Etsy vs Ollie's Bargain Outlet
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KIRA’s take AI analyst
I put Etsy and Ollie's Bargain Outlet side by side, using each one’s latest annual report. Here is what stands out:
- 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 47.7x against 18.8x for Ollie's Bargain Outlet.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Etsy
ETSY
5/10
5-year growthGross marginFCF marginReturn on capitalShare count change
Ollie's Bargain Outlet
OLLI
5/10
Revenue growthOperating marginNet marginPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | ETSY FY25 | OLLI FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.3B | $5.1B |
| 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 | 47.7x | 18.8x |
| Piotroski F-score | 5 | 7 |
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.