TDUP Consumer Cyclical

ThredUp Inc.

$2.00-4.31%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Consumer Cyclical
Industry: Internet Retail
Country: United States
Market cap: 262.7M USD
Enterprise value: 254.1M USD
Full-time employees: 2,132

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.98 vs a peer median of 0.63) and less short-term liquidity (current ratio 0.99 vs a peer median of 1.48)higher risk: bigger price swings (beta 1.98 vs peers 0.63) and less liquidity (current ratio 0.99 vs peers 1.48)

Ranks #1,320 of 1,502 consumer cyclical companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 29% from December 2022 to June 2026.
ThredUp had 29% more shares at June 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.ThredUp had 29% more shares at June 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Operating loss narrowing. Operating margin -7.0% in 2025, the smallest loss relative to revenue of the last 6 years.
ThredUp still lost money on operations in 2025 (margin -7.0%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Growing fast, still losing money. Revenue grew faster than 90% of peers, at an operating loss.
Revenue grew faster than 90% of peers, but the business runs at an operating loss (margin -7.1%).
More volatile share price. Beta 1.98: tends to move more than the market.
ThredUp's shares have swung more with the market than most peers' (beta 1.98, above the market's 1.0).

StockQuotient Score

27/ 100

Oct 5 27 → Nov 4 27

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-8.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.34Sector median: 0.0439 · MAD: 0.0329

EBITDA yield-4.2%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.90Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield0.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -1.01Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield23.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

74/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.1%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.33Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth3.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.05Sector median: 0.0425 · MAD: 0.0636

Revenue growth20.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.55Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

4/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Free cash flow turned positive over the last 12 months

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-7.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.92Sector median: 0.0638 · MAD: 0.0461

Return on assets-13.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.27Sector median: 0.0331 · MAD: 0.0254

Return on invested capital-51.7%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.50Sector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin79.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equity-36.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.98

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.80Sector median: 0.6345 · MAD: 0.2980

Current ratio0.99×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.87Sector median: 1.4800 · MAD: 0.5570

Debt / equity0.29×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.49Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about ThredUp

Is ThredUp getting weaker?: Its latest SEC filing (Aug 5, 2026) got stronger: free cash flow turned positive over the last 12 months. Its overall score is unchanged at 27/100 since Oct 28, 2026.
How is ThredUp valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 1,612 consumer cyclical peers. Earnings yield -8.5% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -8.5% vs peers 4.4% (weaker than 100% of peers).
Is ThredUp growing?: Yes, faster than most of its peers. Growth scores 74/100 against 1,612 consumer cyclical peers. Revenue growth 20.4% vs a peer median of 3.7% (stronger than 90% of peers).Revenue growth 20.4% vs peers 3.7% (stronger than 90% of peers).
How profitable is ThredUp?: Less profitable than most of its peers. Profitability scores 4/100 against 1,612 consumer cyclical peers. Return on assets -13.1% vs a peer median of 3.3% (weaker than 100% of peers).Return on assets -13.1% vs peers 3.3% (weaker than 100% of peers).
How risky is ThredUp?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 0.29× vs a peer median of 0.46× (stronger than 65% of peers).Debt / equity 0.29× vs peers 0.46× (stronger than 65% of peers). Beta 1.98 vs a peer median of 0.63 (weaker than 100% of peers).Beta 1.98 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Free cash flow turned positive over the last 12 months

Worth watching: ThredUp is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	321.2M USD	334.3M USD	+4.1%
Net income (12 months)	−21.5M USD	−22.2M USD	+3.5%
Operating margin	-7.1%	-7.1%	+0.0 pts
Free cash flow (12 months)	−3.1M USD	1.6M USD	turned positive
Debt	17.7M USD	17.7M USD	−0.1%
Cash	39.0M USD	42.2M USD	+8.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Internet Retail companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	70.7%	66.7%	76.8%	79.7%	79.4%	▼ 0.3 pts
Operating margin	-24.8%	-31.0%	-20.5%	-15.6%	-7.0%	▲ 8.6 pts
Net margin	-25.1%	-32.0%	-27.6%	-29.6%	-6.5%	▲ 23 pts
Return on assets (ROA)	-17.5%	-30.6%	-28.5%	-45.0%	-12.1%	▲ 33 pts
Return on equity (ROE)	-30.7%	-65.9%	-68.6%	-136.7%	-34.1%	▲ 103 pts
Free cash flow margin	-21.8%	-33.1%	-13.8%	-0.6%	0.1%	▲ 0.7 pts
Current ratio	2.55×	1.59×	1.22×	0.93×	0.91×	▼ 1.8%
Quick ratio	2.44×	1.38×	1.19×	0.91×	—	—
Debt to equity	0.17×	0.21×	0.25×	0.39×	0.31×	▼ 22%
Interest coverage	-27.42×	-111.16×	-23.67×	-16.09×	-11.33×	▲ 30%

TDUP price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.98 vs a peer median of 0.63) and less short-term liquidity (current ratio 0.99 vs a peer median of 1.48)higher risk: bigger price swings (beta 1.98 vs peers 0.63) and less liquidity (current ratio 0.99 vs peers 1.48)

Ranks #1,320 of 1,502 consumer cyclical companies (bottom 13%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 29% from December 2022 to June 2026.

ThredUp had 29% more shares at June 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.ThredUp had 29% more shares at June 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Operating loss narrowing. Operating margin -7.0% in 2025, the smallest loss relative to revenue of the last 6 years.

ThredUp still lost money on operations in 2025 (margin -7.0%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Growing fast, still losing money. Revenue grew faster than 90% of peers, at an operating loss.

Revenue grew faster than 90% of peers, but the business runs at an operating loss (margin -7.1%).

More volatile share price. Beta 1.98: tends to move more than the market.

ThredUp's shares have swung more with the market than most peers' (beta 1.98, above the market's 1.0).

Questions investors ask about ThredUp

Is ThredUp getting weaker?

Its latest SEC filing (Aug 5, 2026) got stronger: free cash flow turned positive over the last 12 months. Its overall score is unchanged at 27/100 since Oct 28, 2026.

How is ThredUp valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 1,612 consumer cyclical peers. Earnings yield -8.5% vs a peer median of 4.4% (weaker than 100% of peers).Earnings yield -8.5% vs peers 4.4% (weaker than 100% of peers).

Is ThredUp growing?

Yes, faster than most of its peers. Growth scores 74/100 against 1,612 consumer cyclical peers. Revenue growth 20.4% vs a peer median of 3.7% (stronger than 90% of peers).Revenue growth 20.4% vs peers 3.7% (stronger than 90% of peers).

How profitable is ThredUp?

Less profitable than most of its peers. Profitability scores 4/100 against 1,612 consumer cyclical peers. Return on assets -13.1% vs a peer median of 3.3% (weaker than 100% of peers).Return on assets -13.1% vs peers 3.3% (weaker than 100% of peers).

How risky is ThredUp?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Debt / equity 0.29× vs a peer median of 0.46× (stronger than 65% of peers).Debt / equity 0.29× vs peers 0.46× (stronger than 65% of peers). Beta 1.98 vs a peer median of 0.63 (weaker than 100% of peers).Beta 1.98 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

321.2M USD

334.3M USD

+4.1%

Net income (12 months)

−21.5M USD

−22.2M USD

+3.5%

Operating margin

-7.1%

-7.1%

+0.0 pts

Free cash flow (12 months)

−3.1M USD

1.6M USD

turned positive

Debt

17.7M USD

17.7M USD

−0.1%

Cash

39.0M USD

42.2M USD

+8.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

70.7%

66.7%

76.8%

79.7%

79.4%

▼ 0.3 pts

Operating margin

-24.8%

-31.0%

-20.5%

-15.6%

-7.0%

▲ 8.6 pts

Net margin

-25.1%

-32.0%

-27.6%

-29.6%

-6.5%

▲ 23 pts

Return on assets (ROA)

-17.5%

-30.6%

-28.5%

-45.0%

-12.1%

▲ 33 pts

Return on equity (ROE)

-30.7%

-65.9%

-68.6%

-136.7%

-34.1%

▲ 103 pts

Free cash flow margin

-21.8%

-33.1%

-13.8%

-0.6%

0.1%

▲ 0.7 pts

Current ratio

2.55×

1.59×

1.22×

0.93×

0.91×

▼ 1.8%

Quick ratio

2.44×

1.38×

1.19×

0.91×

—

Debt to equity

0.17×

0.21×

0.25×

0.39×

0.31×

▼ 22%

Interest coverage

-27.42×

-111.16×

-23.67×

-16.09×

-11.33×

▲ 30%