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Side-by-side financial comparison of Safehold Inc. (SAFE) and ThredUp Inc. (TDUP). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $79.7M, roughly 1.2× ThredUp Inc.). Safehold Inc. runs the higher net margin — 28.5% vs -7.0%, a 35.5% gap on every dollar of revenue. On growth, ThredUp Inc. posted the faster year-over-year revenue change (18.5% vs 6.5%). Over the past eight quarters, ThredUp Inc.'s revenue compounded faster (9.3% CAGR vs 2.5%).
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
ThredUp Inc. is an American company that operates an online resale platform specializing in the sale of second-hand clothing, footwear, and accessories. Founded in 2009 and headquartered in Oakland, California, it has established itself as one of the leading resale fashion marketplaces.
SAFE vs TDUP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $97.9M | $79.7M |
| Net Profit | $27.9M | $-5.6M |
| Gross Margin | 98.6% | 79.6% |
| Operating Margin | 27.4% | 12.0% |
| Net Margin | 28.5% | -7.0% |
| Revenue YoY | 6.5% | 18.5% |
| Net Profit YoY | 7.1% | 72.4% |
| EPS (diluted) | $0.38 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $79.7M | ||
| Q4 25 | $97.9M | $79.7M | ||
| Q3 25 | $96.2M | $82.2M | ||
| Q2 25 | $93.8M | $77.7M | ||
| Q1 25 | $97.7M | $71.3M | ||
| Q4 24 | $91.9M | $67.3M | ||
| Q3 24 | $90.7M | $61.5M | ||
| Q2 24 | $89.9M | $66.7M |
| Q1 26 | — | $-5.6M | ||
| Q4 25 | $27.9M | $-5.6M | ||
| Q3 25 | $29.3M | $-4.2M | ||
| Q2 25 | $27.9M | $-5.2M | ||
| Q1 25 | $29.4M | $-5.2M | ||
| Q4 24 | $26.0M | $-21.7M | ||
| Q3 24 | $19.3M | $-24.8M | ||
| Q2 24 | $29.7M | $-14.0M |
| Q1 26 | — | 79.6% | ||
| Q4 25 | 98.6% | 79.6% | ||
| Q3 25 | 98.5% | 79.4% | ||
| Q2 25 | 99.1% | 79.5% | ||
| Q1 25 | 98.8% | 79.1% | ||
| Q4 24 | 98.8% | 80.4% | ||
| Q3 24 | 98.8% | 79.3% | ||
| Q2 24 | 98.8% | 78.8% |
| Q1 26 | — | 12.0% | ||
| Q4 25 | 27.4% | -8.4% | ||
| Q3 25 | 25.9% | -5.3% | ||
| Q2 25 | 25.5% | -6.8% | ||
| Q1 25 | 25.9% | -7.6% | ||
| Q4 24 | 24.6% | -12.1% | ||
| Q3 24 | 17.5% | -17.0% | ||
| Q2 24 | 26.7% | -14.4% |
| Q1 26 | — | -7.0% | ||
| Q4 25 | 28.5% | -7.0% | ||
| Q3 25 | 30.5% | -5.2% | ||
| Q2 25 | 29.8% | -6.7% | ||
| Q1 25 | 30.1% | -7.3% | ||
| Q4 24 | 28.3% | -32.3% | ||
| Q3 24 | 21.3% | -40.3% | ||
| Q2 24 | 33.0% | -20.9% |
| Q1 26 | — | — | ||
| Q4 25 | $0.38 | $-0.06 | ||
| Q3 25 | $0.41 | $-0.03 | ||
| Q2 25 | $0.39 | $-0.04 | ||
| Q1 25 | $0.41 | $-0.04 | ||
| Q4 24 | $0.36 | $-0.19 | ||
| Q3 24 | $0.27 | $-0.22 | ||
| Q2 24 | $0.42 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.7M | $38.6M |
| Total DebtLower is stronger | $4.6B | $18.2M |
| Stockholders' EquityBook value | $2.4B | $59.2M |
| Total Assets | $7.2B | $167.2M |
| Debt / EquityLower = less leverage | 1.90× | 0.31× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $38.6M | ||
| Q4 25 | $21.7M | $38.6M | ||
| Q3 25 | $12.1M | $46.2M | ||
| Q2 25 | $13.9M | $41.0M | ||
| Q1 25 | $17.3M | $41.1M | ||
| Q4 24 | $8.3M | $31.9M | ||
| Q3 24 | $15.6M | $43.7M | ||
| Q2 24 | $13.4M | $44.8M |
| Q1 26 | — | $18.2M | ||
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.2B | — |
| Q1 26 | — | $59.2M | ||
| Q4 25 | $2.4B | $59.2M | ||
| Q3 25 | $2.4B | $59.1M | ||
| Q2 25 | $2.4B | $60.2M | ||
| Q1 25 | $2.4B | $56.1M | ||
| Q4 24 | $2.3B | $56.3M | ||
| Q3 24 | $2.3B | $69.3M | ||
| Q2 24 | $2.3B | $86.5M |
| Q1 26 | — | $167.2M | ||
| Q4 25 | $7.2B | $167.2M | ||
| Q3 25 | $7.1B | $172.5M | ||
| Q2 25 | $7.1B | $173.6M | ||
| Q1 25 | $6.9B | $172.5M | ||
| Q4 24 | $6.9B | $171.2M | ||
| Q3 24 | $6.8B | $214.9M | ||
| Q2 24 | $6.8B | $231.2M |
| Q1 26 | — | 0.31× | ||
| Q4 25 | 1.90× | — | ||
| Q3 25 | 1.89× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.85× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 1.81× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $47.8M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.72× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $47.8M | $-1.5M | ||
| Q3 25 | $-1.4M | $6.0M | ||
| Q2 25 | $28.0M | $344.0K | ||
| Q1 25 | $8.9M | $5.7M | ||
| Q4 24 | $37.9M | $663.0K | ||
| Q3 24 | $8.3M | $3.3M | ||
| Q2 24 | $24.8M | $-5.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-3.2M | ||
| Q3 25 | — | $2.4M | ||
| Q2 25 | — | $-2.9M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | — | $-1.8M | ||
| Q3 24 | — | $1.2M | ||
| Q2 24 | — | $-5.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | -4.0% | ||
| Q3 25 | — | 2.9% | ||
| Q2 25 | — | -3.8% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | -2.7% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | -8.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 4.4% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.72× | — | ||
| Q3 25 | -0.05× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 0.30× | — | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 0.43× | — | ||
| Q2 24 | 0.83× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
TDUP
Segment breakdown not available.
