Poshmark, Inc.

NasdaqGS:POSH Stok Raporu

Piyasa değeri: US$1.4b

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This company may still be operating, however this listing is no longer active. Find out why through their latest events.

Poshmark Bilanço Sağlığı

Finansal Sağlık kriter kontrolleri 5/6

Anahtar bilgiler

0%

Borç/özkaynak oranı

US$0

Borç

Faiz karşılama oranın/a
NakitUS$588.82m
EşitlikUS$395.85m
Toplam yükümlülüklerUS$223.75m
Toplam varlıklarUS$619.60m

Son finansal sağlık güncellemeleri

Güncelleme yok

Recent updates

Analiz Makalesi • Oct 06

Is Poshmark, Inc. (NASDAQ:POSH) Trading At A 32% Discount?

Does the October share price for Poshmark, Inc. ( NASDAQ:POSH ) reflect what it's really worth? Today, we will estimate...
Seeking Alpha • Oct 04

Poshmark being acquired by Naver at $17.90/share or $1.2B enterprise value

Naver (OTCPK:NHNCF) to acquire all of the issued and outstanding shares of Poshmark (NASDAQ:POSH) for $17.90 in cash, representing an enterprise value of ~$1.2B. This represents a premium of 15% to Poshmark's closing stock price as of October 3, 2022, a 34% premium to the 30-day volume weighted average price, and a 48% premium to the 90-day volume weighted average price of Poshmark's shares. The move expands and diversifies Naver’s leading e-commerce platform, strengthens its community with a global social network of younger users, and positions it to capitalize on the global online fashion re-commerce and sustainable economy opportunity. The addition extends Poshmark’s leadership and capitalizes on changing consumer trends through new technology investments, international expansion, and category and product evolution. Puruant to the closure, Poshmark will become a standalone U.S. subsidiary of Naver and will continue to be led by CEO Manish Chandra and Poshmark's current management team. Poshmark will continue to operate under its existing brand, as well as maintain its employee base, Poshmark community, and headquarters in Redwood City, California. The deal is expected to close by the first quarter of 2023. The transaction is not contingent on any financing. Shares of POSH are up 14.32% after-hours.
Seeking Alpha • Sep 20

Poshmark: Initiating Coverage On Social Marketplace Leader

Summary Poshmark has had a solid Q2 financial performance with growth in revenue and other key metrics. The company continues to post net losses, and other profitability metrics have worsened YoY. Poshmark faces major risks facing from increased competition and a slowdown in the U.S. economy. We recommend a "HOLD" on Poshmark, as we believe investors should wait until there's more clarity until starting a position. Thesis We are initiating coverage on Poshmark, Inc. (POSH) and are recommending a "HOLD" as we believe that there are too many risks facing the business during these uncertain economic times. The company has shown mixed financial performance in its recent earnings report, but the metrics are generally positive. However, we are concerned about the continued unprofitability, and we believe that major risks such as competitive and macroeconomic risks will continue to affect the company's bottom line. Company Overview Poshmark is a social commerce marketplace where users can buy and sell new and secondhand fashion, home goods, and electronics. The company operates a platform that is the leading social marketplace for new and secondhand style for women, men, children, pets, home, and more. The platform has over 80 million users, with over 200M available listings. Poshmark completed its IPO at $42 per share, with a valuation of $3 billion. The stock price began trading after its IPO at $97.50 per share, at a valuation more than double its IPO valuation. The company's stock performance has tracked the S&P 500 year-to-date, with Poshmark returning -15.38% compared to S&P 500's return of -18.82%. Poshmark has a market capitalization of $1.13 billion. Data by YCharts Recent Earnings Some Positives Poshmark had some solid YoY quarterly financial performance growth, mostly notably in its net revenue. The company reported a net revenue of $89.1 million in Q2 2022, which represented a 9% YoY growth compared to $81.6 million in Q2 2021. Gross Merchandise Volume ((GMV)) which measures the volume of the sales of goods sold in the marketplace also rose 8% YoY. Furthermore, management reported that in the last 12 months, the number of active buyers reached 8 million users, which represents a 14% YoY growth compared to the same metric in Q2 2021. We view the YoY revenue growth, GMV growth, and the increase in the number of active users as good signs that the company continues to grow and gain traction within the industry. In addition, the company has had $581.2 million in cash on the balance sheet, which is nearly half of the current market capitalization of the company. As a result, we view the balance sheet as fairly safe as well. Data by YCharts Some Negatives There were some poor financial metrics in the earnings announcement as well. First and foremost, the net loss per share expanded from -$0.03 per share in Q2 2021 to -$0.29 per share in Q2 2022. Similarly, the Adjusted EBITDA also turned negative on a YoY basis, with Adjusted EBITDA being -$9.8 million this past quarter compared to $6.5 million in the quarter a year ago. Guidance for this Q3 2022 remained negative, with Adjusted EBITDA range coming at a range of -$9 million to -$11 million. The declining profitability metrics are concerning, and though the company has ample liquidity as a result of the IPO, we believe that management needs to provide a better guidance of profitability metrics in the future to make us recommend the stock. Q3 2022 Poshmark Earnings Presentation Major Headwinds Competitive Risks Poshmark is one of many competitors operating in the luxury resale space, with large fashion-oriented players like Farfetch (FTCH), Grailed, TheRealReal (REAL). In addition, there are larger e-commerce players like eBay (EBAY), Etsy (ETSY), Amazon (AMZN), Walmart (WMT), and other businesses that also have a component of fashion resale in its product line. We believe that such a wide array of players in the space will make it hard for Poshmark to improve profitability metrics, as the company will need to continue to spend to attract users and remain commissions low in order to keep sellers at Poshmark. Macroeconomic Risks
Seeking Alpha • Jul 05

Poshmark Continues Investments But Operating Losses Worsen

Poshmark went public in January 2021, raising approximately $277 million in a U.S. IPO. The company operates an online marketplace connecting buyers and sellers of clothing and related accessories. POSH has produced revenue growth but operating losses have worsened significantly and it faces a recession that may already be underway. I'm on Hold for POSH until management can make meaningful progress toward operating breakeven. A Quick Take On Poshmark Poshmark (POSH) went public in January 2021, raising around $277 million in gross proceeds in an IPO that was priced at $42.00 per share. The firm operates an online marketplace that enables users to resell used or sell new clothing and accessories. I'm on Hold for POSH until we see management making progress toward operating breakeven while reigniting revenue growth. Poshmark Overview Redwood City, California-based Poshmark was founded to create a marketplace for the sale of new and used apparel, accessories and other products. The site acts as a form of social commerce, encouraging users to connect with each other in a safe manner. Management is headed by co-founder, president and CEO Manish Chandra, who was previously co-founder of Kaboodle, an online shopping website acquired by Hearst Communications. The company's primary offerings include: Buy Sell Analytics Logistics Social Commerce The firm acquires buyers and sellers via online marketing efforts and its mobile apps, which it advertises on the major app store platforms. Poshmark's Market & Competition The global market for selling clothing online is extremely large, in the hundreds of billions of dollars and has been growing quickly. The industry continued to grow during the main part of the Covid-19 pandemic, although it has been hampered to some degree by logistical challenges. According to a report by Digital Commerce 360, online apparel sales represented 38.6% of total U.S. apparel sales in 2019 and accounted for all of the growth in retail clothing sales. The market share of the industry has grown steadily in recent years, as the report chart below shows: U.S. Apparel Ecommerce Market (Digital Commerce 360) Major competitive or other industry participants include: Amazon (AMZN) eBay (EBAY) Etsy (ETSY) Facebook (FB) Mercari (OTCPK:MRCIF) Shopify (SHOP) T.J. Maxx (TJX) Walmart (WMT) Poshmark's Recent Financial Performance Total revenue by quarter has grown unevenly in the past 5 quarters: 5 Quarter Total Revenue (Seeking Alpha) Gross profit by quarter has followed a similar trajectory to that of total revenue: 5 Quarter Gross Profit (Seeking Alpha) SG&A expenses as a percentage of total revenue by quarter have remained fairly high over the past 5 quarters: 5 Quarter Selling, G&A % Of Revenue (Seeking Alpha) Operating losses by quarter have worsened in recent quarters: 5 Quarter Operating Income (Seeking Alpha) Earnings per share (Diluted) have also trended further into negative territory: 5 Quarter Earnings Per Share (Seeking Alpha) In the past 12 months, POSH's stock price has dropped 75 percent vs. the U.S. S&P 500 index' fall of around 13.4 percent, as the chart below indicates: 52 Week Stock Price (Seeking Alpha) Valuation Metrics For Poshmark Below is a table of relevant capitalization and valuation figures for the company: Measure Amount Market Capitalization $820,550,000 Enterprise Value $237,030,000 Price / Sales [TTM] 2.40 Enterprise Value / Sales [TTM] 0.71 Operating Cash Flow [TTM] $22,450,000 Revenue Growth Rate [TTM] 17.87% CapEx Ratio 13.20 Earnings Per Share -$0.49 (Source - Seeking Alpha) As a reference, a relevant partial public comparable would be Etsy; shown below is a comparison of their primary valuation metrics: Metric Etsy Poshmark Variance Price / Sales [TTM] 4.31 2.40 -44.3% Enterprise Value / Sales [TTM] 4.90 0.71 -85.5% Operating Cash Flow [TTM] $562,630,000 $22,450,000 -96.0% Revenue Growth Rate 15.1% 17.9% 18.3% (Source - Seeking Alpha) Commentary On Poshmark In its last earnings call (Source - Seeking Alpha), covering Q1 2022's results, management highlighted the firm's gross merchandise value [GMV] growth of 12% despite a high comparison quarter in 2021 due to the pandemic period. Co-founder and CEO Chandra believes the company is well positioned at the intersection of online, social and sustainable shopping trends. The company is also restarting its in-person community events, which should help to reignite the growth of new consumers while keeping existing users more engaged.
Seeking Alpha • Jun 26

Poshmark: Room For Higher Revenue Growth

We determined its revenue growth slowdown in the past 4 years from 38.23% in 2019 to 24.62% attributable to its buyer growth slowdown and declining take rate. However, we believe its lower SG&A spending as a % of revenue than competitors could support its opportunity to increase spending, which could lead to an acceleration in buyer growth. In terms of its volumes, we believe its AOV growth could be limited despite its claim of focusing on premium products, as we believe it has a cost leadership strategy. We believe its revenue growth could be supported by its opportunity to raise its take rate, which is lower than competitors.
Seeking Alpha • Apr 11

Online Retailer Poshmark Continues To Disappoint Investors And It Could Get Worse

Management's 1Q guidance is for only 7-9% revenue increase with negative EBITDA of $7-$9 million. New 2022 IRS 1099-K reporting requirements could have a very negative impact on sellers. Apple's privacy policy had a negative impact on Poshmark in 2021. Their marketing model is still very ineffective and expensive. The stock is still too high relative to the expected online retailer's future financial results.
Analiz Makalesi • Mar 24

Earnings Release: Here's Why Analysts Cut Their Poshmark, Inc. (NASDAQ:POSH) Price Target To US$18.46

It's been a pretty great week for Poshmark, Inc. ( NASDAQ:POSH ) shareholders, with its shares surging 15% to US$14.18...
Analiz Makalesi • Feb 10

Poshmark, Inc.'s (NASDAQ:POSH) Intrinsic Value Is Potentially 95% Above Its Share Price

Does the February share price for Poshmark, Inc. ( NASDAQ:POSH ) reflect what it's really worth? Today, we will...
Seeking Alpha • Jan 07

Poshmark: The Next Short Squeeze Candidate

POSH has a consistently high gross margin of 84%. The operating margin adjusted to stock-based compensation, R&D, and marketing expenses also increased. GMV per user does not decline. This means that old cohorts continue to buy from Poshmark. Now the short interest in Poshmark is 62%. Any good news and significant positive movement in the stock could be a driver for a short squeeze. The current cash cushion allows the company to invest in development and confidently repurchase shares. Even after spending all the money, the company will not face a liquidity shortage since the leverage is low, and POSH generates solid free cash flow.
Seeking Alpha • Oct 22

Both Poshmark And Rent The Runway Have An Achilles' Heel In Their Operating Models

Traders are still waiting for Rent the Runway's IPO to be effective after they filed an amended S-1 earlier this week. Poshmark's users are not selling/buying more the longer they remain a user. Rent the Runway's business model is based on renting the same item 20 times, which creates a quality maintenance issue. Both companies stress their "wokeness" in trying to grow their ecommerce customer base.
Analiz Makalesi • Oct 10

Calculating The Intrinsic Value Of Poshmark, Inc. (NASDAQ:POSH)

Today we will run through one way of estimating the intrinsic value of Poshmark, Inc. ( NASDAQ:POSH ) by taking the...
Seeking Alpha • Jul 23

Poshmark - Poised To Move Higher

Poshmark investors have been in a tough situation as the stock is down almost 60% year-to-date. However, I believe that the company is well-positioned in its industry and capable of expanding its business at a healthy pace. The company is currently bottoming and has the potential to move significantly lower given its valuation and the ongoing pandemic.
Analiz Makalesi • Jun 07

Estimating The Fair Value Of Poshmark, Inc. (NASDAQ:POSH)

Today we will run through one way of estimating the intrinsic value of Poshmark, Inc. ( NASDAQ:POSH ) by projecting its...

Finansal Durum Analizi

Kısa Vadeli Yükümlülükler: POSH 'nin kısa vadeli varlıkları ( $597.1M ) kısa vadeli yükümlülüklerini ( $219.2M ) aşıyor.

Uzun Vadeli Yükümlülükler: POSH şirketinin kısa vadeli varlıkları ( $597.1M ) uzun vadeli yükümlülüklerini ( $4.5M ) aşmaktadır.

Borç-Özkaynak Tarihçesi ve Analizi

Borç Seviyesi: POSH borçsuzdur.

Borcun Azaltılması: POSH un 5 yıl önce borcu yoktu.

Bilanço

Nakit Pist Analizi

Geçmişte ortalama olarak zarar eden şirketler için, en az 1 yıllık nakit akışına sahip olup olmadıklarını değerlendiriyoruz.

İstikrarlı Nakit Pisti: POSH şirketinin mevcut serbest nakit akışına göre 3 yıldan fazla bir süre için yeterli nakit pistine sahip olduğu belirtiliyor.

Tahmini Nakit Akışı: POSH tarihsel oranlara göre serbest nakit akışı büyümeye veya küçülmeye devam ederse yeterli nakit pistine sahip olup olmadığını belirlemek için yeterli veri yok.

Sağlıklı şirketleri keşfedin

7D

1Y

7D

1Y

7D

1Y

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2023/01/06 03:55
Gün Sonu Hisse Fiyatı2023/01/04 00:00
Kazançlar2022/09/30
Yıllık Kazançlar2021/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

Poshmark, Inc. 14 Bu analistlerden 10, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Brian McNamaraBerenberg
Ronald JoseyCitizens JMP Securities, LLC
Michael NgGoldman Sachs