ThredUp Inc.
TDUP Consumer Cyclical Internet Retail
ThredUp Inc.’s revenue for fiscal 2025 (year ended December 2025) was $310.8 million, up 19.5% from fiscal 2024. In the quarter to June 2026, revenue grew 16.9%, EPS fell 25.0%, free cash flow grew 160.8% and total debt fell 11.7%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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ThredUp Inc. (TDUP) Altman Z-score
ThredUp Inc.'s Altman Z-score for fiscal 2025 is 0.88, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.88 | 3.91 |
| FY2024 | −3.03 | (1.73) |
| FY2023 | −1.30 | (0.06) |
| FY2022 | −1.23 | (4.40) |
| FY2021 | 3.17 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.03) | — | −0.04 | |
| Retained earnings / total assets | (3.44) | — | −4.82 | |
| EBIT / total assets | (0.13) | — | −0.43 | |
| Market value of equity / total liabilities | 7.20 | — | 4.32 | |
| Sales / total assets | 1.86 | — | 1.86 | |
| Altman Z-score | Distress zone | 0.88 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −11.75 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RERE ATRenew Inc. Sponsored ADR compare | 5.0× |
| NEGG Newegg Commerce, Inc. compare | 4.7× |
| HEPS D-MARKET Electronic Services & Trading Unsponsored ADR compare | 1.9× |
| BZUN Baozun Inc. compare | 1.5× |
| ZKH ZKH Group Limited Unsponsored ADR compare | 1.3× |
| TDUP ThredUp Inc. | 0.9× |
| NXH Neighborhood Intelligence, Inc. compare | 0.3× |
| LOGC ContextLogic Inc. compare | −8.4× |
| JMIA Jumia Technologies compare | −14.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets