STOCKROUTINES

Etsy, Inc.

Last Updated
Share Price
$87.86
Market Cap
$12.07B
Dividend Yield
0%
EPS
$3.4
P/E
25.86

Etsy, Inc. operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels. Further, the company provides various seller tools, including Shop Manager dashboard, a centralized hub for Etsy sellers to track orders, manage inventory, view metrics and statistics, and have conversations with their customers; and Sell on Etsy, an application to enable enhanced onboarding and video uploading. Additionally, it offers Etsy seller analytics pages that provides insights regarding traffic acquisition for their shops; Targeted Offers, a sales and promotions tool, and social media tool; and accounting and bookkeeping services. The company also provides educational resources comprising blog posts, video tutorials, Etsy Seller Handbook, Etsy.com online forums, and insights; Etsy Teams, a platform to build personal relationships with other Etsy sellers; and a Star Seller program. As of December 31, 2021, it connected a total of 7.5 million active sellers to 96.3 million active buyers; and had 120 million items for sale. The company was formerly known as Indieco, Inc changed its name to Etsy, Inc. in June 2006. Etsy, Inc. was founded in 2005 and is headquartered in Brooklyn, New York.

0%
Income
  • Revenue $2.33B
  • Gross Profit $1.67B
  • Net Income $493.51M
  • Gross Margin 71.9%
  • Net Margin 21.19%
Cash Flow
  • Free Cash Flow (FCF) $623.38M
  • Free Cash Flow To Equity (FCFE) $570.62M
  • Dividends Paid $0
  • Debt Repayment $-52.76M
  • Net Stock Repurchased $302.77M
Balance Sheet
  • Shareholder Equity $628.62M
  • Debt To Equity (D/E) 509.56%
  • Book Value $628.62M
  • Book Value Per Share (BVPS) $0
  • Return On Invested Capital (ROIC) 22.53%
The financial metrics for Etsy, Inc. presented below are for the financial year 2021.
P/E 56.44 Price To Earnings Ratio
P/S 11.96 Price To Sales Ratio
P/B 44.31 Price To Book Ratio
P/CF 42.75 Price To Operating Cash Flow Ratio
P/FCF 44.68 Price To Free Cash Flow Ratio
P/FCFE 48.81 Price To Levered Free Cash Flow Ratio
P/EBT 59.06 Price To Pre-Tax Income
PEG 1.9 Trailing Price/Earnings To Growth Ratio
EV/Sales 12.65 Enterprise Value To Sales Ratio
EBIT/EV 0.02 EBIT To Enterprise Value Ratio
EV/EBITDA 53.01 Enterprise Value to EBITDA Ratio
D/E 5.1 Debt To Equity Ratio
ROE 71.99% Return On Equity
ROIC 22.53% Return On Invested Capital
DPR 0% Dividend Payout Ratio
Current Ratio 2.18 Current Liquidity Ratio
EPS Growth 29.72% Earnings Per Share Growth Rate
Graham Number $20.77 Benjamin Graham's Number
Piotroski Score N/A Piotroski F-Score
Beta N/A Beta Coefficient Value
    2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Revenue $2.33B$1.73B$818.38M$603.69M$441.23M$364.97M$273.5M$195.59M$125.02M$74.6M
Cost of Revenue $654.51M$464.75M$271.04M$190.76M$150.99M$123.33M$96.98M$73.63M$47.78M$24.49M
Gross Profit $1.67B$1.26B$547.34M$412.93M$290.25M$241.64M$176.52M$121.96M$77.24M$50.11M
Gross Profit Margin 71.9%73.07%66.88%68.4%65.78%66.21%64.54%62.35%61.78%67.17%
Operating Expenses $1.21B$836.87M$458.58M$338.14M$275.19M$224.06M$178.4M$128.21M$76.51M$51.46M
Research & Development Expenses (R&D) $271.54M$180.08M$121.88M$97.25M$74.62M$55.08M$42.69M$36.63M$27.55M$18.65M
Selling, General & Administrative Expenses (SG&A) $937.34M$656.79M$336.7M$240.9M$200.57M$168.98M$135.71M$91.58M$48.96M$32.81M
Other Expenses $0$0$0$0$0$0$0$0$0$0
Net Income $493.51M$349.25M$95.89M$77.49M$81.8M$-29.9M$-54.06M$-15.24M$-796K$-2.38M
Net Profit Margin 21.19%20.24%11.72%12.84%18.54%-8.19%-19.77%-7.79%-0.64%-3.2%
Operating Income $465.73M$424.01M$88.76M$74.79M$11.9M$17.58M$-1.88M$-6.25M$733K$-1.35M
Other Income & Expenses (Net) $5.92M$-58.3M$-8.12M$-19.71M$20.37M$-20.45M$-26.11M$-4.01M$-675K$-1.18M
Depreciation & Amortization $74.27M$58.19M$48.03M$26.74M$27.2M$22.52M$18.55M$17.22M$12.38M$7.93M
Interest Income $2.14M$7.1M$13.2M$8.96M$2.39M$1.7M$324K$41K$46K$48K
Interest Expense $9.88M$42.02M$24.32M$22.18M$11.13M$7.2M$1.53M$590K$302K$486K
Income Tax Expense $-21.85M$16.46M$-15.25M$-22.41M$-49.53M$27.02M$26.07M$4.98M$854K$-145K
Effective Tax Rate -4.63%4.5%-18.91%-40.69%-153.53%0%0%0%1472.41%0%
EBITDA $555.81M$465.92M$153M$104M$70.59M$26.85M$-7.92M$7.55M$12.74M$5.89M
EBIT $481.54M$407.73M$104.97M$77.26M$43.4M$4.33M$-26.47M$-9.67M$360K$-2.04M
EBT N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Shares Outstanding 127.22M121.25M119.67M120.15M118.54M113.56M91.12M93.69M93.69M93.69M
Diluted Shares Outstanding 146.68M136.41M125.72M127.08M122.27M113.56M91.12M93.69M93.69M93.69M
EPS $3.88$2.88$0.8$0.64$0.69$-0.26$-0.59$-0.16$-0.01$-0.03
Diluted EPS $3.4$2.69$0.76$0.61$0.68$-0.26$-0.59$-0.16$-0.01$-0.03
    2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Operating Cash Flow $651.55M$678.96M$206.92M$198.93M$67.42M$46.76M$29.21M$12.09M$16.54M$9.68M
Net Income $493.51M$349.25M$95.89M$77.49M$81.8M$-29.9M$-54.06M$-15.24M$-796K$-2.38M
Depreciation & Amortization $74.27M$58.19M$48.03M$26.74M$27.2M$22.52M$18.55M$17.22M$12.38M$7.93M
Deferred Income Tax $-88.95M$2.2M$-15.25M$-22.41M$-47.97M$17.13M$17.13M$-817K$0$-736K
Stock-Based Compensation $139.91M$65.11M$44.4M$38.23M$26.56M$15.9M$10.84M$10.05M$3.83M$4.09M
Change In Working Capital $23.88M$124.2M$9.99M$59.35M$-1.24M$-513K$9.32M$263K$-960K$-1.39M
Other Non-Cash Items $8.94M$80.01M$23.85M$19.53M$-18.92M$21.61M$27.43M$611K$2.08M$2.17M
Cash From Investing $-1.56B$-11.38M$-488.37M$-285.39M$61.84M$-135.43M$-23.28M$-20.72M$-15.03M$-28.88M
Purchases Of Investments $-418.52M$-499.24M$-661.82M$-514.29M$-62.35M$-160.5M$-26.04M$-21.7M$-39K$-16.08M
Sales / Maturities of Investments $590.63M$495.85M$461.1M$284.94M$137.34M$80.7M$23.59M$20.59M$2.76M$1.35M
Property, Plant & Equipment Investments $-28.17M$-7.11M$-15.28M$-20.56M$-13.16M$-47.75M$-20.84M$-9.58M$-17.07M$-13.95M
Net Acquisitions $-1.7B$0$-270.41M$0$0$-7.88M$0$-4.69M$-675K$-200K
Other Investing Activites $-1.94M$-880K$-1.96M$-35.49M$0$0$0$-5.34M$0$0
Cash From Financing $452.75M$119.28M$359.61M$144.01M$3.44M$5.81M$199.61M$45.24M$-103K$42.97M
Debt Repayment $-52.76M$-146.38M$-10.83M$-16.22M$-13.68M$-6.09M$-3.38M$-1.48M$-1.26M$-1.39M
Dividend Payments $0$0$0$0$0$0$0$0$0$0
Payout Ratio 0%0%0%0%0%0%0%0%0%0%
Net Common Stock Repurchased $302.77M$268.65M$176.99M$134.65M$16.72M$1.26M$-199.47M$-35M$188K$60K
Common Stock Repurchased $-302.77M$-268.65M$-176.99M$-134.65M$-16.72M$-1.26M$0$0$-188K$-60K
Common Stock Issued $302.77M$268.65M$176.99M$134.65M$16.72M$1.26M$-199.47M$-35M$188K$60K
Other Financing Activites $808.29M$534.31M$547.42M$294.87M$33.84M$13.15M$3.52M$11.72M$1.35M$44.42M
Accounts Receivables $-103.2M$-112.68M$-35.83M$40.65M$-22.3M$-19.1M$-15.76M$-10.17M$-7.74M$-6.3M
Accounts Payables $69.77M$104.69M$22.22M$-10.07M$16.31M$7.33M$15.75M$4.93M$4.71M$4.6M
Inventory $0$0$0$0$0$0$0$0$0$0
Other Working Capital $1.44M$3.31M$191K$1.33M$434K$964K$1.28M$693K$794K$395K
Capital Expenditure (CAPEX) $-28.17M$-7.99M$-17.24M$-56.05M$-13.16M$-47.75M$-20.84M$-9.58M$-17.07M$-13.95M
Effect Of Foreign Exchange On Cash $-10.23M$13.95M$-1.85M$-6M$1.16M$-6.79M$-3.95M$-3.74M$446K$-27K
Net Change In Cash $-463.9M$800.81M$76.31M$51.54M$133.85M$-89.65M$201.59M$32.86M$1.86M$23.75M
Free Cash Flow (FCF) $623.38M$670.97M$189.68M$142.88M$54.26M$-991K$8.38M$2.5M$-530K$-4.26M
Free Cash Flow To Equity (FCFE) $570.62M$524.59M$178.85M$126.65M$40.58M$-7.08M$5M$1.02M$-1.79M$-5.65M
    2021 2020 2019 2018 2017 2016 2015 2014 2013
Total Assets $3.83B$2.4B$1.54B$901.85M$605.58M$581.19M$553.06M$249.13M$106.16M
Total Current Assets $1.34B$1.89B$921.04M$680.29M$439.26M$371.03M$359.05M$129.99M$76.78M
Cash & Short-Term Investments $984.61M$1.67B$817.25M$624.29M$340.55M$282.09M$292.86M$88.84M$54.87M
Cash & Cash Equivalents $780.2M$1.24B$443.29M$366.99M$315.44M$181.59M$271.24M$69.66M$36.8M
Short-Term Investments $204.42M$425.12M$373.96M$257.3M$25.11M$100.49M$21.62M$19.18M$18.07M
Net Receivables $247.47M$169.41M$65.17M$33.32M$78.33M$56.24M$39.54M$25.98M$16.39M
Inventory $0$0$0$0$0$0$0$0$0
Other Current Assets $109.42M$56.15M$38.61M$22.69M$20.38M$32.7M$26.65M$15.17M$5.52M
Total Non-Current Assets $2.49B$509.71M$621.31M$221.56M$166.32M$210.16M$194.01M$119.14M$29.37M
Property, Plant & Equipment (PP&E) $275.06M$112.5M$144.86M$120.18M$117.62M$126.41M$105.02M$75.54M$23.11M
Goodwill & Intangible Assets $1.98B$328.26M$337.97M$72.07M$42.64M$43.16M$30.62M$36.24M$5.84M
Goodwill $1.37B$140.81M$138.73M$37.48M$38.54M$35.66M$27.75M$30.83M$5.35M
Intangible Assets $607.17M$187.45M$199.24M$34.59M$4.1M$7.51M$2.87M$5.41M$493K
Long-Term Investments $85.03M$39.09M$89.34M$0$0$0$0$0$0
Other Non-Current Assets $56.12M$29.75M$34.88M$5.85M$6.06M$6.33M$6.97M$7.36M$428K
Other Assets $0$0$0$0$0$0$0$0$0
Total Liabilities $3.2B$1.66B$1.14B$500.95M$208.69M$236.44M$222.56M$99.92M$102.16M
Total Current Liabilities $615.59M$454.66M$188.53M$112.06M$102.48M$84.01M$80.12M$41.45M$19.22M
Accounts Payables $363.81M$261.13M$101.87M$65.43M$58.28M$40.8M$33.64M$18.8M$10.64M
Short-Term Debt $2.42M$8.54M$8.28M$3.88M$5.8M$6.83M$5.61M$1.75M$780K
Deferred Revenue $12.34M$11.26M$7.62M$7.48M$6.26M$5.65M$4.71M$3.45M$2.76M
Other Current Liabilities $237.03M$173.74M$70.77M$35.27M$32.14M$30.74M$36.16M$17.44M$5.04M
Total Non-Current Liabilities $2.59B$1.21B$947.19M$388.89M$106.21M$152.43M$142.44M$58.46M$82.94M
Long-Term Debt $2.39B$1.11B$785.13M$276.49M$0$0$0$0$0
Other Non-Current Liabilities $122.42M$41.64M$97.57M$81.95M$82.43M$87.36M$81.02M$55.38M$81.68M
Total Debt $2.39B$1.12B$793.4M$280.37M$69.96M$69.48M$64.98M$55.22M$818K
Total Shareholder Equity $628.62M$742.42M$406.63M$400.9M$396.89M$344.76M$330.5M$149.22M$4M
Common Stock $127K$126K$119K$120K$122K$116K$113K$97K$33K
Retained Earnings $71.74M$-146.82M$-227.41M$-153.44M$-96.29M$-116.34M$-86.44M$-32.38M$-17.13M
Accumulated Other Comprehensive Income Loss (AOCL) $-75.01M$5.95M$-8.7M$-7.81M$-6.38M$18.47M$10.8M$-3.93M$160K
Other Shareholder Equity $631.76M$883.17M$642.63M$562.03M$499.44M$442.51M$406.02M$185.43M$20.94M
Total Investments $289.45M$464.21M$463.3M$0$0$0$0$0$0
Net Debt $1.61B$-128.28M$350.11M$-86.61M$-245.48M$-112.11M$-206.26M$-14.44M$-35.98M
Book Value $628.62M$742.42M$406.63M$400.9M$396.89M$344.76M$330.5M$149.22M$4M

Discounted Cash Flow

Use the Discounted Cash Flow (DCF) tool to estimate the intrinsic value of Etsy, Inc. stock.

Assumptions
Forecast Period
Required Return
  Low Mid High
Revenue Growth
FCFE Margin
Perpetual Growth
Terminal P/FCFE
Assumptions

The number of assumptions to make for each forecast.

Forecast Period

The number of years to forecast future cash flows. These future cash flows are used to determine the intrinsic present value for the stock.

It is generally recommended to select a longer period for more established companies with stable financial histories.

Forecast Period

The compounding annual rate of return required, according to your investment objectives. This is used to discount back future cash flows.

Revenue Growth

Estimate the annual compounding revenue growth rate. You can use the historical compounding annual growth rates provided below as a guide.

  • 1 Year 29.91%
  • 3 Years 47.92%
  • 5 Years 39%
  • 10 Years 34.85%
Levered Free Cash Flow Margin

Estimate levered free cash flow (FCFE) as a percentage of revenue. You can use the historical margins provided below as a guide.

  • 1 Year 24.5%
  • 3 Years 25.58%
  • 5 Years 21.39%
  • 10 Years 11.77%
Perpetual Growth Rate

Estimate the compounding annual growth rate at which revenues will grow in perpetuity after the forecast period. This is the first method used to calculate the terminal value.

Values of between 2% and 5% are generally recommended.

Price To Levered Free Cash Flow

Estimate the price to levered free cash flow (P/FCFE) for the stock after the forecast period. This is the second method used to calculate the terminal value.

This method for calculating the terminal value can be preferred for shorter forecast periods. You can use the historical rations provided below as a guide.

  • 1 Year 48.81
  • 3 Years 39.86
  • 5 Years 45.11
  • 10 Years 77.07
Chief Executive Officer (CEO) Mr. Josh Silverman
Full-Time Employees 2.4K
Industry Internet Retail
Sector Consumer Cyclical
Country US
Website https://www.etsy.com

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