ThredUp Inc. (TDUP) · 10+ Years of Financial Ratios

Profitability	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-62.33	-36.07	-25.08	-27.85	-25.82
Return on Capital (%)	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -
Gross Margin (%)	60.22	68.68	68.89	70.75	66.7	66.39
EBITDA Margin (%)	-23.22	-19.86	-22.05	-21.14	-26.16	-16.49
Operating Margin (%)	-26.44	-22.47	-25.05	-24.78	-31.03	-22.31
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-26.36	-23.3	-25.71	-25.06	-31.99	-22.12
Profit Margin (%)	-26.38	-23.32	-25.74	-25.09	-32	-22.13
Net Income to Common Margin (%)	-26.38	-23.32	-25.74	-25.09	-32	-22.13
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -

Credit	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	17	60	76	85	76
ST Debt	- -	3	7	12	10	10
LT Debt	- -	15	53	65	75	67
Total Debt/EBITDA	- -	-0.53	-1.46	-1.43	-1.12	-1.44
Net Debt/EBITDA	- -	2.1	0.73	0.92	0.11	0.57
Total Debt/EBIT	- -	-0.47	-1.28	-1.22	-0.95	-1.06
Net Debt/EBIT	- -	1.86	0.64	0.79	0.09	0.42
EBITDA to Interest Expense	-68.84	-22.78	-31.42	-23.4	-93.73	-23.72
EBITDA-CapEx/Interest Expense	-100.71	-29.44	-46.31	-32.11	-147.46	-30.86
EBIT to Interest Expense	-78.39	-25.78	-35.7	-27.42	-111.16	-32.08
Interest Expense	- -	1	1	2	1	2
Common Equity/Total Assets	- -	-166.23	-176.44	-87.39	-135	-191.57
Long-Term Debt/Equity (%)	- -	- -	205.55	31.38	53.22	64.12
Long-Term Debt/Capital (%)	- -	-7.8	-27.41	-27	-23.08	-16.56
Long-Term Debt/Total Assets (%)	- -	11.87	36.92	17.89	24.68	26.65
Total Debt/Equity (%)	- -	-9.43	232.48	37.06	60.58	73.53
Total Debt/Capital (%)	- -	-9.27	-31	-31.9	-26.27	-18.99
Total Debt/Total Assets (%)	- -	14.1	41.76	21.13	28.09	30.57
Net Debt to Equity	- -	37.3	-116.97	-23.93	-5.97	-29.1
Net Debt/Capital (%)	- -	25.12	11.68	15.21	2.32	6.59
EBITDA	-30	-33	-41	-53	-75	-53
EBITDA-CapEx	-44	-42	-60	-73	-119	-69
Operating Income (Loss)	-34	-37	-47	-62	-89	-72

Liquidity	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	- -	1.99	1.03	2.3	1.24	0.84
Current Ratio	- -	2.19	1.2	2.55	1.59	1.22
Quick Ratio	- -	2.05	1.07	2.35	1.3	0.94
CFO/Avg Current Liab	- -	-0.47	-0.36	-0.46	-0.6	-0.28
Common Equity/Total Assets	- -	-166.23	-176.44	-87.39	-135	-191.57
Long-Term Debt/Equity (%)	- -	- -	205.55	31.38	53.22	64.12
Long-Term Debt/Capital (%)	- -	-7.8	-27.41	-27	-23.08	-16.56
Long-Term Debt/Total Assets (%)	- -	11.87	36.92	17.89	24.68	26.65
Total Debt/Equity (%)	- -	-9.43	232.48	37.06	60.58	73.53
Total Debt/Capital (%)	- -	-9.27	-31	-31.9	-26.27	-18.99
Total Debt/Total Assets (%)	- -	14.1	41.76	21.13	28.09	30.57
CFO/Total Liabilities	- -	-3.3	-16.3	-22.58	-32.17	-15.47
CFO/CapEx	-1.61	-1.06	-0.98	-1.77	-1.2	-1.41
Altman's Z-Score	- -	-1.48	-2.14	4.39	-1.4	-1.4

Working Capital	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	159.66	96.01	84.51	65.5	51.6
Days Sales Outstanding	- -	2.29	3.8	4.32	5.57	7.07
Inventory Turnover	- -	26.36	15.61	11.04	7.02	6.52
Days Inventory Outstanding	- -	13.85	23.38	33.06	51.96	56
Accounts Payable Turnover	- -	7.79	3.08	2.88	3.68	3.87
Accounts Payable Turnover Days	- -	46.88	118.37	126.83	99.27	94.21
Cash Conversion Cycle	- -	-30.75	-91.19	-89.45	-41.74	-31.14
Inventory to Cash Days	- -	-11.56	-19.57	-28.74	-46.39	-48.93
Inventories	- -	4	4	10	18	16
Raw Materials	- -	- -	- -	1	- -	- -
Work In Process	- -	- -	- -	1	3	3
Finished Goods	- -	- -	4	8	15	12
Other Inventory	- -	4	- -	- -	- -	- -

Enterprise Value	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	1,310	122	258
- Cash & Cash Equivalents	- -	86	64	85	38	56
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	17	60	76	85	76
Enterprise Value	- -	-68	-5	1,181	102	270
Total Capital	- -	-186	-192	-239	-323	-402
Total Debt/Capital (%)	- -	-9.27	-31	-31.9	-26.27	-18.99
Total Debt / EV	- -	-0.25	-12.41	0.06	0.83	0.28
EV/Sales	- -	- -	- -	4.69	0.35	0.84
EV/EBITDA	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	1,026	120	249
Diluted Enterprise Value	- -	-68	-5	1,018	167	269
EV per Share	- -	- -	- -	11.99	1	2.48
TTM Sales	130	164	186	252	288	322
TTM EBITDA	-30	-33	-41	-53	-75	-53
TTM Operating Income	-34	-37	-47	-62	-89	-72
TTM Cash Flow to Firm	-22	-9	-18	-33	-51	-20
TTM Free Cash Flow to Firm	-8	1	2	-13	-8	-4

Multiples	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	-25.43	-4.86	-3.85
Price/Earnings High	- -	- -	- -	-34.12	-13.55	-5.87
Price/Earnings Low	- -	- -	- -	-15.57	-0.83	-1.74
Price/Book Value	- -	- -	- -	-4.15	-0.3	-0.54
Price/Book Value Average	- -	- -	- -	-6.5	-1.12	-0.59
Price/Book Value High	- -	- -	- -	-8.73	-3.12	-0.91
Price/Book Value Low	- -	- -	- -	-3.98	-0.19	-0.27
Price/Tangible Book Value	- -	- -	- -	7.29	1.03	3.08
Price/Tangible Book Value Average	- -	- -	- -	11.42	3.87	3.39
Price/Tangible Book Value High	- -	- -	- -	15.32	10.79	5.18
Price/Tangible Book Value Low	- -	- -	- -	6.99	0.66	1.53
Price/Sales	- -	- -	- -	4.08	0.42	0.77
Price/Sales Average	- -	- -	- -	6.38	1.56	0.85
Price/Sales High	- -	- -	- -	8.56	4.34	1.3
Price/Sales Low	- -	- -	- -	3.91	0.27	0.38
Price/Cash Flow	- -	- -	- -	-29.3	-2.3	-11
Price/Cash Flow Average	- -	- -	- -	-45.87	-8.61	-12.14
Price/Cash Flow High	- -	- -	- -	-61.55	-24	-18.52
Price/Cash Flow Low	- -	- -	- -	-28.09	-1.48	-5.48
Price/Free Cash Flow	- -	- -	- -	-67.55	-13.53	-37.62
Price/Free Cash Flow Average	- -	- -	- -	-105.74	-50.66	-41.5
Price/Free Cash Flow High	- -	- -	- -	-141.89	-141.26	-63.33
Price/Free Cash Flow Low	- -	- -	- -	-64.76	-8.68	-18.73
EV/Sales	- -	- -	- -	4.69	0.35	0.84
EV/Sales Average	- -	- -	- -	8.11	1.74	0.95
EV/Sales High	- -	- -	- -	10.9	4.57	1.41
EV/Sales Low	- -	- -	- -	4.96	0.43	0.46
EV/EBITDA	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	- -	2.1	0.12	-38.37	-6.67	-5.74
EV/EBITDA High	- -	2.1	0.12	-51.55	-17.48	-8.56
EV/EBITDA Low	- -	2.1	0.12	-23.44	-1.66	-2.8
EV/EBIT	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	1.86	0.1	-32.74	-5.62	-4.24
EV/EBIT High	- -	1.86	0.1	-43.98	-14.74	-6.33
EV/EBIT Low	- -	1.86	0.1	-20	-1.4	-2.07
Last Price	- -	- -	- -	13.31	1.2	2.37
High Price	- -	- -	- -	27.96	12.53	3.99
Low Price	- -	- -	- -	12.76	0.77	1.18
Enterprise Value	- -	-68	-5	1,181	102	270
Enterprise Value Average	- -	-68	-5	2,043	503	305
Enterprise Value High	- -	-68	-5	2,744	1,319	454
Enterprise Value Low	- -	-68	-5	1,248	125	149

Per Share Data Items	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	78	78	91	98	102	109
Diluted Weighted Avg Shares	78	78	91	77	100	105
Basic Weighted Avg Shares	78	78	91	77	100	105
Revenue per Share	1.67	2.11	2.05	3.27	2.89	3.07
EBITDA per Share	-0.39	-0.42	-0.45	-0.69	-0.76	-0.51
Operating Income per Share	-0.44	-0.47	-0.51	-0.81	-0.9	-0.68
Basic EPS, GAAP	-0.44	-0.49	-0.53	-0.82	-0.92	-0.68
Basic EPS from Cont Ops	-0.44	-0.49	-0.53	-0.82	-0.92	-0.68
Diluted EPS, GAAP	-0.44	-0.49	-0.53	-0.82	-0.92	-0.68
Diluted EPS from Cont Ops	-0.44	-0.49	-0.53	-0.82	-0.92	-0.68
Dividend per Share	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-0.29	-0.13	-0.21	-0.45	-0.52	-0.22
Free Cash Flow per Basic Share	-0.47	-0.25	-0.42	-0.71	-0.96	-0.37
Cash & Equivalents per Share	- -	1.1	0.71	2.09	1.03	0.59
Book Value per Share	- -	-2.63	-2.78	-3.2	-4.01	-4.4
Tangible Book Value per Share	- -	-2.36	0.28	1.82	1.16	0.77

ThredUp Inc.

TDUP US

1.80