Etsy vs Ollie's Bargain Outlet
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The short version
- Etsy is the larger business, with $2.9B of revenue in fiscal 2025 against $2.6B for Ollie's Bargain Outlet.
- Ollie's Bargain Outlet grew revenue faster (16.6%, against 2.7%).
- Ollie's Bargain Outlet kept more of each dollar of sales as operating profit (11.2% operating margin, against 9.2%).
- Etsy turned more of its sales into free cash flow (23.5% FCF margin, against 7.4%).
- Etsy earned a higher return on the capital invested in it (37.2%, against 14.5%).
- Investors pay more for each dollar of Etsy’s earnings: a P/E of 48.6x against 19.6x for Ollie's Bargain Outlet.
| Latest fiscal year | ETSY · FY25 | OLLI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.4B | $5.3B |
| Revenue | $2.9B | $2.6B |
| Free cash flow | $678M | $195M |
| Net income | $163M | $241M |
| Growth | ||
| Revenue growth | 2.7% | 16.6% |
| 5-year growth | 10.8% | 7.9% |
| Share count change | −5.8% | 0.0% |
| Profitability | ||
| Gross margin | 71.6% | 40.5% |
| Operating margin | 9.2% | 11.2% |
| Net margin | 5.7% | 9.1% |
| FCF margin | 23.5% | 7.4% |
| Return on capital | 37.2% | 14.5% |
| Return on equity | — | 13.4% |
| Balance sheet | ||
| Net debt | $1.5B | −$258M |
| Net debt / EBITDA | 4.0x | −0.7x |
| Dividends and buybacks | $777M | $73.8M |
| Valuation & quality | ||
| P/E | 48.6x | 19.6x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
ETSY $365M
OLLI $890M
FY17
ETSY $441M
OLLI $1.1B
FY18
ETSY $604M
OLLI $1.2B
FY19
ETSY $818M
OLLI $1.4B
FY20
ETSY $1.7B
OLLI $1.8B
FY21
ETSY $2.3B
OLLI $1.8B
FY22
ETSY $2.6B
OLLI $1.8B
FY23
ETSY $2.7B
OLLI $2.1B
FY24
ETSY $2.8B
OLLI $2.3B
FY25
ETSY $2.9B
OLLI $2.6B
ETSY
OLLI
Operating margin
FY16
ETSY 4.8%
OLLI 11.5%
FY17
ETSY 2.7%
OLLI 12.6%
FY18
ETSY 12.4%
OLLI 13.1%
FY19
ETSY 10.9%
OLLI 12.2%
FY20
ETSY 24.6%
OLLI 15.3%
FY21
ETSY 20.0%
OLLI 11.7%
FY22
ETSY −25.7%
OLLI 7.2%
FY23
ETSY 10.2%
OLLI 10.8%
FY24
ETSY 13.5%
OLLI 11.0%
FY25
ETSY 9.2%
OLLI 11.2%
ETSY
OLLI
Free cash flow
FY16
ETSY $12.0M
OLLI $50.7M
FY17
ETSY $65.2M
OLLI $76.7M
FY18
ETSY $198M
OLLI $51.9M
FY19
ETSY $199M
OLLI $28.4M
FY20
ETSY $678M
OLLI $331M
FY21
ETSY $640M
OLLI $10.0M
FY22
ETSY $673M
OLLI $62.7M
FY23
ETSY $693M
OLLI $130M
FY24
ETSY $738M
OLLI $107M
FY25
ETSY $678M
OLLI $195M
ETSY
OLLI
Return on capital
FY16
ETSY —
OLLI 8.6%
FY17
ETSY —
OLLI 17.1%
FY18
ETSY —
OLLI 16.1%
FY19
ETSY 36.3%
OLLI 15.1%
FY20
ETSY 129.5%
OLLI 26.1%
FY21
ETSY 41.9%
OLLI 16.3%
FY22
ETSY −38.5%
OLLI 9.2%
FY23
ETSY 41.0%
OLLI 14.2%
FY24
ETSY 43.7%
OLLI 13.7%
FY25
ETSY 37.2%
OLLI 14.5%
ETSY
OLLI
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.