$10.1B+
Revenue Analyzed
107M
Orders Analyzed
77M
Customers Analyzed
Executive Summary
The Numbers That Matter
Four metrics that define the state of DTC in 2025
$54
Revenue Analyzed
2.4x
Median LTV:CAC
48%
Contribution Margin
14.7%
90-Day Repurchase
"The difference between brands that scale and brands that stall isn't marketing spend or product quality alone. It's the fundamental unit economics that compound over time."
Key Finding #1
37% of DTC brands don't recover CAC on the first order. They're betting everything on repeat purchases that may never come.
Key Finding #2
37% of DTC brands don't recover CAC on the first order. They're betting everything on repeat purchases that may never come.
PART I
The 3 Immutable Laws of DTC
The fundamental truths that govern every successful direct-to-consumer business
PART II
The Cost Structure That Kills
Marketing spend is the #1 predictor of margin compression
