(ETSY) Etsy - Overview
Sector: Consumer Cyclical | Industry: Internet Retail | Exchange: NYSE (USA) | Market Cap: 5.523m USD | Total Return: 23.6% in 12m
Avg Turnover: 177M
Qual. Beats: 0
Rev. Trend: 93.6%
Qual. Beats: 0
Warnings
Altman Z'' -0.49 < 1.0 - financial distress zone
Choppy
Tailwinds
Idiosyncratic Leader, Confidence
Etsy, Inc. (NYSE: ETSY) operates specialized two-sided e-commerce marketplaces, primarily through its flagship Etsy platform and the fashion resale brand Depop. The company facilitates transactions between independent artisans or vintage sellers and global consumers, generating revenue through transaction fees, payment processing, and optional seller services like on-site advertising and shipping logistics.
The business model relies on a capital-light structure, as the company does not hold inventory, instead providing the digital infrastructure for third-party commerce. This puts Etsy within the circular economy sector, where peer-to-peer resale and handmade goods differentiate the platform from traditional mass-market retailers.
For a detailed breakdown of historical performance and valuation metrics, check ValueRay to continue your analysis. Headquartered in Brooklyn, New York, the firm has expanded its footprint across major international markets including the United Kingdom.
- Discretionary consumer spending levels dictate Gross Merchandise Sales growth
- Seller services revenue expansion offsets slowing buyer acquisition rates
- Depop integration and resale market penetration drive long-term segment diversification
- Digital services tax and global regulatory shifts impact international take rates
- Marketing spend efficiency and performance advertising ROI determine operating margin stability
| Net Income: 284.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.25 > 0.02 and ΔFCF/TA -7.29 > 1.0 |
| NWC/Revenue: 30.11% < 20% (prev 21.29%; Δ 8.82% < -1%) |
| CFO/TA 0.27 > 3% & CFO 725.0m > Net Income 284.8m |
| Net Debt (1.65b) to EBITDA (514.9m): 3.20 < 3 |
| Current Ratio: 1.69 > 1.5 & < 3 |
| Outstanding Shares: last quarter (121.0m) vs 12m ago 13.02% < -2% |
| Gross Margin: 72.01% > 18% (prev 0.73%; Δ 7.13k% > 0.5%) |
| Asset Turnover: 119.3% > 50% (prev 130.8%; Δ -11.56% > 0%) |
| Interest Coverage Ratio: 27.47 > 6 (EBITDA TTM 514.9m / Interest Expense TTM 15.1m) |
| A: 0.32 (Total Current Assets 2.11b - Total Current Liabilities 1.25b) / Total Assets 2.68b |
| B: -0.93 (Retained Earnings -2.48b / Total Assets 2.68b) |
| C: 0.17 (EBIT TTM 414.9m / Avg Total Assets 2.40b) |
| D: -0.71 (Book Value of Equity -2.72b / Total Liabilities 3.82b) |
| Altman-Z'' = -0.49 = B |
| DSRI: 1.10 (Receivables 194.6m/171.0m, Revenue 2.86b/2.77b) |
| GMI: 1.01 (GM 72.01% / 72.78%) |
| AQI: 0.37 (AQ_t 0.14 / AQ_t-1 0.36) |
| SGI: 1.03 (Revenue 2.86b / 2.77b) |
| TATA: -0.16 (NI 284.8m - CFO 725.0m) / TA 2.68b) |
| Beneish M = -3.45 (Cap -4..+1) = AA |
As of May 25, 2026, the stock is trading at USD 62.38 with a total of 2,512,902 shares traded.
Over the past week, the price has changed by +7.42%,
over one month by -0.65%,
over three months by +14.67% and
over the past year by +23.57%.
Etsy has received a consensus analysts rating of 3.31. Therefore, it is recommended to hold ETSY.
- StrongBuy: 7
- Buy: 3
- Hold: 18
- Sell: 1
- StrongSell: 3
| Analysts Target Price | 71.7 | 15% |
P/E Trailing = 22.2989
P/E Forward = 11.9617
P/S = 1.9028
P/B = 21.4211
P/EG = 0.6282
Revenue TTM = 2.86b USD
EBIT TTM = 414.9m USD
EBITDA TTM = 514.9m USD
Long Term Debt = 2.33b USD (from longTermDebt, last quarter)
Short Term Debt = 649.3m USD (from shortTermDebt, last quarter)
Debt = 3.08b USD (corrected: LT Debt 2.33b + ST Debt 649.3m) + Leases 91.9m
Net Debt = 1.65b USD (calculated: Debt 3.08b - CCE 1.43b)
Enterprise Value = 7.17b USD (5.52b + Debt 3.08b - CCE 1.43b)
Interest Coverage Ratio = 27.47 (Ebit TTM 414.9m / Interest Expense TTM 15.1m)
EV/FCF = 10.66x (Enterprise Value 7.17b / FCF TTM 672.6m)
FCF Yield = 9.38% (FCF TTM 672.6m / Enterprise Value 7.17b)
FCF Margin = 23.49% (FCF TTM 672.6m / Revenue TTM 2.86b)
Net Margin = 9.94% (Net Income TTM 284.8m / Revenue TTM 2.86b)
Gross Margin = 72.01% ((Revenue TTM 2.86b - Cost of Revenue TTM 801.4m) / Revenue TTM)
Gross Margin QoQ = 72.17% (prev 73.06%)
Tobins Q-Ratio = 2.68 (Enterprise Value 7.17b / Total Assets 2.68b)
Interest Expense / Debt = 0.49% (Interest Expense 15.1m / Debt 3.08b)
Taxrate = 19.03% (24.6m / 129.3m)
NOPAT = 336.0m (EBIT 414.9m * (1 - 19.03%))
Current Ratio = 1.69 (Total Current Assets 2.11b / Total Current Liabilities 1.25b)
Debt / Equity = -2.71 (negative equity) (Debt 3.08b / totalStockholderEquity, last quarter -1.14b)
Debt / EBITDA = 3.20 (Net Debt 1.65b / EBITDA 514.9m)
Debt / FCF = 2.45 (Net Debt 1.65b / FCF TTM 672.6m)
Total Stockholder Equity = -1.12b (last 4 quarters mean from totalStockholderEquity)
RoA = 11.86% (Net Income 284.8m / Total Assets 2.68b)
RoE = 20.90% (Net Income TTM 284.8m / Total Stockholder Equity 1.36b)
RoCE = 11.22% (EBIT 414.9m / Capital Employed (Equity 1.36b + L.T.Debt 2.33b))
RoIC = 23.74% (NOPAT 336.0m / Invested Capital 1.42b)
WACC = 7.43% (E(5.52b)/V(8.60b) * Re(11.34%) + D(3.08b)/V(8.60b) * Rd(0.49%) * (1-Tc(0.19)))
Discount Rate = 11.34% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -68.89 | Cagr: -5.22%
[DCF] Terminal Value 75.16% ; FCFF base≈678.2m ; Y1≈669.5m ; Y5≈685.2m
[DCF] Fair Price = 95.34 (EV 10.7b - Net Debt 1.65b = Equity 9.05b / Shares 94.9m; r=8.35% [WACC [floored]]; 5y FCF grow -2.04% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.40 | # QB: 0
Revenue Correlation: 93.64 | Revenue CAGR: 2.04% | SUE: 0.76 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.72 | Chg30d=+12.06% | Revisions=+70% | Analysts=22
EPS next Quarter (2026-09-30): EPS=0.77 | Chg30d=+9.70% | Revisions=+47% | Analysts=20
EPS current Year (2026-12-31): EPS=3.52 | Chg30d=+13.62% | Revisions=+75% | GrowthEPS=+153.6% | GrowthRev=-3.5%
EPS next Year (2027-12-31): EPS=3.96 | Chg30d=+12.59% | Revisions=+65% | GrowthEPS=+12.5% | GrowthRev=+3.5%
[Analyst] Revisions Ratio: +75%