Etsy vs Macy's
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KIRA’s take AI analyst
I put Etsy and Macy's side by side, using each one’s latest annual report. Here is what stands out:
- Macy's is the larger business, with $22.6B of revenue in fiscal 2025 against $2.9B for Etsy, about 7.8 times as much.
- Etsy grew revenue faster (2.7%, against −1.7%).
- Etsy kept more of each dollar of sales as operating profit (9.2% operating margin, against 4.6%).
- Etsy turned more of its sales into free cash flow (23.5% FCF margin, against 4.7%).
- Etsy earned a higher return on the capital invested in it (37.2%, against 12.9%).
- Investors pay more for each dollar of Etsy’s earnings: a P/E of 47.7x against 8.6x for Macy's.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Etsy
ETSY
8/10
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalShare count change
Macy's
M
2/10
Piotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | ETSY FY25 | M FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.3B | $6.4B |
| Revenue | $2.9B | $22.6B |
| Free cash flow | $678M | $1.1B |
| Net income | $163M | $642M |
| Growth | ||
| Revenue growth | 2.7% | −1.7% |
| 5-year growth | 10.8% | 5.5% |
| Share count change | −5.8% | −1.8% |
| Profitability | ||
| Gross margin | 71.6% | 40.3% |
| Operating margin | 9.2% | 4.6% |
| Net margin | 5.7% | 2.8% |
| FCF margin | 23.5% | 4.7% |
| Return on capital | 37.2% | 12.9% |
| Return on equity | — | 13.6% |
| Balance sheet | ||
| Net debt | $1.5B | $1.2B |
| Net debt / EBITDA | 4.0x | 0.6x |
| Dividends and buybacks | $777M | $447M |
| Valuation & quality | ||
| P/E | 47.7x | 8.6x |
| Piotroski F-score | 5 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.