Unit Economics Dashboard · D2C apparel & accessories · wholesale
Prepared by Multiply✕
As of Jul 13, 2026 · TTM & MTD view Illustrative sample · placeholder data
Executive Summary — Trailing Twelve Months
Net Revenue · TTM
$8.2M
▲ 18% YoY · $5.4M D2C + $2.8M wholesale
Blended Contribution Margin
39%
After COGS, fulfillment & returns · pre-marketing
Monthly EBITDA
$71k
10.4% margin · ~$0.85M annualized
Cash on Hand
$780k
▲ $110k QoQ · 0.8× Debt / EBITDA
✅
Overall: healthy and growing, with three watch-items.
The core D2C order economics are strong — 47% contribution margin and 4.4× blended MER comfortably clear target. Growth is efficient and the balance sheet is lightly levered (0.8× Debt/EBITDA). Amber flags: LTV:CAC at 2.9× (just under the 3.0× target), repeat rate at 38%, and a 24% return rate typical of apparel but worth attacking through sizing/fit. A seasonal fall-inventory build is underway — cash dips but stays well above covenant (see Balance Sheet & Cash).
Economic-Unit Health — D2C Average targets illustrativeOn trackWatchOff target
Financial
Contribution / order On track
$43
Target ≥ $38 · pre-marketing, per D2C order
Contribution margin On track
47.1%
Target ≥ 45% · ▲ 1.8 pt QoQ
Product gross margin On track
68%
Target ≥ 65% · landed COGS 32% of net
Net AOV On track
$92
Target ≥ $90 · ▲ $4 QoQ · net of promos
Marketing efficiency
Blended MER On track
4.4×
Target ≥ 4.0× · $460k rev / $105k spend
New-customer CAC On track
$35
Target ≤ $40 · first-order contribution $43 > CAC
LTV : CAC Watch
2.9×
Target ≥ 3.0× · driven by repeat rate below
Repeat purchase rate Watch
38%
Target ≥ 40% · flat QoQ · retention lever
Inventory & fulfillment
Sell-through (season-to-date) On track
71%
Target ≥ 70% · Spring/Summer collection
Inventory turns On track
3.1×
Target ≥ 3.0× · annualized on COGS
Weeks of supply Watch
14wk
Target 10–13 wk · fall buy lands soon
Return rate Watch
24%
Target ≤ 22% · apparel-typical · fit-driven
Revenue Trend — D2C vs Wholesale 12-mo illustrative
Where the $8.2M comes from, month by month
D2C carries the holiday spike (Nov–Dec); wholesale ships ahead of season, so its peaks lead D2C by a quarter. The two channels smooth each other across the year.
Direct-to-consumer Wholesale
Sample dashboard for an illustrative ~$8M D2C apparel & accessories brand. All figures are placeholders for demonstration; targets are typical benchmarks, not the client's actuals. Live values populate from Shopify, the ad platforms, the 3PL and QuickBooks once connected.
Month-to-Date · July 2026
MTD net revenue
$205k
Day 13 of 31 · 44.6% of month
Month target
$460k
Straight-line pace: $193k to date
Projected month
$488k
▲ 106% of target · pacing ahead
Orders MTD
2,228
~171/day · $92 net AOV
MTD revenue pace vs target
Cumulative net revenue by day. The line runs above the straight-line target, and the dashed segment projects the close of the month at the current run-rate.
Actual (cumulative) Straight-line target Projected close
Margin Model — Monthly Contribution
Where every D2C dollar flows
New and returning revenue (left) feeds net revenue, which splits into direct costs, marketing, and the contribution left over (right). Band widths are dollar amounts at a $460k month.
New-customer revenue Returning revenue Net revenue Costs & marketing Contribution
Truncated P&L — contribution format
The per-order unit scaled to ~5,000 orders/month. Everything ties back to the $43 contribution order.
The per-order unit
The atomic economic unit the D2C model is built from.
🔎
First order more than pays for itself.
Pre-marketing contribution of $43 covers the $35 new-customer CAC on the first purchase — so growth is self-funding. The upside is retention: lifting repeat from 38% toward 45% moves LTV:CAC past 3.5×.
Marketing Efficiency channel split modeled
Spend, revenue & MER by channel
$105k/month of paid + agency drives $460k of D2C revenue — a blended 4.4× MER. Meta and Google carry the volume; the newer channels are being scaled against the 4.0× floor.
D2C net revenue $460k/mo: gross merchandise $492k less $32k promotions. Product COGS 32%, fulfillment (pick/pack + outbound freight, net of shipping collected) 10%, payment processing 2.9%, returns net cost 8%. Marketing $105k blended across acquisition and retention. Order count and AOV illustrative.
Month-to-Date Bookings · July 2026
MTD booked
$118k
PO-driven · lumpier than D2C
Month target
$235k
Fall pre-book season opening
Open pipeline
$164k
Quotes & POs likely to close this month
Active accounts
47
4 key + 43 boutique long-tail
Booking progress vs target
Wholesale revenue arrives in discrete purchase orders rather than a daily curve — so month pace is tracked against booked + open pipeline.
$118k booked · 50%
$235k target
Booked $118k + open pipeline $164k = $282k potential against a $235k target — coverage of 120% if the pipeline converts at recent rates.
Product Margin on Wholesale Deals
Where every wholesale dollar flows
Key accounts (left) feed wholesale revenue, which splits into product cost, freight, trade allowances, terms/factoring cost, and contribution (right). Wholesale sells at ~50% of MSRP, so margins are thinner than D2C but volume is committed up-front.
Product margin (revenue less landed COGS) by account. Dept-store volume trades margin for scale; specialty and boutiques hold richer margins.
⚖️
Wholesale is lower-margin but capital-light.
At 23% contribution vs D2C's 47%, each wholesale dollar earns less — but it comes with committed POs, no acquisition cost, and inventory that clears in bulk. It's the ballast that funds D2C's growth spend and smooths the seasonal curve. The lever here is reducing trade allowances on the dept-store channel.
Wholesale net revenue $235k/mo: product COGS 64% of wholesale price (≈36% gross margin), outbound freight 4%, trade allowances / co-op 4%, terms & factoring cost + chargebacks 5%. Net-60 terms create the accounts-receivable balance shown on the Balance Sheet tab. Account names and mix illustrative.
Position at a Glance balances illustrative
Cash on hand
$780k
Operating + reserve accounts
Total debt
$670k
$450k line + $220k term note
Net debt
–$110k
Cash exceeds debt · net cash
Debt / EBITDA
0.8×
Lightly levered · covenant ≤ 3.0×
🧭
Not drowning in debt — debt is working capital, not a crutch.
Borrowings exist to fund inventory buys ahead of season, not to cover losses. Total debt of $670k is less than cash on hand, and both facilities are cheap and secured against real assets (inventory + AR). The business is net-cash. The real story on this tab is cash timing around the fall inventory build, not solvency.
Balance Sheet Summary
Assets
Liabilities & Equity
Debt Facilities terms illustrative
Two facilities, both tied to working capital
The asset-based line flexes with inventory and receivables; the term note amortizes a prior equipment + inventory purchase. Neither is high-cost, and the line has meaningful undrawn headroom for the fall buy.
Line of credit: $450k drawn of a $900k asset-based facility — $450k undrawn headroom. Priced at SOFR + 3.0% (~8.5%). Term note amortizes ~$8k/mo, ~26 months remaining.
Cash — Last 4 Weeks & Next 13 Weeks forecast illustrative
The fall-inventory dip, then the Q4 rebuild
Bars are net cash flow each week (green in, red out); the line is projected ending cash. Two fall-inventory tranches draw cash to a ~$470k trough in late August — comfortably above the $400k covenant floor — before holiday sell-through rebuilds it.
Net inflow week Net outflow week Ending cash $400k covenant floor
Working capital
Inventory days
136
~14 weeks of supply on hand
A/R days (wholesale)
53
net-60 terms · collecting on time
A/P days
39
paying vendors on standard terms
Cash cycle
⏳
~150-day cash conversion cycle.
Inventory (136d) + receivables (53d) − payables (39d). Cash is tied up in stock for ~5 months before it comes back — which is exactly why the line of credit exists and why the 13-week view matters.
Trough & headroom
Forecast cash trough
$470k
week of Aug 24 · +$70k over covenant
Undrawn credit line
$450k
backstop if a buy pulls forward
Total liquidity at trough
$920k
trough cash + undrawn line
13-week forecast starts from $780k. Fall inventory purchased in two tranches (weeks of Aug 10 and Aug 24) plus a late-July deposit. Wholesale receivables collect on net-60; D2C settles daily. Debt service ~$12k/mo across the line and term note. Covenant: minimum $400k cash / max 3.0× leverage. All figures illustrative for demonstration.