Etsy operates a top-10 e-commerce marketplace operator in the us and the UK, with sizable operations in Germany, France, Australia, and Canada. The firm dominates an interesting niche, connecting buyers and sellers through its online market to exchange vintage and craft goods. With $13.2 billion in 2023 consolidated gross merchandise volume, Etsy has cemented itself as one of the largest players in a quickly growing space, generating revenue from listing fees, commissions on sold items, advertising services, payment processing, and shipping labels. As of the end of 2023, the firm connected more than 96 million buyers and 9 million sellers on its marketplace properties: Etsy, Reverb (musical equipment), and Depop (clothing resale).

Financial Strength

4/10

Name	Current	Vs Industry	Vs History
Cash-To-Debt	0.42
Equity-to-Asset	-0.26
Debt-to-Equity	-3.76
Debt-to-EBITDA	5.97
Interest Coverage	N/A	N/A	N/A
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	2.33	Distress Grey Safe
Beneish M-Score	-3.36	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

7/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	15.7
	3-Year EBITDA Growth Rate	-5.9
	3-Year EPS without NRI Growth Rate	-2.1
	3-Year FCF Growth Rate	-1.2
	Future 3-5Y EPS without NRI Growth Rate Estimate	8.08
	Future 3-5Y Total Revenue Growth Rate Estimate	4.41

Momentum Rank

5/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	53.25
	9-Day RSI	49.72
	14-Day RSI	47.42
	6-1 Month Momentum %	-18.64
	12-1 Month Momentum %	-16.98

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	2.41
	Quick Ratio	2.41
	Cash Ratio	1.77
	Days Sales Outstanding	33.73
	Days Payable	113.62

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	3-Year Average Share Buyback Ratio	1.8
	Shareholder Yield %	11.27

Profitability Rank

8/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	70.57
	Operating Margin %	12.35
	Net Margin %	10.36
	FCF Margin %	24.9
	ROE %	Neg. Equity
	ROA %	11.35
	ROIC %	22.03
	3-Year ROIIC %	-5.76
	ROC (Joel Greenblatt) %	123.5
	ROCE %	15.44
	Years of Profitability over Past 10-Year	6

GF Value Rank

4/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	25.12
	Forward PE Ratio	19.61
	PE Ratio without NRI	24.55
	Shiller PE Ratio	96.43
	Price-to-Owner-Earnings	17.57
	PS Ratio	2.68
	Price-to-Free-Cash-Flow	10.73
	Price-to-Operating-Cash-Flow	10.07
	EV-to-EBIT	25.22
	EV-to-Forward-EBIT	13.93
	EV-to-EBITDA	18.97
	EV-to-Forward-EBITDA	9.57
	EV-to-Revenue	2.74
	EV-to-Forward-Revenue	2.59
	EV-to-FCF	11
	Price-to-Projected-FCF	1.07
	Earnings Yield (Greenblatt) %	3.97
	FCF Yield %	11.14
	Forward Rate of Return (Yacktman) %	25.32

GF Value: $111.86

ETSY

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