Latest Ratios: P/E Ratio 10.7x · EV/EBITDA 18.3x · ROE N/A. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.5B | $6.8B | $7.0B | $11.4B | $15.2B | $32.1B | $24.3B | $5.6B | $6.0B | $2.5B | $1.3B |
| Enterprise Value | $10.2B | $8.5B | $8.5B | $12.8B | $16.7B | $33.7B | $24.1B | $6.0B | $6.0B | $2.3B | $1.2B |
| P/E Ratio → | 10.68 | 39.88 | 22.51 | 36.18 | — | 64.39 | 66.14 | 58.29 | 77.98 | 30.07 | — |
| P/S Ratio | 2.97 | 2.38 | 2.48 | 4.13 | 5.92 | 13.79 | 14.06 | 6.81 | 10.01 | 5.67 | 3.67 |
| P/B Ratio | — | — | — | — | — | 51.09 | 32.69 | 13.70 | 15.08 | 6.30 | 3.88 |
| P/FCF | 15.11 | 10.72 | 9.83 | 17.07 | 23.49 | 51.68 | 36.12 | 29.06 | 33.89 | 44.69 | 6251.26 |
| P/OCF | 12.31 | 9.88 | 9.26 | 16.10 | 22.21 | 49.29 | 35.75 | 26.92 | 30.39 | 36.18 | 27.89 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.96 | 3.04 | 4.67 | 6.49 | 14.48 | 13.99 | 7.30 | 9.97 | 5.11 | 3.36 |
| EV / EBITDA | 18.32 | 18.16 | 17.50 | 34.58 | — | 62.45 | 50.06 | 43.67 | 59.30 | 57.68 | 30.56 |
| EV / EBIT | 27.76 | 32.16 | 20.12 | 41.82 | — | 70.03 | 59.21 | 56.91 | 77.93 | 51.96 | 283.19 |
| EV / FCF | — | 13.35 | 12.05 | 19.28 | 25.76 | 54.27 | 35.93 | 31.17 | 33.76 | 40.31 | 5727.39 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.6% | 71.6% | 72.4% | 69.8% | 71.0% | 71.9% | 73.1% | 66.9% | 68.4% | 65.8% | 66.2% |
| Operating Margin | 12.8% | 12.8% | 13.5% | 10.2% | -25.7% | 20.0% | 24.6% | 10.8% | 12.4% | 2.7% | 4.8% |
| Net Profit Margin | 5.7% | 5.7% | 10.8% | 11.2% | -27.1% | 21.2% | 20.2% | 11.7% | 12.8% | 18.5% | -8.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | -1707.0% | 72.0% | 60.8% | 23.7% | 19.4% | 22.1% | -8.9% |
| ROA | 6.2% | 6.2% | 11.9% | 11.6% | -21.5% | 15.8% | 17.7% | 7.8% | 10.3% | 13.8% | -5.3% |
| ROIC | 39.4% | 39.4% | 32.6% | 22.7% | -31.3% | 24.5% | 44.6% | 11.2% | 21.3% | 4.6% | 7.4% |
| ROCE | 22.9% | 22.9% | 20.4% | 14.1% | -25.2% | 18.0% | 25.7% | 8.3% | 11.6% | 2.4% | 3.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 3.80 | 1.50 | 2.08 | 0.85 | 0.18 | 0.20 |
| Debt / EBITDA | 6.55 | 6.55 | 4.89 | 6.44 | — | 4.42 | 2.31 | 6.19 | 3.37 | 1.79 | 1.73 |
| Net Debt / Equity | — | — | — | — | — | 2.56 | -0.17 | 0.99 | -0.06 | -0.62 | -0.33 |
| Net Debt / EBITDA | 3.58 | 3.58 | 3.23 | 3.97 | — | 2.98 | -0.27 | 2.95 | -0.24 | -6.28 | -2.80 |
| Debt / FCF | — | 2.63 | 2.22 | 2.22 | 2.27 | 2.59 | -0.19 | 2.11 | -0.14 | -4.39 | -523.86 |
| Interest Coverage | 14.33 | 14.33 | 30.75 | 21.85 | -45.72 | 48.71 | 9.70 | 4.32 | 3.48 | 3.90 | 0.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.44 | 1.44 | 2.00 | 2.21 | 2.40 | 2.18 | 4.17 | 4.89 | 6.07 | 4.29 | 4.42 |
| Quick Ratio | 1.44 | 1.44 | 2.00 | 2.21 | 2.40 | 2.18 | 4.17 | 4.89 | 6.07 | 4.29 | 4.42 |
| Cash Ratio | 1.19 | 1.19 | 1.56 | 1.62 | 1.85 | 1.60 | 3.67 | 4.33 | 5.57 | 3.32 | 3.36 |
| Asset Turnover | — | 1.02 | 1.16 | 1.02 | 0.97 | 0.61 | 0.72 | 0.53 | 0.67 | 0.73 | 0.63 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 27.05 | 25.77 | 38.53 | 37.24 | 38.78 | 35.83 | 29.07 | 20.14 | 64.80 | 56.25 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.4% | 2.5% | 4.4% | 2.8% | — | 1.6% | 1.5% | 1.7% | 1.3% | 3.3% | — |
| FCF Yield | 6.6% | 9.3% | 10.2% | 5.9% | 4.3% | 1.9% | 2.8% | 3.4% | 3.0% | 2.2% | 0.0% |
| Buyback Yield | 9.1% | 11.3% | 10.4% | 5.1% | 2.8% | 0.9% | 1.1% | 3.2% | 2.2% | 0.4% | 0.0% |
| Total Shareholder Yield | 9.1% | 11.3% | 10.4% | 5.1% | 2.8% | 0.9% | 1.1% | 3.2% | 2.2% | 0.4% | 0.0% |
| Shares Outstanding | — | $124M | $132M | $140M | $127M | $147M | $136M | $126M | $127M | $122M | $114M |
Includes 30+ ratios · 14 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ETSY stock.
Etsy, Inc.'s current P/E ratio is 10.7x. The historical average is 49.4x.
Etsy, Inc.'s current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 40.7x.
Based on historical data, Etsy, Inc. is trading at a P/E of 10.7x. Compare with industry peers and growth rates for a complete picture.
Etsy, Inc. has 71.6% gross margin and 12.8% operating margin. Operating margin between 10-20% is typical for established companies.
Etsy, Inc.'s Debt/EBITDA ratio is 6.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Take-rate dependence and seller attrition
Metrics are mathematically derived from official filings.
Trailing Multiples Overstate Reported Earnings Power
Based on Etsy's reported figures, trailing P/E of 65.85 sits far above the forward P/E of 21.96, suggesting the market is pricing a recovery in earnings rather than paying for current profitability.
The gap between trailing and forward P/E points to trailing net income being distorted by the non-operating gain that inflated the latest quarter, so the trailing figure is less informative than the forward multiple. Against a P/S of 3.01 and P/FCF of 13.60, the cash-based multiple looks considerably more reasonable, though free cash flow itself swings widely with working capital timing. Investors should monitor whether the forward estimates prove achievable given the flattening revenue trajectory.
Gross Margin Holds While Operating Margin Compresses
As reported in quarterly income statements, gross margin has held in a 71% to 74% band while operating margin ranged from 10.8% to 19.0%, indicating that pressure sits in marketing and operating expense rather than in the intermediary take.
A stable gross margin alongside volatile operating margin suggests the cost base below gross profit, particularly marketing intensity, is what drives earnings variability. The latest operating margin of 16.1% sits within the historical range but below the 18% to 19% peaks, which may reflect reinvestment pressure. Using operating margin rather than net margin is more appropriate for earning power, since net margin of 123.3% is inflated by non-operating items.
ROIC Recovering From Low-Single-Digit Troughs
According to reported ratios, ROIC climbed from roughly 5.2% in 2024Q2 to 15.0% in 2026Q3, suggesting returns on invested capital have improved meaningfully though remain well below the peak levels of the period.
The recovery appears driven by margin expansion and a smaller, asset-light capital base rather than by a material rise in asset turnover, which has remained near 0.25 to 0.35. Because equity is negative, ROE is not meaningful and should not be used to judge capital efficiency. Investors should treat the ROIC rebound as provisional until it is confirmed across several consecutive quarters.
Negative Equity Keeps Leverage Ratios Distorted
Based on Etsy's reported balance sheets, total debt near $3.1B against negative stockholders' equity of $677.8M leaves debt-to-equity undefined, while interest coverage of 23.9x in the latest quarter suggests debt service currently appears comfortable.
Interest coverage has moved between roughly 14.6x and 28.8x across the period, indicating that earnings support of debt service has been adequate though variable. Debt-to-EBITDA near 24x is high in absolute terms and warrants monitoring, as it implies limited cushion if operating earnings decline. Refinancing and covenant risk cannot be assessed fully from the supplied data and should be examined in the debt footnotes.
Cash Rebuild Lifts Current Ratio to 1.36
According to recent SEC filings, Etsy's cash rose from $901.3M to $2.1B over two quarters, lifting the current ratio to 1.36 in the latest quarter from as high as 3.39 earlier in the period.
The current ratio has compressed from elevated earlier levels, and the quick ratio equals the current ratio given minimal inventory, so liquidity rests on cash and receivables rather than on inventory conversion. The headline cash build coincides with volatile working capital, meaning part of the liquidity improvement may reverse if seller payout timing shifts. Under severe stress, the position would depend on sustaining cash generation given the large liability base.
Take-Rate Gains May Not Persist
Based on Etsy's reported figures, the most commonly misapplied ratio here is trailing P/E, which is distorted by the non-operating gain in the latest quarter and can mislead investors on true earning power.
Trailing P/E of 65.85 is often read as an expensive multiple, but it reflects a net income figure inflated by non-recurring items rather than recurring intermediary economics. Operating margin, free cash flow net of stock-based compensation, and forward earnings estimates provide a more defensible view of what the platform actually earns. Investors should weigh these alternatives before drawing valuation conclusions from the headline multiple.