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Wednesday 4 November 2026
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Wayfair Inc.
W Consumer Cyclical Internet Retail
Wayfair Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.5 billion, up 5.11% from fiscal 2024.
- Revenue
- +9.72%
- EPS
- +159.2%
- Free cash flow
- +28.5%
- Total debt
- −6.40%
Quarter to September 2026, against a year earlier
122.88
11.56
+10.38%
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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 | 3,380 | 4,721 | 6,779 | 9,127 | 14,145 | 13,708 | 12,218 | 12,003 | 11,851 | 12,457 | 13,207 | +15.6% | 13,427 | 14,426 | 15,548 | +7.7% | |
| Gross margin, % | 23.90 | 23.70 | 23.41 | 23.52 | 29.07 | 28.41 | 27.96 | 30.55 | 30.16 | 30.22 | 29.95 | +6.3 pt | ||||||
| EBT | (194) | (244) | (502) | (982) | 205 | (130) | (1,319) | (729) | (482) | (304) | (151) | +5.1% | ||||||
| EBT margin, % | (5.73) | (5.17) | (7.41) | (10.76) | 1.45 | (0.95) | (10.80) | (6.07) | (4.07) | (2.44) | (1.14) | +3.3 pt | ||||||
| Net income | (194) | (245) | (504) | (985) | 185 | (131) | (1,331) | (738) | (492) | (313) | (160) | +5.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 39.78 | 54.27 | 75.77 | 99.21 | 147.34 | 131.81 | 115.26 | 105.29 | 96.35 | 97.32 | 96.40 | +10.5% | |||||
| Earnings | (2.29) | (2.81) | (5.63) | (10.68) | 1.93 | (1.26) | (12.54) | (6.47) | (4.01) | (2.44) | (1.25) | +0.7% | ||||||
| Cash flow | 0.74 | 0.39 | 0.95 | (2.14) | 14.76 | 3.94 | (6.36) | 3.06 | 2.58 | 4.17 | 5.17 | +21.2% | ||||||
| Capex | (1.14) | (1.15) | (1.78) | (2.96) | (1.94) | (0.97) | (1.75) | (1.30) | (0.59) | (0.55) | (0.77) | (7.8%) | ||||||
| Free cash flow | (0.40) | (0.77) | (0.83) | (5.10) | 12.82 | 2.97 | (8.11) | 1.76 | 1.98 | 3.63 | 4.39 | n/m | ||||||
| Book value | 0.93 | (0.56) | (3.70) | (10.26) | (12.42) | (15.57) | (24.06) | (23.75) | (22.40) | (21.73) | (20.47) | n/m | ||||||
| Shares, m | 85 | 87 | 89 | 92 | 96 | 104 | 106 | 114 | 123 | 128 | 132 | +4.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 118.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.8 | |||||
| P/S | 0.88 | 1.49 | 1.19 | 0.91 | 1.53 | 1.44 | 0.28 | 0.56 | 0.46 | 1.03 | 1.27 | 1.0 | ||||||
| P/B | 37.66 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.8 | ||||||
| EV/Sales | 0.79 | 1.45 | 1.18 | 0.96 | 1.54 | 1.49 | 0.44 | 0.70 | 0.59 | 1.17 | 1.39 | 1.0 | ||||||
| EV/FCF | (78.77) | (102.41) | (107.85) | (18.73) | 17.66 | 66.05 | (6.20) | 42.01 | 28.53 | 31.34 | 30.41 | (12.8) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 63 | 34 | 85 | (197) | 1,417 | 410 | (674) | 349 | 317 | 534 | 708 | +26.8% | |||||
| Capex | (97) | (100) | (159) | (272) | (186) | (101) | (186) | (148) | (73) | (70) | (106) | (3.5%) | ||||||
| Free cash flow | (34) | (67) | (74) | (469) | 1,231 | 309 | (860) | 201 | 244 | 464 | 602 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (80) | 77 | 117 | (234) | 880 | 795 | (139) | (328) | (493) | (128) | (821) | +5.3% | |||||
| Net debt | (320) | (205) | (42) | 469 | 67 | 653 | 1,859 | 1,741 | 1,510 | 1,691 | 1,474 | n/m | ||||||
| Shareholders’ equity | 79 | (48) | (331) | (944) | (1,192) | (1,619) | (2,550) | (2,707) | (2,755) | (2,782) | (2,804) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (26.70) | (24.77) | (32.48) | (40.67) | 4.92 | (2.87) | (32.66) | (20.92) | (14.19) | (9.07) | (5.11) | +17.6 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | (120.76) | (1,575.36) | 265.97 | 154.52 | (17.32) | 9.32 | 63.85 | 28.08 | 18.02 | 11.31 | 5.74 | +132.1 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 5,637 | 7,751 | 12,124 | 16,985 | 16,122 | 16,681 | 15,745 | 14,400 | 13,500 | 12,800 | — | +9.5% | |||||
| Revenue/emp, $m | 0.60 | 0.61 | 0.56 | 0.54 | 0.88 | 0.82 | 0.78 | 0.83 | 0.88 | 0.97 | — | +5.5% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2020
| U.S. | 11,901 | 84.14% |
|---|---|---|
| International | 2,244 | 15.86% |
| Gross margin | 29.07% | |
| Operating margin | 2.55% | |
| Pre-tax margin | 1.45% |
Wayfair 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 |
|---|---|---|---|---|---|---|---|---|---|
| SE Sea Limited Sponsored ADR | $43.5B | 28.2× | 25.2× | +48.07% (above 0%: growing) | +5.88% (above 0%: growing) | −6.79% (below 0%: shrinking) | 45.58% | 8.35% | Compare |
| JD JD.com, Inc. | $32.4B | 16.6× | 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. | $27.4B | — (loss-making) | — (loss-making) | +7.50% (above 0%: growing) | n/m | −116.29% (below 0%: shrinking) | 25.71% | (4.52%) | Compare |
| W Wayfair Inc. | $15.3B | — (loss-making) | — (loss-making) | +7.52% (above 0%: growing) | n/m | +28.46% (above 0%: growing) | 29.95% | 2.96% | |
| CART Maplebear Inc. | $13.5B | 30.6× | 24.6× | +14.11% (above 0%: growing) | +6.98% (above 0%: growing) | +157.22% (above 0%: growing) | 72.00% | 13.81% | Compare |
| CHWY Chewy | $8.9B | 33.5× | 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. | $7.8B | 8.4× | 21.8× | +10.95% (above 0%: growing) | +1,132.78% (above 0%: growing) | −26.05% (below 0%: shrinking) | 72.66% | 16.09% | Compare |
| GLBE Global-e Online Ltd. | $7.0B | 45.7× | 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 | $5.2B | 4.2× | 4.3× | +1.08% (above 0%: growing) | +221.95% (above 0%: growing) | +38.25% (above 0%: growing) | 23.29% | 6.15% | Compare |
| Median of peers | $11.2B | 28.2× | 24.6× | +9.23% | +33.33% | +4.22% | 37.23% | 7.25% |
From the latest earnings call
- CEO Niraj Shah said orders and active customers grew in Q2, while Perigold’s luxury business expanded alongside Wayfair’s specialty retail brands.
- CFO Kate Gulliver said Wayfair’s third-quarter outlook assumes no macroeconomic improvement and incorporates customer-experience investment alongside expected advertising savings.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
89.30%
Held by the ten largest
45.94%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Fidelity (FMR) | 16.28m | 11.88% | −812.00 |
| Capital Group | 11.18m | 8.16% | −2.61m |
| Vanguard | 9.85m | 7.19% | −40.76k |
| BlackRock | 5.04m | 3.68% | −703.53k |
| RENAISSANCE TECHNOLOGIES LLC | 4.51m | 3.30% | −458.00k |
| Jupiter Topco | 4.47m | 3.26% | +4.47m |
| AQR Capital Management | 3.09m | 2.26% | +1.25m |
| SPRUCE HOUSE INVESTMENT MANAGEMENT LLC | 2.91m | 2.12% | +309.70k |
| Baillie Gifford | 2.81m | 2.05% | −50.59k |
| GREAT HILL PARTNERS, L.P. | 2.79m | 2.04% | 0.00 |
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 31 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 280.85m | 323.98m | 44.44 |
| 2024 | 283.15k | 283.15k | 19.62 |
| 2023 | 225.17k | 225.17k | 27.31 |
| 2022 | 751.22k | 751.22k | 14.56 |
| 2021 | 227.27k | 227.27k | 84.12 |
Ownership
Directors and executive officers, together
67.46% of the votes
Niraj Shah
33.59% of the votes
Steven Conine
33.59% of the votes
Sarah Conine
5.61% of the votes
Nikunj Shah
5.61% of the votes
FMR LLC
4.24% of the votes
Capital World Investors
4.07% of the votes
The Vanguard Group
2.47% of the votes
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
Wayfair Inc. (W) Latest News
4 Nov
15 Oct
24 Sep
21 Sep
W 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
Wayfair is a home-goods retailer based in Boston. Founded in 2002, it sells furniture, décor, housewares and home improvement products through websites, an app and physical stores. Co-founder Niraj Shah is its chief executive officer and president.
The company serves households shopping across a range of styles and budgets, as well as business customers ranging from startups to global enterprises. Its sites are designed for browsing: customers can explore product images, room ideas and personalized recommendations as well as search for specific items. Its mobile app includes a tool for viewing products in a room using augmented reality.