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ThredUp Inc. (TDUP) 10-Year Financial Performance & Capital Metrics

TDUP • • Industrial / General
Consumer CyclicalSpecialty RetailSecondhand & Resale PlatformsSecondhand Fashion Platforms
AboutThredUp Inc., together with its subsidiaries, operates online resale platforms that allows consumers to buy and sell secondhand women's and kids' apparel, shoes, and accessories. ThredUp Inc. was incorporated in 2009 and is headquartered in Oakland, California.Show more
  • Revenue $260M +0.6%
  • EBITDA -$23M +39.9%
  • Net Income -$77M -8.1%
  • EPS (Diluted) -0.69 -1.5%
  • Gross Margin 79.65% +3.7%
  • EBITDA Margin -8.96% +40.3%
  • Operating Margin -15.62% +23.8%
  • Net Margin -29.61% -7.4%
  • ROE -96.1% -64.5%
  • ROIC -29.36% -14.9%
  • Debt/Equity 1.05 +42.1%
  • Interest Coverage -16.09 +32.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Efficient asset utilization: 1.5x turnover

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 14 (bottom 14%)
  • ✗Trading more than 30% below 52-week high
  • ✗Expensive at 11.3x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y9.68%
3Y1.08%
TTM-9.41%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM48%

EPS CAGR

10Y-
5Y-
3Y-
TTM51.98%

ROCE

10Y Avg-66.43%
5Y Avg-37.24%
3Y Avg-30.81%
Latest-28.71%

Peer Comparison

Secondhand Fashion Platforms
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
TDUPThredUp Inc.592.27M5.68-8.230.59%-14.05%-61.53%1.05

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+129.55M163.81M186.01M251.79M288.38M258.5M260.03M
Revenue Growth %-0.26%0.14%0.35%0.15%-0.1%0.01%
Cost of Goods Sold+51.54M51.31M57.87M73.66M96.04M60.04M52.91M
COGS % of Revenue0.4%0.31%0.31%0.29%0.33%0.23%0.2%
Gross Profit+78.01M112.5M128.15M178.13M192.34M198.47M207.13M
Gross Margin %0.6%0.69%0.69%0.71%0.67%0.77%0.8%
Gross Profit Growth %-0.44%0.14%0.39%0.08%0.03%0.04%
Operating Expenses+112.27M149.31M174.74M240.52M281.82M251.47M247.74M
OpEx % of Revenue0.87%0.91%0.94%0.96%0.98%0.97%0.95%
Selling, General & Admin44.37M67.23M73.33M112.44M126.18M108.13M105.53M
SG&A % of Revenue0.34%0.41%0.39%0.45%0.44%0.42%0.41%
Research & Development13.1M19M00000
R&D % of Revenue0.1%0.12%-----
Other Operating Expenses549K82.08M101.41M128.08M155.64M143.34M142.21M
Operating Income+-34.26M-36.81M-46.59M-62.39M-89.49M-53M-40.62M
Operating Margin %-0.26%-0.22%-0.25%-0.25%-0.31%-0.21%-0.16%
Operating Income Growth %--0.07%-0.27%-0.34%-0.43%0.41%0.23%
EBITDA+-30.09M-32.53M-41.01M-53.23M-75.45M-38.77M-23.29M
EBITDA Margin %-0.23%-0.2%-0.22%-0.21%-0.26%-0.15%-0.09%
EBITDA Growth %--0.08%-0.26%-0.3%-0.42%0.49%0.4%
D&A (Non-Cash Add-back)4.17M4.27M5.58M9.15M14.03M14.23M17.33M
EBIT-33.71M-36.73M-46.52M-60.82M-91.44M-50.1M-37.45M
Net Interest Income+-437K-1.43M-1.3M-2.27M-805K-2.24M-2.52M
Interest Income0000000
Interest Expense437K1.43M1.3M2.27M805K2.24M2.52M
Other Income/Expense112K-1.35M-1.23M-710K-2.76M661K649K
Pretax Income+-34.14M-38.16M-47.82M-63.1M-92.25M-52.34M-39.97M
Pretax Margin %-0.26%-0.23%-0.26%-0.25%-0.32%-0.2%-0.15%
Income Tax+37K36K56K80K35K19K29K
Effective Tax Rate %1%1%1%1%1%1.36%1.93%
Net Income+-34.18M-38.2M-47.88M-63.18M-92.28M-71.25M-76.99M
Net Margin %-0.26%-0.23%-0.26%-0.25%-0.32%-0.28%-0.3%
Net Income Growth %--0.12%-0.25%-0.32%-0.46%0.23%-0.08%
Net Income (Continuing)-34.18M-38.2M-47.88M-63.18M-92.28M-52.36M-40M
Discontinued Operations00000-18.89M-36.99M
Minority Interest0000000
EPS (Diluted)+-0.44-0.41-0.53-0.82-0.92-0.68-0.69
EPS Growth %-0.07%-0.29%-0.55%-0.12%0.26%-0.01%
EPS (Basic)-0.44-0.41-0.53-0.82-0.92-0.68-0.69
Diluted Shares Outstanding77.51M94.14M90.86M77.09M99.82M104.88M111.96M
Basic Shares Outstanding77.51M94.14M90.86M77.09M99.82M104.88M111.96M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+24.83M94.42M75.16M228.41M134.19M93.89M56.92M
Cash & Short-Term Investments14.92M85.63M64.48M205.83M104.93M64.18M44.18M
Cash Only6.65M85.63M64.48M84.55M38.03M56.08M31.85M
Short-Term Investments8.27M00121.28M66.9M8.1M12.32M
Accounts Receivable2.19M2.88M1.82M4.14M4.67M7.81M3.57M
Days Sales Outstanding6.166.423.5865.9111.035.01
Inventory6.18M3.89M3.52M9.82M17.52M15.69M690K
Days Inventory Outstanding43.7927.6922.248.6866.5895.374.76
Other Current Assets772K304K3.84M8.63M7.08M6.2M8.49M
Total Non-Current Assets+22.41M28.14M67.75M132.41M167.75M156.08M114.3M
Property, Plant & Equipment20.89M26.05M64.79M94.81M138.63M129.79M97.33M
Fixed Asset Turnover6.20x6.29x2.87x2.66x2.08x1.99x2.67x
Goodwill00012.24M11.59M11.96M10.75M
Intangible Assets00013.85M10.5M8.16M0
Long-Term Investments1.37M000000
Other Non-Current Assets155K2.09M2.96M11.52M7.03M6.18M6.22M
Total Assets+47.24M122.56M142.91M360.83M301.95M249.97M171.22M
Asset Turnover2.74x1.34x1.30x0.70x0.96x1.03x1.52x
Asset Growth %-1.59%0.17%1.52%-0.16%-0.17%-0.32%
Total Current Liabilities+30.31M43.14M62.56M89.41M84.41M76.67M61.52M
Accounts Payable5.24M14.18M23.11M32.46M23.97M9.46M23.47M
Days Payables Outstanding37.12100.88145.77160.8591.0857.5161.91
Short-Term Debt4.05M2.74M3.27M7.77M3.88M3.84M3.85M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities17.11M6.31M6.83M12.65M9.9M29.4M3.05M
Current Ratio0.82x2.19x1.20x2.55x1.59x1.22x0.93x
Quick Ratio0.62x2.10x1.15x2.44x1.38x1.02x0.91x
Cash Conversion Cycle12.82-66.76-119.99-106.17-18.5948.91-152.14
Total Non-Current Liabilities+5.98M262.66M302.52M65.68M77.53M69.38M53.4M
Long-Term Debt4.92M14.54M31.19M27.56M25.79M22.01M18.15M
Capital Lease Obligations0021.57M37M48.73M44.62M32.49M
Deferred Tax Liabilities0000000
Other Non-Current Liabilities1.06M248.12M249.76M1.12M3.02M2.75M2.76M
Total Liabilities36.29M305.8M365.09M155.09M161.95M146.05M114.92M
Total Debt+8.97M17.28M59.68M76.25M84.81M76.41M58.84M
Net Debt2.32M-68.35M-4.81M-8.29M46.78M20.33M26.99M
Debt / Equity0.82x--0.37x0.61x0.74x1.05x
Debt / EBITDA-------
Net Debt / EBITDA-------
Interest Coverage-78.39x-25.78x-35.70x-27.42x-111.16x-23.67x-16.09x
Total Equity+10.95M-183.24M-222.18M205.73M140M103.92M56.3M
Equity Growth %--17.74%-0.21%1.93%-0.32%-0.26%-0.46%
Book Value per Share0.14-1.95-2.452.671.400.990.50
Total Shareholders' Equity10.95M-183.24M-222.18M205.73M140M103.92M56.3M
Common Stock1K1K1K10K10K11K11K
Retained Earnings-165.53M-203.72M-252.17M-315.34M-407.63M-478.88M-555.86M
Treasury Stock0000000
Accumulated OCI-2K00-1.09M-4.23M-2.38M3K
Minority Interest0000000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-22.49M-10.09M-19.11M-35.02M-52.1M-22.59M898K
Operating CF Margin %-0.17%-0.06%-0.1%-0.14%-0.18%-0.09%0%
Operating CF Growth %-0.55%-0.89%-0.83%-0.49%0.57%1.04%
Net Income-34.18M-38.2M-47.88M-63.18M-92.28M-71.25M-40M
Depreciation & Amortization4.17M4.27M5.58M9.15M14.03M18.73M21.86M
Stock-Based Compensation2.32M7.68M7.34M12.96M26.82M31.68M0
Deferred Taxes0000000
Other Non-Cash Items333K1.08M4.59M6.33M12.07M7.21M21.83M
Working Capital Changes4.87M15.08M11.26M-284K-12.74M-8.97M-2.79M
Change in Receivables84K-638K229K-1.19M-530K-3.13M1.48M
Change in Inventory-153K2.29M374K-2.74M-7.89M2.21M2.13M
Change in Payables2.7M-426K7.88M5.94M-6.93M1.7M3.91M
Cash from Investing+-22.02M-1.25M-19.42M-169.58M8.92M43.68M-16.9M
Capital Expenditures-13.93M-9.5M-19.42M-19.83M-43.25M-15.98M-6.58M
CapEx % of Revenue0.11%0.06%0.1%0.08%0.15%0.06%0.03%
Acquisitions-------
Investments-------
Other Investing-8.09M00000-6.64M
Cash from Financing+38.97M91.18M18.21M228.96M-3.94M-3.6M-4.39M
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0000000
Share Repurchases-------
Other Financing126K722K1.05M1.43M2.01M-4.76M-4.06M
Net Change in Cash-------
Free Cash Flow+-36.42M-19.59M-38.53M-54.85M-95.36M-38.58M-5.69M
FCF Margin %-0.28%-0.12%-0.21%-0.22%-0.33%-0.15%-0.02%
FCF Growth %-0.46%-0.97%-0.42%-0.74%0.6%0.85%
FCF per Share-0.47-0.21-0.42-0.71-0.96-0.37-0.05
FCF Conversion (FCF/Net Income)0.66x0.26x0.40x0.55x0.56x0.32x-0.01x
Interest Paid384K1.21M1.45M2.08M2.06M00
Taxes Paid21K27K45K64K000

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)-312.21%---30.71%-53.38%-58.42%-96.1%
Return on Invested Capital (ROIC)-193.6%---23.7%-34.94%-25.56%-29.36%
Gross Margin60.22%68.68%68.89%70.75%66.7%76.78%79.65%
Net Margin-26.38%-23.32%-25.74%-25.09%-32%-27.56%-29.61%
Debt / Equity0.82x--0.37x0.61x0.74x1.05x
Interest Coverage-78.39x-25.78x-35.70x-27.42x-111.16x-23.67x-16.09x
FCF Conversion0.66x0.26x0.40x0.55x0.56x0.32x-0.01x
Revenue Growth-26.45%13.55%35.36%14.53%-10.36%0.59%

Revenue by Segment

2021202220232024
Loyalty Program13.8M9.4M7.7M11.5M
Loyalty Program Growth--31.88%-18.09%49.35%
Gift Card Breakage--4.4M7.2M
Gift Card Breakage Growth---63.64%
Gift Card900K1M2M300K
Gift Card Growth-11.11%100.00%-85.00%

Revenue by Geography

2021202220232024
UNITED STATES-240.94M258.5M-
UNITED STATES Growth--7.29%-
Non-US-47.44M63.52M-
Non-US Growth--33.90%-
North America240.68M---
North America Growth----
Europe11.12M---
Europe Growth----

Frequently Asked Questions

Growth & Financials

ThredUp Inc. (TDUP) reported $258.8M in revenue for fiscal year 2024. This represents a 100% increase from $129.6M in 2018.

ThredUp Inc. (TDUP) grew revenue by 0.6% over the past year. Growth has been modest.

ThredUp Inc. (TDUP) reported a net loss of $36.3M for fiscal year 2024.

Dividend & Returns

ThredUp Inc. (TDUP) has a return on equity (ROE) of -96.1%. Negative ROE indicates the company is unprofitable.

ThredUp Inc. (TDUP) generated $3.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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