# Etsy, Inc. (ETSY)

> Source: Nexqual · https://nexqual.com/ETSY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Etsy, Inc. (ETSY), nexqual.com/ETSY" · informational, not investment advice.

**Price:** USD 90.82 (+4.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 87.23 · day 86.06–91.06 · 52w 44–91.06 · market cap $8.34B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.86B, net income $209M (7.3% margin), free cash flow $649M (SEC filings).
- Valuation: P/E 39.8x (avg 34.0x at the last 3 fiscal year-ends), EV/EBITDA 18.3x, net debt $1.86B.
- 1 of 80 tracked superinvestors hold ETSY (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y +22.9% vs S&P 500 +14.9%; 5Y -62.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.74, revenue estimate $668M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.33B | $2.57B | $2.75B | $2.81B | $2.88B | $2.86B |
| Gross profit | $1.67B | $1.82B | $1.92B | $2.03B | $2.07B | — |
| Operating income | $466M | -$659M | $280M | $380M | $266M | $457M |
| Net income | $494M | -$694M | $308M | $303M | $163M | $209M |
| EPS (diluted) | $3.40 | -$5.48 | $2.24 | $2.35 | $1.39 | — |
| Free cash flow | $640M | $673M | $693M | $738M | $678M | $649M |
| Gross margin | 71.9% | 71.0% | 69.8% | 72.4% | 71.6% | — |
| Operating margin | 20.0% | -25.7% | 10.2% | 13.5% | 9.2% | 16.0% |
| Net margin | 21.2% | -27.1% | 11.2% | 10.8% | 5.7% | 7.3% |
| Revenue growth | +35.0% | +10.2% | +7.1% | +2.2% | +2.7% | — |
| Cash + short-term investments | $985M | $1.17B | $1.15B | $1.04B | $1.58B | — |
| Total debt | $2.28B | $2.28B | $2.28B | $2.29B | $2.98B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 39.8x · P/S 2.9x · EV/EBITDA 18.3x · EV/Sales 3.6x · P/FCF 12.8x · FCF yield 7.79% · Earnings yield 2.51% · Buyback yield (TTM) 7.77% · Net debt $1.86B · EV $10.2B
P/E at fiscal year-ends: Dec 2025 42.2x, Dec 2024 23.0x, Dec 2023 36.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ETSY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | <0.01% | $224K | New position |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | BTIG | Upgrade | Neutral → Buy | $90 |
| 2026-09-15 | Oppenheimer | Upgrade | Perform → Outperform | $90 |
| 2026-09-08 | Argus Research | Target raised | Buy | $67 → $89 |
| 2026-08-20 | Rosenblatt | Initiated | Buy | $95 |
| 2026-08-20 | B of A Securities | Upgrade | Neutral → Buy | $88 → $105 |
| 2026-08-10 | B. Riley Securities | Target raised | Neutral | $75 → $82 |
| 2026-08-07 | UBS | Target raised | Neutral | $74 → $86 |
| 2026-08-07 | Citigroup | Target raised | Neutral | $60 → $92 |
| 2026-08-07 | Guggenheim | Target raised | Buy | $85 → $95 |
| 2026-08-07 | Piper Sandler | Target raised | Neutral | $70 → $80 |
| 2026-08-07 | Wells Fargo | Target raised | Underweight | $61 → $76 |
| 2026-08-07 | Evercore ISI Group | Target raised | In-Line | $72 → $83 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +22.9% | -62.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +23.0% | -17.7% |
| Volatility (annualized) | 50.7% | 53.1% |
| Max drawdown | -41.7% (Oct 2025→Feb 2026) | -85.2% (Nov 2021→Apr 2025) |

## Peers (Internet Retail)
CHWY (Chewy, Inc.) USD 22.33 +4.69% · GLBE (Global-E Online Ltd.) USD 41.33 +0.46% · VIPS (Vipshop Holdings Limited) USD 12.77 +1.43% · CART (Maplebear Inc.) USD 51.68 +2.72% · W (Wayfair Inc.) USD 113.49 +0.16% · PTRN (Pattern Group Inc. - Series A) USD 16.53 -5.27%

## More
Full page: https://nexqual.com/ETSY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ETSY's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1370637/000137063726000019/etsy-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Alphabet (Google) (GOOGL) | "We rely on Google Cloud for a substantial portion of the computing, storage, data processing, networking, and other services for the Etsy Marketplace." |
| Customer | Depop | "Innovative Technology - our engineering and product development organizations drive customer experiences: The engineering and product teams of both Etsy and Depop design, build, and maintain the platforms that enable mil…" |
| Partner | Nest | "Through our partnership with Nest, Inc., we continue to develop resources that make it easier for sellers and artisans in the U.S. to access climate-related disaster information and funding." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Marketplace revenue | $456.1M | 68.2% | +4.8% |
| Services revenue | $212.2M | 31.8% | +9.3% |
| Total revenue | $668.3M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $315.9M | 47.3% | +2.2% |
| All Other | $289.0M | 43.2% | +13.0% |
| United Kingdom | $63.4M | 9.5% | -1.1% |
| Total revenue | $668.3M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Full-Year Outlook for Continuing Operations With the sale of Depop, which has been classified as discontinued operations beginning in the first quarter of 2026, our outlook pertains to continuing operations only, or the Etsy marketplace."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.74 | $0.77 | -3.4% | $668.2M | 24 |
| Next quarter (ends 2026-12-31) | $1.37 | $1.30 | +5.6% | $881.4M | 22 |
| Current fiscal year (ends 2026-12-31) | $3.38 | $3.54 | -4.6% | $2.85B | 27 |
| Next fiscal year (ends 2027-12-31) | $4.53 | $4.06 | +11.4% | $2.98B | 27 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-28): ±11.6%; last 8 reports averaged ±9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 97.6% | ±11.6% |
| 2026-11-06 | 14 | 79.4% | ±12.9% |
| 2026-11-13 | 21 | 69.9% | ±13.7% |
| 2026-11-20 | 28 | 65.7% | ±14.8% |
| 2026-11-27 | 35 | 61.8% | ±15.5% |
| 2026-12-04 | 42 | 57.8% | ±15.8% |
| 2026-12-18 | 56 | 55.2% | ±17.4% |
| 2027-01-15 | 84 | 52.9% | ±20.3% |