ETSYNYSEServices-Business Services, NECFiscal year ends December 31
ETSY INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$85.26+0.12 (+0.14%)
Close on Oct 19, 2026
- Market cap
- $10.23B
- P/E (TTM)
- 50.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
71.6%−1.4 pts over 5 years
Operating margin
9.2%−15.3 pts over 5 years
Net margin
5.7%−14.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +2.7% | +4.0% | +10.8% | +26.6% | |
| Gross profit | +1.6% | +4.3% | +10.4% | +27.9% | |
| Operating income | -30.0% | – | -8.9% | – | |
| Net income | -46.3% | – | -14.1% | – | |
| EPS, diluted | -40.9% | – | -12.4% | – | |
| Free cash flow | -8.2% | +0.2% | +0.0% | +40.9% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -8.9% | 60.8% | -17.6% | |
| Return on assets | -5.3% | 17.7% | 6.2% | |
| Current ratio | 4.42 | 4.17 | 1.44 | |
| Interest coverage | 2.4× | 10.1× | 14.4× | |
| Capex to revenue | 9.9% | 0.1% | 0.5% | |
| Diluted shares | 114M | 136M | 124M |
Where the cash went
Fiscal 2021 to 2025, five years combined
ETSY generated $3.49B from operations and spent $2.87B on capital expenditure, dividends and share buybacks. 2% of that went back into the business.
Generated
$3.49B
Used
$2.87B
Capital expenditure$64.03M2%Dividends$00%Share buybacks$2.81B98%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.7%
×Asset turnover1.10×
×Equity multiplier-2.82×
=Return on equity, FY2025-17.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.7% | 1.10× | -2.82× | -17.6% |
| FY2024 | 10.8% | 1.10× | -3.92× | -46.6% |
| FY2023 | 11.2% | 1.03× | -4.88× | -56.4% |
| FY2022 | -27.1% | 0.79× | 79.50× | -1707.0% |
| FY2021 | 21.2% | 0.75× | 4.55× | 72.0% |
| FY2020 | 20.2% | 0.87× | 3.43× | 60.8% |
| FY2019 | 11.7% | 0.67× | 3.03× | 23.7% |
| FY2018 | 12.8% | 0.80× | 1.89× | 19.4% |
| FY2017 | 18.5% | 0.74× | 1.60× | 22.1% |
| FY2016 | -8.2% | 0.64× | 1.68× | -8.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$162.98M
- Cash generatingOperating cash flow above zero$693.41M
- Return on assets improvedROA up on the prior year11.3% → 6.7%
- Earnings backed by cashOperating cash flow above net income$693.41M vs $162.98M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.00 → 1.44
- No dilutionShare count did not rise132M → 124M
- Gross margin improvedGross margin up on the prior year72.42% → 71.64%
- More efficientAsset turnover rose1.05 → 1.19