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Online marketplace for handmade, vintage and craft goods connecting independent sellers with buyers globally.
Online marketplace for handmade, vintage and craft goods connecting independent sellers with buyers globally.
Never owns the goods: it takes a fee on each sale, a small fee per listing and a cut of the payments it processes, and sells sellers paid placement in search results, which has become a major source of income. Sellers are mostly tiny shops, so growth depends on keeping buyers returning. Depop and Reverb run on the same fee model as separate marketplaces.
Moat: narrow (network effects, brand). Curated brand and seller community built over years is a niche defense, though it is not deeply sticky.
Headquarters: Brooklyn, New York, US · Founded: 2005 · Employees: 2,375
Size Etsy (ETSY) is a United States Consumer Discretionary company (Internet Retail) with a market value of $7.75B, the 908th largest of 3,117 United States companies the cockpit tracks. Shares closed at $89.93 on 6 Nov 2026.
Performance Over six months the shares gained 39.7%, against +7.6% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 12 in its peer set.
Growth Revenue grew 0.7% over the last twelve months (peer median +11.3%); the operating margin is 18.1% (peer median 6.8%).
Valuation It trades at 19.7× forward earnings against a peer median of 19.6× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Credit Etsy has 3 bonds outstanding ($2.35B).
Short interest Short interest is 13.1% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.87B | $2.88B | $2.81B | $2.75B | $2.57B |
| Revenue growth | — | +3% | +2% | +7% | — |
| Gross profit | $2.09B | $2.07B | $2.04B | $1.93B | $1.82B |
| EBITDA | $592M | $479M | $516M | $467M | $486M |
| Net income | $987M | $163M | $303M | $308M | -$694M |
| Free cash flow | $565M | $639M | $709M | $666M | $653M |
| Capital expenditure | $33.4M | $54.7M | $43.5M | $39.9M | $37.2M |
| Total debt | $3.08B | $3.12B | $2.43B | $2.44B | $2.43B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Etsy ETSY | $7.75B | +40% | +1% | 18% | 19.7× | 12.8% |
| Amazon AMZN | $2.80T | -5% | +15% | 13% | 26.3× | n/a |
| eBay EBAY | $53.5B | +14% | +15% | 21% | 18.4× | 15.4% |
| Shopify SHOP.TO | $193B | +38% | +32% | 18% | 67.4× | 54.0% |
| PDD Holdings Inc. Sponsored ADR PDD | $117B | -16% | +14% | 22% | 7.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ETSY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.7% | +3.4% | 2nd highest of 12 |
| 6-month return | +39.7% | +7.6% | 3rd highest of 12 |
| Distance from 52-week high | -8.1% | -29.9% | 3rd highest of 12 |
| Revenue growth (TTM) | +0.7% | +11.3% | lowest of 12 |
| Operating margin | 18.1% | 6.8% | 5th highest of 12 |
| Forward P/E | 19.7× | 19.6× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 12.8% | -0.8% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +10.8% | +9.2% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +2.0 pp | -13.4 pp | 2nd most demanding of 8 |
| EV / EBITDA | 14.4× | 12.0× | 3rd most expensive of 7 |
| Net debt / EBITDA | 1.3× | 0.4× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Etsy ETSY | United States | $7.75B | +40% | +1% | 18% | 19.7× | 12.8% | +10.8% |
| Zalando ZAL.DE | Germany | $7.64B | +42% | +18% | 4% | 19.6× | 7.6% | +9.1% |
| Global-e Online GLBE | United States | $7.22B | +44% | +31% | 14% | 30.9× | 23.4% | +47.8% |
| Rakuten 4755.T | Japan | $8.59B | -18% | +11% | 6% | n/a | -2.0% | +11.4% |
| Chewy CHWY | United States | $9.07B | -2% | +6% | 3% | 24.1× | 16.8% | +12.0% |
| Vipshop Holdings Ltd Sponsored ADR VIPS | United States | $6.55B | -4% | +2% | 7% | 5.4× | -20.3% | 0.0% |
| Zozo 3092.T | Japan | $6.41B | +8% | +6% | 30% | 19.6× | -5.0% | +9.2% |
| FSN E-Commerce Ventures NYKAA.NS | India | $10.7B | +31% | +28% | 5% | 209.2× | n/a | n/a |
| USS 4732.T | Japan | $5.34B | +8% | +11% | 52% | 18.7× | -0.8% | +8.7% |
| Mercari 4385.T | Japan | $3.76B | -5% | +19% | 19% | 15.6× | n/a | n/a |
| Xingyun Technology 300209.SZ | China | $3.15B | +30% | +978% | 23% | n/a | n/a | n/a |
| Coupang CPNG | United States | $29.2B | -4% | +7% | -3% | 55.9× | n/a | n/a |
Etsy has 3 bonds outstanding with $2.35B face value.