ContextLogic Inc. (LOGC) vs ThredUp Inc. (TDUP)

ContextLogic Inc. and ThredUp Inc. are both Internet Retail companies. ThredUp Inc. is the larger, with a market value of $298.1M against $194.0M — 1.5× the size. ThredUp Inc. grew revenue faster over the last twelve months: 20.4% against −15.3%. ThredUp Inc. has the higher net margin (−6.65% vs −19.6%) and the lower return on invested capital (−57.1% vs −0.36%). Across the 18 metrics below, ThredUp Inc. leads on 10 and ContextLogic Inc. on 8.

Valuation

Metric LOGC TDUP Internet Retail median
P/E n/m n/m 22.73
P/S 5.11 0.87 0.64
P/B 0.92 4.81 1.65
Price to free cash flow n/m 181.14 14.11
EV/EBITDA n/m n/m 15.68
EV/Sales 6.63 0.78 0.76
Earnings yield (2.43%) (7.56%) (0.11%)
Free cash flow yield (56.67%) 0.55% 0.00%

Profitability

Metric LOGC TDUP Internet Retail median
Gross margin 37.09% 79.52% 43.51%
Operating margin (54.13%) (7.11%) 0.08%
Net margin (19.61%) (6.65%) 0.56%
Free cash flow margin (289.40%) 0.48% 0.00%
Return on equity (5.90%) (36.76%) 0.00%
Return on assets (4.36%) (12.93%) 0.00%
Return on invested capital (0.36%) (57.05%) 0.00%

Growth

Metric LOGC TDUP Internet Retail median
Revenue growth (TTM) (15.32%) 20.37% 10.60%
EPS growth (last fiscal year) 62.67% 75.36% —
Revenue growth, 5-year CAGR (53.13%) 10.81% 10.81%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric LOGC TDUP Internet Retail median
Debt to equity 0.29 0.29 0.13
Current ratio 1.87 0.99 1.49
Net debt to EBITDA 5.89 7.17 (0.25)

Dividend

Metric LOGC TDUP Internet Retail median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric LOGC TDUP Internet Retail median
Market cap 193.98m 298.13m 443.85m

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