Etsy vs Macy's
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The short version
- 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 48.6x against 8.8x for Macy's.
| Latest fiscal year | ETSY · FY25 | M · FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.4B | $6.6B |
| 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 | 48.6x | 8.8x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
ETSY $365M
M $25.9B
FY17
ETSY $441M
M $24.9B
FY18
ETSY $604M
M $25.0B
FY19
ETSY $818M
M $24.6B
FY20
ETSY $1.7B
M $17.3B
FY21
ETSY $2.3B
M $25.4B
FY22
ETSY $2.6B
M $25.4B
FY23
ETSY $2.7B
M $23.9B
FY24
ETSY $2.8B
M $23.0B
FY25
ETSY $2.9B
M $22.6B
ETSY
M
Operating margin
FY16
ETSY 4.8%
M 5.3%
FY17
ETSY 2.7%
M 7.5%
FY18
ETSY 12.4%
M 7.0%
FY19
ETSY 10.9%
M 4.0%
FY20
ETSY 24.6%
M −25.8%
FY21
ETSY 20.0%
M 9.3%
FY22
ETSY −25.7%
M 6.6%
FY23
ETSY 10.2%
M 1.3%
FY24
ETSY 13.5%
M 4.0%
FY25
ETSY 9.2%
M 4.6%
ETSY
M
Free cash flow
FY16
ETSY $12.0M
M $1.2B
FY17
ETSY $65.2M
M $1.5B
FY18
ETSY $198M
M $1.1B
FY19
ETSY $199M
M $706M
FY20
ETSY $678M
M $311M
FY21
ETSY $640M
M $2.4B
FY22
ETSY $673M
M $727M
FY23
ETSY $693M
M $674M
FY24
ETSY $738M
M $760M
FY25
ETSY $678M
M $1.1B
ETSY
M
Return on capital
FY16
ETSY —
M 9.1%
FY17
ETSY —
M 19.1%
FY18
ETSY —
M 13.6%
FY19
ETSY 36.3%
M 7.7%
FY20
ETSY 129.5%
M −45.3%
FY21
ETSY 41.9%
M 33.1%
FY22
ETSY −38.5%
M 23.0%
FY23
ETSY 41.0%
M 4.9%
FY24
ETSY 43.7%
M 11.5%
FY25
ETSY 37.2%
M 12.9%
ETSY
M
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.