ThredUp Inc. Class A Common Stock (TDUP)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I begin with the business. ThredUp operates an online resale platform for secondhand apparel, shoes, and accessories in the United States. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $90.8M and net loss was $5.9M. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $81.7M and net loss was $6.5M. In fiscal year 2025, the period ended 2025-12-31, revenue was $310.8M and net loss was $20.2M; in fiscal year 2024, the period ended 2024-12-31, net loss was $77.0M. Losses are narrower than fiscal year 2024, but the latest quarter's loss still exceeds the fiscal Q2 2025 loss of $5.2M on $77.7M of revenue. That is not a durable moat; it suggests a competitive resale business with no demonstrated pricing power or consistent profit. Financial health is weak. FairStock's calculations show ROE of -36.76%, ROCE of -8.25%, debt-to-equity of 0.83, Altman Z-Score of -2.79, and trailing free cash flow of just $1.6M, a 0.5% FCF yield. The Piotroski F-Score is 7/9, a modest positive, but the company has lost money in each of the last four years, so FairStock assigns no Peter Lynch category. Valuation at the 2026-10-13 close of $2.31: FairStock's P/B is 5.02, its P/E is negative at -12.83, its FairStock Score is 44/100, and the market cap is $300M. The stock is near its 52-week low of $2.09, but cheapness is not proven. Graham would want earnings and asset protection; Buffett would want a moat and consistent cash. ThredUp offers growth—FairStock revenue growth of 16.88%—but no profits or margin of safety. I see a speculative turnaround, not a value investment.

In plain English: ThredUp runs an online marketplace for secondhand clothes, shoes, and accessories. It is growing sales, but it still loses money and produces very little spare cash. At $2.31 a share as of the 2026-10-13 close, the price does not look cheap against its losses and accounting value.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer