Thredup Inc. key statistics and ratios

In fiscal 2025, Thredup Inc. had return on equity of -35.0%, an operating margin of -7.0%, debt equal to 31.0% of equity and a current ratio of 0.91. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Thredup Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	68.7%	68.9%	70.7%	66.7%	76.8%	79.7%	79.4%	79.5%
Operating margin	−22.5%	−25.0%	−24.8%	−31.0%	−20.5%	−15.6%	−7.0%	−7.1%
Net margin	−23.3%	−25.7%	−25.1%	−32.0%	−27.6%	−29.6%	−6.5%	−6.6%
Free-cash-flow margin	−12.0%	−20.7%	−21.8%	−33.1%	−13.8%	−0.6%	0.1%	0.5%
Return on equity	—	—	—	−53.4%	−58.4%	−96.1%	−35.0%	−37.1%
Return on assets	—	−33.5%	−25.1%	−27.8%	−25.8%	−36.6%	−11.9%	−13.2%
Asset turnover	—	1.30	1.00	0.87	0.94	1.23	1.84	1.98
Current ratio	—	1.20	2.55	1.59	1.22	0.93	0.91	0.99
Debt to equity	—	—	17.5%	21.7%	25.3%	39.7%	31.0%	29.6%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	11.6%	11.1%	11.4%	13.0%	12.6%	12.0%	10.3%	—
SG&A as % of revenue	13.6%	15.4%	19.4%	21.4%	21.9%	21.9%	18.2%	18.2%
Capital spending as % of revenue	5.8%	10.4%	7.9%	15.0%	5.1%	2.5%	3.4%	3.6%

US$ thousands unless shown otherwise. Fiscal quarters.

Thredup Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	79.3%	80.4%	79.1%	79.5%	79.4%	79.6%	79.2%	79.9%
Operating margin	−17.0%	−12.1%	−7.6%	−6.8%	−5.3%	−8.4%	−8.1%	−6.7%
Net margin	−40.3%	−32.3%	−7.3%	−6.7%	−5.2%	−7.0%	−7.9%	−6.5%
Free-cash-flow margin	2.0%	4.0%	5.5%	−3.8%	2.9%	−4.0%	0.8%	2.0%
Current ratio	0.96	0.93	0.92	0.96	0.92	0.91	0.95	0.99
Debt to equity	33.2%	39.1%	37.5%	33.4%	32.4%	30.7%	29.9%	29.2%
SG&A as % of revenue	21.1%	20.5%	19.0%	17.1%	18.1%	18.8%	18.7%	17.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · June 30, 2026

What it owns · $170m

Short-term assets $61mLonger-term assets $109m

What it owes, and who funded it · $170m

Short-term liabilities $62mLonger-term liabilities $48mShareholders' equity $61m

Short-term assets cover short-term liabilities $61m of assets due within a year against $62m of liabilities due within a year.
Short-term assets cover long-term liabilities $61m short-term assets against $48m of longer-dated liabilities.
More cash than debt $42m of cash against $18m of debt.
Debt below 40% of shareholders' equity Debt is 29% of equity.
Debt burden no higher than five years ago Debt to equity moved from 13% to 29% over five years.
A year's operating cash flow covers at least 20% of debt $14m of operating cash flow against $18m of debt.
Operating profit covers interest at least five times over Operating income of −$24m against $2m of interest.

From Thredup Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

47 /100

Moderate moat

How hard Thredup's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 59.7% of total assets over 5 years.
Pricing power 15 / 20

Gross margin has been a median 75.3%, moving by 6.7 percentage points (standard deviation) across 6 years.
Durability 10 / 20

Operating margin has been a median -21.2%; its worst year was -29.0%.
Cash conversion 3 / 20

Free cash flow was positive in 2 of 6 years, at a median -13.8% of revenue.
Discipline 3 / 20

The diluted share count rose 268.2% over five years; stock-based pay has been a median 7.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (52 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Thredup Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Thredup Inc.