Etsy, Inc.
- Open
- 83.93
- Day high
- 86.00
- Day low
- 82.26
- Prev close
- 81.72
- Volume
- 921K
- Mkt cap
- $7.7B
- P/E (TTM)
- 39.6
- EPS (TTM)
- $2.08
- P/B
- -5.5
- P/S
- 2.7
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$36.1M over the last 3 months (0 open-market buys, 36 sales)
- 🏛Institutions mixed (13F)
Etsy, Inc. (ETSY) is a Consumer Cyclical company listed on NYSE. The stock is up 55% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 36 sales (SEC Form 4). Drillr has 1 published research article covering ETSY.
Etsy, Inc. (ETSY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 17 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ETSY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.74 | $0.98 | +32.3% | $668M | +3.1% |
| Apr 29, 2026 | $0.62 | $0.89 | +43.1% | $631M | +1.2% |
| Feb 19, 2026 | $0.89 | $2.25 | +153.7% | $882M | -0.2% |
| Oct 29, 2025 | $0.52 | $0.63 | +21.4% | $678M | -22.4% |
| Jul 30, 2025 | $0.54 | $0.25 | -53.4% | $673M | +3.9% |
| Apr 30, 2025 | $0.50 | $0.46 | -7.8% | $651M | +1.1% |
| Feb 19, 2025 | $0.93 | $1.03 | +10.8% | $852M | +28.8% |
| Oct 30, 2024 | $0.53 | $0.45 | -15.1% | $662M | -22.3% |
| Jul 31, 2024 | $0.46 | $0.41 | -10.7% | $648M | +2.7% |
| May 1, 2024 | $0.49 | $0.48 | -2.4% | $646M | -0.4% |
| Feb 21, 2024 | $0.78 | $0.62 | -20.5% | $842M | +1.4% |
| Nov 1, 2023 | $0.51 | $0.66 | +29.2% | $636M | -0.9% |
ETSY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | BALLARD CHARLES ANDREWdirector | Sell | 4,500 | $81.85 |
| Aug 19, 2026 | Buckley Merileeofficer: CHIEF ACCOUNTING OFFICER | Sell | 1 | $81.16 |
| Aug 19, 2026 | Buckley Merileeofficer: CHIEF ACCOUNTING OFFICER | Sell | 238 | $79.20 |
| Aug 19, 2026 | Blow Marla Jdirector | Sell | 15 | $81.22 |
| Aug 19, 2026 | Blow Marla Jdirector | Sell | 217 | $79.34 |
| Aug 19, 2026 | Buckley Merileeofficer: CHIEF ACCOUNTING OFFICER | Sell | 166 | $79.92 |
| Aug 19, 2026 | Blow Marla Jdirector | Sell | 68 | $79.90 |
| Aug 12, 2026 | Colburn Richard Edward IIIofficer: Chief Product & Tech Officer | Sell | 440 | $83.98 |
| Aug 12, 2026 | Colburn Richard Edward IIIofficer: Chief Product & Tech Officer | Option | 1,229 | $28.38 |
| Aug 12, 2026 | Colburn Richard Edward IIIofficer: Chief Product & Tech Officer | Sell | 989 | $83.02 |
| Aug 12, 2026 | Colburn Richard Edward IIIofficer: Chief Product & Tech Officer | Sell | 1,139 | $81.34 |
| Aug 12, 2026 | Colburn Richard Edward IIIofficer: Chief Product & Tech Officer | Sell | 5,684 | $81.93 |
| Aug 6, 2026 | Baker Charlesofficer: Chief Financial Officer | Sell | 352 | $86.62 |
| Aug 6, 2026 | Silverman Joshdirector, other: Executive Chair of the Board | Option | 6,294 | $10.62 |
| Aug 6, 2026 | Silverman Joshdirector, other: Executive Chair of the Board | Sell | 6,294 | $84.00 |
Source: ETSY SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full ETSY insider & 13F page →Etsy, Inc. company profile
Overview
Etsy, Inc. (NASDAQ:ETSY) is a Brooklyn-based e-commerce company founded in 2005 that operates online marketplaces connecting creative entrepreneurs with buyers seeking unique, handmade, and vintage items. Originally launched as a single marketplace for artisans and crafters, Etsy has evolved into a multi-brand platform that includes its flagship Etsy.com marketplace alongside specialized subsidiaries Reverb (musical instruments), Depop (fashion resale), and Elo7 (Brazil-focused handmade goods). The company went public in 2015 and has grown to serve nearly 90 million active buyers and over 7 million active sellers globally, facilitating billions in annual gross merchandise sales across its platforms.
Business
Etsy operates as a two-sided online marketplace that connects creative sellers with buyers looking for unique, personalized, and handmade items. Unlike traditional e-commerce platforms that focus on mass-produced goods, Etsy specializes in creative commerce - a niche that encompasses handmade crafts, vintage items (20+ years old), and craft supplies. The company's core marketplace, Etsy.com, serves as a digital storefront where independent artisans, crafters, and small businesses can list and sell their products directly to consumers. Items range from handmade jewelry and custom clothing to home décor, art prints, and personalized gifts. The platform emphasizes creativity, personalization, and the story behind each item, differentiating itself from commodity-focused marketplaces. Beyond its flagship marketplace, Etsy operates three specialized subsidiaries that represent approximately 15-20% of total revenue: 1. Reverb - A dedicated marketplace for new, used, and vintage musical instruments and equipment, serving musicians and music enthusiasts worldwide. 2. Depop - A mobile-first fashion resale marketplace popular among Gen Z consumers, focusing on unique vintage and secondhand clothing with a social media-style interface. 3. Elo7 - A Brazil-based marketplace similar to the main Etsy platform, specializing in handmade and unique items for the Latin American market. The company also provides various seller services and tools including payment processing (Etsy Payments), advertising solutions (Etsy Ads), discounted shipping labels, inventory management tools, and educational resources to help sellers grow their businesses on the platform.
Revenue model
Etsy generates revenue through a multi-layered marketplace model that monetizes both transaction volume and seller services. The company's primary revenue streams include transaction fees (typically 6.5% of each sale), payment processing fees, listing fees, and advertising revenue from sellers promoting their products. The company's "take rate" - the percentage of gross merchandise sales (GMS) that converts to revenue - has steadily increased to approximately 23% as of 2024, up from historical levels around 20%. This improvement reflects successful expansion of higher-margin services like advertising and payments processing. Paying customers are primarily the sellers who use Etsy's platform and services. Sellers pay transaction fees on completed sales, optional advertising fees to promote their listings, payment processing fees when using Etsy Payments, and various service fees for shipping labels, listing enhancements, and premium tools. Buyers generally shop for free, though they may pay for expedited shipping or other premium services. Several factors influence Etsy's margins and profitability. Positive margin drivers include the company's ability to increase take rates through expanded services, growing adoption of higher-margin advertising products, international expansion into markets with less competition, and the scalable nature of the platform technology. Negative pressures include intense competition from larger e-commerce platforms like Amazon Handmade, macroeconomic headwinds affecting discretionary consumer spending, potential regulatory changes around marketplace operations, and the need for continued investment in technology and marketing to maintain growth. The company's margins are also sensitive to shifts in product mix, with higher-priced items generating more absolute revenue per transaction.
Competitive moat
Etsy's competitive moat rests on its network effects and brand differentiation within the creative commerce niche, though this moat faces meaningful challenges from larger competitors. The platform benefits from a two-sided network where more sellers attract more buyers and vice versa, creating increasing value for both sides as the marketplace grows. The company's strongest defensive position lies in its brand identity and seller community. Etsy has cultivated a distinctive brand associated with handmade, unique, and personalized items that appeals to consumers seeking alternatives to mass-produced goods. Many sellers have built their entire businesses around the Etsy platform, creating switching costs and loyalty that would be difficult for competitors to replicate quickly. However, Etsy's moat is moderate at best and faces significant competitive threats. Amazon has launched Amazon Handmade as a direct competitor, leveraging its massive customer base, logistics infrastructure, and Prime membership benefits. Other platforms like Facebook Marketplace, Instagram Shopping, and specialized craft marketplaces also compete for both sellers and buyers. The relatively low barriers to entry for marketplace creation, combined with the fact that many sellers multi-home across platforms, limits Etsy's pricing power and seller retention. The company's scale advantages in search algorithms, payment processing, and marketing efficiency provide some protection, but these advantages are not insurmountable for well-funded competitors. Additionally, Etsy faces the ongoing challenge of maintaining its authentic, small-business-focused brand while scaling operations and competing on features like shipping speed and customer service that favor larger, more resourced competitors.
Risks & safety
Etsy maintains a strong financial position with solid liquidity and manageable debt levels, though recent profitability volatility raises some concerns. • Liquidity and Cash Position: Strong cash position of $649 million as of Q1 2025, with current ratio of 2.14x indicating solid short-term liquidity coverage • Debt and Solvency: Minimal debt burden with negative debt-to-equity ratio indicating net cash position; no significant solvency risk • Cash Generation: Positive free cash flow of $46 million in Q1 2025, though down significantly from $304 million in Q4 2024; full-year 2024 free cash flow of $738 million demonstrates underlying cash generation capability • Profitability Volatility: Net loss of $52 million in Q1 2025 versus $130 million profit in Q4 2024, showing earnings volatility tied to seasonal patterns and investment cycles • Valuation Metrics: EV/EBITDA of 10.5x appears reasonable for a mature marketplace business, though P/E ratios fluctuate significantly due to earnings volatility • Other Considerations: Strong EBITDA margins around 27-28% demonstrate underlying business profitability despite net income fluctuations; business model provides defensive characteristics during economic downturns due to diverse seller base and essential nature of platform for many small businesses
Recent development
Over the past few years, Etsy has undergone a significant strategic evolution from growth-at-all-costs to sustainable, profitable expansion with enhanced focus on marketplace quality and differentiation. The company has shifted away from aggressive customer acquisition tactics toward improving buyer experience, seller quality, and long-term retention. Key strategic initiatives include the implementation of AI and machine learning capabilities across search, recommendations, and personalization features. The company has partnered with OpenAI and integrated with Microsoft Copilot to enhance product discovery and create more engaging shopping experiences. These investments aim to differentiate Etsy from commodity-focused marketplaces by leveraging AI to highlight unique, artisanal offerings. The company launched the Etsy Insider loyalty program in 2024, targeting occasional buyers with benefits like free shipping and exclusive deals for a monthly subscription fee. This represents a significant shift toward recurring revenue and increased buyer frequency, moving beyond the traditional transaction-based model. Quality and seller standards have become central focus areas, with Etsy implementing stricter creativity standards, quality scores for search rankings, and enhanced seller onboarding processes. The company has worked to remove non-compliant listings and elevate high-quality sellers through improved algorithms and seller tools. Etsy has also rebalanced its product development approach, shifting from long-term foundational investments toward more immediate conversion-focused improvements while maintaining strategic initiatives. The company has enhanced its mobile app experience, expanded gifting features, and improved search diversity to reduce repetitive results. International expansion continues with particular focus on European markets, while subsidiary businesses like Depop have shown strong growth momentum with over 30% GMS increases.
ETSY company profile · for informational purposes only — not investment advice.
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