thredUP (TDUP)
NASDAQ:TDUP
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thredUP
(NASDAQ:TDUP)
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Rating:53Neutral
Price Target:
$3.50
▼(-6.91% Downside)
Action:ReiteratedDate:03/04/26
TDUP scores as a mid-range turnaround: improving fundamentals and upbeat 2026 guidance (growth plus EBITDA expansion) are the key supports, but a weak technical setup (below major moving averages with negative MACD) and still-negative profitability/uneven free cash flow keep the overall score restrained.
Positive Factors
High gross margins (consignment)
ThredUp's consignment-first model delivers structurally high gross margins (~79%), reducing inventory carry risk and allowing variable cost structure. Durable margin advantage supports reinvestment in marketing, tech and partner programs while making the path to sustained profitability more feasible as scale increases.
Negative Factors
Still loss-making
Although losses narrowed materially, the company still reports negative net income and negative ROE. Sustained profitability depends on maintaining margin mix and scaling EBITDA; until that is consistent, reinvestment capacity and investor confidence remain constrained by lingering operating losses.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins (consignment)
ThredUp's consignment-first model delivers structurally high gross margins (~79%), reducing inventory carry risk and allowing variable cost structure. Durable margin advantage supports reinvestment in marketing, tech and partner programs while making the path to sustained profitability more feasible as scale increases.
Read all positive factors
thredUP (TDUP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$477.66M
Dividend YieldN/A
Average Volume (3M)2.84M
Price to Earnings (P/E)―
Beta (1Y)3.31
Revenue Growth-4.90%
EPS Growth50.77%
CountryUS
Employees1,630
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.04
Shares Outstanding106,368,140
10 Day Avg. Volume2,573,333
30 Day Avg. Volume2,836,219
Financial Highlights & Ratios
PEG Ratio0.51
Price to Book (P/B)13.14
Price to Sales (P/S)2.50
P/FCF Ratio4.32K
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue1.58
Enterprise Value/Gross Profit1.99
Enterprise Value/Ebitda-119.54
Forecast
1Y Price Target
$8.70Price Target Upside131.38% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.11
Revenue Forecast (FY)$352.46M
thredUP Business Overview & Revenue Model
Company Description
ThredUp 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 Oaklan...
How the Company Makes Money
thredUP generates revenue primarily through (1) resale marketplace transactions and (2) services provided to brands/retailers. In its core marketplace model, thredUP acquires inventory from individuals (e.g., via mail-in clean out kits or similar ...
thredUP Key Performance Indicators (KPIs)
Any
Active Buyers
Measures the number of unique customers making purchases, providing insight into market reach and customer loyalty.
Measures the number of unique customers making purchases, providing insight into market reach and customer loyalty.
Data provided by:
The Fly
The FlythredUP Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational recovery and momentum: record revenue, robust gross margins near 79%, positive adjusted EBITDA and free cash flow, significant new-buyer growth (Q4 new buyers +57% YoY), supply expansion (kits +36% YoY; premium kits 17% of supply), and promising early results from direct listings and TikTok channels. Management also provided constructive 2026 guidance (midpoint ~13% revenue growth and EBITDA expansion to ~6%) and emphasized AI-driven product improvements. Offsetting these positives are macroeconomic headwinds, some near-term gross margin and EBITDA timing pressure (Q4 GM down ~80 bps YoY; Q4 EBITDA margin weaker vs. last year), slightly higher CAC, and execution/quality risks from rapid new supply channels like TikTok. Overall, the positives around growth, margin profile, profitability and product innovation substantially outweigh the highlighted challenges.Positive Updates
Record Annual Revenue and Top-Line Growth
Full-year 2025 revenue of $310.8M, up 20% year-over-year; Q4 2025 revenue $79.7M, up 18.5% year-over-year.
Negative Updates
Macro Uncertainty and Consumer Affordability Pressure
Management called out an uncertain discretionary spending environment driven by anemic job growth, a structural affordability reset (higher rents and insurance), and tariff-related burdens — headwinds for apparel retail broadly.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Top-Line Growth
Full-year 2025 revenue of $310.8M, up 20% year-over-year; Q4 2025 revenue $79.7M, up 18.5% year-over-year.
Read all positive updates
Company Guidance
ThredUp guided Q1 2026 revenue of $79.5–$80.5M (≈12% YoY at the midpoint), gross margin of 78–79%, adjusted EBITDA of ~3% of revenue and basic weighted‑average shares of ~128M; for full‑year 2026 they guided revenue of $349–$355M (≈13% YoY at the midpoint), gross margin of 78–79%, adjusted EBITDA of ~6% of revenue (≈150 bps expansion vs. 2025) and basic weighted‑average shares of ~130M. Management reiterated Q1 is expected to be the smallest quarter in both revenue and EBITDA dollars, with Q2 the largest revenue quarter and sequential EBITDA expansion into Q2, and 2H EBITDA expected to be greater than 1H in both rate and dollars; they also expect CapEx broadly similar to 2025 (~$10.5M) with expanding free cash flow. These 2026 targets were presented against FY2025 results of $310.8M revenue (+20% YoY), 79.4% gross margin, $14M adjusted EBITDA (4.4% of revenue), Q4 revenue of $79.7M (+18.5% YoY), Q4 gross margin 79.6% and Q4 adjusted EBITDA $2.9M (3.7% of revenue), plus operational metrics like a record 1.7M active buyers (+30% YoY) and 21.1M items processed (+>17%).thredUP Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
57
Neutral
Cash Flow
48
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 310.81M | 260.03M | 258.50M | 288.38M | 251.79M |
| Gross Profit | 246.75M | 207.13M | 198.47M | 192.34M | 178.13M |
| EBITDA | -5.31M | -20.12M | -35.87M | -77.41M | -51.67M |
| Net Income | -20.21M | -76.99M | -71.25M | -92.28M | -63.18M |
Balance Sheet | |||||
| Total Assets | 167.25M | 171.22M | 249.97M | 301.95M | 360.83M |
| Cash, Cash Equivalents and Short-Term Investments | 48.13M | 44.18M | 64.18M | 104.93M | 205.83M |
| Total Debt | 52.13M | 58.84M | 76.41M | 84.81M | 76.25M |
| Total Liabilities | 108.05M | 114.92M | 146.05M | 161.95M | 155.09M |
| Stockholders Equity | 59.19M | 56.30M | 103.92M | 140.00M | 205.73M |
Cash Flow | |||||
| Free Cash Flow | 180.00K | -5.69M | -38.58M | -95.36M | -54.85M |
| Operating Cash Flow | 10.65M | 898.00K | -22.59M | -52.10M | -35.02M |
| Investing Cash Flow | -7.17M | -16.90M | 43.68M | 8.92M | -169.58M |
| Financing Cash Flow | -397.00K | -4.39M | -3.60M | -3.94M | 228.96M |
thredUP Technical Analysis
Negative
3.76
Price Trends
4.11
Negative
5.46
Negative
7.31
Negative
Market Momentum
-0.13
Negative
51.33
Neutral
90.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TDUP, the sentiment is Negative. The current price of 3.76 is above the 20-day moving average (MA) of 3.45, below the 50-day MA of 4.11, and below the 200-day MA of 7.31, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 51.33 is Neutral, neither overbought nor oversold. The STOCH value of 90.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TDUP.
thredUP Risk Analysis
thredUP disclosed 64 risk factors in its most recent earnings report. thredUP reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
thredUP Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.59B | 34.96 | ― | 3.35% | 3.35% | 1.97% | |
71 Outperform | $979.01M | 41.12 | 8.68% | ― | 27.84% | ― | |
70 Outperform | $1.01B | 31.00 | 14.46% | ― | 31.20% | 38.38% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $5.07B | 33.41 | -15.36% | ― | 1.98% | -20.98% | |
53 Neutral | $477.66M | -38.47 | -34.47% | ― | -4.90% | 50.77% | |
44 Neutral | $857.06M | -12.43 | -133.66% | ― | -4.62% | ― |
* Consumer Cyclical Sector Average
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thredUP Corporate Events
Business Operations and StrategyPrivate Placements and Financing
ThredUp amends loan facility, extends maturity and liquidity
Positive
Feb 3, 2026
On January 30, 2026, ThredUp Inc. and certain subsidiaries amended their existing loan and security agreement, significantly reducing the unused Term B Loan commitment from $22.5 million to $10 million while extending the overall facility’s ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.