Etsy, Inc. (ETSY) 10-Year Financial Performance & Capital Metrics

ETSY • • Industrial / General

Consumer CyclicalSpecialty RetailE-commerce MarketplacesGeneral E-commerce Platforms

AboutEtsy, Inc. operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels. Further, the company provides various seller tools, including Shop Manager dashboard, a centralized hub for Etsy sellers to track orders, manage inventory, view metrics and statistics, and have conversations with their customers; and Sell on Etsy, an application to enable enhanced onboarding and video uploading. Additionally, it offers Etsy seller analytics pages that provides insights regarding traffic acquisition for their shops; Targeted Offers, a sales and promotions tool, and social media tool; and accounting and bookkeeping services. The company also provides educational resources comprising blog posts, video tutorials, Etsy Seller Handbook, Etsy.com online forums, and insights; Etsy Teams, a platform to build personal relationships with other Etsy sellers; and a Star Seller program. As of December 31, 2021, it connected a total of 7.5 million active sellers to 96.3 million active buyers; and had 120 million items for sale. The company was formerly known as Indieco, Inc changed its name to Etsy, Inc. in June 2006. Etsy, Inc. was founded in 2005 and is headquartered in Brooklyn, New York.Show more

Revenue $2.81B +2.2%
EBITDA $488M +31.6%
Net Income $303M -1.4%
EPS (Diluted) 2.35 +4.9%
Gross Margin 72.42% +3.7%
EBITDA Margin 17.39% +28.7%
Operating Margin 13.54% +33.0%
Net Margin 10.8% -3.5%
ROE -
ROIC 32.61% +43.9%
Debt/Equity -
Interest Coverage 27.54 +38.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 25.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 26.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 28.0%
✓Share count reduced 6.0% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y30.53%

5Y27.97%

3Y6.44%

TTM1.98%

Profit (Net Income) CAGR

10Y-

5Y25.9%

3Y-14.98%

TTM-29.02%

EPS CAGR

10Y-

5Y25.33%

3Y-11.58%

TTM-28.57%

ROCE

10Y Avg7.82%

5Y Avg10.59%

3Y Avg3.08%

Latest20.4%

Peer Comparison

General E-commerce Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SESea Limited	70.97B	129.86	177.89	28.75%	6.23%	12.35%	4.17%	0.49
AMZNAmazon.com, Inc.	2.59T	242.60	43.87	10.99%	11.06%	20.69%	1.27%	0.46
LQDTLiquidity Services, Inc.	971.59M	31.71	36.45	31.2%	5.89%	13.82%	6.07%	0.07
ETSYEtsy, Inc.	6.08B	61.57	26.20	2.18%	6.38%		12.15%
CARTInstacart (Maplebear Inc.)	10.84B	41.28	26.13	11.05%	14.15%	14.86%	5.75%	0.01
EBAYeBay Inc.	42.66B	94.37	23.95	1.69%	20.37%	46.24%	4.59%	1.52
PDDPDD Holdings Inc.	159.45B	112.32	1.48	59.04%	24.43%	26.13%	75.86%	0.03
VIPSVipshop Holdings Limited	7.71B	18.58	1.29	-3.93%	6.53%	16.84%	72.16%	0.08

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	273.5M	364.97M	441.23M	603.69M	818.38M	1.73B	2.33B	2.57B	2.75B	2.81B
Revenue Growth %	0.4%	0.33%	0.21%	0.37%	0.36%	1.11%	0.35%	0.1%	0.07%	0.02%
Cost of Goods Sold+	96.98M	123.33M	150.99M	190.76M	271.04M	464.75M	654.51M	744.59M	828.67M	774.55M
COGS % of Revenue	0.35%	0.34%	0.34%	0.32%	0.33%	0.27%	0.28%	0.29%	0.3%	0.28%
Gross Profit+	176.52M	241.64M	290.25M	412.93M	547.34M	1.26B	1.67B	1.82B	1.92B	2.03B
Gross Margin %	0.65%	0.66%	0.66%	0.68%	0.67%	0.73%	0.72%	0.71%	0.7%	0.72%
Gross Profit Growth %	0.45%	0.37%	0.2%	0.42%	0.33%	1.3%	0.33%	0.09%	0.05%	0.06%
Operating Expenses+	178.4M	224.06M	278.35M	338.14M	458.58M	836.87M	1.21B	2.48B	1.64B	1.65B
OpEx % of Revenue	0.65%	0.61%	0.63%	0.56%	0.56%	0.48%	0.52%	0.97%	0.6%	0.59%
Selling, General & Admin	135.71M	168.43M	200.57M	240.9M	336.7M	656.79M	937.34M	1.02B	1.1B	1.21B
SG&A % of Revenue	0.5%	0.46%	0.45%	0.4%	0.41%	0.38%	0.4%	0.4%	0.4%	0.43%
Research & Development	42.69M	55.08M	74.62M	97.25M	121.88M	180.08M	271.54M	412.4M	469.33M	443.06M
R&D % of Revenue	0.16%	0.15%	0.17%	0.16%	0.15%	0.1%	0.12%	0.16%	0.17%	0.16%
Other Operating Expenses	0	551K	3.16M	0	0	0	0	1.05B	68.09M	0
Operating Income+	-1.88M	17.58M	11.9M	74.79M	88.76M	424.01M	465.73M	-658.56M	279.84M	380.21M
Operating Margin %	-0.01%	0.05%	0.03%	0.12%	0.11%	0.25%	0.2%	-0.26%	0.1%	0.14%
Operating Income Growth %	0.7%	10.33%	-0.32%	5.29%	0.19%	3.78%	0.1%	-2.41%	1.42%	0.36%
EBITDA+	16.67M	40.1M	39.09M	101.53M	136.79M	482.2M	540M	-561.86M	371.16M	488.28M
EBITDA Margin %	0.06%	0.11%	0.09%	0.17%	0.17%	0.28%	0.23%	-0.22%	0.14%	0.17%
EBITDA Growth %	0.52%	1.41%	-0.03%	1.6%	0.35%	2.53%	0.12%	-2.04%	1.66%	0.32%
D&A (Non-Cash Add-back)	18.55M	22.52M	27.2M	26.74M	48.03M	58.19M	74.27M	96.7M	91.32M	108.07M
EBIT	-26.47M	4.33M	43.4M	77.26M	104.97M	407.73M	481.54M	-647.81M	306.86M	424.58M
Net Interest Income+	-1.2M	-5.5M	-8.74M	-13.22M	-11.12M	-34.92M	-7.75M	-3.21M	21.96M	17.18M
Interest Income	324K	1.7M	2.39M	8.96M	13.2M	7.1M	2.14M	10.96M	36M	30.98M
Interest Expense	1.53M	7.2M	11.13M	22.18M	24.32M	42.02M	9.88M	14.17M	14.04M	13.81M
Other Income/Expense	-26.11M	-20.45M	20.37M	-19.71M	-8.12M	-58.3M	5.92M	-3.42M	12.98M	30.57M
Pretax Income+	-27.99M	-2.88M	32.27M	55.08M	80.65M	365.71M	471.65M	-661.98M	292.82M	410.77M
Pretax Margin %	-0.1%	-0.01%	0.07%	0.09%	0.1%	0.21%	0.2%	-0.26%	0.11%	0.15%
Income Tax+	26.07M	27.02M	-49.53M	-22.41M	-15.25M	16.46M	-21.85M	32.31M	-14.75M	107.49M
Effective Tax Rate %	1.93%	10.4%	2.54%	1.41%	1.19%	0.95%	1.05%	1.05%	1.05%	0.74%
Net Income+	-54.06M	-29.9M	81.8M	77.49M	95.89M	349.25M	493.51M	-694.29M	307.57M	303.28M
Net Margin %	-0.2%	-0.08%	0.19%	0.13%	0.12%	0.2%	0.21%	-0.27%	0.11%	0.11%
Net Income Growth %	-2.55%	0.45%	3.74%	-0.05%	0.24%	2.64%	0.41%	-2.41%	1.44%	-0.01%
Net Income (Continuing)	-54.06M	-29.9M	81.8M	77.49M	95.89M	349.25M	493.51M	-694.29M	307.57M	303.28M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.59	-0.26	0.68	0.61	0.76	2.69	3.40	-5.48	2.24	2.35
EPS Growth %	-2.69%	0.56%	3.62%	-0.1%	0.25%	2.54%	0.26%	-2.61%	1.41%	0.05%
EPS (Basic)	-0.59	-0.26	0.69	0.61	0.80	2.88	3.88	-5.48	2.56	2.64
Diluted Shares Outstanding	91.12M	113.56M	122.27M	127.08M	125.72M	136.41M	146.68M	126.78M	140.15M	131.72M
Basic Shares Outstanding	91.12M	113.56M	118.54M	127.02M	119.67M	121.25M	127.22M	126.78M	122.5M	114.94M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	359.05M	371.03M	439.26M	680.29M	921.04M	1.89B	1.34B	1.51B	1.57B	1.33B
Cash & Short-Term Investments	292.86M	282.09M	340.55M	624.29M	817.25M	1.67B	984.61M	1.17B	1.15B	1.04B
Cash Only	271.24M	181.59M	315.44M	366.99M	443.29M	1.24B	780.2M	921.28M	914.32M	811.18M
Short-Term Investments	21.62M	100.49M	25.11M	257.3M	373.96M	425.12M	204.42M	250.41M	236.12M	228.32M
Accounts Receivable	20.27M	56.24M	78.33M	33.32M	65.17M	169.41M	247.47M	261.85M	290.12M	198.26M
Days Sales Outstanding	27.06	56.25	64.8	20.14	29.07	35.83	38.78	37.24	38.53	25.77
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	36.39M	17.13M	0	0	0	0	0	80.2M	129.88M	89.93M
Total Non-Current Assets+	194.01M	210.16M	166.32M	221.56M	621.31M	509.71M	2.49B	1.12B	1.11B	1.09B
Property, Plant & Equipment	105.02M	126.41M	117.62M	120.18M	144.86M	112.5M	275.06M	249.74M	249.79M	236.71M
Fixed Asset Turnover	2.60x	2.89x	3.75x	5.02x	5.65x	15.34x	8.47x	10.27x	11.00x	11.86x
Goodwill	27.75M	35.66M	38.54M	37.48M	138.73M	140.81M	1.37B	137.72M	138.38M	137.09M
Intangible Assets	2.87M	7.51M	4.1M	34.59M	199.24M	187.45M	607.17M	535.41M	457.14M	413.9M
Long-Term Investments	0	5.34M	5.34M	5.34M	89.34M	39.09M	85.03M	29.14M	86.68M	111.72M
Other Non-Current Assets	6.97M	985K	561K	507K	34.88M	29.75M	56.12M	47.7M	45.19M	45.04M
Total Assets+	553.06M	581.19M	605.58M	901.85M	1.54B	2.4B	3.83B	2.63B	2.69B	2.42B
Asset Turnover	0.49x	0.63x	0.73x	0.67x	0.53x	0.72x	0.61x	0.97x	1.02x	1.16x
Asset Growth %	1.22%	0.05%	0.04%	0.49%	0.71%	0.56%	0.59%	-0.31%	0.02%	-0.1%
Total Current Liabilities+	80.12M	84.01M	102.48M	112.06M	188.53M	454.66M	615.59M	631.75M	710.78M	665.11M
Accounts Payable	33.64M	10.98M	13.62M	14.3M	76.11M	40.88M	248.21M	262.72M	29.92M	215.54M
Days Payables Outstanding	126.63	32.49	32.93	27.37	102.5	32.11	138.42	128.78	13.18	101.57
Short-Term Debt	0	6.83M	5.8M	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	4.9M	29.55M	42.25M	55.06M	118.84M	320.54M	492.64M	506.17M	564.3M	124.94M
Current Ratio	4.48x	4.42x	4.29x	6.07x	4.89x	4.17x	2.18x	2.40x	2.21x	2.00x
Quick Ratio	4.48x	4.42x	4.29x	6.07x	4.89x	4.17x	2.18x	2.40x	2.21x	2.00x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	142.44M	152.43M	106.21M	388.89M	947.19M	1.21B	2.59B	2.55B	2.52B	2.51B
Long-Term Debt	0	0	0	276.49M	785.13M	1.06B	2.28B	2.28B	2.28B	2.29B
Capital Lease Obligations	59.38M	62.66M	64.16M	62.09M	53.61M	44.98M	110.28M	105.7M	99.62M	93.48M
Deferred Tax Liabilities	61.42M	65.07M	23.79M	30.45M	64.5M	58.48M	79.48M	44.73M	13.19M	7.96M
Other Non-Current Liabilities	21.65M	24.7M	18.26M	19.86M	43.96M	41.64M	122.42M	120.41M	121.7M	122.01M
Total Liabilities	222.56M	236.44M	208.69M	500.95M	1.14B	1.66B	3.2B	3.18B	3.23B	3.18B
Total Debt+	64.98M	69.48M	69.96M	342.46M	847.01M	1.12B	2.39B	2.39B	2.39B	2.39B
Net Debt	-206.26M	-112.11M	-245.48M	-24.53M	403.72M	-128.28M	1.61B	1.47B	1.48B	1.58B
Debt / Equity	0.20x	0.20x	0.18x	0.85x	2.08x	1.50x	3.80x	-	-	-
Debt / EBITDA	3.90x	1.73x	1.79x	3.37x	6.19x	2.31x	4.42x	-	6.44x	4.89x
Net Debt / EBITDA	-12.38x	-2.80x	-6.28x	-0.24x	2.95x	-0.27x	2.98x	-	3.97x	3.23x
Interest Coverage	-1.23x	2.44x	1.07x	3.37x	3.65x	10.09x	47.12x	-46.48x	19.93x	27.54x
Total Equity+	330.5M	344.76M	396.89M	400.9M	406.63M	742.42M	628.62M	-547.27M	-543.72M	-758.87M
Equity Growth %	1.21%	0.04%	0.15%	0.01%	0.01%	0.83%	-0.15%	-1.87%	0.01%	-0.4%
Book Value per Share	3.63	3.04	3.25	3.15	3.23	5.44	4.29	-4.32	-3.88	-5.76
Total Shareholders' Equity	330.5M	344.76M	396.89M	400.9M	406.63M	742.42M	628.62M	-547.27M	-543.72M	-758.87M
Common Stock	113K	116K	122K	120K	119K	126K	127K	125K	119K	109K
Retained Earnings	-86.44M	-116.34M	-96.29M	-153.44M	-227.41M	-146.82M	71.74M	-1.05B	-1.36B	-1.78B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	10.8M	18.47M	-6.38M	-7.81M	-8.7M	5.95M	-75.01M	-314.22M	-267.47M	-297.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	29.21M	46.76M	67.42M	198.93M	206.92M	678.96M	651.55M	683.61M	705.51M	752.47M
Operating CF Margin %	0.11%	0.13%	0.15%	0.33%	0.25%	0.39%	0.28%	0.27%	0.26%	0.27%
Operating CF Growth %	1.42%	0.6%	0.44%	1.95%	0.04%	2.28%	-0.04%	0.05%	0.03%	0.07%
Net Income	-54.06M	-29.9M	81.8M	77.49M	95.89M	349.25M	493.51M	-694.29M	307.57M	303.28M
Depreciation & Amortization	18.55M	22.52M	27.2M	26.74M	48.03M	58.19M	74.27M	96.7M	91.32M	108.07M
Stock-Based Compensation	10.84M	15.9M	26.56M	38.23M	44.4M	65.11M	139.91M	230.89M	284.56M	282.85M
Deferred Taxes	17.13M	17.13M	-47.97M	-22.41M	-15.25M	2.2M	-88.95M	-55.3M	-50.09M	-14.45M
Other Non-Cash Items	27.43M	21.61M	-18.92M	19.53M	23.85M	80.01M	8.94M	1.07B	95.85M	-7.01M
Working Capital Changes	9.32M	-513K	-1.24M	59.35M	9.99M	124.2M	23.88M	40.47M	-23.7M	79.72M
Change in Receivables	-15.76M	-19.1M	-22.3M	40.65M	-35.83M	-112.68M	-103.2M	-34.63M	-45.39M	72.67M
Change in Inventory	8.05M	10.3M	4.31M	0	23.41M	128.88M	55.87M	0	0	0
Change in Payables	15.75M	7.33M	16.31M	-10.07M	22.22M	104.69M	69.77M	21.1M	31.91M	-72.6M
Cash from Investing+	-23.28M	-135.43M	61.84M	-285.39M	-488.37M	-11.38M	-1.56B	-30.02M	-73.31M	-53.1M
Capital Expenditures	-20.84M	-47.75M	-13.16M	-20.56M	-15.28M	-7.11M	-28.17M	-30.74M	-39.91M	-14.21M
CapEx % of Revenue	0.08%	0.13%	0.03%	0.03%	0.02%	0%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-35.76M	0	0	-35.49M	-1.96M	-880K	-1.94M	-6.46M	0	-29.29M
Cash from Financing+	199.61M	5.81M	3.44M	144.01M	359.61M	119.28M	452.75M	-506.48M	-656.53M	-787.17M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.52M	8.66M	36.95M	-26.06M	-102.58M	-67.97M	-73.55M	-89.43M	-73.2M	-57.18M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	8.38M	-991K	54.26M	178.37M	191.64M	671.85M	623.38M	652.87M	665.61M	738.26M
FCF Margin %	0.03%	-0%	0.12%	0.3%	0.23%	0.39%	0.27%	0.25%	0.24%	0.26%
FCF Growth %	2.35%	-1.12%	55.76%	2.29%	0.07%	2.51%	-0.07%	0.05%	0.02%	0.11%
FCF per Share	0.09	-0.01	0.44	1.40	1.52	4.93	4.25	5.15	4.75	5.60
FCF Conversion (FCF/Net Income)	-0.54x	-1.56x	0.82x	2.57x	2.16x	1.94x	1.32x	-0.98x	2.29x	2.48x
Interest Paid	1.35M	2M	7.55M	10M	3.21M	3.4M	6.05M	9.53M	9.31M	9.05M
Taxes Paid	7.6M	10.56M	1M	966K	2.08M	8.54M	94.16M	41.68M	42.68M	89.58M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-22.54%	-8.86%	22.06%	19.43%	23.75%	60.79%	71.99%	-1707.02%	-	-
Return on Invested Capital (ROIC)	-1.09%	7.39%	4.65%	21.25%	11.22%	44.65%	24.51%	-31.28%	22.65%	32.61%
Gross Margin	64.54%	66.21%	65.78%	68.4%	66.88%	73.07%	71.9%	70.98%	69.85%	72.42%
Net Margin	-19.77%	-8.19%	18.54%	12.84%	11.72%	20.24%	21.19%	-27.06%	11.19%	10.8%
Debt / Equity	0.20x	0.20x	0.18x	0.85x	2.08x	1.50x	3.80x	-	-	-
Interest Coverage	-1.23x	2.44x	1.07x	3.37x	3.65x	10.09x	47.12x	-46.48x	19.93x	27.54x
FCF Conversion	-0.54x	-1.56x	0.82x	2.57x	2.16x	1.94x	1.32x	-0.98x	2.29x	2.48x
Revenue Growth	39.83%	33.44%	20.9%	36.82%	35.56%	110.86%	34.97%	10.18%	7.1%	2.18%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Marketplace Revenue	132.65M	158.2M	179.49M	440.74M	593.65M	1.3B	1.75B	1.91B	2B	2.02B
Marketplace Revenue Growth	-	19.27%	13.46%	145.55%	34.69%	119.51%	33.97%	9.45%	4.52%	1.18%
Services Revenue	136.61M	200.86M	258.45M	158.93M	224.73M	422.5M	583.29M	655.22M	751.19M	787.59M
Services Revenue Growth	-	47.03%	28.68%	-38.51%	41.41%	88.00%	38.06%	12.33%	14.65%	4.85%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	213.39M	276.54M	317.75M	425.84M	550.26M	1.15B	1.39B	1.43B	1.47B	1.47B
UNITED STATES Growth	-	29.59%	14.91%	34.02%	29.22%	109.13%	21.11%	2.58%	3.01%	-0.34%
Non-US	60.11M	88.43M	123.48M	177.85M	268.12M	379.07M	606.27M	792.67M	927.81M	1.02B
Non-US Growth	-	47.11%	39.63%	44.04%	50.76%	41.38%	59.94%	30.75%	17.05%	9.91%
UNITED KINGDOM	-	-	-	-	-	195.83M	329.2M	343.79M	347.89M	320.89M
UNITED KINGDOM Growth	-	-	-	-	-	-	68.11%	4.43%	1.19%	-7.76%

Frequently Asked Questions

Valuation & Price

Etsy, Inc. (ETSY) has a price-to-earnings (P/E) ratio of 26.2x. This suggests investors expect higher future growth.

Growth & Financials

Etsy, Inc. (ETSY) reported $2.85B in revenue for fiscal year 2024. This represents a 3726% increase from $74.6M in 2012.

Etsy, Inc. (ETSY) grew revenue by 2.2% over the past year. Growth has been modest.

Yes, Etsy, Inc. (ETSY) is profitable, generating $182.2M in net income for fiscal year 2024 (10.8% net margin).

Dividend & Returns

Etsy, Inc. (ETSY) generated $656.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Etsy, Inc. (ETSY) 10-Year Financial Performance & Capital Metrics

ETSY • • Industrial / General

Consumer CyclicalSpecialty RetailE-commerce MarketplacesGeneral E-commerce Platforms

Revenue $2.81B +2.2%
EBITDA $488M +31.6%
Net Income $303M -1.4%
EPS (Diluted) 2.35 +4.9%
Gross Margin 72.42% +3.7%
EBITDA Margin 17.39% +28.7%
Operating Margin 13.54% +33.0%
Net Margin 10.8% -3.5%
ROE -
ROIC 32.61% +43.9%
Debt/Equity -
Interest Coverage 27.54 +38.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 25.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 26.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 28.0%
✓Share count reduced 6.0% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y30.53%

5Y27.97%

3Y6.44%

TTM1.98%

Profit (Net Income) CAGR

10Y-

5Y25.9%

3Y-14.98%

TTM-29.02%

EPS CAGR

10Y-

5Y25.33%

3Y-11.58%

TTM-28.57%

ROCE

10Y Avg7.82%

5Y Avg10.59%

3Y Avg3.08%

Latest20.4%

Peer Comparison

General E-commerce Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SESea Limited	70.97B	129.86	177.89	28.75%	6.23%	12.35%	4.17%	0.49
AMZNAmazon.com, Inc.	2.59T	242.60	43.87	10.99%	11.06%	20.69%	1.27%	0.46
LQDTLiquidity Services, Inc.	971.59M	31.71	36.45	31.2%	5.89%	13.82%	6.07%	0.07
ETSYEtsy, Inc.	6.08B	61.57	26.20	2.18%	6.38%		12.15%
CARTInstacart (Maplebear Inc.)	10.84B	41.28	26.13	11.05%	14.15%	14.86%	5.75%	0.01
EBAYeBay Inc.	42.66B	94.37	23.95	1.69%	20.37%	46.24%	4.59%	1.52
PDDPDD Holdings Inc.	159.45B	112.32	1.48	59.04%	24.43%	26.13%	75.86%	0.03
VIPSVipshop Holdings Limited	7.71B	18.58	1.29	-3.93%	6.53%	16.84%	72.16%	0.08

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	273.5M	364.97M	441.23M	603.69M	818.38M	1.73B	2.33B	2.57B	2.75B	2.81B
Revenue Growth %	0.4%	0.33%	0.21%	0.37%	0.36%	1.11%	0.35%	0.1%	0.07%	0.02%
Cost of Goods Sold+	96.98M	123.33M	150.99M	190.76M	271.04M	464.75M	654.51M	744.59M	828.67M	774.55M
COGS % of Revenue	0.35%	0.34%	0.34%	0.32%	0.33%	0.27%	0.28%	0.29%	0.3%	0.28%
Gross Profit+	176.52M	241.64M	290.25M	412.93M	547.34M	1.26B	1.67B	1.82B	1.92B	2.03B
Gross Margin %	0.65%	0.66%	0.66%	0.68%	0.67%	0.73%	0.72%	0.71%	0.7%	0.72%
Gross Profit Growth %	0.45%	0.37%	0.2%	0.42%	0.33%	1.3%	0.33%	0.09%	0.05%	0.06%
Operating Expenses+	178.4M	224.06M	278.35M	338.14M	458.58M	836.87M	1.21B	2.48B	1.64B	1.65B
OpEx % of Revenue	0.65%	0.61%	0.63%	0.56%	0.56%	0.48%	0.52%	0.97%	0.6%	0.59%
Selling, General & Admin	135.71M	168.43M	200.57M	240.9M	336.7M	656.79M	937.34M	1.02B	1.1B	1.21B
SG&A % of Revenue	0.5%	0.46%	0.45%	0.4%	0.41%	0.38%	0.4%	0.4%	0.4%	0.43%
Research & Development	42.69M	55.08M	74.62M	97.25M	121.88M	180.08M	271.54M	412.4M	469.33M	443.06M
R&D % of Revenue	0.16%	0.15%	0.17%	0.16%	0.15%	0.1%	0.12%	0.16%	0.17%	0.16%
Other Operating Expenses	0	551K	3.16M	0	0	0	0	1.05B	68.09M	0
Operating Income+	-1.88M	17.58M	11.9M	74.79M	88.76M	424.01M	465.73M	-658.56M	279.84M	380.21M
Operating Margin %	-0.01%	0.05%	0.03%	0.12%	0.11%	0.25%	0.2%	-0.26%	0.1%	0.14%
Operating Income Growth %	0.7%	10.33%	-0.32%	5.29%	0.19%	3.78%	0.1%	-2.41%	1.42%	0.36%
EBITDA+	16.67M	40.1M	39.09M	101.53M	136.79M	482.2M	540M	-561.86M	371.16M	488.28M
EBITDA Margin %	0.06%	0.11%	0.09%	0.17%	0.17%	0.28%	0.23%	-0.22%	0.14%	0.17%
EBITDA Growth %	0.52%	1.41%	-0.03%	1.6%	0.35%	2.53%	0.12%	-2.04%	1.66%	0.32%
D&A (Non-Cash Add-back)	18.55M	22.52M	27.2M	26.74M	48.03M	58.19M	74.27M	96.7M	91.32M	108.07M
EBIT	-26.47M	4.33M	43.4M	77.26M	104.97M	407.73M	481.54M	-647.81M	306.86M	424.58M
Net Interest Income+	-1.2M	-5.5M	-8.74M	-13.22M	-11.12M	-34.92M	-7.75M	-3.21M	21.96M	17.18M
Interest Income	324K	1.7M	2.39M	8.96M	13.2M	7.1M	2.14M	10.96M	36M	30.98M
Interest Expense	1.53M	7.2M	11.13M	22.18M	24.32M	42.02M	9.88M	14.17M	14.04M	13.81M
Other Income/Expense	-26.11M	-20.45M	20.37M	-19.71M	-8.12M	-58.3M	5.92M	-3.42M	12.98M	30.57M
Pretax Income+	-27.99M	-2.88M	32.27M	55.08M	80.65M	365.71M	471.65M	-661.98M	292.82M	410.77M
Pretax Margin %	-0.1%	-0.01%	0.07%	0.09%	0.1%	0.21%	0.2%	-0.26%	0.11%	0.15%
Income Tax+	26.07M	27.02M	-49.53M	-22.41M	-15.25M	16.46M	-21.85M	32.31M	-14.75M	107.49M
Effective Tax Rate %	1.93%	10.4%	2.54%	1.41%	1.19%	0.95%	1.05%	1.05%	1.05%	0.74%
Net Income+	-54.06M	-29.9M	81.8M	77.49M	95.89M	349.25M	493.51M	-694.29M	307.57M	303.28M
Net Margin %	-0.2%	-0.08%	0.19%	0.13%	0.12%	0.2%	0.21%	-0.27%	0.11%	0.11%
Net Income Growth %	-2.55%	0.45%	3.74%	-0.05%	0.24%	2.64%	0.41%	-2.41%	1.44%	-0.01%
Net Income (Continuing)	-54.06M	-29.9M	81.8M	77.49M	95.89M	349.25M	493.51M	-694.29M	307.57M	303.28M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.59	-0.26	0.68	0.61	0.76	2.69	3.40	-5.48	2.24	2.35
EPS Growth %	-2.69%	0.56%	3.62%	-0.1%	0.25%	2.54%	0.26%	-2.61%	1.41%	0.05%
EPS (Basic)	-0.59	-0.26	0.69	0.61	0.80	2.88	3.88	-5.48	2.56	2.64
Diluted Shares Outstanding	91.12M	113.56M	122.27M	127.08M	125.72M	136.41M	146.68M	126.78M	140.15M	131.72M
Basic Shares Outstanding	91.12M	113.56M	118.54M	127.02M	119.67M	121.25M	127.22M	126.78M	122.5M	114.94M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	359.05M	371.03M	439.26M	680.29M	921.04M	1.89B	1.34B	1.51B	1.57B	1.33B
Cash & Short-Term Investments	292.86M	282.09M	340.55M	624.29M	817.25M	1.67B	984.61M	1.17B	1.15B	1.04B
Cash Only	271.24M	181.59M	315.44M	366.99M	443.29M	1.24B	780.2M	921.28M	914.32M	811.18M
Short-Term Investments	21.62M	100.49M	25.11M	257.3M	373.96M	425.12M	204.42M	250.41M	236.12M	228.32M
Accounts Receivable	20.27M	56.24M	78.33M	33.32M	65.17M	169.41M	247.47M	261.85M	290.12M	198.26M
Days Sales Outstanding	27.06	56.25	64.8	20.14	29.07	35.83	38.78	37.24	38.53	25.77
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	36.39M	17.13M	0	0	0	0	0	80.2M	129.88M	89.93M
Total Non-Current Assets+	194.01M	210.16M	166.32M	221.56M	621.31M	509.71M	2.49B	1.12B	1.11B	1.09B
Property, Plant & Equipment	105.02M	126.41M	117.62M	120.18M	144.86M	112.5M	275.06M	249.74M	249.79M	236.71M
Fixed Asset Turnover	2.60x	2.89x	3.75x	5.02x	5.65x	15.34x	8.47x	10.27x	11.00x	11.86x
Goodwill	27.75M	35.66M	38.54M	37.48M	138.73M	140.81M	1.37B	137.72M	138.38M	137.09M
Intangible Assets	2.87M	7.51M	4.1M	34.59M	199.24M	187.45M	607.17M	535.41M	457.14M	413.9M
Long-Term Investments	0	5.34M	5.34M	5.34M	89.34M	39.09M	85.03M	29.14M	86.68M	111.72M
Other Non-Current Assets	6.97M	985K	561K	507K	34.88M	29.75M	56.12M	47.7M	45.19M	45.04M
Total Assets+	553.06M	581.19M	605.58M	901.85M	1.54B	2.4B	3.83B	2.63B	2.69B	2.42B
Asset Turnover	0.49x	0.63x	0.73x	0.67x	0.53x	0.72x	0.61x	0.97x	1.02x	1.16x
Asset Growth %	1.22%	0.05%	0.04%	0.49%	0.71%	0.56%	0.59%	-0.31%	0.02%	-0.1%
Total Current Liabilities+	80.12M	84.01M	102.48M	112.06M	188.53M	454.66M	615.59M	631.75M	710.78M	665.11M
Accounts Payable	33.64M	10.98M	13.62M	14.3M	76.11M	40.88M	248.21M	262.72M	29.92M	215.54M
Days Payables Outstanding	126.63	32.49	32.93	27.37	102.5	32.11	138.42	128.78	13.18	101.57
Short-Term Debt	0	6.83M	5.8M	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	4.9M	29.55M	42.25M	55.06M	118.84M	320.54M	492.64M	506.17M	564.3M	124.94M
Current Ratio	4.48x	4.42x	4.29x	6.07x	4.89x	4.17x	2.18x	2.40x	2.21x	2.00x
Quick Ratio	4.48x	4.42x	4.29x	6.07x	4.89x	4.17x	2.18x	2.40x	2.21x	2.00x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	142.44M	152.43M	106.21M	388.89M	947.19M	1.21B	2.59B	2.55B	2.52B	2.51B
Long-Term Debt	0	0	0	276.49M	785.13M	1.06B	2.28B	2.28B	2.28B	2.29B
Capital Lease Obligations	59.38M	62.66M	64.16M	62.09M	53.61M	44.98M	110.28M	105.7M	99.62M	93.48M
Deferred Tax Liabilities	61.42M	65.07M	23.79M	30.45M	64.5M	58.48M	79.48M	44.73M	13.19M	7.96M
Other Non-Current Liabilities	21.65M	24.7M	18.26M	19.86M	43.96M	41.64M	122.42M	120.41M	121.7M	122.01M
Total Liabilities	222.56M	236.44M	208.69M	500.95M	1.14B	1.66B	3.2B	3.18B	3.23B	3.18B
Total Debt+	64.98M	69.48M	69.96M	342.46M	847.01M	1.12B	2.39B	2.39B	2.39B	2.39B
Net Debt	-206.26M	-112.11M	-245.48M	-24.53M	403.72M	-128.28M	1.61B	1.47B	1.48B	1.58B
Debt / Equity	0.20x	0.20x	0.18x	0.85x	2.08x	1.50x	3.80x	-	-	-
Debt / EBITDA	3.90x	1.73x	1.79x	3.37x	6.19x	2.31x	4.42x	-	6.44x	4.89x
Net Debt / EBITDA	-12.38x	-2.80x	-6.28x	-0.24x	2.95x	-0.27x	2.98x	-	3.97x	3.23x
Interest Coverage	-1.23x	2.44x	1.07x	3.37x	3.65x	10.09x	47.12x	-46.48x	19.93x	27.54x
Total Equity+	330.5M	344.76M	396.89M	400.9M	406.63M	742.42M	628.62M	-547.27M	-543.72M	-758.87M
Equity Growth %	1.21%	0.04%	0.15%	0.01%	0.01%	0.83%	-0.15%	-1.87%	0.01%	-0.4%
Book Value per Share	3.63	3.04	3.25	3.15	3.23	5.44	4.29	-4.32	-3.88	-5.76
Total Shareholders' Equity	330.5M	344.76M	396.89M	400.9M	406.63M	742.42M	628.62M	-547.27M	-543.72M	-758.87M
Common Stock	113K	116K	122K	120K	119K	126K	127K	125K	119K	109K
Retained Earnings	-86.44M	-116.34M	-96.29M	-153.44M	-227.41M	-146.82M	71.74M	-1.05B	-1.36B	-1.78B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	10.8M	18.47M	-6.38M	-7.81M	-8.7M	5.95M	-75.01M	-314.22M	-267.47M	-297.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	29.21M	46.76M	67.42M	198.93M	206.92M	678.96M	651.55M	683.61M	705.51M	752.47M
Operating CF Margin %	0.11%	0.13%	0.15%	0.33%	0.25%	0.39%	0.28%	0.27%	0.26%	0.27%
Operating CF Growth %	1.42%	0.6%	0.44%	1.95%	0.04%	2.28%	-0.04%	0.05%	0.03%	0.07%
Net Income	-54.06M	-29.9M	81.8M	77.49M	95.89M	349.25M	493.51M	-694.29M	307.57M	303.28M
Depreciation & Amortization	18.55M	22.52M	27.2M	26.74M	48.03M	58.19M	74.27M	96.7M	91.32M	108.07M
Stock-Based Compensation	10.84M	15.9M	26.56M	38.23M	44.4M	65.11M	139.91M	230.89M	284.56M	282.85M
Deferred Taxes	17.13M	17.13M	-47.97M	-22.41M	-15.25M	2.2M	-88.95M	-55.3M	-50.09M	-14.45M
Other Non-Cash Items	27.43M	21.61M	-18.92M	19.53M	23.85M	80.01M	8.94M	1.07B	95.85M	-7.01M
Working Capital Changes	9.32M	-513K	-1.24M	59.35M	9.99M	124.2M	23.88M	40.47M	-23.7M	79.72M
Change in Receivables	-15.76M	-19.1M	-22.3M	40.65M	-35.83M	-112.68M	-103.2M	-34.63M	-45.39M	72.67M
Change in Inventory	8.05M	10.3M	4.31M	0	23.41M	128.88M	55.87M	0	0	0
Change in Payables	15.75M	7.33M	16.31M	-10.07M	22.22M	104.69M	69.77M	21.1M	31.91M	-72.6M
Cash from Investing+	-23.28M	-135.43M	61.84M	-285.39M	-488.37M	-11.38M	-1.56B	-30.02M	-73.31M	-53.1M
Capital Expenditures	-20.84M	-47.75M	-13.16M	-20.56M	-15.28M	-7.11M	-28.17M	-30.74M	-39.91M	-14.21M
CapEx % of Revenue	0.08%	0.13%	0.03%	0.03%	0.02%	0%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-35.76M	0	0	-35.49M	-1.96M	-880K	-1.94M	-6.46M	0	-29.29M
Cash from Financing+	199.61M	5.81M	3.44M	144.01M	359.61M	119.28M	452.75M	-506.48M	-656.53M	-787.17M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3.52M	8.66M	36.95M	-26.06M	-102.58M	-67.97M	-73.55M	-89.43M	-73.2M	-57.18M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	8.38M	-991K	54.26M	178.37M	191.64M	671.85M	623.38M	652.87M	665.61M	738.26M
FCF Margin %	0.03%	-0%	0.12%	0.3%	0.23%	0.39%	0.27%	0.25%	0.24%	0.26%
FCF Growth %	2.35%	-1.12%	55.76%	2.29%	0.07%	2.51%	-0.07%	0.05%	0.02%	0.11%
FCF per Share	0.09	-0.01	0.44	1.40	1.52	4.93	4.25	5.15	4.75	5.60
FCF Conversion (FCF/Net Income)	-0.54x	-1.56x	0.82x	2.57x	2.16x	1.94x	1.32x	-0.98x	2.29x	2.48x
Interest Paid	1.35M	2M	7.55M	10M	3.21M	3.4M	6.05M	9.53M	9.31M	9.05M
Taxes Paid	7.6M	10.56M	1M	966K	2.08M	8.54M	94.16M	41.68M	42.68M	89.58M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-22.54%	-8.86%	22.06%	19.43%	23.75%	60.79%	71.99%	-1707.02%	-	-
Return on Invested Capital (ROIC)	-1.09%	7.39%	4.65%	21.25%	11.22%	44.65%	24.51%	-31.28%	22.65%	32.61%
Gross Margin	64.54%	66.21%	65.78%	68.4%	66.88%	73.07%	71.9%	70.98%	69.85%	72.42%
Net Margin	-19.77%	-8.19%	18.54%	12.84%	11.72%	20.24%	21.19%	-27.06%	11.19%	10.8%
Debt / Equity	0.20x	0.20x	0.18x	0.85x	2.08x	1.50x	3.80x	-	-	-
Interest Coverage	-1.23x	2.44x	1.07x	3.37x	3.65x	10.09x	47.12x	-46.48x	19.93x	27.54x
FCF Conversion	-0.54x	-1.56x	0.82x	2.57x	2.16x	1.94x	1.32x	-0.98x	2.29x	2.48x
Revenue Growth	39.83%	33.44%	20.9%	36.82%	35.56%	110.86%	34.97%	10.18%	7.1%	2.18%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Marketplace Revenue	132.65M	158.2M	179.49M	440.74M	593.65M	1.3B	1.75B	1.91B	2B	2.02B
Marketplace Revenue Growth	-	19.27%	13.46%	145.55%	34.69%	119.51%	33.97%	9.45%	4.52%	1.18%
Services Revenue	136.61M	200.86M	258.45M	158.93M	224.73M	422.5M	583.29M	655.22M	751.19M	787.59M
Services Revenue Growth	-	47.03%	28.68%	-38.51%	41.41%	88.00%	38.06%	12.33%	14.65%	4.85%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	213.39M	276.54M	317.75M	425.84M	550.26M	1.15B	1.39B	1.43B	1.47B	1.47B
UNITED STATES Growth	-	29.59%	14.91%	34.02%	29.22%	109.13%	21.11%	2.58%	3.01%	-0.34%
Non-US	60.11M	88.43M	123.48M	177.85M	268.12M	379.07M	606.27M	792.67M	927.81M	1.02B
Non-US Growth	-	47.11%	39.63%	44.04%	50.76%	41.38%	59.94%	30.75%	17.05%	9.91%
UNITED KINGDOM	-	-	-	-	-	195.83M	329.2M	343.79M	347.89M	320.89M
UNITED KINGDOM Growth	-	-	-	-	-	-	68.11%	4.43%	1.19%	-7.76%

Frequently Asked Questions

Valuation & Price

Etsy, Inc. (ETSY) has a price-to-earnings (P/E) ratio of 26.2x. This suggests investors expect higher future growth.

Growth & Financials

Etsy, Inc. (ETSY) reported $2.85B in revenue for fiscal year 2024. This represents a 3726% increase from $74.6M in 2012.

Etsy, Inc. (ETSY) grew revenue by 2.2% over the past year. Growth has been modest.

Yes, Etsy, Inc. (ETSY) is profitable, generating $182.2M in net income for fiscal year 2024 (10.8% net margin).

Dividend & Returns

Etsy, Inc. (ETSY) generated $656.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.