Etsy
ETSY NYSE· Broadline Retail
Last close · Oct 26, 2026
$85.43
KIRA · Stoqly’s AI analyst, in plain words
- Etsy had $2.9B of revenue in fiscal 2025, up 2.7% on the year before. Over five years, revenue changed +10.8% a year on average.
- Its operating margin was 9.2%, down 4.3 pts: of every 100 in sales, about 9 is left after running the business.
- Etsy made $163M of net profit in fiscal 2025.
- Free cash flow was $678M in fiscal 2025, 23.5% of revenue.
- Etsy returned $777M to shareholders in fiscal 2025, 115% of free cash flow. The diluted share count fell 5.8%.
- Etsy owes $1.5B more than it holds in cash, about 4.0 years of operating profit.
Market cap
$10.3B
P/E
47.7x
Revenue
$2.9B
Net income
$163M
Free cash flow
$678M
Operating margin
9.2%
Etsy in 30 seconds · fiscal 2025
Are sales growing?
+2.7%
Only a little. Sales grew 2.7% last year.
Does it make a profit?
5.7%
A little. It keeps 5.7% of every sale as profit.
Does profit turn into cash?
23.5%
Yes. 23.5% of sales ends up as free cash.
Is debt under control?
4.0x
Heavy. Repaying its debt would take 4.0 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
How is the share priced?
47.7x
One share costs 47.7 times its yearly profit per share. Typical for its sector: 17.7x.
What Etsy does
Etsy runs online marketplaces that connect independent sellers with buyers around the world. The Etsy marketplace is for unique, creative and handmade goods. It also owns Depop, a fashion resale marketplace it bought in 2021. Etsy does not hold physical inventory. Sellers list and ship their own goods, and Etsy runs the platforms, search, payments, trust and safety tools, and marketing. Etsy earns money from fees. Required fees include transaction fees (which include a fee for offsite advertising), payments processing fees and listing fees. It also sells optional services such as on-site advertising and shipping labels. Total sales across its marketplaces, which it calls Gross Merchandise Sales, were $11,916.9 million in 2025. The Etsy marketplace was 87.8% of that total. Etsy also relies on Google Cloud for much of the computing for the Etsy marketplace.
Biggest risks, in its own words
- Keeping buyers and sellers active and engaged, and keeping its marketplaces trusted and safe.
- Relying on its sellers to give buyers a good experience.
- Relying on Google Cloud and other third-party services, so a disruption would hurt its operations.
- Operational and compliance risks in its payments systems.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 19, 2026
- Legal name
- ETSY, INC
- CIK
- 0001370637
Etsy · ETSY
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $2.3B | $2.6B | $2.7B | $2.8B | $2.9B |
| Revenue growth | 35.0% | 10.2% | 7.1% | 2.2% | 2.7% |
| Gross margin | 71.9% | 71.0% | 69.9% | 72.4% | 71.6% |
| Operating margin | 20.0% | −25.7% | 10.2% | 13.5% | 9.2% |
| Net income | $494M | −$694M | $308M | $303M | $163M |
| Net margin | 21.2% | −27.1% | 11.2% | 10.8% | 5.7% |
| Diluted EPS | $3.40 | −$5.48 | $2.24 | $2.35 | $1.39 |
| Cash | |||||
| Cash from operations | $652M | $684M | $706M | $753M | $693M |
| Capital expenditure | $11.2M | $10.2M | $12.9M | $14.2M | $15.4M |
| Free cash flow | $640M | $673M | $693M | $738M | $678M |
| FCF margin | 27.5% | 26.2% | 25.2% | 26.3% | 23.5% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $303M | $426M | $577M | $724M | $777M |
| Share count change | 7.5% | −13.6% | 10.5% | −6.0% | −5.8% |
| Debt and strength | |||||
| Cash and short-term investments | $985M | $1.2B | $1.2B | $1.0B | $1.6B |
| Debt incl. finance leases | $2.4B | $2.4B | $2.4B | $2.4B | $3.1B |
| Shareholders' equity | $629M | −$547M | −$544M | −$759M | −$1.1B |
| Net debt / EBITDA | 2.6x | — | 3.3x | 2.8x | 4.0x |
| Current ratio | 2.2x | 2.4x | 2.2x | 2.0x | 1.4x |
| Interest coverage | 47.1x | −46.5x | 19.9x | 27.5x | 14.4x |
| Returns and quality | |||||
| Return on capital | 41.9% | −38.5% | 41.0% | 43.7% | 37.2% |
| Return on equity | 72.0% | — | — | — | — |
| Piotroski F-score | 3 | 5 | 5 | 6 | 5 |
| Altman Z'' | 2.3 | −1.0 | 1.0 | 0.2 | −1.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$80.6M
9 insiders
Of sales under plans
98%
$79.3M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Etsy · ETSY
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Etsy ETSY | $10.3B | 2.7% | 9.2% | 23.5% | 37.2% | 47.7x | 5 |
| Ollie's Bargain Outlet OLLI | $5.1B | 16.6% | 11.2% | 7.4% | 14.5% | 18.8x | 7 |
| eBay EBAY | $54.0B | 8.0% | 20.5% | 12.9% | 26.8% | 24.6x | 5 |
| Kohl's KSS | $2.8B | −4.3% | 4.0% | 6.5% | 7.2% | 10.3x | 7 |
| Macy's M | $6.4B | −1.7% | 4.6% | 4.7% | 12.9% | 8.6x | 8 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $85.43 a share, the company is worth $10.3B: 47.7 times its earnings of the last four quarters.
Etsy grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 4 of 4.
Source: SEC EDGAR XBRL filings (CIK 0001370637). Data updated October 10, 2026. For information only — not investment advice. Check the original filings before relying on any figure.