olivLaw · US equity research
1stdibs.com, Inc. DIBS
Retail-Catalog & Mail-Order Houses · SIC 5961 · Vertical: Retail-Catalog & Mail-Order Houses (SIC 5961)
1stDibs operates an online marketplace connecting buyers with sellers and makers of luxury furniture, decor, jewelry, watches, art and fashion, both vintage and contemporary. In the second quarter of 2026 the company reported GMV growth of 7%, but its active buyer base kept shrinking and it still has no consistent net profit. Net revenue of 89.6 million USD in fiscal 2025 is the main reference point for this period.
At the close of 03 Nov 2026, 1stdibs.com, Inc. (DIBS) stock was 5.15 USD (−1.34% on the day), with market capitalisation 173.1 m USD, beta 0.70, 52-week range 3.48–6.43 USD. Latest reported quarter (Q2 2026): revenue of 23.3 m USD (+5.3% YoY), net income of -1.0 m USD, diluted EPS -0.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 74.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 3.48 – 5.29
- in the upper half of the band · %B 0.92 · band width 41.3%
- SMA 50 / 200
- 4.32 / 4.83
- mixed trend
- MACD (12, 26, 9)
- 0.24 / 0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +28.1% | −2.0% | +30.1 pp | — |
| 3 months | +17.8% | −2.2% | +20.0 pp | — |
| 6 months | +12.4% | +4.3% | +8.2 pp | — |
| Year to date | −14.0% | +10.6% | −24.6 pp | — |
| 1 year | +41.9% | +10.5% | +31.4 pp | +0.5% |
| 3 years | +22.0% | +73.7% | −51.6 pp | +3.9% |
| 5 years | −69.1% | +61.7% | −130.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21.2 m | 22.8 m | 22.5 m | 22.1 m | 22.0 m | 23.0 m | 22.4 m | 23.3 m |
| Cost of revenue | 6.2 m | 6.3 m | 6.2 m | 6.2 m | 5.6 m | 6.1 m | 5.7 m | 6.1 m |
| Gross profit | 15.0 m | 16.5 m | 16.3 m | 15.9 m | 16.3 m | 16.9 m | 16.7 m | 17.2 m |
| Research & development | 5.5 m | 5.5 m | 5.6 m | 5.9 m | 5.9 m | 6.0 m | 6.2 m | 6.3 m |
| Operating income | -7.4 m | -7.0 m | -6.3 m | -5.7 m | -4.7 m | -2.3 m | -3.3 m | -2.1 m |
| Depreciation & amortisation | 507.0 k ≈ | 547.0 k | 457.0 k | 423.0 k ≈ | 392.0 k ≈ | 389.0 k | 387.0 k | 368.0 k ≈ |
| Pre-tax income | -5.7 m | -5.2 m | -4.8 m | -4.3 m | -3.5 m | -1.0 m | -2.2 m | -989.0 k |
| Income tax | 4.0 k | 36.0 k | 4.0 k | 19.0 k | 52.0 k | 23.0 k | 4.0 k | 34.0 k |
| Net income | -5.7 m | -5.2 m | -4.8 m | -4.3 m | -3.5 m | -1.0 m | -2.2 m | -1.0 m |
| Diluted EPS | -0.15 | -0.14 ≈ | -0.14 | -0.12 | -0.10 | -0.03 ≈ | -0.06 | -0.03 |
| Operating cash flow | -3.0 k ≈ | 2.8 m | -96.0 k | -5.1 m ≈ | -1.5 m ≈ | 4.3 m | 1.1 m | -4.8 m ≈ |
| Capex | 41.0 k ≈ | 1.3 m | 319.0 k | 130.0 k ≈ | -341.0 k ≈ | 655.0 k | 232.0 k | 297.0 k ≈ |
| Share repurchases | 877.0 k ≈ | 5.0 m | 1.8 m | 0 ≈ | 0 ≈ | 1.6 m | 9.1 m | 11.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 70.6 m | 81.9 m | 102.7 m | 96.8 m | 84.7 m | 88.3 m | 89.6 m |
| Revenue YoY | unavailable | +16.0% | +25.5% | −5.7% | −12.6% | +4.2% | +1.5% |
| Net income | -29.9 m | -12.5 m | -21.0 m | -22.5 m | -22.7 m | -18.6 m | -13.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -4.05 | -2.50 | -1.08 | -0.59 | -0.57 | -0.49 | -0.38 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -42.3% | -15.3% | -20.4% | -23.3% | -26.8% | -21.1% | -15.2% |
| Free cash flow | -20.4 m | -3.5 m | -4.5 m | -28.0 m | -15.4 m | -4.8 m | -3.2 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 93.6 m USD
- Total assets
- 132.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.20x
- ROE
- -14.2%
- ROA
- -9.8%
- FCF margin
- -3.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 81.9 m | 102.7 m | 96.8 m | 84.7 m | 88.3 m | 89.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 25.9 m | 32.2 m | 29.7 m | 25.1 m | 24.8 m | 24.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 55.9 m | 70.6 m | 67.2 m | 59.6 m | 63.4 m | 65.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 16.5 m | 19.1 m | 24.4 m | 21.6 m | 21.2 m | 23.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -13.5 m | -22.4 m | -25.9 m | -31.0 m | -26.2 m | -19.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 6.0 m | 3.1 m | 2.7 m | 2.3 m | 2.0 m | 1.7 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | -7.5 m ≈ | -19.3 m ≈ | -23.2 m ≈ | -28.7 m ≈ | -24.2 m ≈ | -17.3 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 14.0 k | 16.0 k | 11.0 k | 0 | 0 | — | SEC (XBRL)· 03 Mar 2025verified |
| Pre-tax income | -12.5 m | -20.9 m | -22.5 m | -22.7 m | -18.6 m | -13.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 11.0 k | 21.0 k | 37.0 k | 14.0 k | 44.0 k | 98.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -12.5 m | -21.0 m | -22.5 m | -22.7 m | -18.6 m | -13.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | -2.50 | -1.08 | -0.59 | -0.57 | -0.49 | -0.38 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 11.0 m | 26.1 m | 38.5 m | 39.7 m | 37.8 m | 36.1 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 54.9 m | 168.2 m | 153.2 m | 37.4 m | 26.0 m | 22.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 887.0 k | 701.0 k | 972.0 k | 643.0 k | 490.0 k | 422.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 64.1 m | 175.9 m | 162.5 m | 147.9 m | 111.9 m | 102.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 5.1 m | 4.5 m | 3.7 m | 3.4 m | 3.6 m | 2.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 7.2 m | 7.2 m | 4.1 m | 4.1 m | 4.2 m | 4.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.4 m | 1.2 m | 3.0 k | — | — | — | SEC (XBRL)· 03 Mar 2023verified |
| Total assets | 81.3 m | 192.3 m | 195.8 m | 180.8 m | 145.8 m | 132.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 4.5 m | 4.7 m | 2.9 m | 3.6 m | 2.2 m | 1.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 23.4 m | 32.2 m | 26.1 m | 27.7 m | 28.5 m | 24.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 26.8 m | 34.8 m | 47.8 m | 46.5 m | 46.5 m | 38.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | -243.9 m † | 157.4 m † | 148.0 m † | 134.3 m † | 99.3 m † | 93.6 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.4 m | -4.4 m | -27.9 m | -13.6 m | -2.9 m | -2.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 44.0 k | 129.0 k | 93.0 k | 1.8 m | 1.9 m | 763.0 k | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -3.5 m ≈ | -4.5 m ≈ | -28.0 m ≈ | -15.4 m ≈ | -4.8 m ≈ | -3.2 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | 1.3 m | -2.3 m | 12.6 m | -100.2 m | 22.3 m | 5.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 1.6 m | 120.1 m | 2.0 m | -3.6 m | -30.7 m | -6.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 3.4 m | 27.7 m | 3.4 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 173.1 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -8.5% | 11 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -2.6% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.0% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 12.9% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial11/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
1stdibs.com, Inc. (DIBS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 89.6 m USD in 2025; YoY growth 1.5%; net margin -8.5%; ROE -9.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.4x
- Shareholder yield (distributions): 12.9%
What contradicts it
- Net margin: -8.5%
- Revenue CAGR 3Y: -2.6%
- FCF yield: -1.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Retail-Catalog & Mail-Order Houses (SIC 5961) · same industry (4-digit SIC) · compared with 28 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMZNAmazon.com, Inc. | 2,710.7 bn | 20.3 | 27.4% | 16.9% | +12.4% | +7% / +72% |
| CDWCdw Corp | 18.7 bn | 18.0 | 44.0% | 4.6% | +6.8% | +4% / −29% |
| NSITInsight Enterprises, Inc. | 4.9 bn | 24.5 | 13.1% | 2.5% | −5.2% | +93% / +11% |
| JMIAJumia Technologies AG | 1.3 bn | — | -108.9% | -32.6% | +12.8% | −59% / +52% |
| LITBLightInTheBox Holding Co., Ltd. | 590.4 m | 68.0 | — | 3.7% | −12.1% | +42% / −63% |
| BZUNBaozun Inc. | 555.6 m | — | -6.6% | -2.4% | +10.2% | +13% / +8% |
| GCTGigacloud Technology Inc | 510.4 m | 12.9 | 32.3% | 10.6% | +11.1% | +47% / +463% |
| HNSTThe Honest Company, Inc. | 466.7 m | — | -6.9% | -3.6% | −1.9% | +62% / +82% |
| TDUPThredUp Inc. | 262.6 m | — | -36.8% | -6.6% | +19.5% | −73% / +3% |
| DIBS1stdibs.com, Inc. | 173.1 m | — | -9.2% | -8.5% | +1.5% | +42% / +22% |
| NXHNeighborhood Intelligence, Inc. | 161.1 m | — | -47.0% | -7.1% | −25.1% | −72% / −91% |
| AKAa.k.a. Brands Holding Corp. | 110.4 m | — | -25.5% | -4.4% | +4.4% | −29% / +4% |
| SFIXStitch Fix, Inc. | 74.1 m | — | -6.3% | -0.9% | +6.4% | −36% / −27% |
| HOURHour Loop, Inc. | 52.8 m | 36.3 | 21.8% | 1.1% | +3.0% | −29% / +1% |
| GROVGrove Collaborative Holdings, Inc. | 47.4 m | — | — | -4.1% | −14.6% | −19% / −44% |
| LVLULulu’s Fashion Lounge Holdings, Inc. | 32.2 m | — | -602.9% | -3.2% | −10.6% | +114% / −73% |
| UZXLinkage Global Inc | 22.1 m | — | -63.1% | -144.5% | −50.5% | −98% / unavailable |
| GIFTGiftify, Inc. | 19.7 m | — | -36.2% | -8.8% | −6.5% | −50% / −86% |
| CHWYChewy, Inc. | 2.2 k | 33.3 | 72.0% | 2.1% | +6.2% | −37% / +27% |
| QVCGQVC Group, Inc. | 8 | — | -6.3% | -0.2% | −7.8% | unavailable / unavailable |
| PTRNPattern Group Inc. | — | — | 6.6% | 0.9% | +39.3% | +16% / unavailable |
| HEPSD-MARKET Electronic Services & Trading | — | — | -39.7% | -2.8% | +11.1% | +19% / +100% |
| LUXELuxExperience B.V. | — | — | 63.3% | 45.2% | +50.1% | +6% / +223% |
| VIPSVipshop Holdings Limited | — | 1.3 | 18.3% | 6.8% | +2.0% | −34% / −19% |
| WWayfair Inc. | — | — | — | -2.5% | +5.1% | +0% / +99% |
1- and 3-year price returns: for DIBS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
1stDibs operates an online marketplace connecting buyers with sellers and makers of luxury furniture, decor, jewelry, watches, art and fashion, both vintage and contemporary. In the second quarter of 2026 the company reported GMV growth of 7%, but its active buyer base kept shrinking and it still has no consistent net profit. Net revenue of 89.6 million USD in fiscal 2025 is the main reference point for this period 123.
SWOT
Strengths
- The company has a large catalogue of luxury products, vetted by in-house experts, and a buying experience with clear buyer protections 1.
- The asset-light model without owned inventory allows scaling without large logistics investment, which is an efficiency advantage 1.
- Gross margin rose in the second quarter of 2026, and the leaner cost structure was presented as a source of margin improvement 3.
Weaknesses
- The company has recorded net losses in the years reported in its annual filing and cannot guarantee it will reach profitability 1.
- The number of active buyers is falling year over year, which points to retention difficulties 123.
- Revenue is concentrated in transaction commissions, with few large alternative revenue sources 1.
Opportunities
- The high share of supply from outside the United States, against a lower share of international buyers, points to growth potential in new markets 1.
- Growth in traffic from unpaid channels could lower customer acquisition costs if the trend holds 1.
- The company mentions artificial intelligence and machine learning for personalisation and pricing, which could improve conversion 1.
Threats
- Demand for luxury items could weaken during periods of housing and capital market volatility, which would affect transaction volume 1.
- Competition from auction houses and offline trade could limit growth if buyers stay loyal to traditional channels 1.
- Reliance on small sellers, most of which have limited bargaining power, could create retention risks if they leave 1.
Risks
- Historical net losseshigh
The company has reported net losses across several consecutive years and says it cannot ensure it will reach profitability, which could weigh on the share value if difficulties persist 1.
- Declining active buyershigh
A reduction in active buyers could limit long-term GMV and revenue growth, especially if new buyers are less active than existing ones 12.
- Pronounced seasonalitymedium
The company has generated higher revenue in the fourth quarter, and expenses are largely fixed in the short term, so a weak quarter could affect the whole year 1.
- Acquisition risksmedium
The company may make acquisitions, but integration is difficult and can dilute shareholders or add debt, which could affect financial results 1.
- Authenticity of productsmedium
The company says trust in the authenticity of listed items is essential, and any problems could damage its reputation and customer relationships 1.
Investment thesis
What would need to be true (bull case)
- If GMV growth from the second quarter of 2026 is sustained, the company could turn its volume and reputation advantage into steadier revenue growth 3.
- Gross margin and Adjusted EBITDA improved in the second quarter of 2026, which could indicate a more efficient cost model if the trend continues 13.
- A large international supply base and heavy use of unpaid channels could offer a cheaper growth base over the long term if demand expands 1.
What would break the thesis
- The number of active buyers has fallen steadily, and the second quarter of 2026 confirmed the trend, which could limit future growth 123.
- Third-quarter 2026 guidance points to revenue below the second quarter's level, which could raise questions about the pace of growth 3.
- The company has posted repeated net losses, and even with positive Adjusted EBITDA, net profitability remains uncertain 13.
What to watch
- Actual results against the GMV and net revenue guidanceQ3 2026
- Trend in active buyers and retentionnext 10-K
- Share of revenue from subscriptions and commissions2027
- Progress toward net profitability and positive free cash flow2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company runs an asset-light marketplace: mostly small sellers list products, while 1stDibs facilitates communication, negotiation, payment and shipping without taking physical possession of goods 1. Revenue comes mainly from transaction commissions, subscriptions and sponsored listings, and buyer protection includes a money-back guarantee and an authenticity guarantee under the 1stDibs Promise 1. The company says part of its traffic comes from unpaid channels, and reports GMV of 363.9 million USD for 2025 1.
The model relies on trust in sellers, who are vetted by in-house experts, and on a buying experience with direct negotiation and price-matching 1. In 2024 and 2025 the company concentrated on fewer, more engaged sellers, reducing unique sellers from about 5,900 to about 5,700 1. Active buyers fell to 60,771 in 2025 from 64,306, which shows retention remains a central challenge 1.
Segments
Transaction commissions
Transaction commissions are the largest revenue source, at 74% of net revenue in 2025, calculated as a percentage of GMV between 5% and 50%, with processing fees of about 3% of the buyer's payment 1.
Subscriptions
Seller subscriptions were 21% of net revenue in 2025, down from earlier years, and sellers can choose between a higher monthly fee with lower commissions or the reverse 1. Sponsored listings were a smaller source at 4% of revenue in 2025 1.
Advertising and other services
Advertising revenue from ads shown on the platform was only 1% of net revenue in 2023, 2024 and 2025, which shows continued dependence on commissions 1.
Market context
The luxury design furniture and objects market is fragmented and largely offline, and the company argues that online sales can increase penetration of this market 1. The platform had about 1.9 million listings and 7.8 million registered users at the end of 2025, with total listed stock value above 10 billion USD 1.
For the third quarter of 2026 the company guided GMV of 89.0 to 94.0 million USD and net revenue of 22.0 to 22.9 million USD, which suggests growth could slow from the second quarter 3. GMV reached 96.0 million USD in the second quarter of 2026, with net revenue of 23.3 million USD 3.
Trends
- International expansiontailwind
About 45% of platform supply comes from outside the United States, while only 20% of buyers are located abroad, which could open an additional market if international demand grows 1.
- Traffic from unpaid channelstailwind
The share of new user sessions from unpaid channels, such as organic search, rose to about 73% in 2025, which could reduce reliance on paid advertising 1.
- Declining active buyersheadwind
Active buyers fell during 2025 and kept falling in the second quarter of 2026, which could limit GMV growth if the trend persists 123.
- Macroeconomic sensitivitymixed
The company says housing and capital market volatility and geopolitical events have weighed on retention and demand for luxury items 1. The effect is mixed: the environment can reduce demand, but it may also push buyers toward online purchases.
Competitive position
Competition comes from other luxury marketplaces, auction houses and offline specialty dealers, which the company describes as more fragmented and less transparent for buyers 1. The company says its advantages are listing volume, technology and data built over more than 20 years, and seller vetting 1.
Competitive pressure is heightened because sellers can list on other channels and buyers can compare prices, although the company applies a price-match guarantee and requires sellers to keep price parity 1. The supplied sources do not name specific competitors, so these points remain general 1.
- Auction houses for art and antiques
The sources do not name specific companies; they are described as an offline alternative for luxury buyers 1.
- Specialty dealers of vintage furniture and antiques
Competition comes from traditional offline trade, which the company says has less transparent pricing 1.
- Other online luxury and design platforms
Not identified in the sources, but the company describes a competitive and fast-changing market with new risks emerging 23.
- Sellers who list across multiple channels
The company requires price parity, which shows sellers can sell at the same time on other platforms, creating competitive pressure 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report12 May 2026Other events
- Current report11 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Financial statements and exhibits
- Proxy statement26 Mar 2026
- Annual report27 Feb 2026
- Current report27 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / 1stdibs.com, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / 1stdibs.com, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / 1stdibs.com, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.