eBay vs Etsy
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The short version
- eBay is the larger business, with $11.1B of revenue in fiscal 2025 against $2.9B for Etsy, about 3.8 times as much.
- eBay grew revenue faster (8.0%, against 2.7%).
- eBay kept more of each dollar of sales as operating profit (20.5% operating margin, against 9.2%).
- Etsy turned more of its sales into free cash flow (23.5% FCF margin, against 12.9%).
- Etsy earned a higher return on the capital invested in it (37.2%, against 26.8%).
- Investors pay more for each dollar of Etsy’s earnings: a P/E of 48.6x against 25.2x for eBay.
| Latest fiscal year | EBAY · FY25 | ETSY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $55.2B | $10.4B |
| Revenue | $11.1B | $2.9B |
| Free cash flow | $1.4B | $678M |
| Net income | $2.0B | $163M |
| Growth | ||
| Revenue growth | 8.0% | 2.7% |
| 5-year growth | 4.5% | 10.8% |
| Share count change | −6.6% | −5.8% |
| Profitability | ||
| Gross margin | 71.5% | 71.6% |
| Operating margin | 20.5% | 9.2% |
| Net margin | 18.3% | 5.7% |
| FCF margin | 12.9% | 23.5% |
| Return on capital | 26.8% | 37.2% |
| Return on equity | 41.6% | — |
| Balance sheet | ||
| Net debt | $3.8B | $1.5B |
| Net debt / EBITDA | 1.4x | 4.0x |
| Dividends and buybacks | $3.0B | $777M |
| Valuation & quality | ||
| P/E | 25.2x | 48.6x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
EBAY $9.3B
ETSY $365M
FY17
EBAY $9.9B
ETSY $441M
FY18
EBAY $8.7B
ETSY $604M
FY19
EBAY $7.4B
ETSY $818M
FY20
EBAY $8.9B
ETSY $1.7B
FY21
EBAY $10.4B
ETSY $2.3B
FY22
EBAY $9.8B
ETSY $2.6B
FY23
EBAY $10.1B
ETSY $2.7B
FY24
EBAY $10.3B
ETSY $2.8B
FY25
EBAY $11.1B
ETSY $2.9B
EBAY
ETSY
Operating margin
FY16
EBAY 25.0%
ETSY 4.8%
FY17
EBAY 22.8%
ETSY 2.7%
FY18
EBAY 20.3%
ETSY 12.4%
FY19
EBAY 23.8%
ETSY 10.9%
FY20
EBAY 29.6%
ETSY 24.6%
FY21
EBAY 28.1%
ETSY 20.0%
FY22
EBAY 24.0%
ETSY −25.7%
FY23
EBAY 19.2%
ETSY 10.2%
FY24
EBAY 22.5%
ETSY 13.5%
FY25
EBAY 20.5%
ETSY 9.2%
EBAY
ETSY
Free cash flow
FY16
EBAY $2.2B
ETSY $12.0M
FY17
EBAY $2.5B
ETSY $65.2M
FY18
EBAY $2.0B
ETSY $198M
FY19
EBAY $2.6B
ETSY $199M
FY20
EBAY $2.0B
ETSY $678M
FY21
EBAY $2.2B
ETSY $640M
FY22
EBAY $1.8B
ETSY $673M
FY23
EBAY $2.0B
ETSY $693M
FY24
EBAY $2.0B
ETSY $738M
FY25
EBAY $1.4B
ETSY $678M
EBAY
ETSY
Return on capital
FY16
EBAY 23.8%
ETSY —
FY17
EBAY 9.2%
ETSY —
FY18
EBAY 14.5%
ETSY —
FY19
EBAY 16.6%
ETSY 36.3%
FY20
EBAY 24.9%
ETSY 129.5%
FY21
EBAY 19.1%
ETSY 41.9%
FY22
EBAY 17.9%
ETSY −38.5%
FY23
EBAY 15.4%
ETSY 41.0%
FY24
EBAY 25.5%
ETSY 43.7%
FY25
EBAY 26.8%
ETSY 37.2%
EBAY
ETSY
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.