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Held by 545 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
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Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TCOM | $24.4B | — | 9.8× | 2.7× | 22.2% | 80.6% | 53.4% | 19.5% | 16.5% | -0.6× | — |
| GPN | $21.7B | 14.2× | 11.7× | 2.8× | -0.4% | 72.6% | 18.2% | 6.1% | 3.2% | 4.4× | 773 |
| BR | $18.0B | 16.6× | — | 2.4× | 8.5% | 31.8% | 15.0% | 39.6% | 18.4% | — | 966 |
| FIS | $17.3B | 46.0× | 7.9× | 1.6× | 5.4% | 36.9% | 3.6% | 2.7% | 1.5% | 3.1× | 821 |
| DIDIY | $16.7B | — | — | 0.6× | 32.7% | 15.3% | 0.3% | 0.5% | 0.5% | — | 4 |
| AKAM | $15.5B | 35.2× | 11.4× | 3.7× | 5.4% | 58.9% | 10.7% | 9.1% | 9.1% | -0.7× | 782 |
| RBA | $15.2B | 40.3× | 14.3× | 3.3× | 7.2% | — | 9.3% | 7.7% | 5.4% | 1.6× | 537 |
| FICO | $14.9B | 26.0× | 19.0× | 7.5× | 15.9% | 82.2% | 32.7% | -37.3% | 49.8% | 3.1× | 825 |
| CSGP | $11.2B | — | 55.3× | 3.5× | 18.7% | 78.9% | 0.2% | 0.1% | 0.1% | -3.4× | 724 |
| CART | $10.8B | 28.5× | 17.3× | 2.9× | 10.8% | 73.7% | 11.9% | 17.8% | 17.8% | -1.1× | 487 |
| HQY | $7.6B | 37.2× | 17.2× | 5.8× | 9.5% | 69.5% | 16.4% | 10.2% | 7.0% | 1.3× | 478 |
| ETSY | $6.5B | 51.0× | 22.1× | 2.3× | 2.7% | 71.6% | 5.7% | -14.8% | 8.7% | 4.4× | 545 |
| Z | $6.2B | 304.6× | 23.5× | 2.4× | 15.5% | 74.1% | 0.9% | 0.5% | 0.5% | -3.3× | 409 |
| LYFT | $6.0B | 2.3× | — | 0.9× | 9.2% | 41.5% | 45.0% | 86.9% | 65.7% | — | 523 |
| WEX | $5.9B | 20.4× | 9.9× | 2.2× | 1.2% | 58.6% | 11.4% | 24.6% | 5.0% | 4.0× | 400 |
| EXLS | $5.4B | 23.3× | 15.0× | 2.6× | 13.6% | 38.4% | 12.0% | 27.5% | 20.7% | 0.4× | 424 |
| RELY | $4.8B | 73.9× | 43.6× | 3.0× | 29.4% | — | 4.2% | 7.8% | 6.6% | -3.8× | 340 |
| AMTM | $4.5B | 67.6× | 15.3× | 0.3× | 71.6% | 10.5% | 0.5% | 1.5% | 0.8% | 6.7× | 461 |
Peers = companies sharing ETSY's sector (Services-Business Services, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $776.9M buybacks = $776.9M returned on $678.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
To be worth $70.89 today, the market must believe free cash flow compounds 4.1%/yr for a decade (off $432.2M on the SBC-adjusted basis).
On the basis ($703.0M) the requirement is -2.4%/yr. The difference is what charging stock compensation costs.
The market's 4.1% is more conservative than its 8-yr track record.
Default is 8.6% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.09B shares (market data) · net debt $1.63B
mean 71.9% · volatility σ 144% · implied rate exceeded in 3/8 yrs
Central path = implied 4.1%/yr growth; shaded band = ±1σ (144%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~0.6% on $2.98B of debt.
Cash of $1.36B fully covers short-term debt of $649.0M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.88B 100.0% | $2.81B 100.0% | $2.75B 100.0% | $2.57B 100.0% | $2.33B 100.0% | $1.73B 100.0% | $818.4M 100.0% | $603.7M 100.0% | $441.2M 100.0% | $365.0M 100.0% |
| Cost of Revenue | $817.8M 28.4% | $774.6M 27.6% | $828.7M 30.2% | $744.6M 29.0% | $654.5M 28.1% | $464.7M 26.9% | $271.0M 33.1% | $190.8M 31.6% | $151.0M 34.2% | $123.3M 33.8% |
| Gross Profit | $2.07B 71.6% | $2.03B 72.4% | $1.92B 69.8% | $1.82B 71.0% | $1.67B 71.9% | $1.26B 73.1% | $547.3M 66.9% | $412.9M 68.4% | $290.2M 65.8% | $241.6M 66.2% |
| Research & Development | $450.2M 15.6% | $443.1M 15.8% | $469.3M 17.1% | $412.4M 16.1% | $271.5M 11.7% | $180.1M 10.4% | $121.9M 14.9% | $97.2M 16.1% | $74.6M 16.9% | $55.1M 15.1% |
| Selling, General & Admin | $332.8M 11.5% | $353.9M 12.6% | $343.2M 12.5% | $312.3M 12.2% | $282.5M 12.1% | $156.0M 9.0% | $121.1M 14.8% | $82.9M 13.7% | $91.5M 20.7% | $86.2M 23.6% |
| Total Operating Expenses | $1.80B 62.4% | $1.65B 58.9% | $1.64B 59.7% | $2.48B 96.6% | $1.21B 51.9% | $836.9M 48.5% | $458.6M 56.0% | $338.1M 56.0% | $278.3M 63.1% | $224.1M 61.4% |
| Operating Income | $266.2M 9.2% | $380.2M 13.5% | $279.8M 10.2% | -$658.6M -25.7% | $465.7M 20.0% | $424.0M 24.6% | $88.8M 10.8% | $74.8M 12.4% | $11.9M 2.7% | $17.6M 4.8% |
| Interest Expense | $18.5M 0.6% | $13.8M 0.5% | $14.0M 0.5% | $14.2M 0.6% | $9.9M 0.4% | $42.0M 2.4% | $24.3M 3.0% | $22.2M 3.7% | $11.1M 2.5% | $7.2M 2.0% |
| Other Income (Expense), net | -$19.5M -0.7% | $30.6M 1.1% | $13.0M 0.5% | -$3.4M -0.1% | $5.9M 0.3% | -$58.3M -3.4% | -$8.1M -1.0% | -$19.7M -3.3% | $20.4M 4.6% | -$20.5M -5.6% |
| Pretax Income | $246.7M 8.6% | $410.8M 14.6% | $292.8M 10.7% | -$662.0M -25.8% | $471.7M 20.3% | $365.7M 21.2% | $80.6M 9.9% | $55.1M 9.1% | $32.3M 7.3% | -$2.9M -0.8% |
| Income Tax Expense | $83.7M 2.9% | $107.5M 3.8% | -$14.7M -0.5% | $32.3M 1.3% | -$21.9M -0.9% | $16.5M 1.0% | -$15.2M -1.9% | -$22.4M -3.7% | -$49.5M -11.2% | $27.0M 7.4% |
| Net Income | $163.0M 5.7% | $303.0M 10.8% | $308.0M 11.2% | -$694.0M -27.0% | $494.0M 21.2% | $349.2M 20.2% | $95.9M 11.7% | $77.5M 12.8% | $81.8M 18.5% | -$29.9M -8.2% |
| Per Share | ||||||||||
| EPS (Basic) | $1.59 | $2.64 | $2.51 | -$5.48 | $3.88 | $2.88 | $0.80 | $0.64 | $0.69 | -$0.26 |
| EPS (Diluted) | $1.39 | $2.35 | $2.24 | -$5.48 | $3.40 | $2.69 | $0.76 | $0.61 | $0.68 | -$0.26 |
| Weighted Avg Shares (Basic) | 102.4M | 114.9M | 122.5M | 126.8M | 127.2M | 121.3M | 119.7M | 120.1M | 118.5M | 113.6M |
| Weighted Avg Shares (Diluted) | 124.1M | 131.7M | 140.1M | 126.8M | 146.7M | 136.4M | 125.7M | 127.1M | 122.3M | 113.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-05
Where each multiple sits in its own 11-yr range · 29th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -15% against ROIC 9% — -23% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 31.6 | 33.1 | 26.9 | 28.1 | 29.0 | 30.2 | 27.6 | 28.4 |
| Gross Profit | 68.4 | 66.9 | 73.1 | 71.9 | 71.0 | 69.8 | 72.4 | 71.6 |
| R&D | 16.1 | 14.9 | 10.4 | 11.7 | 16.1 | 17.1 | 15.8 | 15.6 |
| SG&A | 13.7 | 14.8 | 9.0 | 12.1 | 12.2 | 12.5 | 12.6 | 11.5 |
| Operating Income | 12.4 | 10.8 | 24.6 | 20.0 | -25.7 | 10.2 | 13.5 | 9.2 |
| Income Tax | -3.7 | -1.9 | 1.0 | -0.9 | 1.3 | -0.5 | 3.8 | 2.9 |
| Net Income | 12.8 | 11.7 | 20.2 | 21.2 | -27.0 | 11.2 | 10.8 | 5.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ETSY: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 18.78pts above its cost of capital, positive in 4 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 8.5% | 8.6% (today's — no rate published for this year) | -0.2pts |
| FY2020 | 51.6% | 8.6% (today's — no rate published for this year) | 43.0pts |
| FY2021 | 16.3% | 6.7% | 9.6pts |
| FY2022 | -53.0% | 11.4% | -64.4pts |
| FY2023 | 22.1% | 9.3% | 12.9pts |
| FY2024 | 33.7% | 8.6% | 25.1pts |
| FY2025 | 30.2% | 6.9% | 23.3pts |
| Now | 8.7% | 8.6% | 0.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 66.2% | 4.8% | -8.2% |
| FY2017 | 65.8% | 2.7% | 18.5% |
| FY2018 | 68.4% | 12.4% | 12.8% |
| FY2019 | 66.9% | 10.8% | 11.7% |
| FY2020 | 73.1% | 24.6% | 20.2% |
| FY2021 | 71.9% | 20.0% | 21.2% |
| FY2022 | 71.0% | -25.7% | -27.1% |
| FY2023 | 69.8% | 10.2% | 11.2% |
| FY2024 | 72.4% | 13.5% | 10.8% |
| FY2025 | 71.6% | 9.2% | 5.7% |
$37M of goodwill — 5% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 4 of the last 5 years.
Converts 2.42x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $678M; after share-based compensation it is $433M. The difference is a real cost that the cash flow statement adds back.
Covers interest 10.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 14.38x |
| 5% | 13.66x |
| 10% | 12.94x |
| 15% | 12.23x |
| 20% | 11.51x |
| 25% | 10.79x |
| 30% | 10.07x |
| 35% | 9.35x |
| 40% | 8.63x |
| 45% | 7.91x |
| 50% | 7.19x |
| 55% | 6.47x |
| 60% | 5.75x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 4.8x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $70.89, free cash flow must compound 4.28%/yr for 10 years. It has done 18.69%/yr over 6 years after stock compensation.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 295.1% | 4.3% |
| FY2021 | −18.3% | 4.3% |
| FY2022 | −11.6% | 4.3% |
| FY2023 | −7.8% | 4.3% |
| FY2024 | 11.6% | 4.3% |
| FY2025 | −4.9% | 4.3% |
This is solved on free cash flow AFTER stock compensation ($432M against $703M before it). On the unadjusted figure the requirement would be -2.14%/yr. Which is right depends on whether you think the share issuance is a recurring cost of running the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $163M | $163M |
| Share-based comp | $245M | $408M |
| Other non-cash & working capital | $286M | $693M |
| Operating cash flow | $693M | $693M |
| Capex | −$15M | $678M |
| Free cash flow | $678M | $678M |
| FCF after SBC | $433M | $433M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 110.9% | 46.9% | -63.9 points |
| FY2021 | 35.0% | 20.6% | -14.3 points |
| FY2022 | 10.2% | 2.3% | -7.9 points |
| FY2023 | 7.1% | -11.3% | -18.4 points |
| FY2024 | 2.2% | -64.8% | -67.0 points |
| FY2025 | 2.7% | -0.1% | -2.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 6.9 days | not reported | 35.5 days | -28.6 days |
| FY2020 | 4.8 days | not reported | 32.1 days | -27.3 days |
| FY2021 | 4.3 days | not reported | 15.6 days | -11.3 days |
| FY2022 | 4 days | not reported | 14.1 days | -10.1 days |
| FY2023 | 3.3 days | not reported | 13.2 days | -9.9 days |
| FY2024 | 1.1 days | not reported | 12.2 days | -11.1 days |
| FY2025 | 1.1 days | not reported | 12.4 days | -11.3 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.2 percent |
| FY2020 | -13.7 percent |
| FY2021 | -4.1 percent |
| FY2022 | -52.3 percent |
| FY2023 | -14.8 percent |
| FY2024 | -18.6 percent |
| FY2025 | -18.8 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.