ThredUp (TDUP) just posted its FY 2025 numbers with Q4 revenue of US$79.7 million and a basic EPS loss of US$0.04, while trailing 12 month revenue came in at US$310.8 million with a basic EPS loss of US$0.17. Over recent periods, the company has seen quarterly revenue move from US$67.3 million in Q4 2024 to US$79.7 million in Q4 2025. Quarterly basic EPS loss shifted from US$0.07 to US$0.04, setting up a picture of a business still in loss making territory but working to narrow the gap between revenue growth and improving margins.

See our full analysis for ThredUp.

With the latest figures on the table, the next step is to compare these margin trends with the widely followed ThredUp narratives to see which views hold up and which might need a rethink.

US$310.8m LTM revenue with US$20.2m loss still shows scale before profit

• On a trailing 12 month basis, ThredUp booked US$310.8 million in revenue against a net loss of US$20.2 million, so the business has meaningful sales volume even though it is not yet generating positive earnings.
• Analysts' consensus view links that revenue base to long term resale trends, arguing that resale platforms can benefit from higher import costs and sustainability demand. They also flag that high logistics and processing costs per item and dependence on secondhand demand could keep profitability hard to achieve if expenses stay close to current loss levels.

Losses shrink from US$40.0m to US$20.2m over the last year

• Trailing 12 month net loss moved from US$40.0 million in the 2024 Q4 window to US$20.2 million in the 2025 Q4 window, alongside revenue moving from US$260.0 million to US$310.8 million, which shows losses roughly halved while revenue was higher than a year earlier.
• The bullish narrative highlights multi year loss reduction of 14.2% per year and expects strong earnings growth of 72.83% per year. Consensus commentary also warns that sustained marketing and infrastructure costs plus only slightly below market revenue growth of about 10% a year could make it harder for that earnings ramp to fully show through if spending tracks close to the current loss pattern.

On this backdrop of shrinking losses but ongoing spending, some bulls argue the path to profitability could be faster than cautious investors expect. Others question whether the revenue growth pace is sufficient to support those earnings assumptions. 🐂 ThredUp Bull Case

P/S of 2.1x with US$3.84 share price and DCF fair value of US$2.87

• ThredUp trades on a P/S of 2.1x versus peers at 0.4x and the US Specialty Retail industry at 0.5x, while the current share price of US$3.84 is above a cited DCF fair value of US$2.87. This means the stock sits at a premium to both peer multiples and that DCF marker.
• Bears focus on that rich P/S and the gap to DCF fair value, arguing that even with revenue projected around 10% a year and forecasts calling for a move toward profitability within three years, the premium to peers and the fact that the DCF fair value is below the market price leave little room for disappointment if revenue or margin progress falls short of the recent loss trend.

Skeptical investors point to this combination of premium multiples and ongoing losses as a reason to stress test any upbeat thesis against the current valuation before committing fresh capital. 🐻 ThredUp Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for ThredUp on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of shrinking losses and premium pricing leaves you unsure, take a moment to look through the figures yourself and decide where you stand. You can also weigh the upside factors that others are optimistic about by checking the 3 key rewards.

See What Else Is Out There

ThredUp is still reporting losses, faces relatively high P/S pricing versus peers, and carries a valuation that some investors see as leaving limited room for setbacks.

If you are questioning whether this kind of premium pricing and ongoing losses suits your risk tolerance, it could be worth sizing up 75 resilient stocks with low risk scores that focus on more resilient companies with steadier profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.