XVARY Composite Score
47
/ 100
Below Average
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
Start here if you're new
What it is
ThredUp helps you buy and sell secondhand clothes online, with up to 90% off estimated retail prices.
How it gets paid
Last year Thredup made $311M in revenue. women's apparel was the main engine at $149M, or 48% of sales.
Why it's growing
Revenue grew 19.5% last year. The quarter showed the same strange ThredUp pattern: healthy top-line growth and very high gross margin.
What just happened
Latest quarterly revenue hit $79.7M, up 18.5% vs. prior year, while EPS came in at -$0.03.
At a Glance
B balance sheet — gets the job done, barely
-$0.36 fy2024 eps est
$260M fy2024 rev est
7.0% operating margin
1.45 beta
XVARY composite: 47/100 — below average
What They Do
ThredUp helps you buy and sell secondhand clothes online, with up to 90% off estimated retail prices.
Scale is the moat here. ThredUp has processed more than 137 million unique secondhand items from 55,000 brands across 100 categories. Marketplace density (more stuff attracts more buyers) → a fuller digital thrift store → so what: your odds of finding something good stay high, and that makes smaller resale rivals feel empty.
How They Make Money
$311M
annual revenue · their business grew +19.5% last year
women's apparel
$149M
kids' apparel
$50M
shoes
$37M
accessories
$28M
premium and luxury resale
$47M
The Products That Matter
Online resale marketplace
Consignment Marketplace
$79.7M q4 revenue · +18.5%
this is the business today. Q4 2025 revenue reached $79.7M, up 18.5% from last year, and beat estimates by 3.3%.
core engine
Partner-branded resale
Retail-as-a-Service
within $349M–$355M guide
management points to this as part of the next leg of growth, but revenue is not broken out. You know it matters strategically. You do not yet get the segment math.
data still thin
Key Numbers
79.3%
gross margin
Gross margin → money left after direct costs → so what: ThredUp's basic model works better than its bottom line suggests.
$45M
long-term debt
Long-term debt → borrowed money due beyond one year → so what: debt is only 9% of capital, which says balance-sheet stress is not the main problem.
7.0%
operating margin
Operating margin → profit after running the business → so what: even with strong gross profit, the company still loses money on the full cost structure.
137M
items processed
Processed items → supply depth on the platform → so what: resale gets easier when buyers see more choices and sellers know the system can handle volume.
Financial Health
B
Strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $45M (9% of capital)
B — functional but not a standout on the balance sheet.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
beat estimates
Latest quarterly revenue hit $79.7M, up 18.5% vs. prior year, while EPS came in at -$0.03.
The quarter showed the same strange ThredUp pattern: healthy top-line growth and very high gross margin, but profits still lag. Gross margin stayed near 79%, which says demand and pricing are not the main issue.
$79.7M
revenue
$0.03
eps
79.3%
gross margin
the number that mattered
79.3% gross margin matters most because it tells you the model is structurally attractive if management can ever control operating costs.
source: company earnings report, 2026
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What Could Go Wrong
The #1 risk is paying a premium sales multiple before the business proves sustained profitability.
Med
Valuation without earnings support
TDUP trades at 1.4x sales while peers average 0.4x. Analysts still expect a -$0.36 EPS loss. That's a premium multiple sitting on top of an unfinished income statement.
If growth disappoints, the stock does not have much valuation protection.
Med
Execution risk inside new growth bets
Management points to initiatives like peer-to-peer beta and Retail-as-a-Service, but revenue is not broken out. You are being asked to underwrite growth before you get segment proof.
If new initiatives fail to add meaningful volume, the 13% growth guide gets harder to defend.
Med
Volatility can overwhelm the narrative
A 1.45 beta, a 5 / 100 price stability score, and a $2–$12 52-week range tell you this is not a calm stock. Even decent quarters can get buried by risk appetite swings.
The path can be rough even if the operating story improves.
A re-rating from 1.4x sales toward the 0.4x peer average would be painful if revenue growth slows before earnings show up.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Earnings
Q1 2026 report
Expected around May 4, 2026. Management guided to $79.5M–$80.5M in revenue and 78%–79% gross margin. That is the first check on whether the 2026 story is intact.
Valuation
The 1.4x sales premium
Peers trade closer to 0.4x sales. If TDUP keeps growing near 13%, the premium has a case. If not, the gap becomes the problem.
Trend
Can gross margin stay near 79%?
79.4% gross margin is the strongest number on the page. Watch whether it stays inside the 78%–79% guide while revenue grows. That's the model working in real time.
Risk
Segment proof for new initiatives
Retail-as-a-Service and peer-to-peer matter to the story, but disclosure is thin. The next meaningful update should include harder evidence than strategy language.
Analyst Rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
Source: institutional data
Institutional Activity
institutional ownership data for TDUP is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$4
Current price
Target midpoint · from current
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