ETSYETSY INC
Services-Business Services, NEC
- Revenue
- $2.9B
- 2.7% YoY
- Operating margin
- 9.2%
- 32% YoY
- EBITDA
- $368M
- 25% YoY
- Market cap
- $7.8B
- Employees
- 225
- $13M revenue each
- Net debt / EBITDA
- 2.5×
- $921M net debt
- AI in 10-K
- 8.1
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$18M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo425% of net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowYes112% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$13M · 99th pctBottom quartile of its SIC industry
- Quiet on AINo8.1 per 10K words · 90th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$7.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$81M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.6B | $2.7B | $2.8B | $2.9B | 2.7% |
| Operating income | $466M | −$659M | $280M | $380M | $266M | 30% |
| Net income | $494M | −$694M | $308M | $303M | $163M | 46% |
| Operating cash flow | $652M | $684M | $706M | $752M | $693M | 7.8% |
| Capex | $11M | $10M | $13M | $14M | $15M | 8.3% |
| Stock-based comp | $140M | $231M | $285M | $283M | $245M | 13% |
| Buybacks | $303M | $426M | $577M | $724M | $777M | 7.3% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $81M · 105
- Net
- −$81M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $18M | $20M | 31 | 176 |
| FY2024 | $18M | $4M | 30 | 152 |
| FY2023 | $17M | $6M | 46 | 124 |
| FY2022 | $16M | −$16M | 67 | 99 |
| FY2021 | $41M | $52M | 123 | 125 |