Morningstar

Etsy Inc ETSY

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Stock XNAS Rating as of
$57.14 +1.39 (2.49%)
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As of Delayed Price Closed

Company Report

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Etsy's Strategic Progress Remains Masked by Challenging Consumption Spending Environment

Sean Dunlop

Etsy has carved out an interesting competitive niche, jockeying for e-commerce wallet share across a variety of categories in the long tail of unbranded products. The firm’s marketplace properties—Etsy, Reverb, and Depop—all target non-commoditized inventory, generate commissions on third-party, predominately peer to peer sales, and strive to create a “treasure hunt” experience around a unique, customizable, and consequently less price elastic products. The firm's core "Etsy" marketplace accounts for roughly 90% of consolidated gross merchandise volume, or GMV.

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Price vs Fair Value

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ETSY is trading at a 682% premium.
Price
$57.14
Fair Value
$939.00
Uncertainty
Very High
1-Star Price
$325.00
5-Star Price
$17.00
Economic Moat
Djb
Capital Allocation
Hjqlrkg

Bulls Say, Bears Say

Bulls

Current platform investments like gift mode and a planned loyalty program launch should drive an inflection in GMV growth once consumer discretionary demand starts to recover.

Bears

Without many high frequency items on its marketplace, Etsy lacks the natural traffic draw that larger e-commerce peers like Amazon command.

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Trading Information

Previous Close Price
$55.75
Day Range
$56.20–57.97
52-Week Range
$50.63–89.58
Bid/Ask
$57.03 / $57.20
Market Cap
$6.56 Bil
Volume/Avg
5.2 Mil / 4.0 Mil

Key Statistics

Price/Earnings (Normalized)
23.19
Price/Sales
2.81
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
10.66%

Company Profile

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).
Sector
Consumer Cyclical
Industry
Internet Retail
Stock Style Box
Small Core
Total Number of Employees
2,420
Website
https://www.etsy.com

Competitors

Valuation

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Metric
ETSY
SHOP
EBAY
Price/Earnings (Normalized)
 23.1976.1614.13
Price/Book Value
 —11.145.72
Price/Sales
 2.8113.273.27
Price/Cash Flow
 11.1973.5714.61
Price/Earnings
ETSY
SHOP
EBAY

Financial Strength

Metric
ETSY
SHOP
EBAY
Quick Ratio
 2.217.111.11
Current Ratio
 2.417.321.25
Interest Coverage
 —280.0010.25
Quick Ratio
ETSY
SHOP
EBAY

Profitability

Metric
ETSY
SHOP
EBAY
Return on Assets (Normalized)
 22.39%12.59%11.26%
Return on Equity (Normalized)
 —15.84%40.10%
Return on Invested Capital (Normalized)
 31.13%11.69%16.84%
Return on Assets
ETSY
SHOP
EBAY

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