Etsy, Inc. (ETSY) Key Metrics
ETSY valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $7.81B
- Enterprise value
- $8.72B
- P/E (TTM)
- 24.9 10-yr median 50.1
- Forward P/E
- 14.9
- PEG ratio
- 0.78
- Price / sales
- 2.7 10-yr median 5.8
- Price / book
- 21.4 10-yr median 14.4
- EV / EBITDA
- 15.0 10-yr median 36.6
- Dividend yield
- —
- Beta
- 1.86
ETSY key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsETSY valuation Price multiples at each fiscal year-end price.
ETSY returns How much profit the business earns on the capital it uses.
ETSY per-share figures Results divided by the shares outstanding at year-end.
ETSY financial health Debt, liquidity and how easily interest is covered.
ETSY efficiency & capital use Working capital cycle and where the cash goes.
ETSY valuation history
ETSY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ETSY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ETSY cash returned to shareholders
ETSY price vs earnings per share
ETSY key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.85B | $6.97B | $11.36B | $15.19B | $32.11B | $24.27B | $5.57B | $6.05B | $2.50B | $1.34B |
| Enterprise value | $8.30B | $8.31B | $12.60B | $16.40B | $33.52B | $23.72B | $5.60B | $5.76B | $2.23B | $1.13B |
| P/E ratio | 42.0 | 23.0 | 36.9 | — | 65.1 | 69.5 | 58.1 | 78.0 | 30.6 | — |
| Price / sales | 2.4 | 2.5 | 4.1 | 5.9 | 13.8 | 14.1 | 6.8 | 10.0 | 5.7 | 3.7 |
| Price / book | — | — | — | — | 51.1 | 32.7 | 13.7 | 15.1 | 6.3 | 3.9 |
| Price / free cash flow | 10.7 | 9.8 | 17.1 | 23.5 | 51.7 | 36.1 | 29.1 | 33.9 | 44.7 | — |
| Price / operating cash flow | 9.9 | 9.3 | 16.1 | 22.2 | 49.3 | 35.7 | 26.9 | 30.4 | 36.2 | 27.9 |
| EV / sales | 2.9 | 3.0 | 4.6 | 6.4 | 14.4 | 13.7 | 6.8 | 9.5 | 5.1 | 3.1 |
| EV / EBITDA | 22.6 | 15.6 | 31.6 | — | 60.3 | 50.9 | 36.6 | 55.4 | 31.6 | 41.9 |
| EV / free cash flow | 13.0 | 11.7 | 18.9 | 25.4 | 53.9 | 35.3 | 29.2 | 32.3 | 39.9 | — |
| Earnings yield | 2.4% | 4.4% | 2.7% | −4.6% | 1.5% | 1.4% | 1.7% | 1.3% | 3.3% | −2.2% |
| Free cash flow yield | 9.3% | 10.2% | 5.9% | 4.3% | 1.9% | 2.8% | 3.4% | 3.0% | 2.2% | 0.0% |
| Dividend yield | — | — | 0.1% | — | 0.1% | 0.1% | 0.2% | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 11.3% | 10.4% | 5.2% | 2.8% | 1.0% | 1.2% | 3.4% | 2.2% | 0.4% | 0.1% |
| Share price at fiscal year-end | $55.44 | $52.89 | $81.05 | $119.78 | $218.94 | $177.91 | $44.30 | $47.57 | $20.45 | $11.78 |
| Per share | ||||||||||
| Revenue per share | $23.34 | $21.32 | $19.61 | $20.24 | $15.88 | $12.65 | $6.51 | $4.75 | $3.61 | $3.21 |
| Earnings per share | $1.32 | $2.30 | $2.19 | −$5.48 | $3.36 | $2.56 | $0.76 | $0.61 | $0.67 | −$0.26 |
| Operating cash flow per share | $5.61 | $5.71 | $5.03 | $5.39 | $4.44 | $4.98 | $1.65 | $1.57 | $0.57 | $0.42 |
| Free cash flow per share | $5.17 | $5.38 | $4.75 | $5.10 | $4.24 | $4.93 | $1.52 | $1.40 | $0.46 | $0.00 |
| Cash per share | $13.11 | $7.89 | $8.21 | $9.24 | $6.71 | $12.24 | $6.50 | $4.91 | $2.79 | $2.48 |
| Book value per share | −$8.89 | −$5.76 | −$3.88 | −$4.32 | $4.29 | $5.44 | $3.23 | $3.15 | $3.25 | $3.04 |
| Tangible book value per share | −$11.60 | −$9.94 | −$8.13 | −$9.63 | −$9.20 | $3.04 | $0.55 | $2.59 | $2.90 | $2.66 |
| Dividends per share | — | — | $0.10 | — | $0.15 | $0.19 | $0.08 | — | $0.00 | $0.00 |
| Capex per share | $0.44 | $0.33 | $0.28 | $0.29 | $0.21 | $0.05 | $0.12 | $0.16 | $0.11 | $0.42 |
| Debt per share | $24.90 | $18.13 | $17.05 | $18.85 | $16.28 | $8.18 | $6.74 | $2.69 | $0.57 | $0.61 |
| Shares outstanding | 123.5M | 131.7M | 140.1M | 126.8M | 146.7M | 136.4M | 125.7M | 127.1M | 122.3M | 113.6M |
| Change in shares outstanding | −6.2% | −6.0% | +10.5% | −13.6% | +7.5% | +8.5% | −1.1% | +3.9% | +7.7% | +24.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | — | — | 72.0% | 60.8% | 23.7% | 19.4% | 22.1% | −8.9% |
| Return on invested capital (ROIC) | 51.3% | 43.7% | 41.0% | −38.5% | 41.9% | 129.5% | 32.0% | 61.0% | 9.2% | 11.8% |
| Return on assets (ROA) | 6.2% | 11.9% | 11.6% | −21.5% | 15.8% | 17.7% | 7.8% | 10.3% | 13.8% | −5.3% |
| Return on tangible assets | 6.5% | 16.2% | 14.7% | −35.4% | 26.6% | 16.8% | 8.0% | 9.3% | 14.5% | −5.6% |
| Free cash flow margin | 22.2% | 25.2% | 24.2% | 25.2% | 26.7% | 38.9% | 23.4% | 29.5% | 12.7% | 0.1% |
| Income quality (OCF / net income) | 4.25 | 2.48 | 2.29 | — | 1.32 | 1.94 | 2.16 | 2.57 | 0.84 | — |
| Financial health | ||||||||||
| Total debt | $3.08B | $2.39B | $2.39B | $2.39B | $2.39B | $1.12B | $847.0M | $342.5M | $70.0M | $69.5M |
| Cash & short-term investments | $1.62B | $1.04B | $1.15B | $1.17B | $984.6M | $1.67B | $817.3M | $624.3M | $340.6M | $282.1M |
| Net debt | $1.46B | $1.35B | $1.24B | $1.22B | $1.40B | −$553.4M | $29.8M | −$281.8M | −$270.6M | −$212.6M |
| Debt / equity | — | — | — | — | 3.80 | 1.50 | 2.08 | 0.85 | 0.18 | 0.20 |
| Debt / assets | 1.09 | 0.99 | 0.89 | 0.91 | 0.62 | 0.46 | 0.55 | 0.38 | 0.12 | 0.12 |
| Net debt / EBITDA | 3.97 | 2.53 | 3.11 | — | 2.53 | −1.19 | 0.19 | −2.71 | −3.83 | −7.92 |
| Current ratio | 1.44 | 2.00 | 2.21 | 2.40 | 2.18 | 4.17 | 4.89 | 6.07 | 4.29 | 4.42 |
| Quick ratio | 1.44 | 2.00 | 2.21 | 2.40 | 2.18 | 4.17 | 4.89 | 6.07 | 4.29 | 4.42 |
| Interest coverage | 19.9 | 27.5 | 19.9 | -46.5 | 47.1 | 10.1 | 3.6 | 3.4 | 1.1 | 2.4 |
| Working capital | $597.4M | $662.6M | $859.7M | $882.0M | $725.9M | $1.44B | $732.5M | $568.2M | $336.8M | $287.0M |
| Invested capital | $357.7M | $589.3M | $695.4M | $671.1M | $2.03B | $189.0M | $436.4M | $119.1M | $126.3M | $132.2M |
| Tangible asset value | −$1.43B | −$1.31B | −$1.14B | −$1.22B | −$1.35B | $414.2M | $68.7M | $328.8M | $354.3M | $301.6M |
| Net current asset value | −$1.96B | −$1.85B | −$1.66B | −$1.67B | −$1.86B | $232.7M | −$214.7M | $179.3M | $230.6M | $134.6M |
| Graham number | — | — | — | — | $18.01 | $17.71 | $7.45 | $6.58 | $6.99 | — |
| Graham net-net per share | −$17.36 | −$15.10 | −$13.28 | −$14.31 | −$13.86 | $0.98 | −$2.14 | $1.17 | $1.56 | $0.77 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $14.2M | — | $22.7M | $25.3M | $9.8M | — | $0 | $0 |
| Share buybacks (net) | $776.9M | $723.9M | $577.0M | $425.7M | $302.8M | $268.7M | $177.0M | $134.6M | $10.3M | $1.3M |
| Dividend payout ratio | — | — | 4.6% | — | 4.6% | 7.2% | 10.2% | — | 0.0% | — |
| Dividends + buybacks / free cash flow | 121.6% | 102.1% | 88.8% | 65.9% | 52.4% | 43.8% | 97.5% | 75.5% | 18.4% | 587.9% |
| Capex / revenue | 1.9% | 1.5% | 1.5% | 1.4% | 1.3% | 0.4% | 1.9% | 3.4% | 3.0% | 13.1% |
| Capex / operating cash flow | 7.9% | 5.8% | 5.7% | 5.4% | 4.6% | 1.0% | 7.4% | 10.3% | 19.0% | 99.6% |
| Capex / depreciation | 0.54 | 0.40 | 0.44 | 0.38 | 0.41 | 0.12 | 0.32 | 0.77 | 0.48 | 2.12 |
| Stock-based compensation / revenue | 8.5% | 10.1% | 10.4% | 9.0% | 6.0% | 3.8% | 5.4% | 6.3% | 6.0% | 4.4% |
| R&D / revenue | 15.6% | 15.8% | 17.1% | 16.1% | 11.7% | 10.4% | 14.9% | 16.1% | 16.9% | 15.1% |
| SG&A / revenue | 43.3% | 43.1% | 40.1% | 39.9% | 40.2% | 38.1% | 41.1% | 39.9% | 45.5% | 46.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 26.1 | 31.7 | 36.7 | 36.2 | 32.7 | 24.8 | 22.0 | 33.8 | 55.7 | 38.3 |
| Days of inventory on hand | — | — | 0.0 | 0.0 | 0.0 | 0.0 | — | 0.0 | — | 0.0 |
| Days payables outstanding | 100.3 | 120.4 | 122.9 | 125.2 | 80.6 | 45.9 | 60.9 | 26.7 | 29.7 | 66.0 |
| Cash conversion cycle (days) | -74.2 | -88.6 | -86.2 | -89.0 | -47.9 | -21.1 | -38.9 | 7.0 | 25.9 | -27.8 |
| Receivables turnover | 14.00 | 11.50 | 9.96 | 10.08 | 11.17 | 14.71 | 16.62 | 10.81 | 6.56 | 9.54 |
| Payables turnover | 3.64 | 3.03 | 2.97 | 2.91 | 4.53 | 7.94 | 6.00 | 13.66 | 12.28 | 5.53 |
| Inventory turnover | — | — | 828,675,000.00 | 744,592,000.00 | 654,512,000.00 | 464,745,000.00 | — | 381,524,000.00 | — | 123,328,000.00 |
| Asset turnover | 1.10 | 1.10 | 1.03 | 0.79 | 0.75 | 0.87 | 0.67 | 0.80 | 0.74 | 0.64 |
| Average receivables | $206.0M | $244.2M | $276.0M | $254.7M | $208.4M | $117.3M | $49.2M | $55.8M | $67.3M | $38.3M |
| Average payables | $224.7M | $255.4M | $279.0M | $255.5M | $144.5M | $58.5M | $45.2M | $14.0M | $12.3M | $22.3M |
| Average inventory | — | — | $1 | $1 | $1 | $1 | — | $0 | $0 | $1 |
| Intangibles / total assets | 11.9% | 22.8% | 22.2% | 25.5% | 51.6% | 13.7% | 21.9% | 8.0% | 7.0% | 7.4% |
Computed from ETSY's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ETSY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Etsy traded at 42.0 times earnings, against a 10-year median of 50.1. Based on the latest twelve months, the trailing P/E is 24.9 and the forward P/E is 14.9. Etsy earned a return on invested capital of 51.3% in fiscal 2025. It ended the year with $3.1 billion of debt and $1.6 billion in cash and short-term investments, net debt of $1.5 billion. It returned $776.9 million to shareholders: $0 in dividends and $776.9 million in share buybacks, 122% of free cash flow. The share count rose 8.8% from 113.6M to 123.5M over 9 years.
See the ETSY income statement, the ETSY chart for price history, or the ETSY stock overview for the latest quote and news.
ETSY key metrics FAQ
What is Etsy's P/E ratio?
Etsy's trailing P/E ratio is 24.9 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 14.9. At the end of fiscal 2025 it was 42.0, compared with a 10-year median of 50.1.
What is Etsy's EV/EBITDA?
Etsy's enterprise value was 22.6 times EBITDA at the end of fiscal 2025 (enterprise value $8.3 billion, EBITDA $367.0 million); the current EV/EBITDA is 15.0.
What is Etsy's ROIC?
Etsy's return on invested capital was 51.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Etsy have?
Etsy had total debt of $3.1 billion at the end of fiscal 2025 and $1.5 billion of net debt (3.97 times EBITDA).
Does Etsy buy back its shares?
Yes. Etsy spent $776.9 million on net share repurchases in fiscal 2025 Shares outstanding changed −6.2% over the year, to 123.5M..
What is Etsy's free cash flow yield?
Etsy generated $638.8 million of free cash flow in fiscal 2025, a free cash flow yield of 9.3% on its market value at year-end ($6.8 billion).
What is Etsy's current ratio?
Etsy's current ratio was 1.44 at the end of fiscal 2025: current assets were 1.44 times current liabilities.