The company's financial position appears increasingly constrained, with a current ratio of 0.95 and accumulated deficits reaching -$582.5M as of 2026Q1.
| Total Current Assets | 60.38M | 56.68M | 56.92M | 93.89M | 134.19M | 228.41M | 75.16M | 94.42M | 24.83M |
| Cash & Short-Term Investments | 49.45M | 48.13M | 44.18M | 64.18M | 104.93M | 205.83M | 64.48M | 85.63M | 14.92M |
| Cash Only | 39M | 38.63M | 31.85M | 56.08M | 38.03M | 84.55M | 64.48M | 85.63M | 6.65M |
| Short-Term Investments | 10.46M | 9.5M | 12.32M | 8.1M | 66.9M | 121.28M | 0 | 0 | 8.27M |
| Accounts Receivable | 4.32M | 2.44M | 3.57M | 7.81M | 4.67M | 4.14M | 1.82M | 2.88M | 2.19M |
| Days Sales Outstanding | 4.06 | 2.86 | 5.01 | 11.03 | 5.91 | 6 | 3.58 | 6.42 | 6.16 |
| Inventory | 0 | 0 | 690K | 15.69M | 17.52M | 9.82M | 3.52M | 3.89M | 6.18M |
| Days Inventory Outstanding | - | - | 4.76 | 95.37 | 66.58 | 48.68 | 22.2 | 27.69 | 43.79 |
| Other Current Assets | 6.62M | 6.11M | 8.49M | 6.2M | 7.08M | 8.63M | 3.84M | 304K | 772K |
| Total Non-Current Assets | 111.99M | 110.57M | 114.3M | 156.08M | 167.75M | 132.41M | 67.75M | 28.14M | 22.41M |
| Property, Plant & Equipment | 94.06M | 92.62M | 97.33M | 129.79M | 138.63M | 94.81M | 64.79M | 26.05M | 20.89M |
| Fixed Asset Turnover | 3.40x | 3.36x | 2.67x | 1.99x | 2.08x | 2.66x | 2.87x | 6.29x | 6.20x |
| Goodwill | 10.75M | 10.75M | 10.75M | 11.96M | 11.59M | 12.24M | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 8.16M | 10.5M | 13.85M | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.37M |
| Other Non-Current Assets | 7.18M | 7.2M | 6.22M | 6.18M | 7.03M | 11.52M | 2.96M | 2.09M | 155K |
| Total Assets | 172.37M | 167.25M | 171.22M | 249.97M | 301.95M | 360.83M | 142.91M | 122.56M | 47.24M |
| Asset Turnover | 1.87x | 1.86x | 1.52x | 1.03x | 0.96x | 0.70x | 1.30x | 1.34x | 2.74x |
| Asset Growth % | -47.07% | -2.32% | -31.5% | -17.22% | -16.32% | 152.48% | 16.61% | 159.46% | - |
| Total Current Liabilities | 63.7M | 62.38M | 61.52M | 76.67M | 84.41M | 89.41M | 62.56M | 43.14M | 30.31M |
| Accounts Payable | 11.86M | 28.59M | 23.47M | 9.46M | 23.97M | 32.46M | 23.11M | 14.18M | 5.24M |
| Days Payables Outstanding | 116.27 | 162.92 | 161.91 | 57.5 | 91.08 | 160.85 | 145.77 | 100.88 | 37.12 |
| Short-Term Debt | 5.78M | 3.88M | 3.85M | 3.84M | 3.88M | 7.77M | 3.27M | 2.74M | 4.05M |
| Deferred Revenue (Current) | 21.99M | 9.6M | 15.56M | 17.78M | 25.68M | 19.1M | 14.46M | 10.11M | 3.9M |
| Other Current Liabilities | 46.06M | 6.34M | 3.05M | 29.4M | 9.9M | 12.65M | 6.83M | 6.31M | 17.11M |
| Current Ratio | 0.95x | 0.91x | 0.93x | 1.22x | 1.59x | 2.55x | 1.20x | 2.19x | 0.82x |
| Quick Ratio | 0.95x | 0.91x | 0.91x | 1.02x | 1.38x | 2.44x | 1.15x | 2.10x | 0.62x |
| Cash Conversion Cycle | -112.21 | - | -152.14 | 48.91 | -18.59 | -106.17 | -119.99 | -66.76 | 12.82 |
| Total Non-Current Liabilities | 49.28M | 45.67M | 53.4M | 69.38M | 77.53M | 65.68M | 302.52M | 262.66M | 5.98M |
| Long-Term Debt | 28.67M | 14.28M | 18.15M | 22.01M | 25.79M | 27.56M | 31.19M | 14.54M | 4.92M |
| Capital Lease Obligations | 90.14M | 28.58M | 32.49M | 44.62M | 48.73M | 37M | 21.57M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 20.61M | 2.82M | 2.76M | 2.75M | 3.02M | 1.12M | 249.76M | 248.12M | 1.06M |
| Total Liabilities | 112.98M | 108.05M | 114.92M | 146.05M | 161.95M | 155.09M | 365.09M | 305.8M | 36.29M |
| Total Debt | 34.45M | 52.13M | 58.84M | 76.41M | 84.81M | 76.25M | 59.68M | 17.28M | 8.97M |
| Net Debt | -4.55M | 13.5M | 26.99M | 20.33M | 46.78M | -8.29M | -4.81M | -68.35M | 2.32M |
| Debt / Equity | 0.58x | 0.88x | 1.05x | 0.74x | 0.61x | 0.37x | - | - | 0.82x |
| Debt / EBITDA | -4.15x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.55x | - | - | - | - | - | - | - | - |
| Interest Coverage | -11.28x | -9.50x | -14.83x | -22.38x | -113.60x | -26.73x | -35.64x | -25.72x | -77.13x |
| Total Equity | 59.39M | 59.19M | 56.3M | 103.92M | 140M | 205.73M | -222.18M | -183.24M | 10.95M |
| Equity Growth % | -34.08% | 5.14% | -45.82% | -25.77% | -31.95% | 192.6% | -21.25% | -1773.74% | - |
| Book Value per Share | 0.47 | 0.49 | 0.50 | 0.99 | 1.40 | 2.67 | -2.45 | -1.95 | 0.14 |
| Total Shareholders' Equity | 59.39M | 59.19M | 56.3M | 103.92M | 140M | 205.73M | -222.18M | -183.24M | 10.95M |
| Common Stock | 12K | 12K | 11K | 11K | 10K | 10K | 1K | 1K | 1K |
| Retained Earnings | -582.55M | -576.08M | -555.86M | -478.88M | -407.63M | -315.34M | -252.17M | -203.72M | -165.53M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -19K | 3K | 3K | -2.38M | -4.23M | -1.09M | 0 | 0 | -2K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency constraints
According to recent SEC filings, ThredUp's total assets have declined from $250.0M in 2023Q4 to $172.4M in 2026Q1, reflecting a strategic pivot toward asset-light operations and a reduction in the capital-intensive infrastructure footprint that previously defined the company's aggressive growth phase.
The consistent decline in total assets suggests management is prioritizing capital preservation over physical expansion. This trend warrants close monitoring, as it may indicate that the company is struggling to maintain the scale necessary for its automated logistics model to achieve long-term profitability.
Based on reported financial statements, ThredUp has successfully reduced its total debt from $76.4M in 2023Q4 to $34.4M in 2026Q1, a move that appears to be a defensive measure to mitigate interest expense and improve the company's precarious solvency profile.
While the reduction in debt lowers the immediate risk of default, the concurrent decline in cash reserves suggests that the company is using its limited liquidity to deleverage rather than reinvest in growth. Investors should consider whether this deleveraging is sustainable without further dilutive equity financing.
As reported in quarterly filings, ThredUp's current ratio has compressed from 1.22 in 2023Q4 to 0.95 in 2026Q1, indicating that the company's ability to cover short-term obligations with current assets has become increasingly constrained as cash reserves dwindle toward the $39.0M mark.
A current ratio below 1.0 suggests that the company may face difficulty meeting its near-term liabilities without relying on external financing or rapid inventory turnover. This liquidity position leaves little room for operational errors or unexpected market volatility in the competitive resale sector.
Data from recent balance sheets shows that ThredUp's retained earnings have plummeted to -$582.5M as of 2026Q1, illustrating a persistent inability to generate positive net income that continues to weigh heavily on the company's total equity base.
The ongoing erosion of equity through accumulated losses highlights the fundamental challenge of the current business model in achieving scale-driven profitability. Investors should monitor whether future equity issuance becomes necessary to bolster the balance sheet, which would further dilute existing shareholders.
Quick answers to the most common questions about buying TDUP stock.
As of 2025, ThredUp Inc. (TDUP) had total assets of $167.2M including $56.7M in current assets.
ThredUp Inc. (TDUP) carries total debt of $52.1M, offset by $48.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ThredUp Inc. (TDUP) has total shareholders' equity (book value) of $59.2M ($0.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ThredUp Inc. (TDUP) reported a current ratio of 0.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.