Etsy, Inc.

ETSY

Consumer CyclicalMid CapUS Equities · NYSE / NASDAQ

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Company Profile

Etsy, Inc., together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, and internationally. It operates through Etsy and Depop segments. The company operates Etsy marketplace that connects artisans with various consumers; and Depop, a fashion resale marketplace. It also provides marketplace activities, including transaction offsite advertising, payments processing, and listing fees, as well as from optional seller services, which include on-site advertising and shipping labels. 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.

Valuation

Market Cap$6.4B

Current Price$73.42as of Jun 23, 2026

P/E Ratio39.04

P/B Ratio-

EV / EBITDA21.30

EV / Sales2.71

Profitability

Operating Margin12.8%

Net Profit Margin5.7%

EBITDA Margin12.7%

Returns

ROE-14.8%

ROCE14.1%

ROIC %-

ROA5.8%

Solvency

Current Ratio1.44

Debt / Equity-

Debt / Assets1.09

CFO / Net Profit4.25

Price History▲ 36.16% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.9B▲ 2.7%

EBITDA$367M▼ 31.1%

Net Profit$163M▼ 46.3%

Cash from Ops (CFO)$693M▼ 7.8%

Free Cash Flow (FCF)$639M▼ 9.9%

Revenue CAGR 3Y4.0%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.9B	$367M	$163M	$639M	-14.8%	2.7%	-46.3%
2024	$2.8B	$533M	$303M	$709M	-40.0%	2.2%	-1.4%
2023	$2.7B	$398M	$308M	$666M	-56.6%	7.1%	-144.3%
2022	$2.6B	$-551M	$-694M	$646M	126.9%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,566.11	2,748.38	2,808.33	2,883.50
Operating Revenue	-	2,566.11	2,748.38	2,808.33	2,883.50
Cost Of Revenue	-	744.59	828.68	774.55	817.80
Gross Profit	-	1,821.52	1,919.70	2,033.78	2,065.70
Operating Expense	-	1,435.06	1,571.77	1,653.57	1,697.79
Research And Development	-	412.40	469.33	443.06	450.19
Selling General And Administration	-	1,022.66	1,102.44	1,210.51	1,247.60
Total Expenses	-	2,179.65	2,400.45	2,428.12	2,515.59
Operating Income	-	386.46	347.93	380.21	367.91
Total Operating Income As Reported	-	-658.56	279.84	380.21	266.21
EBITDA	-	-551.11	398.18	532.66	367.02
Normalized EBITDA	-	494.12	475.25	519.26	514.25
EBIT	-	-647.81	306.86	424.58	265.17
Interest Income	-	10.96	36	30.98	44.49
Interest Expense	-	14.17	14.04	13.81	18.51
Net Interest Income	-	-3.21	21.96	17.18	25.98
Other Income Expense	-	-1,045.23	-77.07	13.39	-147.23
Interest Income Non Operating	-	10.96	36	30.98	44.49
Interest Expense Non Operating	-	14.17	14.04	13.81	18.51
Net Non Operating Interest Income Expense	-	-3.21	21.96	17.18	25.98
Pretax Income	-	-661.98	292.82	410.78	246.66
Tax Provision	-	32.31	-14.75	107.49	83.68
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-219.50	-16.18	3.50	-49.91
Net Income Continuous Operations	-	-694.29	307.57	303.28	162.98
Net Income From Continuing And Discontinued Operation	-	-694.29	307.57	303.28	162.98
Net Income From Continuing Operation Net Minority Interest	-	-694.29	307.57	303.28	162.98
Net Income	-	-694.29	307.57	303.28	162.98
Net Income Common Stockholders	-	-694.29	307.57	303.28	162.98
Net Income Including Noncontrolling Interests	-	-694.29	307.57	303.28	162.98
Normalized Income	-	131.44	368.45	293.39	260.30
Diluted NI Availto Com Stockholders	-	-694.29	313.90	309.61	173.11
Basic Average Shares	-	126.78	122.50	114.94	102.36
Diluted Average Shares	-	126.78	140.15	131.72	124.11
Reconciled Depreciation	-	96.70	91.32	108.07	101.84
Reconciled Cost Of Revenue	-	744.59	828.68	774.55	817.80
Total Unusual Items	-	-1,045.23	-77.07	13.39	-147.23
Total Unusual Items Excluding Goodwill	-	-1,045.23	-77.07	13.39	-147.23
Special Income Charges	-	-1,045.02	-70.72	0	-106.80
Gain On Sale Of Business	-	0	-2.63	0	-5.10
Impairment Of Capital Assets	-	1,045.02	68.09	0	101.70
Gain On Sale Of Security	-	-0.21	-6.35	13.39	-40.43
General And Administrative Expense	-	312.26	343.24	353.95	332.77
Other Gand A	-	312.26	343.24	353.95	332.77
Selling And Marketing Expense	-	710.40	759.20	856.56	914.83
Average Dilution Earnings	-	0	6.34	6.32	10.12

Peer Comparison

Consumer Cyclical sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Etsy, Inc.this co.	ETSY	$6.4B	39.04↑ premium	-	-14.8%	21.30
Life Time Group Holdings, Inc.	LTH	$7.2B	19.39	2.32	12.0%	14.40
CarMax, Inc.	KMX	$6.7B	26.91	1.13	4.2%	15.58
Urban Outfitters, Inc.	URBN	$6.5B	14.06	2.32	16.5%	9.68
LKQ Corporation	LKQ	$6.4B	10.60	0.98

Learn while you research

Hand-picked academy chapters to deepen your understanding of Etsy, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.9B

$367M

$163M

$639M

-14.8%

2.7%

-46.3%

2024

$2.8B

$533M

$303M

$709M

-40.0%

2.2%

-1.4%

2023

$2.7B

$398M

$308M

$666M

-56.6%

7.1%

-144.3%

2022

$2.6B

$-551M

$-694M

$646M

126.9%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,566.11

2,748.38

2,808.33

2,883.50

Operating Revenue

2,566.11

2,748.38

2,808.33

2,883.50

Cost Of Revenue

744.59

828.68

774.55

817.80

Gross Profit

1,821.52

1,919.70

2,033.78

2,065.70

Operating Expense

1,435.06

1,571.77

1,653.57

1,697.79

Research And Development

412.40

469.33

443.06

450.19

Selling General And Administration

1,022.66

1,102.44

1,210.51

1,247.60

Total Expenses

2,179.65

2,400.45

2,428.12

2,515.59

Operating Income

386.46

347.93

380.21

367.91

Total Operating Income As Reported

-658.56

279.84

380.21

266.21

EBITDA

-551.11

398.18

532.66

367.02

Normalized EBITDA

494.12

475.25

519.26

514.25

EBIT

-647.81

306.86

424.58

265.17

Interest Income

10.96

30.98

44.49

Interest Expense

14.17

14.04

13.81

18.51

Net Interest Income

-3.21

21.96

17.18

25.98

Other Income Expense

-1,045.23

-77.07

13.39

-147.23

Interest Income Non Operating

10.96

30.98

44.49

Interest Expense Non Operating

14.17

14.04

13.81

18.51

Net Non Operating Interest Income Expense

-3.21

21.96

17.18

25.98

Pretax Income

-661.98

292.82

410.78

246.66

Tax Provision

32.31

-14.75

107.49

83.68

Tax Rate For Calcs

Tax Effect Of Unusual Items

-219.50

-16.18

3.50

-49.91

Net Income Continuous Operations

-694.29

307.57

303.28

162.98

Net Income From Continuing And Discontinued Operation

-694.29

307.57

303.28

162.98

Net Income From Continuing Operation Net Minority Interest

-694.29

307.57

303.28

162.98

Net Income

-694.29

307.57

303.28

162.98

Net Income Common Stockholders

-694.29

307.57

303.28

162.98

Net Income Including Noncontrolling Interests

-694.29

307.57

303.28

162.98

Normalized Income

131.44

368.45

293.39

260.30

Diluted NI Availto Com Stockholders

-694.29

313.90

309.61

173.11

Basic Average Shares

126.78

122.50

114.94

102.36

Diluted Average Shares

126.78

140.15

131.72

124.11

Reconciled Depreciation

96.70

91.32

108.07

101.84

Reconciled Cost Of Revenue

744.59

828.68

774.55

817.80

Total Unusual Items

-1,045.23

-77.07

13.39

-147.23

Total Unusual Items Excluding Goodwill

-1,045.23

-77.07

13.39

-147.23

Special Income Charges

-1,045.02

-70.72

-106.80

Gain On Sale Of Business

-2.63

-5.10

Impairment Of Capital Assets

1,045.02

68.09

101.70

Gain On Sale Of Security

-0.21

-6.35

13.39

-40.43

General And Administrative Expense

312.26

343.24

353.95

332.77

Other Gand A

312.26

343.24

353.95

332.77

Selling And Marketing Expense

710.40

759.20

856.56

914.83

Average Dilution Earnings

6.34

6.32

10.12

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Etsy, Inc.this co.

ETSY

$6.4B

39.04↑ premium

-14.8%

21.30

Life Time Group Holdings, Inc.

LTH

$7.2B

19.39

2.32

12.0%

14.40

CarMax, Inc.

KMX

$6.7B

26.91

1.13

4.2%

15.58

Urban Outfitters, Inc.

URBN

$6.5B

14.06

2.32

16.5%

9.68

LKQ Corporation

LKQ

$6.4B

10.60

0.98

Etsy, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Etsy, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on