ThredUp Inc. — Earnings Quality Grade F
TDUP · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 3 days, change -2 days YoY
AR growth -31.7% vs revenue growth 19.5%
Revenue 19.5%, CFFO 117.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 59.1% is >2x revenue growth 19.5%
SG&A/Gross Profit = 46.9%. Normal
Gross margin 79.4%, change -0.3pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -0.01
Accruals ratio = -18.5%. Low accruals
Cash $0.0B covers 92% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 18% of equity. Manageable
Interest coverage = -11.3x (<2x). Financial stress
Other assets 15.7% vs revenue 19.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -3.48 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25