TDUP Nasdaq Retail-Catalog & Mail-Order Houses Financials FY2019βFY2025
ThredUp Inc. had $311M of revenue in fiscal 2025, up 19.5% on the year before. Over five years, revenue changed +10.8% a year on average.
Last close Β· Oct 26, 2026
$1.99
β$6.94 (β77.72%) past year
Hi! I read ThredUp Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+19.5%
Yes. Sales grew 19.5% last year.
Does it make a profit?
β6.5%
No. It lost money last year.
Does profit turn into cash?
0.1%
Partly. 0.1% of sales ends up as free cash.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA summarises the numbers
ThredUp Inc. had $311M of revenue in fiscal 2025, up 19.5% on the year before.
Over five years, revenue changed +10.8% a year on average.
Its operating margin was β7.0%, up 8.6Β pts: of every 100 in sales, about β7 is left after running the business.
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Loss periods are shown in red.
KIRA summarises the numbers
ThredUp Inc. lost $20.2M in fiscal 2025.
Net income
Net income
Diluted EPS
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
KIRA summarises the numbers
Free cash flow was $0.2M in fiscal 2025, 0.1% of revenue.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
In the last 12 months, insiders bought $0.6M and sold $10.2M of shares on the open market.
Bought, 12 months
$0.6M
2 insiders
Sold, 12 months
$10.2M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 2, 2026 | Christopher HomerChief Operating Officer | Sold | 60,230 | $2.58 | $0.2M | Form 4 |
| Sep 2, 2026 | James G. ReinhartChief Executive Officer, Director | Sold | 171,062 | $2.58 | $0.4M | Form 4 |
| Sep 2, 2026 | Sean SobersChief Financial Officer | Sold | 44,559 | $2.58 | $0.1M | Form 4 |
| Jun 2, 2026 | Christopher HomerChief Operating Officer | Sold | 61,578 | $4.43 | $0.3M | Form 4 |
| Jun 2, 2026 | James G. ReinhartChief Executive Officer, Director | Sold | 174,908 | $4.43 | $0.8M | Form 4 |
| Jun 2, 2026 | Sean SobersChief Financial Officer | Sold | 45,554 | $4.43 | $0.2M | Form 4 |
| Mar 10, 2026 | Patricia NakacheDirector | Bought | 13,157 | $3.73 | $0.0M | Form 4 |
| Mar 3, 2026 | Christopher HomerChief Operating Officer | Sold | 69,741 | $3.82 | $0.3M | Form 4 |
| Mar 3, 2026 | James G. ReinhartChief Executive Officer, Director | Sold | 215,338 | $3.82 | $0.8M | Form 4 |
| Mar 3, 2026 | Sean SobersChief Financial Officer | Sold | 56,504 | $3.82 | $0.2M | Form 4 |
| Dec 2, 2025 | Christopher HomerChief Operating Officer | Sold | 68,358 | $7.42 | $0.5M | Form 4 |
| Dec 2, 2025 | James G. ReinhartChief Executive Officer, Director | Sold | 198,690 | $7.42 | $1.5M | Form 4 |
| Dec 2, 2025 | Sean SobersChief Financial Officer | Sold | 51,220 | $7.42 | $0.4M | Form 4 |
| Nov 7, 2025 | James G. ReinhartChief Executive Officer, Director | Sold | 579,826 | $7.94 | $4.6M | Form 4 |
| Nov 5, 2025 | Daniel J NovaDirector | Bought | 65,000 | $8.04 | $0.5M | Form 4 |
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably ThredUp Inc. can carry it.
KIRA summarises the numbers
ThredUp Inc. has $30.0M more cash than debt.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $206M | $105M | $62.4M | $44.2M | $48.1M |
| Debt incl. finance leases | $35.3M | $29.7M | $25.8M | $22.0M | $18.2M |
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.4x | 0.3x |
| Interest coverage | β27.4x | β111.2x | β23.7x | β16.1x | β11.3x |
| Current ratio | 2.6x | 1.6x | 1.2x | 0.9x | 0.9x |
| Quick ratio | 2.4x | 1.4x | 1.2x | 0.9x | 0.9x |
| Total assets | $361M | $302M | $250M | $171M | $167M |
| Total liabilities | $155M | $162M | $146M | $115M | $108M |
| Shareholders' equity | $206M | $140M | $104M | $56.3M | $59.2M |
| Net debt (β = net cash) | β$171M | β$75.3M | β$36.6M | β$22.2M | β$30.0M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
Its return on capital was β58.8%: every 100 invested in the business earned about β59 in a year.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
KIRA summarises the numbers
ThredUp Inc. passes 5 of 9 financial health tests (Piotroski F-score).
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 5 / 9 | 2 / 9 | 4 / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | β | β20.1% | β11.2% | β12.1% | β17.6% | β38.9% | β18.2% |
| Altman Z'' | β | β9.34 | β0.09 | β4.40 | β6.47 | β11.84 | β11.75 |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $164M | $186M | $252M | $288M | $259M | $260M | $311M |
| Gross profit | $113M | $128M | $178M | $192M | $198M | $207M | $247M |
| Research and development | $19.0M | $20.7M | $28.7M | $37.6M | $32.6M | $31.3M | $32.1M |
| Operating income | β$36.8M | β$46.6M | β$62.4M | β$89.5M | β$53.0M | β$40.6M | β$21.7M |
| Interest expense | $1.4M | $1.3M | $2.3M | $0.8M | $2.2M | $2.5M | $1.9M |
| Pretax income | β$38.2M | β$47.8M | β$63.1M | β$92.2M | β$52.3M | β$40.0M | β$20.2M |
| Income tax | $0.0M | $0.1M | $0.1M | $0.0M | $0.0M | $0.0M | $0.1M |
| Net income | β$38.2M | β$47.9M | β$63.2M | β$92.3M | β$71.2M | β$77.0M | β$20.2M |
| Diluted EPS | β$3.72 | β$4.14 | β$0.82 | β$0.92 | β$0.68 | β$0.69 | β$0.17 |
| Diluted shares | 0.01B | 0.01B | 0.08B | 0.10B | 0.10B | 0.11B | 0.12B |
| Cash flow | |||||||
| Cash from operations | β$10.1M | β$19.1M | β$35.0M | β$52.1M | β$22.6M | $4.9M | $10.7M |
| Capital expenditure | $9.5M | $19.4M | $19.8M | $43.3M | $13.1M | $6.6M | $10.5M |
| Free cash flow | β$19.6M | β$38.5M | β$54.8M | β$95.4M | β$35.7M | β$1.7M | $0.2M |
| Depreciation and amortization | $4.3M | $5.6M | $9.2M | $14.0M | $14.2M | $17.3M | $12.9M |
| Stock-based compensation | $7.7M | $7.3M | $13.0M | $26.8M | $29.7M | $25.8M | $19.0M |
| Acquisitions | $0.0M | $0.0M | $23.6M | $0.0M | β | β | β |
| Balance sheet | |||||||
| Cash and short-term investments | $87.9M | $64.5M | $206M | $105M | $62.4M | $44.2M | $48.1M |
| Total debt | β | $34.5M | $35.3M | $29.7M | $25.8M | $22.0M | $18.2M |
| Current assets | β | $75.2M | $228M | $134M | $93.9M | $56.9M | $56.7M |
| Current liabilities | β | $62.6M | $89.4M | $84.4M | $76.7M | $61.5M | $62.4M |
| Inventory | β | $3.5M | $9.8M | $17.5M | $2.8M | $0.7M | β |
| Property and equipment, net | β | $41.1M | $55.5M | $92.5M | $77.8M | $68.5M | $67.2M |
| Goodwill | β | $0.0M | $12.2M | $11.6M | $11.2M | $10.7M | $10.7M |
| Intangible assets | β | $0.0M | $13.9M | $10.5M | $8.2M | β | β |
| Total assets | β | $143M | $361M | $302M | $250M | $171M | $167M |
| Total liabilities | β | $118M | $155M | $162M | $146M | $115M | $108M |
| Shareholders' equity | β$183M | β$222M | $206M | $140M | $104M | $56.3M | $59.2M |
| Margins | |||||||
| Gross margin | 68.7% | 68.9% | 70.7% | 66.7% | 76.8% | 79.7% | 79.4% |
| Operating margin | β22.5% | β25.0% | β24.8% | β31.0% | β20.5% | β15.6% | β7.0% |
| EBITDA margin | β19.9% | β22.0% | β21.1% | β26.2% | β15.0% | β9.0% | β2.8% |
| Net margin | β23.3% | β25.7% | β25.1% | β32.0% | β27.6% | β29.6% | β6.5% |
| FCF margin | β12.0% | β20.7% | β21.8% | β33.1% | β13.8% | β0.6% | 0.1% |
| Returns | |||||||
| Return on capital | β | β | β139.9% | β109.2% | β62.2% | β94.0% | β58.8% |
| Return on capital employed | β | β58.0% | β23.0% | β41.1% | β30.6% | β37.0% | β20.7% |
| Return on equity | β | β | β | β53.4% | β58.4% | β96.1% | β35.0% |
| Return on assets | β | β33.5% | β25.1% | β27.8% | β25.8% | β36.6% | β11.9% |
| Return on tangible equity | β | β | β35.2% | β78.3% | β84.3% | β169.0% | β41.7% |
| Growth | |||||||
| Revenue growth | β | 13.6% | 35.4% | 14.5% | β10.4% | 0.6% | 19.5% |
| Share count change | β | 12.7% | 566.6% | 29.5% | 5.1% | 6.8% | 8.7% |
| Financial health | |||||||
| Debt / equity | β | β | 0.2x | 0.2x | 0.2x | 0.4x | 0.3x |
| Interest coverage | β25.8x | β35.7x | β27.4x | β111.2x | β23.7x | β16.1x | β11.3x |
| Current ratio | β | 1.2x | 2.6x | 1.6x | 1.2x | 0.9x | 0.9x |
| Quick ratio | β | 1.1x | 2.4x | 1.4x | 1.2x | 0.9x | 0.9x |
| Capital allocation | |||||||
| Capex / revenue | 5.8% | 10.4% | 7.9% | 15.0% | 5.1% | 2.5% | 3.4% |
| Stock comp / revenue | 4.7% | 3.9% | 5.1% | 9.3% | 11.5% | 9.9% | 6.1% |
| Quality scores | |||||||
| Piotroski F-score | β | β | 5.0 | 2.0 | 4.0 | 4.0 | 5.0 |
| Altman Z'' | β | β9.3 | β0.1 | β4.4 | β6.5 | β11.8 | β11.8 |
| Accruals ratio | β | β20.1% | β11.2% | β12.1% | β17.6% | β38.9% | β18.2% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
Source: SEC EDGAR XBRL filings (CIK 0001484778). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
