New Risk • May 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €462k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$1.1b). Minor Risks Significant insider selling over the past 3 months (€462k sold). Tillkännagivande • Apr 21
Etsy, Inc., Annual General Meeting, Jun 09, 2026 Etsy, Inc., Annual General Meeting, Jun 09, 2026. Tillkännagivande • Apr 16
Etsy, Inc. to Report Q1, 2026 Results on Apr 29, 2026 Etsy, Inc. announced that they will report Q1, 2026 results at 9:30 AM, US Eastern Standard Time on Apr 29, 2026 Reported Earnings • Feb 21
Full year 2025 earnings released: EPS: US$1.59 (vs US$2.64 in FY 2024) Full year 2025 results: EPS: US$1.59 (down from US$2.64 in FY 2024). Revenue: US$2.88b (up 2.7% from FY 2024). Net income: US$163.0m (down 46% from FY 2024). Profit margin: 5.7% (down from 11% in FY 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 19
eBay Inc. (NasdaqGS:EBAY) entered into a Sale and Purchase Agreement to acquire Depop Limited from Etsy, Inc. (NYSE:ETSY) for approximately $1.2 billion. eBay Inc. (NasdaqGS:EBAY) entered into a Sale and Purchase Agreement to acquire Depop Limited from Etsy, Inc. (NYSE:ETSY) for approximately $1.2 billion on February 15, 2026. As part of the acquisition, eBay Inc. will acquire all of the outstanding equity interests of Depop Limited. The consideration of $1.2 billion will be paid in cash and is subject to certain purchase price adjustments. The transaction will be financed through cash on hand. In case of termination of transaction, eBay Inc. will pay a termination fee of $90 million to Etsy, Inc. The Purchase Agreement also provides that, upon certain termination events, eBay Inc. will be required to pay Etsy, Inc an additional termination fee of $70 million. For the period ended December 31, 2025, Depop Limited reported revenue of $1 billion.
The transaction is subject to the satisfaction of certain closing conditions and receipt of required regulatory approvals. The deal has been unanimously approved by the board of directors of eBay Inc. and Etsy, Inc. The transaction is currently expected to close in the second quarter of 2026. The proceeds from the sale will be utilized by Etsy, Inc. for general corporate purposes, continued share repurchases and investment in its core marketplace.
Ken S. Myers and Bomi Lee of Fenwick & West LLP acted as legal advisor to Etsy, Inc. Ethan Klingsberg, Zheng (Jonathan) Zhou and Jeff Zhang of Freshfields US LLP acted as legal advisor to eBay Inc. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €39.02, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Multiline Retail industry in Europe. Total loss to shareholders of 68% over the past three years. Tillkännagivande • Feb 06
Etsy, Inc. to Report Q4, 2025 Results on Feb 19, 2026 Etsy, Inc. announced that they will report Q4, 2025 results Pre-Market on Feb 19, 2026 Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €45.99, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 16x in the Multiline Retail industry in Europe. Total loss to shareholders of 66% over the past three years. Tillkännagivande • Dec 22
Etsy, Inc. (NYSE:ETSY) announces an Equity Buyback for $750 million worth of its shares. Etsy, Inc. (NasdaqGS:ETSY) announces a share repurchase program. Under the program, the company will repurchase up to $750 million worth of its common stock. The stock repurchase program has no expiration date. Tillkännagivande • Dec 18
Etsy, Inc. Appoints Fred Wilson as Lead Independent Director, Effective January 1, 2026 The Board of Etsy, Inc. appointed the current Chair of the Board, Fred Wilson, as Lead Independent Director effective January 1, 2026. Fred Wilson is the Founder and Partner of Union Square Ventures and has served on Etsy's board since 2007. He provides significant experience in corporate governance, technology company strategy, and scaling businesses in growth. He is also a well-known thought leader on technology, venture capital, and management matters. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €45.83, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the Multiline Retail industry in Europe. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €51.05, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Multiline Retail industry in Europe. Total loss to shareholders of 50% over the past three years. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: US$0.76 (vs US$0.50 in 3Q 2024) Third quarter 2025 results: EPS: US$0.76 (up from US$0.50 in 3Q 2024). Revenue: US$678.0m (up 2.4% from 3Q 2024). Net income: US$75.5m (up 32% from 3Q 2024). Profit margin: 11% (up from 8.7% in 3Q 2024). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Tillkännagivande • Oct 16
Etsy, Inc. to Report Q3, 2025 Results on Oct 29, 2025 Etsy, Inc. announced that they will report Q3, 2025 results Pre-Market on Oct 29, 2025 Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €63.27, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 17x in the Multiline Retail industry in Europe. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €114 per share. Tillkännagivande • Apr 24
Servco Pacific Inc. and Creator Partners LLC entered into an agreement to acquire Reverb Holdings, Inc. from Etsy, Inc. (NasdaqGS:ETSY). Servco Pacific Inc. and Creator Partners LLC entered into an agreement to acquire Reverb Holdings, Inc. from Etsy, Inc. (NasdaqGS:ETSY) on April 21, 2025. Tillkännagivande • Apr 19
Etsy, Inc., Annual General Meeting, Jun 17, 2025 Etsy, Inc., Annual General Meeting, Jun 17, 2025. Tillkännagivande • Apr 17
Etsy, Inc. to Report Q1, 2025 Results on Apr 30, 2025 Etsy, Inc. announced that they will report Q1, 2025 results Pre-Market on Apr 30, 2025 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €37.10, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Multiline Retail industry in Europe. Total loss to shareholders of 66% over the past three years. Tillkännagivande • Mar 27
Etsy Appoints Rafe Colburn as Chief Technology Officer Effective May 5, 2025 Etsy, Inc. announced the appointment of Rafe Colburn as Chief Technology Officer (CTO), effective May 5, 2025. Colburn brings a wealth of technology leadership experience to the role. He currently serves as Chief Technology & Product Officer at Depop, where he has successfully scaled the technology team to support rapid growth and transformed the customer experience to one that is more app-based and discovery-centric. Prior to Depop, Colburn spent nearly 10 years at Etsy, where he led engineering teams during periods of significant growth and transformation across a wide range of critical areas, including ads, marketing technology, seller experience, trust & safety, localization and translation, and customer support. Colburn will be based out of Etsy's Brooklyn, NY headquarters. He will report to Etsy's CEO Josh Silverman and be part of Etsy's Executive Team. Rafe Colburn currently serves as Chief Technology & Product Officer at Depop. In this role, he is responsible for Depop's product & design function, driving the vision for Depop's end-to-end user experience while building a high-performing product organization. Prior to Depop, Colburn served as Vice President of Engineering at Etsy, and was responsible for Etsy's Ads, Fulfilment, Seller Experience, Marketing Technology, and Landing Experience teams. During his tenure, he established Etsy's Data Engineering team, and was responsible for Payments and Checkout, Compliance, International, Member Services, and Trust & Safety engineering. Earlier in his career, Colburn was the Principal Engineer at IDology and worked as a consultant at a number of firms building custom applications. He has authored numerous articles, papers, and books on Web development. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: US$2.64 (vs US$2.51 in FY 2023) Full year 2024 results: EPS: US$2.64. Revenue: US$2.81b (up 2.2% from FY 2023). Net income: US$303.3m (down 1.4% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Multiline Retail industry in Europe. Tillkännagivande • Feb 06
Etsy, Inc. to Report Q4, 2024 Results on Feb 19, 2025 Etsy, Inc. announced that they will report Q4, 2024 results Pre-Market on Feb 19, 2025 New Risk • Dec 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$624m). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Tillkännagivande • Dec 05
Etsy, Inc. Appoints Lanny Baker as Chief Financial Officer, Effective First Week of January 2025 Etsy, Inc. announced that Lanny Baker, currently Chief Operating Officer and previously Chief Financial Officer of Eventbrite, will join Etsy as Chief Financial Officer. Baker will succeed Rachel Glaser, who announced her decision to retire in July. As previously announced, Glaser will remain with Etsy as an advisor through June 30, 2025 to ensure a smooth transition. Baker will assume all of Glaser's prior responsibilities, including oversight of Strategic Finance, Analytics, Accounting, Internal Audit, Investor Relations, Tax, Treasury, Strategic Sourcing, and Corporate Development. Baker served as Chief Financial Officer of Eventbrite from September 2019 until November 2024. In August 2024, he added the role of Chief Operating Officer to his responsibilities. Prior to Eventbrite Baker was CFO at Yelp, where he led corporate finance, investor relations and workplace functions during a period of significant growth for the business. Baker has also served as the CEO and CFO at Zip Realty and CFO at Monster Worldwide. Baker began his career as a highly respected equity research analyst in the internet and ecommerce sectors at Salomon Brothers (subsequently Salomon Smith Barney, then Citigroup). Baker has served as a member of the Board of Directors of multiple internet companies, including Leaf Group, XO Group, and HomeAway. The change is effective the first week of January 2025. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Independent Director Marc Steinberg was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €51.15, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Multiline Retail industry in Europe. Total loss to shareholders of 77% over the past three years. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.50 (vs US$0.72 in 3Q 2023) Third quarter 2024 results: EPS: US$0.50 (down from US$0.72 in 3Q 2023). Revenue: US$662.4m (up 4.1% from 3Q 2023). Net income: US$57.4m (down 35% from 3Q 2023). Profit margin: 8.7% (down from 14% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Oct 31
Etsy, Inc. (NasdaqGS:ETSY) announces an Equity Buyback for $1,000 million worth of its shares. Etsy, Inc. (NasdaqGS:ETSY) announces a share repurchase program. Under the program, the company will repurchase up to $1,000 million worth of its common stock. The stock repurchase program has no expiration date. Tillkännagivande • Oct 17
Etsy, Inc. to Report Q3, 2024 Results on Oct 30, 2024 Etsy, Inc. announced that they will report Q3, 2024 results After-Market on Oct 30, 2024 Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: US$0.46 (vs US$0.50 in 2Q 2023) Second quarter 2024 results: EPS: US$0.46 (down from US$0.50 in 2Q 2023). Revenue: US$647.8m (up 3.0% from 2Q 2023). Net income: US$53.0m (down 14% from 2Q 2023). Profit margin: 8.2% (down from 9.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 28% per year. Tillkännagivande • Aug 01
Etsy, Inc. Announces Planned Retirement of CFO Rachel Glaser Etsy, Inc. announced that Rachel Glaser, Etsy's Chief Financial Officer, has decided to retire after a nearly 40-year career in strategic finance roles, including over seven years in her current role. Etsy has retained an executive recruiting firm to assist in the search for her successor. Ms. Glaser is expected to remain in her current role until a successor is appointed, and to remain with Etsy in an advisory capacity through June 30, 2025 to support continuity and a smooth transition. Since joining Etsy in 2017, Rachel has led Etsy's strategic finance, corporate development, accounting, SEC reporting, investor relations, and other core functions. She has played a key role in scaling Etsy's core marketplace and expanding Etsy into a House of Brands. Rachel Glaser Bio: Rachel has been responsible for overseeing Etsy's global financial operations since 2017. Prior to that, she served as Chief Financial Officer of the Leaf Group and Move, Inc. Rachel also held roles at Yahoo! Inc. as Senior Vice President, Operations Finance and at The Walt Disney Company, where she spent nearly 20 years in positions of increasing responsibility in finance and operations teams. Rachel has served as a member of the Board of Directors of The New York Times Company since 2018. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €60.31, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 14x in the Multiline Retail industry in Europe. Total loss to shareholders of 64% over the past three years. Tillkännagivande • Jul 18
Etsy, Inc. to Report Q2, 2024 Results on Jul 31, 2024 Etsy, Inc. announced that they will report Q2, 2024 results After-Market on Jul 31, 2024