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TDUP (ThredUp) Beneish M-Score : -3.81 (As of Mar. 03, 2025)


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What is ThredUp Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ThredUp's Beneish M-Score or its related term are showing as below:

TDUP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.81   Med: -2.83   Max: 1.97
Current: -3.81

During the past 6 years, the highest Beneish M-Score of ThredUp was 1.97. The lowest was -3.81. And the median was -2.83.


ThredUp Beneish M-Score Historical Data

The historical data trend for ThredUp's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

ThredUp Beneish M-Score Chart

ThredUp Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - -0.30 -2.97 -2.89

ThredUp Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.56 -2.89 -3.02 -3.17 -3.81

Competitive Comparison of ThredUp's Beneish M-Score

For the Internet Retail subindustry, ThredUp's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


ThredUp's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, ThredUp's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ThredUp's Beneish M-Score falls into.



ThredUp Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of ThredUp for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9484+0.528 * 0.9806+0.404 * 0.9465+0.892 * 1.0058+0.115 * 0.8512
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9143+4.679 * -0.257207-0.327 * 1.1542
=-3.81

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was $5.7 Mil.
Revenue was 73.021 + 79.755 + 79.588 + 81.393 = $313.8 Mil.
Gross Profit was 51.98 + 56.12 + 55.326 + 50.353 = $213.8 Mil.
Total Current Assets was $73.4 Mil.
Total Assets was $214.9 Mil.
Property, Plant and Equipment(Net PPE) was $121.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $19.3 Mil.
Selling, General, & Admin. Expense(SGA) was $119.2 Mil.
Total Current Liabilities was $76.4 Mil.
Long-Term Debt & Capital Lease Obligation was $66.3 Mil.
Net Income was -24.771 + -13.954 + -16.554 + -14.613 = $-69.9 Mil.
Non Operating Income was -9.084 + 0.998 + 0.845 + 0.841 = $-6.4 Mil.
Cash Flow from Operations was 3.347 + -4.972 + 1.393 + -7.975 = $-8.2 Mil.
Total Receivables was $6.0 Mil.
Revenue was 82.049 + 82.658 + 75.922 + 71.318 = $311.9 Mil.
Gross Profit was 56.627 + 55.732 + 51.093 + 44.966 = $208.4 Mil.
Total Current Assets was $105.5 Mil.
Total Assets was $265.4 Mil.
Property, Plant and Equipment(Net PPE) was $133.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.7 Mil.
Selling, General, & Admin. Expense(SGA) was $129.6 Mil.
Total Current Liabilities was $84.4 Mil.
Long-Term Debt & Capital Lease Obligation was $68.2 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(5.717 / 313.757) / (5.993 / 311.947)
=0.018221 / 0.019212
=0.9484

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(208.418 / 311.947) / (213.779 / 313.757)
=0.66812 / 0.681352
=0.9806

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (73.365 + 121.236) / 214.944) / (1 - (105.492 + 133.36) / 265.388)
=0.094643 / 0.099989
=0.9465

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=313.757 / 311.947
=1.0058

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(17.697 / (17.697 + 133.36)) / (19.348 / (19.348 + 121.236))
=0.117154 / 0.137626
=0.8512

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(119.187 / 313.757) / (129.603 / 311.947)
=0.37987 / 0.415465
=0.9143

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((66.263 + 76.403) / 214.944) / ((68.225 + 84.384) / 265.388)
=0.663736 / 0.575041
=1.1542

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-69.892 - -6.4 - -8.207) / 214.944
=-0.257207

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

ThredUp has a M-score of -3.81 suggests that the company is unlikely to be a manipulator.


ThredUp Beneish M-Score Related Terms

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ThredUp Business Description

Traded in Other Exchanges
N/A
Address
969 Broadway, Suite 200, Oakland, CA, USA, 94607
ThredUp Inc is an online resale platform for women and kids apparel, shoes, and accessories. It generates revenue from items that are sold to buyers through the website, mobile app, and RaaS partners. Geographically, the majority of the company's revenue is generated from United States.
Executives
Patricia Nakache director, 10 percent owner 325 SHARON PARK DR., #458, MENLO PARK CA 94025
Ian Friedman director C/O HIGHLAND TRANSCEND PARTNERS I CORP., 16 FAYERWEATHER ST, CAMBRIDGE MA 02138
Daniel J Nova director, 10 percent owner C/O HIGHLAND CAPITAL PARTNERS INC, TWO INTERNATIONAL PLACE, BOSTON MA 02110
Jack R Lazar director 400 W. CESAR CHAVEZ, ATTN: STOCK ADMINISTRATION, AUSTIN TX 78701
Alon Rotem officer: Chief Legal Officer 969 BROADWAY, SUITE 200, OAKLAND CA 94607
James G. Reinhart director, officer: Chief Executive Officer 969 BROADWAY, SUITE 200, OAKLAND CA 94607
Gs Investment Strategies, Llc 10 percent owner 200 WEST STREET, NEW YORK NY 10282
Anthony Salvatore Marino officer: President 969 BROADWAY, SUITE 200, OAKLAND CA 94607
Trinity Tvl X, Llc 10 percent owner 325 SHARON PARK DR., #458, MENLO PARK CA 94025
Sean Sobers officer: Chief Financial Officer 3450 W. WARREN AVENUE, FREMONT CA 94538
Christopher Homer officer: Chief Operating Officer 969 BROADWAY, SUITE 200, OAKLAND CA 94607
Rushing Coretha M director C/O EQUIFAX INC., 1550 PEACHTREE STREET NW, ATLANTA GA 30309
Highland Capital Partners Vii Lp 10 percent owner 92 HAYDEN AVE, LEXINGTON MA 02421
Highland Management Partners Viii Limited Partnership 10 percent owner ONE BROADWAY, 16TH FLOOR, CAMBRIDGE MA 02142
Highland Management Partners Viii Ltd 10 percent owner ONE BROADWAY, 16TH FLOOR, CAMBRIDGE MA 02142