# ThredUp Inc. (TDUP)

> Source: Nexqual · https://nexqual.com/TDUP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ThredUp Inc. (TDUP), nexqual.com/TDUP" · informational, not investment advice.

**Price:** USD 2.33 (+2.64% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2.27 · day 2.22–2.38 · 52w 2.09–9.45 · market cap $306M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $334M, net income -$22.2M (-6.6% margin), free cash flow $1.6M (SEC filings).
- 1 of 80 tracked superinvestors hold TDUP (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $2.0M; 6 not under a Rule 10b5-1 plan ($2.0M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.14 on a 1–5 scale) (7 analysts), mean target USD 7.24 (range 5.7–10).
- Total return with dividends: 1Y -73.6% vs S&P 500 +14.9%; 5Y -89.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.04, revenue estimate $88.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $252M | $288M | $259M | $260M | $311M | $334M |
| Gross profit | $178M | $192M | $198M | $207M | $247M | — |
| Operating income | -$62.4M | -$89.5M | -$53.0M | -$40.6M | -$21.7M | -$23.8M |
| Net income | -$63.2M | -$92.3M | -$71.2M | -$77.0M | -$20.2M | -$22.2M |
| EPS (diluted) | -$0.82 | -$0.92 | -$0.68 | -$0.69 | -$0.17 | — |
| Free cash flow | -$54.8M | -$95.4M | -$35.7M | -$1.7M | $180K | $1.6M |
| Gross margin | 70.7% | 66.7% | 76.8% | 79.7% | 79.4% | — |
| Operating margin | -24.8% | -31.0% | -20.5% | -15.6% | -7.0% | -7.1% |
| Net margin | -25.1% | -32.0% | -27.6% | -29.6% | -6.5% | -6.6% |
| Revenue growth | +35.4% | +14.5% | -10.4% | +0.6% | +19.5% | — |
| Cash + short-term investments | $206M | $105M | $62.4M | $44.2M | $48.1M | — |
| Total debt | $35.3M | $29.7M | $25.8M | $22.0M | $18.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.9x · EV/Sales 0.8x · P/FCF 189.7x · P/B 5.0x · FCF yield 0.53% · Earnings yield -7.26% · Net cash $34.7M · EV $271M

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TDUP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | <0.01% | $516K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Homer Christopher | Chief Operating Officer | 60,230 | $155K | 4.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Reinhart James G. | Chief Executive Officer | 171,062 | $442K | 9.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-02 | Sobers Sean | Chief Financial Officer | 44,559 | $115K | 6.5% | No | Too little history (no open-market trades in 2024) |
| 2026-06-02 | Homer Christopher | Chief Operating Officer | 61,578 | $273K | 4.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Reinhart James G. | Chief Executive Officer | 174,908 | $776K | 10.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-02 | Sobers Sean | Chief Financial Officer | 45,554 | $202K | 7.1% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.14 on a 1–5 scale), 7 analysts; mean target USD 7.24 (low 5.7, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | Telsey Advisory Group | Target lowered | Outperform | $7 → $6 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -73.6% | -89.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -73.7% | -35.8% |
| Volatility (annualized) | 96.6% | 113.7% |
| Max drawdown | -77.1% (Oct 2025→Sep 2026) | -97.4% (Oct 2021→Oct 2024) |

## Peers (Internet Retail)
JMIA (Jumia Technologies AG) USD 5.91 -1.01% · RERE (ATRenew Inc.) USD 3.77 -4.31% · HEPS (D-Market Electronic Services & ) USD 2.79 +1.45% · LQDT (Liquidity Services, Inc.) USD 44.3 +1.70% · RVLV (Revolve Group, Inc.) USD 22.69 +3.09% · PTRN (Pattern Group Inc. - Series A) USD 16.53 -5.27%

## More
Full page: https://nexqual.com/TDUP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TDUP's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1484778/000148477826000007/tdup-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Alphabet (Google) (GOOGL) | "In particular, we rely on search engines, such as Google, the major mobile application stores and social media platforms such as Facebook and Instagram as important marketing channels." |
| Supplier | Meta Platforms (META) | "In particular, we rely on search engines, such as Google, the major mobile application stores and social media platforms such as Facebook and Instagram as important marketing channels." |
| Partner | FedEx (FDX) | "We are also dependent on third parties to handle the shipment of our items to purchasers and to handle the shipment of the items we receive from sellers, including the FedEx Corporation ("FedEx"), which has a partnership…" |
| Partner | UPS (UPS) | "We are also dependent on third parties to handle the shipment of our items to purchasers and to handle the shipment of the items we receive from sellers, including the FedEx Corporation ("FedEx"), which has a partnership…" |
| Competitor | Amazon (AMZN) | "•large online and discount retailers, such as Amazon.com, Inc., Target Corporation, and Walmart Inc.;" |
| Competitor | Target (TGT) | "•large online and discount retailers, such as Amazon.com, Inc., Target Corporation, and Walmart Inc.;" |
| Competitor | Walmart (WMT) | "•large online and discount retailers, such as Amazon.com, Inc., Target Corporation, and Walmart Inc.;" |
| Competitor | Apple (AAPL) | "In addition, our future growth and our results of operations could suffer if we experience difficulties in the future in integrating our mobile applications into mobile devices, if problems arise with our relationships w…" |

## Company outlook (8-K filed 2026-08-05)

- "However, for the third and fourth quarters of 2026 and full year 2026, Depreciation and amortization is expected to be $3.3 million, $3.3 million and $14.0 million, respectively."
- "In addition, for the third and fourth quarters of 2026 and full year 2026, Stock-based compensation expense is expected to be $5.9 million, $5.9 million and $23.3 million, respectively."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.04 | $-0.01 | +410.2% | $88.1M | 4 |
| Next quarter (ends 2026-12-31) | $-0.03 | $-0.01 | +260.1% | $86.2M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.17 | $-0.09 | +76.8% | $346.8M | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.12 | $-0.06 | +104.2% | $382.6M | 4 |