Forensic Analysis · Retail / Consumer Discretionary · as of Aug 11, 2026

Thredup Inc. (TDUP)

A forensic read on Thredup Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-8.2

Distress distance

Not computable

Earnings quality

Forensic signals

-18.0

P / E (ttm)

-34.1%

ROE

$427M

Market cap

0.00%

Dividend yield

19.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Thredup Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -8.2, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-24.5%

FY2025

Return on invested capital. Return on invested capital is -24.5% in the latest fiscal year and rising from -39% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

+6.8%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +22% over the last 3 years to FY2025 (+6.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~18%.

6% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 6% of revenue in FY2025 — about $0.16 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 6.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.

Key fundamentals

Latest Revenue$310.8M

Revenue Growth YoY+19.5%

Revenue CAGR (3yr)+2.5%

Net Margin-6.5%

Free Cash Flow-$35.7M

Return on Equity-34.1%

Debt / Equity0.31x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.