Thredup, Inc. (TDUP)
NASDAQ:TDUP
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thredUP
(NASDAQ:TDUP)
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Rating:53Neutral
Price Target:
$4.50
▲(0.90% Upside)
Action:Reiterated
Date:05/22/26
The score is driven primarily by improving but still weak financial performance (strong gross margin and better operating cash flow, but ongoing losses and inconsistent free cash flow). The latest earnings call adds support via maintained growth/EBITDA expansion guidance and strong demand KPIs, while technicals are mixed and valuation remains challenged due to unprofitability and no dividend yield data.
Positive Factors
High Gross Margin / Unit Economics
Sustained gross margins near 79–80% demonstrate durable per-item economics in the resale model. High gross profitability gives thredUP structural room to fund processing, authentication and platform improvements while absorbing modest ASP fluctuations, supporting long-term unit-level viability.
Negative Factors
Ongoing GAAP Losses / Negative ROE
The company remains GAAP unprofitable (Q1 GAAP net loss widened) and TTM ROE is deeply negative. Persistent accounting losses constrain retained earnings, limit internal capital for growth, and prolong reliance on external funding until operating profitability converts to sustained net income.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin / Unit Economics
Sustained gross margins near 79–80% demonstrate durable per-item economics in the resale model. High gross profitability gives thredUP structural room to fund processing, authentication and platform improvements while absorbing modest ASP fluctuations, supporting long-term unit-level viability.
Read all positive factors
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 (TDUP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$572.94M
Dividend YieldN/A
Average Volume (3M)2.57M
Price to Earnings (P/E)―
Beta (1Y)3.36
Revenue Growth10.25%
EPS Growth70.25%
CountryUS
Employees1,630
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.17
Shares Outstanding108,372,116
10 Day Avg. Volume2,434,479
30 Day Avg. Volume2,570,304
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 Cap0.99
Enterprise Value/Revenue1.76
Enterprise Value/Gross Profit2.20
Enterprise Value/Ebitda-79.60
Forecast
1Y Price Target
$8.04Price Target Upside80.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.12
Revenue Forecast (FY)$354.88M
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 primarily generates revenue through (1) product sales on its resale marketplace and (2) services it provides to brands and retailers that want to offer resale to their customers. Marketplace/product revenue: thredUP sells secondhand items ...
thredUP Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call highlighted strong underlying marketplace momentum—double-digit revenue growth, record active buyers, improved listings and sell-through, higher marketing efficiency (Meta/Pinterest), and notable AI/product innovations—while acknowledging near-term headwinds: ASPs down ~3%, conversion down ~5%, a wider GAAP loss, and onboarding/quality work from a surge in new sellers. Management maintained guidance, expects EBITDA expansion for the year, and is investing to scale supply and processing to meet demand. Overall, the positives around demand, unit economics, channel efficiency, and product innovation meaningfully outweigh the manageable near-term operational and macro headwinds.Positive Updates
Solid Revenue Growth
Revenue of $81.7 million in Q1 2026, up 14.6% year over year, driven by new buyer acquisition and improved marketing efficiency.
Negative Updates
Pressure on Average Selling Price
Average selling prices are down roughly 3% since early March, which management attributed to a more discerning consumer amid macro factors (e.g., elevated gas prices).
Read all updates
Q1-2026 Updates
Positive
Negative
Solid Revenue Growth
Revenue of $81.7 million in Q1 2026, up 14.6% year over year, driven by new buyer acquisition and improved marketing efficiency.
Read all positive updates
Company Guidance
ThredUp’s guidance for Q2 2026 calls for revenue of $89.0M–$91.0M (~16% YoY at the midpoint), gross margin of 78.5%–79.5%, adjusted EBITDA of ~5.2% of revenue, and basic weighted‑average shares outstanding of ~130M; full‑year 2026 guidance is revenue of $351.2M–$356.2M (~14% YoY at the midpoint), gross margin 78.5%–79.5%, adjusted EBITDA of ~6.1% of revenue (≈170 bps expansion YoY), and ~131M basic shares. Management said it is maintaining revenue and EBITDA margin expectations while flowing Q1 outperformance through the year and will reinvest any incremental dollars above the guide into processing and marketing; the guide also incorporates recent headwinds (ASPs down ~3%, conversion for existing customers down ~5%) and sits alongside Q1 context of $81.7M revenue (+14.6% YoY), 79.2% gross margin, 3.4% adjusted EBITDA, cash/securities $54.4M (up $1.3M), CapEx $4.1M, 1.7M active buyers TTM (+25% YoY), 1.6M orders (+19.3%), listings +17%, seven‑day sell‑through +15%, new seller kit requests +90%, 48% of kit requests from new sellers, and channel spend increases (Meta +100%, Pinterest +94%).thredUP Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
55
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 321.19M | 310.81M | 260.03M | 258.50M | 288.38M | 251.79M |
| Gross Profit | 258.18M | 246.75M | 207.13M | 198.47M | 192.34M | 178.13M |
| EBITDA | -7.12M | -5.31M | -20.12M | -35.87M | -77.41M | -51.67M |
| Net Income | -21.47M | -20.21M | -76.99M | -71.25M | -92.28M | -63.18M |
Balance Sheet | ||||||
| Total Assets | 172.37M | 167.25M | 171.22M | 249.97M | 301.95M | 360.83M |
| Cash, Cash Equivalents and Short-Term Investments | 49.45M | 48.13M | 44.18M | 64.18M | 104.93M | 205.83M |
| Total Debt | 52.19M | 52.13M | 58.84M | 76.41M | 84.81M | 76.25M |
| Total Liabilities | 112.98M | 108.05M | 114.92M | 146.05M | 161.95M | 155.09M |
| Stockholders Equity | 59.39M | 59.19M | 56.30M | 103.92M | 140.00M | 205.73M |
Cash Flow | ||||||
| Free Cash Flow | -3.10M | 180.00K | -5.69M | -38.58M | -95.36M | -54.85M |
| Operating Cash Flow | 9.66M | 10.65M | 898.00K | -22.59M | -52.10M | -35.02M |
| Investing Cash Flow | -17.26M | -7.17M | -16.90M | 43.68M | 8.92M | -169.58M |
| Financing Cash Flow | 1.82M | -397.00K | -4.39M | -3.60M | -3.94M | 228.96M |
thredUP Technical Analysis
Neutral
4.46
Price Trends
3.99
Positive
4.51
Negative
6.79
Negative
Market Momentum
0.03
Positive
50.17
Neutral
54.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TDUP, the sentiment is Neutral. The current price of 4.46 is above the 20-day moving average (MA) of 4.41, above the 50-day MA of 3.99, and below the 200-day MA of 6.79, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 50.17 is Neutral, neither overbought nor oversold. The STOCH value of 54.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.07B | 31.34 | 14.24% | ― | 9.26% | 18.70% | |
66 Neutral | $5.76B | 17.26 | -25.47% | ― | 1.78% | 75.71% | |
63 Neutral | $1.08B | 150.00 | 8.02% | ― | 32.51% | 241.09% | |
62 Neutral | $1.30B | 40.31 | -100.45% | 3.35% | 2.27% | -1.23% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
53 Neutral | $572.94M | -16.18 | -36.11% | ― | 10.25% | 70.25% | |
47 Neutral | $879.35M | -6.02 | -194.88% | ― | 31.78% | ― |
* Consumer Cyclical Sector Average
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thredUP Corporate Events
Executive/Board ChangesShareholder Meetings
thredUP Shareholders Approve Directors and Auditor at Meeting
Positive
May 21, 2026
On May 20, 2026, thredUP held its 2026 Annual Meeting of Stockholders, where a quorum was established with more than a majority of the company’s voting power represented by holders of Class A and Class B common stock. Stockholders elected Cl...
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.