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Friday 6 November 2026
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Etsy, Inc.
ETSY Consumer Cyclical Internet Retail
- Revenue
- +11.0%
- EPS
- +1,132.8%
- Free cash flow
- −26.1%
- Total debt
- +0.16%
Quarter to September 2026, against a year earlier
91.48
4.76
−4.95%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 365 | 441 | 604 | 818 | 1,726 | 2,329 | 2,566 | 2,748 | 2,808 | 2,884 | 3,010 | +25.8% | 2,890 | 3,032 | 3,182 | +3.3% | |
| Gross margin, % | 66.21 | 65.78 | 68.40 | 66.88 | 73.07 | 71.90 | 70.98 | 69.85 | 72.42 | 71.64 | 71.28 | +5.4 pt | ||||||
| EBT | (3) | 32 | 55 | 81 | 366 | 472 | (662) | 293 | 411 | 247 | 465 | n/m | ||||||
| EBT margin, % | (0.79) | 7.31 | 9.12 | 9.85 | 21.19 | 20.25 | (25.80) | 10.65 | 14.63 | 8.55 | 15.45 | +9.3 pt | ||||||
| Net income | (30) | 82 | 77 | 96 | 349 | 494 | (694) | 308 | 303 | 163 | 987 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.21 | 3.72 | 5.02 | 6.84 | 14.23 | 18.31 | 20.24 | 22.44 | 24.43 | 28.17 | 33.04 | +27.3% | |||||
| Earnings | (0.26) | 0.69 | 0.64 | 0.80 | 2.88 | 3.88 | (5.48) | 2.51 | 2.64 | 1.59 | 10.73 | n/m | ||||||
| Cash flow | 0.42 | 0.58 | 1.66 | 1.73 | 5.60 | 5.12 | 5.39 | 5.76 | 6.55 | 6.77 | 6.57 | +36.1% | ||||||
| Capex | (0.42) | (0.11) | (0.47) | (0.14) | (0.07) | (0.24) | (0.29) | (0.33) | (0.38) | (0.53) | (0.42) | +2.7% | ||||||
| Free cash flow | 0.00 | 0.47 | 1.19 | 1.59 | 5.53 | 4.88 | 5.10 | 5.43 | 6.17 | 6.24 | 6.14 | +145.9% | ||||||
| Book value | 3.04 | 3.35 | 3.34 | 3.40 | 6.12 | 4.94 | (4.32) | (4.44) | (6.60) | (10.73) | (7.44) | n/m | ||||||
| Shares, m | 114 | 119 | 120 | 120 | 121 | 127 | 127 | 123 | 115 | 102 | 96 | (1.1%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 30.35 | 73.18 | 56.08 | 62.42 | 56.28 | 0.00 | 32.17 | 19.88 | 33.00 | 8.53 | 36.3 | |||||
| P/S | 3.70 | 5.60 | 9.47 | 6.48 | 12.50 | 11.96 | 5.61 | 3.61 | 2.16 | 1.91 | 2.77 | 6.3 | ||||||
| P/B | 3.91 | 6.22 | 14.26 | 13.04 | 29.06 | 44.31 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.1 | ||||||
| EV/Sales | 3.10 | 4.97 | 9.00 | 6.52 | 12.18 | 12.56 | 6.09 | 4.06 | 2.64 | 2.42 | 3.02 | 6.4 | ||||||
| EV/FCF | 5,278.96 | 39.20 | 38.03 | 28.12 | 31.33 | 46.94 | 24.24 | 16.95 | 10.57 | 11.34 | 16.46 | 552.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 48 | 69 | 199 | 207 | 679 | 652 | 684 | 706 | 752 | 693 | 598 | +34.6% | |||||
| Capex | (48) | (13) | (56) | (17) | (8) | (30) | (37) | (40) | (43) | (55) | (39) | +1.5% | ||||||
| Free cash flow | 0 | 56 | 143 | 190 | 671 | 621 | 646 | 666 | 709 | 639 | 560 | +143.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 287 | 337 | 568 | 733 | 1,440 | 726 | 882 | 860 | 663 | 597 | 687 | +8.5% | |||||
| Net debt | (212) | (270) | (282) | 33 | (549) | 1,407 | 1,223 | 1,233 | 1,342 | 1,456 | 769 | n/m | ||||||
| Shareholders’ equity | 345 | 397 | 401 | 407 | 742 | 629 | (547) | (544) | (759) | (1,098) | (678) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (5.27) | 13.79 | 10.28 | 7.85 | 17.70 | 15.83 | (21.47) | 11.56 | 11.89 | 6.21 | 33.92 | +11.5 pt | |||||
| ROIC | 8.30 | 5.88 | 39.22 | 12.60 | 136.97 | 14.30 | (60.94) | 25.37 | 40.75 | 46.51 | 290.35 | +38.2 pt | ||||||
| ROE | (8.86) | 22.06 | 19.43 | 23.75 | 60.79 | 71.99 | (1,707.02) | (56.38) | (46.57) | (17.55) | (110.28) | (8.7) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,043 | 744 | 545 | 1,240 | 1,414 | 2,402 | 2,790 | 2,420 | 2,400 | 2,375 | — | +9.6% | |||||
| Revenue/emp, $m | 0.35 | 0.59 | 1.11 | 0.66 | 1.22 | 0.97 | 0.92 | 1.14 | 1.17 | 1.21 | — | +14.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Marketplace revenue | 2,007 | 69.61% |
|---|---|---|
| Services revenue | 876 | 30.39% |
| Gross margin | 71.64% | |
| Operating margin | 9.23% | |
| Pre-tax margin | 8.55% |
Etsy, Inc. vs peers in Internet Retail (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| JD JD.com, Inc. | $34.4B | 17.6× | 9.8× | +2.54% (above 0%: growing) | +27.87% (above 0%: growing) | +64.77% (above 0%: growing) | 17.12% | 1.31% | Compare |
| CPNG Coupang, Inc. | $29.4B | — (loss-making) | — (loss-making) | +7.50% (above 0%: growing) | n/m | −116.29% (below 0%: shrinking) | 25.71% | (4.52%) | Compare |
| W Wayfair Inc. | $15.5B | — (loss-making) | — (loss-making) | +9.72% (above 0%: growing) | n/m | +31.25% (above 0%: growing) | 29.59% | 3.10% | Compare |
| CART Maplebear Inc. | $13.7B | 29.2× | 24.6× | +16.61% (above 0%: growing) | +14.81% (above 0%: growing) | +12.50% (above 0%: growing) | 71.78% | 0.00% | Compare |
| CHWY Chewy | $9.2B | 34.8× | 27.7× | +7.28% (above 0%: growing) | +33.33% (above 0%: growing) | −15.49% (below 0%: shrinking) | 30.36% | 2.76% | Compare |
| ETSY Etsy, Inc. | $7.9B | 8.5× | 21.8× | +10.95% (above 0%: growing) | +1,132.78% (above 0%: growing) | −26.05% (below 0%: shrinking) | 72.66% | 16.09% | |
| GLBE Global-e Online Ltd. | $7.3B | 47.5× | 34.5× | +39.15% (above 0%: growing) | +366.67% (above 0%: growing) | +15.22% (above 0%: growing) | 44.10% | 14.94% | Compare |
| VIPS Vipshop Holdings Limited | $5.6B | 4.5× | 4.3× | +1.08% (above 0%: growing) | +221.95% (above 0%: growing) | +38.25% (above 0%: growing) | 23.29% | 6.15% | Compare |
| PTRN Pattern Group Inc. | $3.1B | 24.0× | 27.2× | +38.49% (above 0%: growing) | n/m | −0.70% (below 0%: shrinking) | 43.65% | 4.23% | Compare |
| Median of peers | $11.5B | 26.6× | 25.9× | +8.61% | +33.33% | +13.86% | 29.97% | 2.93% |
From the latest earnings call
- CEO Kruti Patel Goyal estimated that personalization improvements contributed approximately 2 percentage points to Etsy’s annualized year-over-year GMS growth rate by the third quarter.
- CFO Lanny Baker said active buyers returned to year-over-year growth, while purchase frequency remained modestly lower than a year earlier.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
119.00%
Held by the ten largest
58.58%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 12.62m | 13.66% | −571.63k |
| Vanguard | 10.45m | 11.31% | −13.43k |
| RENAISSANCE TECHNOLOGIES LLC | 5.99m | 6.49% | +28.23k |
| Elliott Investment Management L.P. | 5.00m | 5.41% | 0.00 |
| Goldman Sachs | 4.29m | 4.64% | +119.48k |
| Barclays | 3.86m | 4.18% | −970.33k |
| Assenagon Asset Management S.A. | 3.23m | 3.49% | +2.14m |
| State Street | 3.22m | 3.48% | −54.57k |
| AQR Capital Management | 2.77m | 3.00% | +174.80k |
| Balyasny Asset Management L.P. | 2.69m | 2.91% | −1.87m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 17 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 18.07m | 19.63m | 31.16 |
| 2024 | 17.96m | 3.66m | 29.73 |
| 2023 | 16.58m | 5.87m | 45.56 |
| 2022 | 16.46m | (15.82m) | 67.33 |
| 2021 | 40.58m | 52.37m | 123.06 |
Ownership
Directors and executive officers, together
2.50%
BlackRock, Inc.
11.70%
Renaissance Technologies LLC
6.10%
The Goldman Sachs Group, Inc.
5.90%
Elliott Investment Management L.P.
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Etsy, Inc. (ETSY) Latest News
3 Nov
29 Oct
28 Oct
26 Oct
24 Oct
ETSY metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Etsy operates an online marketplace where independent sellers offer creative goods to buyers around the world. It was founded in 2005, is headquartered in Brooklyn and is led by Chief Executive Officer Kruti Patel Goyal.
The marketplace brings together sellers ranging from hobbyists to professional merchants and buyers looking for items such as handcrafted goods, vintage pieces and personalized products. Its main categories include home and living, jewelry and personal accessories, apparel, craft supplies, paper and party supplies, and toys and games. Sellers make, curate, source or design the items; Etsy provides the platform on which they list and sell them.