 15 -5.22 -5.18
Total Pre-Tax Income
-19 -20 -19 -18 4.27 -12 -9.39 -25 15 -5.16 -5.15
Total Operating Income
-16 -20 -19 -18 4.09 -12 -9.61 -25 15 -5.43 -5.25
Total Gross Profit
45 51 56 57 35 52 53 52 44 56 62
Total Revenue
71 76 83 82 18 65 67 73 28 71 78
Operating Revenue
71 76 83 82 18 65 67 73 28 71 78
Total Cost of Revenue
26 25 27 25 -17 13 14 21 -16 15 16
Operating Cost of Revenue
26 25 27 25 -17 13 14 21 -16 15 16
Total Operating Expenses
61 71 74 75 31 64 62 77 28 62 67
Selling, General & Admin Expense
15 16 16 15 9.59 16 14 15 9.34 14 13
Marketing Expense
13 17 19 19 -3.53 11 13 15 3.87 13 16
Other Operating Expenses / (Income)
34 38 40 40 25 37 35 37 25 35 38
Total Other Income / (Expense), net
-3.11 0.40 -0.04 0.11 0.19 0.22 0.22 0.10 0.03 0.28 0.10
Interest Expense
0.04 0.08 0.72 0.73 0.71 0.68 0.65 0.63 0.57 0.51 0.50
Other Income / (Expense), net
-3.07 0.48 0.69 0.85 0.89 0.89 0.87 0.73 0.60 0.79 0.60
Income Tax Expense
0.00 0.01 0.01 0.00 -0.01 0.01 0.01 0.00 0.01 0.06 0.03
Net Income / (Loss) Discontinued Operations
- - - - - -4.36 -4.56 - - 0.00 0.00
Basic Earnings per Share
($0.18) ($0.19) ($0.18) ($0.17) ($0.14) ($0.15) ($0.13) ($0.22) ($0.19) ($0.04) ($0.04)
Weighted Average Basic Shares Outstanding
99.82M 101.98M 103.91M 105.90M 104.88M 109.29M 111.00M 112.85M 111.96M 116.70M 120.28M
Diluted Earnings per Share
($0.18) ($0.19) ($0.18) ($0.17) ($0.14) ($0.15) ($0.13) ($0.22) ($0.19) ($0.04) ($0.04)
Weighted Average Diluted Shares Outstanding
99.82M 101.98M 103.91M 105.90M 104.88M 109.29M 111.00M 112.85M 111.96M 116.70M 120.28M
Weighted Average Basic & Diluted Shares Outstanding
101.61M 103.09M 105.47M 107.25M 108.83M 110.26M 112.43M 113.76M 116.19M 118.25M 123.16M

Annual Cash Flow Statements for ThredUp

This table details how cash moves in and out of ThredUp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
80 -20 24 -48 17 -21
Net Cash From Operating Activities
-10 -19 -35 -52 -23 0.90
Net Cash From Continuing Operating Activities
-10 -19 -35 -52 -9.82 4.90
Net Income / (Loss) Continuing Operations
-38 -48 -63 -92 -52 -40
Depreciation Expense
4.27 5.58 9.16 14 14 17
Non-Cash Adjustments To Reconcile Net Income
9.07 16 24 36 41 25
Changes in Operating Assets and Liabilities, net
15 6.85 -5.36 -9.79 -12 2.90
Net Cash From Discontinued Operating Activities
- - - - -13 -4.01
Net Cash From Investing Activities
-1.25 -19 -170 8.92 44 -17
Net Cash From Continuing Investing Activities
-1.25 -19 -170 8.92 47 -10
Purchase of Property, Plant & Equipment
-9.50 -19 -20 -43 -13 -6.58
Purchase of Investments
0.00 0.00 -125 -3.48 -18 -32
Sale and/or Maturity of Investments
8.25 0.00 2.80 56 78 28
Net Cash From Discontinued Investing Activities
- - - - -2.88 -6.64
Net Cash From Financing Activities
91 18 229 -3.94 -3.60 -4.39
Net Cash From Continuing Financing Activities
91 18 229 -3.94 -3.60 -4.39
Repayment of Debt
-12 -1.19 -4.00 -6.33 -4.00 -4.00
Issuance of Common Equity
0.00 2.17 233 4.20 5.16 3.67
Other Financing Activities, net
0.72 0.00 -0.35 -2.20 -4.77 -4.06
Effect of Exchange Rate Changes
0.00 0.00 -0.06 -0.67 -0.07 -0.59
Cash Interest Paid
1.21 1.45 2.08 2.06 2.71 2.40

Quarterly Cash Flow Statements for ThredUp

This table details how cash moves in and out of ThredUp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents
-0.05 13 0.34 17 -13 -5.99 -5.36 -1.13 -8.51 9.23 -0.09
Net Cash From Operating Activities
-15 -4.46 -10 0.22 -7.98 1.39 -4.97 3.35 1.13 5.74 0.34
Net Cash From Continuing Operating Activities
-15 -4.46 -10 0.22 4.80 3.29 -4.97 3.35 5.14 5.74 0.34
Net Income / (Loss) Continuing Operations
-19 -20 -19 -18 4.28 -12 -14 -25 15 -5.22 -5.18
Depreciation Expense
3.82 3.68 4.84 5.36 0.35 3.75 4.87 4.70 2.83 3.17 3.17
Non-Cash Adjustments To Reconcile Net Income
9.33 12 11 11 5.58 7.66 5.87 18 -8.07 7.03 6.26
Changes in Operating Assets and Liabilities, net
-8.81 -0.68 -7.91 1.62 -5.40 4.07 -1.75 5.00 -4.91 0.76 -3.91
Net Cash From Investing Activities
16 19 10 19 -4.67 -5.79 0.84 -3.49 -8.47 5.08 -4.10
Net Cash From Continuing Investing Activities
16 19 10 19 -1.80 -5.29 0.84 -3.49 -1.82 5.08 -4.10
Purchase of Property, Plant & Equipment
-3.94 -5.68 -6.61 -1.48 0.67 -1.13 -1.17 -2.57 -1.22 -1.82 -3.28
Purchase of Investments
- 0.00 -7.88 -1.97 -8.06 -8.67 -6.49 -9.52 -7.10 -3.21 -5.88
Sale and/or Maturity of Investments
20 25 25 23 5.60 4.50 8.50 8.60 6.50 10 5.05
Net Cash From Financing Activities
-1.01 -1.19 -0.56 -1.23 -0.62 -1.48 -1.18 -1.26 -0.47 -1.59 3.67
Net Cash From Continuing Financing Activities
-1.01 -1.19 -0.56 -1.23 -0.62 -1.48 -1.18 -1.26 -0.47 -1.59 3.67
Repayment of Debt
-1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00 -1.00
Issuance of Common Equity
0.32 0.45 1.69 1.63 1.40 0.73 1.06 0.28 1.60 1.15 14
Other Financing Activities, net
-0.24 -0.64 -1.25 -1.86 -1.02 -1.21 -1.24 -0.55 -1.06 -1.74 -9.03

Annual Balance Sheets for ThredUp

This table presents ThredUp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
143 361 302 250 171
Total Current Assets
75 228 134 94 57
Cash & Equivalents
64 85 38 54 32
Short-Term Investments
0.00 121 67 8.10 12
Accounts Receivable
1.82 4.14 4.67 5.00 3.57
Other Current Assets
5.33 8.63 7.08 6.00 9.18
Plant, Property, & Equipment, net
41 55 92 78 68
Total Noncurrent Assets
27 77 75 78 46
Goodwill
- 12 12 11 11
Other Noncurrent Operating Assets
27 12 53 34 35
Total Liabilities & Shareholders' Equity
143 361 302 250 171
Total Liabilities
118 155 162 146 115
Total Current Liabilities
63 89 84 77 62
Short-Term Debt
3.27 7.77 3.88 3.84 3.86
Accounts Payable
9.39 13 7.80 3.83 8.33
Accrued Expenses
33 45 50 29 30
Other Current Liabilities
17 23 23 25 19
Total Noncurrent Liabilities
55 66 78 69 53
Long-Term Debt
31 28 26 22 18
Capital Lease Obligations
- 37 49 32 32
Other Noncurrent Operating Liabilities
24 1.12 3.02 2.12 2.76
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
-222 206 140 104 56
Total Preferred & Common Equity
-222 206 140 104 56
Total Common Equity
-222 206 140 104 56
Common Stock
30 522 552 585 612
Retained Earnings
-252 -315 -408 -479 -556
Accumulated Other Comprehensive Income / (Loss)
0.00 -1.09 -4.23 -2.38 0.00

Quarterly Balance Sheets for ThredUp

This table presents ThredUp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2022 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025
Period end date 6/30/2022 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025
Total Assets
346 320 295 276 265 244 231 215 173 174
Total Current Assets
178 152 125 109 105 87 78 73 60 61
Cash & Equivalents
52 37 51 51 69 50 45 44 41 41
Short-Term Investments
96 87 43 26 5.58 12 11 12 5.72 6.61
Accounts Receivable
3.37 3.18 4.23 3.78 5.99 6.93 5.89 5.72 4.23 3.80
Other Current Assets
12 10 6.34 8.24 7.20 5.83 6.70 4.98 9.45 9.37
Plant, Property, & Equipment, net
84 90 96 94 90 85 83 76 68 68
Total Noncurrent Assets
84 79 74 73 70 72 70 65 45 45
Goodwill
11 11 12 12 11 12 12 12 11 11
Other Noncurrent Operating Assets
61 58 6.96 6.87 6.62 53 52 51 34 34
Total Liabilities & Shareholders' Equity
346 320 295 276 265 244 231 215 173 174
Total Liabilities
178 170 164 156 156 151 145 146 116 113
Total Current Liabilities
100 90 88 81 84 77 74 76 66 63
Short-Term Debt
7.79 3.88 3.88 3.83 3.83 3.84 3.85 3.85 3.86 3.87
Accounts Payable
16 8.64 13 8.78 12 9.13 11 13 13 11
Accrued Expenses
49 53 48 43 40 38 34 34 28 27
Other Current Liabilities
28 24 24 25 28 27 25 25 20 21
Total Noncurrent Liabilities
78 80 75 74 71 74 71 69 51 50
Long-Term Debt
24 27 25 24 23 21 20 19 17 16
Capital Lease Obligations
- - 48 47 45 50 48 47 31 32
Other Noncurrent Operating Liabilities
54 54 3.07 3.20 3.23 2.88 2.93 3.01 2.49 2.51
Commitments & Contingencies
0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
168 150 131 121 110 94 86 69 56 60
Total Preferred & Common Equity
168 150 131 121 110 94 86 69 56 60
Total Common Equity
168 150 131 121 110 94 86 69 56 60
Common Stock
538 545 562 570 578 592 599 606 617 626
Retained Earnings
-364 -388 -427 -446 -464 -495 -509 -534 -561 -566
Accumulated Other Comprehensive Income / (Loss)
-5.39 -7.64 -3.08 -3.01 -3.94 -3.25 -3.47 -2.27 -0.00 -0.00

Annual Metrics And Ratios for ThredUp

This table displays calculated financial ratios and metrics derived from ThredUp's official financial filings.

Metric 2019 2020 2021 2022 2023 2024
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - - -
Revenue Growth
0.00% 13.55% 35.36% 14.53% -10.36% 0.59%
EBITDA Growth
0.00% -26.11% -26.21% -49.83% 53.66% 43.92%
EBIT Growth
0.00% -26.63% -30.75% -50.35% 45.21% 25.26%
NOPAT Growth
0.00% -26.58% -33.91% -43.44% 40.78% 23.36%
Net Income Growth
0.00% -25.34% -31.95% -46.07% 22.79% -8.05%
EPS Growth
0.00% -11.29% 80.19% -12.20% 26.09% -1.47%
Operating Cash Flow Growth
0.00% -89.35% -83.30% -48.79% 56.64% 103.98%
Free Cash Flow Firm Growth
0.00% 0.00% -341.01% 14.20% 100.77% -2,540.67%
Invested Capital Growth
0.00% 0.00% 1,499.55% 57.08% -33.40% -11.84%
Revenue Q/Q Growth
0.00% 0.00% 13.24% -0.54% -17.13% -17.12%
EBITDA Q/Q Growth
0.00% 0.00% -0.12% -1.68% 36.89% 57.97%
EBIT Q/Q Growth
0.00% 0.00% -2.28% -2.34% 32.79% 44.29%
NOPAT Q/Q Growth
0.00% 0.00% -3.45% 2.12% 27.87% 42.48%
Net Income Q/Q Growth
0.00% 0.00% -1.46% -1.75% 6.42% -10.15%
EPS Q/Q Growth
0.00% 0.00% 67.59% -130.00% 5.56% -7.81%
Operating Cash Flow Q/Q Growth
0.00% 0.00% -23.42% 9.89% 24.15% 110.94%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 20.09% 100.79% 25.19%
Invested Capital Q/Q Growth
0.00% 0.00% 924.08% 98.29% -29.69% -20.78%
Profitability Metrics
- - - - - -
Gross Margin
68.68% 68.89% 70.75% 66.70% 76.78% 79.65%
EBITDA Margin
-19.81% -22.01% -20.52% -26.84% -13.88% -7.74%
Operating Margin
-22.47% -25.05% -24.78% -31.03% -20.50% -15.62%
EBIT Margin
-22.42% -25.01% -24.16% -31.71% -19.38% -14.40%
Profit (Net Income) Margin
-23.32% -25.74% -25.09% -32.00% -27.56% -29.61%
Tax Burden Percent
100.09% 100.12% 100.13% 100.04% 136.13% 192.61%
Interest Burden Percent
103.89% 102.81% 103.74% 100.88% 104.47% 106.74%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 0.00% -130.22% -67.47% -39.25% -39.99%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% -106.37% -30.42% 85.18% 498.55%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 75.43% 14.08% -19.17% -56.11%
Return on Equity (ROE)
0.00% -192.56% -54.79% -53.38% -58.42% -96.10%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% -167.60% -111.88% 0.84% -27.41%
Operating Return on Assets (OROA)
0.00% -32.55% -24.15% -27.59% -18.15% -17.78%
Return on Assets (ROA)
0.00% -33.50% -25.08% -27.85% -25.82% -36.56%
Return on Common Equity (ROCE)
0.00% 1,720.62% 3.91% -53.38% -58.42% -96.10%
Return on Equity Simple (ROE_SIMPLE)
0.00% 21.55% -30.71% -65.92% -68.56% -136.74%
Net Operating Profit after Tax (NOPAT)
-26 -33 -44 -63 -37 -28
NOPAT Margin
-15.73% -17.53% -17.34% -21.72% -14.35% -10.93%
Net Nonoperating Expense Percent (NNEP)
0.00% -101.68% -23.86% -37.04% -124.44% -538.55%
Return On Investment Capital (ROIC_SIMPLE)
- - - - -22.96% -25.66%
Cost of Revenue to Revenue
31.32% 31.11% 29.25% 33.30% 23.22% 20.35%
SG&A Expenses to Revenue
13.58% 15.36% 19.39% 21.44% 21.95% 21.88%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
91.15% 93.94% 95.52% 97.73% 97.28% 95.27%
Earnings before Interest and Taxes (EBIT)
-37 -47 -61 -91 -50 -37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-32 -41 -52 -77 -36 -20
Valuation Ratios
- - - - - -
Price to Book Value (P/BV)
0.00 0.00 6.05 0.94 2.32 2.81
Price to Tangible Book Value (P/TBV)
0.00 0.00 6.92 1.12 2.60 3.47
Price to Revenue (P/Rev)
1.03 0.90 4.94 0.46 0.93 0.61
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 15.37 0.93 3.13 2.53
Enterprise Value to Revenue (EV/Rev)
0.00 2.07 4.41 0.37 0.92 0.65
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 0.00 187.57
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 296.27 0.00
Leverage & Solvency
- - - - - -
Debt to Equity
0.00 1.39 0.35 0.56 0.55 0.97
Long-Term Debt to Equity
0.00 1.25 0.31 0.53 0.52 0.90
Financial Leverage
0.00 -1.21 -0.71 -0.46 -0.23 -0.11
Leverage Ratio
0.00 5.75 2.18 1.92 2.26 2.63
Compound Leverage Factor
0.00 5.91 2.27 1.93 2.36 2.81
Debt to Total Capital
0.00% 58.09% 26.01% 35.90% 35.69% 49.19%
Short-Term Debt to Total Capital
0.00% 5.51% 2.79% 1.78% 2.38% 3.48%
Long-Term Debt to Total Capital
0.00% 52.58% 23.22% 34.12% 33.31% 45.71%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 416.43% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
0.00% -374.51% 73.99% 64.10% 64.31% 50.82%
Debt to EBITDA
0.00 -0.84 -1.40 -1.01 -1.61 -2.71
Net Debt to EBITDA
0.00 0.73 2.58 0.34 0.13 -0.51
Long-Term Debt to EBITDA
0.00 -0.76 -1.25 -0.96 -1.50 -2.52
Debt to NOPAT
0.00 -1.06 -1.66 -1.25 -1.55 -1.92
Net Debt to NOPAT
0.00 0.92 3.06 0.42 0.13 -0.36
Long-Term Debt to NOPAT
0.00 -0.96 -1.48 -1.19 -1.45 -1.78
Altman Z-Score
0.00 -1.28 4.19 -1.25 -1.24 -2.95
Noncontrolling Interest Sharing Ratio
0.00% 993.57% 107.13% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - -
Current Ratio
0.00 1.20 2.55 1.59 1.22 0.93
Quick Ratio
0.00 1.06 2.35 1.30 0.88 0.78
Cash Flow Metrics
- - - - - -
Free Cash Flow to Firm (FCFF)
0.00 -27 -121 -104 0.80 -19
Operating Cash Flow to CapEx
-106.17% -98.36% -176.61% -120.47% -172.35% 13.64%
Free Cash Flow to Firm to Interest Expense
0.00 -21.04 -53.21 -129.04 0.36 -7.72
Operating Cash Flow to Interest Expense
-7.07 -14.64 -15.39 -64.73 -10.09 0.36
Operating Cash Flow Less CapEx to Interest Expense
-13.72 -29.52 -24.11 -118.45 -15.94 -2.25
Efficiency Ratios
- - - - - -
Asset Turnover
0.00 1.30 1.00 0.87 0.94 1.23
Accounts Receivable Turnover
0.00 102.04 84.51 65.50 53.49 60.73
Inventory Turnover
0.00 16.44 11.04 7.02 5.90 30.11
Fixed Asset Turnover
0.00 4.52 5.21 3.90 3.04 3.55
Accounts Payable Turnover
0.00 6.17 6.48 9.09 10.32 8.70
Days Sales Outstanding (DSO)
0.00 3.58 4.32 5.57 6.82 6.01
Days Inventory Outstanding (DIO)
0.00 22.20 33.06 51.96 61.84 12.12
Days Payable Outstanding (DPO)
0.00 59.20 56.30 40.16 35.36 41.94
Cash Conversion Cycle (CCC)
0.00 -33.43 -18.92 17.37 33.31 -23.80
Capital & Investment Metrics
- - - - - -
Invested Capital
0.00 -5.16 72 113 76 67
Invested Capital Turnover
0.00 -72.08 7.51 3.11 2.74 3.66
Increase / (Decrease) in Invested Capital
0.00 -5.16 77 41 -38 -8.95
Enterprise Value (EV)
0.00 385 1,110 106 237 168
Market Capitalization
168 168 1,244 132 241 158
Book Value per Share
$0.00 ($19.21) $2.11 $1.39 $0.97 $0.49
Tangible Book Value per Share
$0.00 ($19.21) $1.84 $1.17 $0.86 $0.40
Total Capital
0.00 59 278 218 162 111
Total Debt
0.00 34 72 78 58 54
Total Long-Term Debt
0.00 31 65 75 54 51
Net Debt
0.00 -30 -134 -27 -4.77 10
Capital Expenditures (CapEx)
9.50 19 20 43 13 6.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 -49 -59 -51 -41 -45
Debt-free Net Working Capital (DFNWC)
0.00 16 147 54 21 -0.75
Net Working Capital (NWC)
0.00 13 139 50 17 -4.60
Net Nonoperating Expense (NNE)
12 15 20 30 34 49
Net Nonoperating Obligations (NNO)
0.00 -30 -134 -27 -28 10
Total Depreciation and Amortization (D&A)
4.27 5.58 9.16 14 14 17
Debt-free, Cash-free Net Working Capital to Revenue
0.00% -26.14% -23.46% -17.78% -16.01% -17.28%
Debt-free Net Working Capital to Revenue
0.00% 8.53% 58.29% 18.61% 8.14% -0.29%
Net Working Capital to Revenue
0.00% 6.77% 55.20% 17.26% 6.66% -1.77%
Earnings Adjustments
- - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 ($0.82) ($0.92) ($0.68) ($0.69)
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 77.09M 99.82M 104.88M 111.96M
Adjusted Diluted Earnings per Share
$0.00 $0.00 ($0.82) ($0.92) ($0.68) ($0.69)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 77.09M 99.82M 104.88M 111.96M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 98.78M 101.61M 108.83M 116.19M
Normalized Net Operating Profit after Tax (NOPAT)
-26 -33 -44 -63 -37 -28
Normalized NOPAT Margin
-15.73% -17.53% -17.34% -21.72% -14.35% -10.93%
Pre Tax Income Margin
-23.30% -25.71% -25.06% -31.99% -20.25% -15.37%
Debt Service Ratios
- - - - - -
EBIT to Interest Expense
-25.72 -35.64 -26.73 -113.60 -22.38 -14.83
NOPAT to Interest Expense
-18.04 -24.99 -19.20 -77.81 -16.57 -11.26
EBIT Less CapEx to Interest Expense
-32.38 -50.53 -35.45 -167.32 -28.23 -17.44
NOPAT Less CapEx to Interest Expense
-24.70 -39.87 -27.91 -131.54 -22.42 -13.87
Payout Ratios
- - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% -2.33% -7.49% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for ThredUp

This table displays calculated financial ratios and metrics derived from ThredUp's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
-2.14% 4.44% 8.16% 20.76% -74.94% 4.83% -3.51% -11.00% 54.78% 10.47% 16.40%
EBITDA Growth
-8.93% 5.74% 46.69% 40.17% 134.08% 31.78% 36.09% -62.22% 250.65% 80.98% 70.99%
EBIT Growth
-12.04% 2.79% 35.97% 26.39% 125.61% 19.49% 26.24% -39.15% 218.18% 59.62% 46.77%
NOPAT Growth
10.56% 1.91% 33.96% 24.80% 135.68% 17.20% 23.61% -36.70% 272.42% 56.16% 45.39%
Net Income Growth
-8.87% 4.42% 33.94% 23.63% 25.06% 16.36% 25.62% -36.99% -48.55% 68.50% 62.91%
EPS Growth
-152.94% 9.52% 37.93% 29.17% 22.22% 21.05% 27.78% -29.41% -35.71% 73.33% 69.23%
Operating Cash Flow Growth
27.39% 33.25% 42.82% 101.84% 47.42% 131.25% 52.10% 1,400.90% 114.17% 312.28% 106.92%
Free Cash Flow Firm Growth
41.58% -33.82% 0.27% 24.03% 179.67% 96.13% 106.88% 109.50% -42.38% 8,447.71% 298.84%
Invested Capital Growth
57.08% 205.09% 133.36% 87.83% -33.40% -7.20% -13.12% -21.76% -11.84% -41.80% -37.78%
Revenue Q/Q Growth
4.96% 6.46% 8.87% -0.74% -78.21% -2.22% 0.21% -8.44% -62.11% 157.68% 8.93%
EBITDA Q/Q Growth
21.92% -2.48% 17.69% 9.16% 144.47% -20.70% 22.88% -130.57% 196.13% -107.89% -0.54%
EBIT Q/Q Growth
17.45% -1.30% 8.52% 3.77% 128.73% -14.07% 16.20% -81.54% 165.68% -129.29% -0.11%
NOPAT Q/Q Growth
32.25% -23.15% 7.29% 2.78% 132.15% -13.29% 14.46% -73.98% 187.58% -124.95% 3.48%
Net Income Q/Q Growth
17.65% -1.51% 5.22% 3.61% 19.18% -13.28% 15.71% -77.52% 12.37% 75.98% 0.75%
EPS Q/Q Growth
25.00% -5.56% 5.26% 5.56% 17.65% -7.14% 13.33% -69.23% 13.64% 78.95% 0.00%
Operating Cash Flow Q/Q Growth
-25.30% 70.61% -132.86% 102.15% -3,676.23% 117.47% -456.93% 167.32% -66.24% 408.23% -94.01%
Free Cash Flow Firm Q/Q Growth
36.44% -72.02% 10.68% 22.21% 166.66% 50.35% 259.02% 7.34% 304.40% 66.83% -12.49%
Invested Capital Q/Q Growth
98.29% 0.34% 4.33% -9.52% -29.69% -4.12% -2.32% -18.52% -20.78% -7.70% 4.43%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
63.05% 67.30% 67.42% 69.02% 195.89% 69.52% 70.37% 71.19% 157.95% 79.07% 79.50%
EBITDA Margin
-21.93% -21.11% -15.96% -14.60% 29.81% -13.74% -10.57% -26.62% 67.54% -2.07% -1.91%
Operating Margin
-22.98% -26.58% -22.64% -22.17% 22.88% -21.00% -17.92% -34.06% 55.13% -7.62% -6.75%
EBIT Margin
-27.28% -25.96% -21.81% -21.14% 27.88% -19.94% -16.67% -33.06% 57.31% -6.51% -5.99%
Profit (Net Income) Margin
-27.34% -26.07% -22.70% -22.04% -81.75% -20.80% -17.50% -33.92% -78.46% -7.32% -6.67%
Tax Burden Percent
100.02% 100.05% 100.06% 100.02% -341.90% 100.07% 100.04% 100.02% -141.99% 101.11% 100.60%
Interest Burden Percent
100.21% 100.39% 104.00% 104.22% 85.77% 104.27% 104.90% 102.61% 96.42% 111.07% 110.67%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% -0.12% 0.00% 0.00% 0.00% 0.05% 0.00% 0.00%
Return on Invested Capital (ROIC)
-49.96% -71.79% -55.63% -58.79% 62.64% -43.62% -36.48% -78.09% 201.55% -17.03% -15.69%
ROIC Less NNEP Spread (ROIC-NNEP)
-39.93% -65.03% -46.10% -47.48% 130.80% 146.38% -89.48% -193.59% 611.44% -33.13% -30.21%
Return on Net Nonoperating Assets (RNNOA)
18.48% 34.20% 18.99% 17.32% -29.43% -3.33% -6.44% -13.80% -68.81% -3.88% -4.27%
Return on Equity (ROE)
-31.48% -37.60% -36.64% -41.48% 33.21% -46.95% -42.92% -91.89% 132.74% -20.92% -19.95%
Cash Return on Invested Capital (CROIC)
-111.88% -183.77% -145.58% -123.49% 0.84% -36.14% -26.29% -27.19% -27.41% 24.65% 22.08%
Operating Return on Assets (OROA)
-23.74% -23.08% -20.88% -22.55% 26.11% -24.09% -21.20% -43.19% 70.76% -8.34% -8.21%
Return on Assets (ROA)
-23.79% -23.18% -21.73% -23.50% -76.58% -25.13% -22.25% -44.32% -96.88% -9.37% -9.15%
Return on Common Equity (ROCE)
-31.48% -37.60% -36.64% -41.48% 33.21% -46.95% -42.92% -91.89% 132.74% -20.92% -19.95%
Return on Equity Simple (ROE_SIMPLE)
0.00% -69.70% -67.77% -69.50% 0.00% -72.71% -73.08% -100.90% 0.00% -117.05% 0.00%
Net Operating Profit after Tax (NOPAT)
-11 -14 -13 -13 4.09 -12 -10 -17 15 -3.80 -3.67
NOPAT Margin
-16.09% -18.61% -15.85% -15.52% 22.90% -14.70% -12.55% -23.84% 55.11% -5.34% -4.73%
Net Nonoperating Expense Percent (NNEP)
-10.03% -6.76% -9.53% -11.31% -68.16% -190.00% 53.00% 115.50% -409.88% 16.10% 14.52%
Return On Investment Capital (ROIC_SIMPLE)
- - - - 2.53% - - - 13.76% -3.51% -3.28%
Cost of Revenue to Revenue
36.95% 32.70% 32.58% 30.98% -95.89% 30.48% 29.63% 28.82% -57.95% 20.93% 20.50%
SG&A Expenses to Revenue
20.38% 21.15% 19.39% 18.35% 53.66% 22.08% 19.36% 19.92% 33.75% 18.99% 17.06%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
86.03% 93.88% 90.06% 91.19% 173.02% 90.51% 88.29% 105.24% 102.81% 86.69% 86.25%
Earnings before Interest and Taxes (EBIT)
-19 -20 -18 -17 4.98 -16 -13 -24 16 -4.64 -4.65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-16 -16 -13 -12 5.33 -11 -8.43 -19 19 -1.48 -1.48
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.94 1.96 2.09 3.86 2.32 2.33 2.17 1.37 2.81 4.99 14.71
Price to Tangible Book Value (P/TBV)
1.12 2.35 2.53 4.72 2.60 2.92 2.75 1.72 3.47 6.18 17.91
Price to Revenue (P/Rev)
0.46 0.88 0.84 1.36 0.93 0.67 0.58 0.30 0.61 1.05 3.19
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.93 2.11 2.10 3.92 3.13 2.17 1.98 1.30 2.53 4.64 13.86
Enterprise Value to Revenue (EV/Rev)
0.37 0.82 0.84 1.35 0.92 0.71 0.63 0.35 0.65 1.07 3.20
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 187.57 54.39 84.23
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 296.27 0.00 0.00 0.00 0.00 13.85 48.14
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.56 0.58 0.62 0.66 0.55 0.80 0.83 1.01 0.97 0.93 0.86
Long-Term Debt to Equity
0.53 0.55 0.59 0.62 0.52 0.76 0.79 0.96 0.90 0.86 0.79
Financial Leverage
-0.46 -0.53 -0.41 -0.36 -0.23 -0.02 0.07 0.07 -0.11 0.12 0.14
Leverage Ratio
1.92 2.06 2.16 2.26 2.26 2.40 2.45 2.69 2.63 2.79 2.76
Compound Leverage Factor
1.92 2.07 2.24 2.35 1.94 2.50 2.57 2.76 2.53 3.09 3.05
Debt to Total Capital
35.90% 36.77% 38.38% 39.68% 35.69% 44.38% 45.43% 50.30% 49.19% 48.20% 46.14%
Short-Term Debt to Total Capital
1.78% 1.87% 1.96% 2.11% 2.38% 2.29% 2.43% 2.76% 3.48% 3.57% 3.46%
Long-Term Debt to Total Capital
34.12% 34.90% 36.42% 37.57% 33.31% 42.10% 43.00% 47.54% 45.71% 44.63% 42.68%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
64.10% 63.23% 61.62% 60.32% 64.31% 55.62% 54.57% 49.70% 50.82% 51.80% 53.86%
Debt to EBITDA
-1.01 -1.00 -1.16 -1.27 -1.61 -1.65 -1.78 -1.47 -2.71 -3.77 -5.05
Net Debt to EBITDA
0.34 0.23 0.03 0.04 0.13 -0.27 -0.41 -0.31 -0.51 -0.39 -0.39
Long-Term Debt to EBITDA
-0.96 -0.95 -1.10 -1.20 -1.50 -1.57 -1.69 -1.38 -2.52 -3.49 -4.67
Debt to NOPAT
-1.25 -1.22 -1.35 -1.40 -1.55 -1.56 -1.61 -1.42 -1.92 -2.21 -2.52
Net Debt to NOPAT
0.42 0.28 0.03 0.04 0.13 -0.25 -0.37 -0.30 -0.36 -0.23 -0.20
Long-Term Debt to NOPAT
-1.19 -1.16 -1.28 -1.33 -1.45 -1.48 -1.52 -1.34 -1.78 -2.05 -2.33
Altman Z-Score
-0.46 -0.17 -0.31 0.23 -0.51 -0.81 -1.08 -2.02 -1.93 -1.69 1.61
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.59 1.42 1.35 1.25 1.22 1.13 1.06 0.96 0.93 0.92 0.96
Quick Ratio
1.30 1.11 0.99 0.95 0.88 0.90 0.83 0.80 0.78 0.78 0.81
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-53 -91 -81 -63 42 -3.50 5.57 5.98 24 40 35
Operating Cash Flow to CapEx
-385.41% -78.50% -156.98% 15.04% 0.00% 85.99% -424.96% 130.08% 92.55% 316.42% 10.49%
Free Cash Flow to Firm to Interest Expense
-1,285.50 -1,177.42 -112.32 -86.06 59.23 -5.18 8.55 9.51 42.67 78.52 71.21
Operating Cash Flow to Interest Expense
-369.90 -57.90 -14.40 0.30 -11.25 2.06 -7.63 5.32 1.99 11.17 0.69
Operating Cash Flow Less CapEx to Interest Expense
-465.88 -131.65 -23.57 -1.72 -10.31 -0.34 -9.42 1.23 -0.16 7.64 -5.92
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.87 0.89 0.96 1.07 0.94 1.21 1.27 1.31 1.23 1.28 1.37
Accounts Receivable Turnover
65.50 80.97 83.31 68.05 53.49 58.36 66.76 53.59 60.73 47.80 57.34
Inventory Turnover
7.02 5.97 5.92 6.24 5.90 6.62 6.80 7.83 30.11 0.00 0.00
Fixed Asset Turnover
3.90 3.45 3.35 3.47 3.04 3.60 3.66 3.76 3.55 3.50 3.69
Accounts Payable Turnover
9.09 6.10 8.14 9.83 10.32 9.84 10.61 7.83 8.70 4.97 5.15
Days Sales Outstanding (DSO)
5.57 4.51 4.38 5.36 6.82 6.25 5.47 6.81 6.01 7.64 6.37
Days Inventory Outstanding (DIO)
51.96 61.12 61.64 58.48 61.84 55.12 53.64 46.64 12.12 0.00 0.00
Days Payable Outstanding (DPO)
40.16 59.86 44.86 37.14 35.36 37.09 34.41 46.64 41.94 73.43 70.91
Cash Conversion Cycle (CCC)
17.37 5.77 21.17 26.71 33.31 24.28 24.70 6.81 -23.80 -65.80 -64.54
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
113 114 119 107 76 106 103 84 67 61 64
Invested Capital Turnover
3.11 3.86 3.51 3.79 2.74 2.97 2.91 3.28 3.66 3.19 3.32
Increase / (Decrease) in Invested Capital
41 77 68 50 -38 -8.19 -16 -23 -8.95 -44 -39
Enterprise Value (EV)
106 240 250 421 237 230 204 109 168 285 890
Market Capitalization
132 257 252 423 241 218 187 95 158 280 886
Book Value per Share
$1.39 $1.29 $1.17 $1.04 $0.97 $0.86 $0.78 $0.62 $0.49 $0.48 $0.51
Tangible Book Value per Share
$1.17 $1.08 $0.97 $0.85 $0.86 $0.68 $0.62 $0.49 $0.40 $0.39 $0.42
Total Capital
218 207 196 182 162 168 158 139 111 108 112
Total Debt
78 76 75 72 58 75 72 70 54 52 52
Total Long-Term Debt
75 72 71 68 54 71 68 66 51 48 48
Net Debt
-27 -17 -1.82 -2.07 -4.77 12 17 15 10 5.41 4.01
Capital Expenditures (CapEx)
3.94 5.68 6.61 1.48 -0.67 1.62 1.17 2.57 1.22 1.82 3.28
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-51 -53 -45 -49 -41 -49 -47 -54 -45 -48 -46
Debt-free Net Working Capital (DFNWC)
54 41 32 25 21 14 8.38 0.81 -0.75 -1.29 1.43
Net Working Capital (NWC)
50 37 28 21 17 9.79 4.53 -3.04 -4.60 -5.15 -2.43
Net Nonoperating Expense (NNE)
8.03 5.66 5.66 5.35 19 4.86 3.95 7.36 37 1.41 1.50
Net Nonoperating Obligations (NNO)
-27 -17 -1.82 -2.07 -28 12 17 15 10 5.41 4.01
Total Depreciation and Amortization (D&A)
3.82 3.68 4.84 5.36 0.35 4.93 4.87 4.70 2.83 3.17 3.17
Debt-free, Cash-free Net Working Capital to Revenue
-17.78% -18.13% -15.12% -15.77% -16.01% -15.01% -14.53% -17.36% -17.28% -18.01% -16.61%
Debt-free Net Working Capital to Revenue
18.61% 13.92% 10.71% 8.00% 8.14% 4.18% 2.60% 0.26% -0.29% -0.48% 0.52%
Net Working Capital to Revenue
17.26% 12.59% 9.42% 6.77% 6.66% 3.00% 1.40% -0.97% -1.77% -1.93% -0.88%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.18) ($0.19) ($0.18) ($0.17) ($0.14) ($0.15) ($0.13) ($0.22) ($0.19) ($0.04) ($0.04)
Adjusted Weighted Average Basic Shares Outstanding
99.82M 101.98M 103.91M 105.90M 104.88M 109.29M 111.00M 112.85M 111.96M 116.70M 120.28M
Adjusted Diluted Earnings per Share
($0.18) ($0.19) ($0.18) ($0.17) ($0.14) ($0.15) ($0.13) ($0.22) ($0.19) ($0.04) ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding
99.82M 101.98M 103.91M 105.90M 104.88M 109.29M 111.00M 112.85M 111.96M 116.70M 120.28M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
101.61M 103.09M 105.47M 107.25M 108.83M 110.26M 112.43M 113.76M 116.19M 118.25M 123.16M
Normalized Net Operating Profit after Tax (NOPAT)
-11 -14 -13 -13 2.86 -12 -10 -11 15 -3.80 -3.67
Normalized NOPAT Margin
-16.09% -18.61% -15.85% -15.52% 16.01% -14.70% -12.55% -14.43% 55.11% -5.34% -4.73%
Pre Tax Income Margin
-27.34% -26.06% -22.68% -22.03% 23.91% -20.79% -17.49% -33.92% 55.26% -7.24% -6.63%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
-474.49 -255.94 -25.00 -23.70 7.03 -23.44 -20.39 -38.38 27.96 -9.04 -9.37
NOPAT to Interest Expense
-279.81 -183.48 -18.17 -17.40 5.77 -17.28 -15.35 -27.68 26.89 -7.40 -7.40
EBIT Less CapEx to Interest Expense
-570.46 -329.69 -34.17 -25.72 7.97 -25.83 -22.19 -42.47 25.81 -12.57 -15.98
NOPAT Less CapEx to Interest Expense
-375.79 -257.24 -27.34 -19.42 6.71 -19.67 -17.14 -31.77 24.74 -10.93 -14.01
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Key Financial Trends

ThredUp's financial health over the past four years reveals a company facing persistent net losses but showing some operational resilience and active capital management.

Positive factors:

  • Revenue growth: Operating revenue increased from $67.4 million in Q2 2022 to $77.7 million in Q2 2025, indicating steady top-line growth.
  • Gross profit improvement: Gross profit expanded to $61.7 million in Q2 2025 from $52.7 million in Q2 2022, suggesting better cost control or improved pricing.
  • Increasing depreciation expense: Rising depreciation (~$3.2 million in Q2 2025) reflects ongoing investments in tangible assets, which could support future growth.
  • Strong cash and equivalents position: Cash & equivalents remain strong around $40.9 million in Q2 2025 with additional short-term investments, supporting liquidity.
  • Equity infusion via stock issuance: Q2 2025 shows $13.7 million raised in common equity, improving financial flexibility.
  • Net cash from operating activities improved from negative $18.2 million in Q2 2022 to positive $0.3 million in Q2 2025, indicating modest operational cash flow recovery.

Neutral factors:

  • Fluctuating net income: The company posted consistent net losses from continuing operations (e.g., -$5.2 million in Q2 2025) despite occasional quarterly income, reflecting ongoing profitability challenges.
  • High levels of capital lease obligations (~$31.5 million in Q2 2025) represent significant long-term fixed obligations that may impact future cash flow.
  • Long-term debt stands at $16.2 million as of Q2 2025, with steady repayments but continuing leverage to monitor.
  • Other operating expenses remain very high (e.g., $37.5 million in Q2 2025), potentially reflecting investments in growth or restructuring costs.

Negative factors:

  • Persistent net losses for several consecutive quarters with no sustained profitability, indicating ongoing operational challenges and negative earnings per share around -$0.04 in recent quarters.
  • Negative operating cash flow in earlier periods and very volatile cash flows, with negative net cash from operating activities as recently as mid-2024, raising concerns about cash burn.
  • Decreasing total equity from $149.7 million in Q1 2023 to $60.2 million in Q2 2025, driven by accumulated deficits (retained earnings negative $566.3 million in Q2 2025), highlighting sustained losses eroding shareholder value.
  • Increasing other operating liabilities and accrued expenses (> $50 million combined), suggesting elevated operating obligations or payables that may pressure liquidity.
  • Rising marketing and selling expenses totaling approximately $29.5 million in recent quarters may be impacting margins negatively without clear profitability offset yet.

Overall, while ThredUp is growing revenue and improving gross profit, the company is still grappling with consistent net losses and cash flow volatility. Equity raises and manageable debt levels provide some buffer, but investors should watch for progress toward sustained profitability and cash flow stabilization.

08/08/25 10:18 AMAI Generated. May Contain Errors.

Frequently Asked Questions About ThredUp's Financials

When does ThredUp's financial year end?

According to the most recent income statement we have on file, ThredUp's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has ThredUp's net income changed over the last 5 years?

ThredUp's net income appears to be on an upward trend, with a most recent value of -$76.99 million in 2024, rising from -$38.20 million in 2019. The previous period was -$71.25 million in 2023. See where experts think ThredUp is headed by visiting ThredUp's forecast page.

What is ThredUp's operating income?
ThredUp's total operating income in 2024 was -$40.62 million, based on the following breakdown:
  • Total Gross Profit: $207.13 million
  • Total Operating Expenses: $247.74 million
How has ThredUp's revenue changed over the last 5 years?

Over the last 5 years, ThredUp's total revenue changed from $163.81 million in 2019 to $260.03 million in 2024, a change of 58.7%.

How much debt does ThredUp have?

ThredUp's total liabilities were at $114.92 million at the end of 2024, a 21.3% decrease from 2023, and a 2.6% decrease since 2020.

How much cash does ThredUp have?

In the past 4 years, ThredUp's cash and equivalents has ranged from $31.85 million in 2024 to $84.55 million in 2021, and is currently $31.85 million as of their latest financial filing in 2024.

How has ThredUp's book value per share changed over the last 5 years?

Over the last 5 years, ThredUp's book value per share changed from 0.00 in 2019 to 0.49 in 2024, a change of 49.5%.



This page (NASDAQ:TDUP) was last updated on 8/8/2025 by MarketBeat.com Staff
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