New Risk • May 07
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: US$540k 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 (US$540k sold). Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: US$1.09 (vs US$0.33 loss in 1Q 2025) First quarter 2026 results: EPS: US$1.09 (up from US$0.33 loss in 1Q 2025). Revenue: US$631.3m (up 3.1% from 1Q 2025). Net income: US$104.7m (up US$139.7m from 1Q 2025). Profit margin: 17% (up from net loss in 1Q 2025). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Duyuru • Apr 21
Etsy, Inc., Annual General Meeting, Jun 09, 2026 Etsy, Inc., Annual General Meeting, Jun 09, 2026. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$62.04, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Multiline Retail industry in Europe. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$123 per share. Duyuru • 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 Recent Insider Transactions • Mar 07
Independent Director recently sold US$100k worth of stock On the 4th of March, C. Andrew Ballard sold around 2k shares on-market at roughly US$55.74 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$130k. Insiders have been net sellers, collectively disposing of US$1.8m more than they bought in the last 12 months. Reported Earnings • Feb 20
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 26% per year, which means it is significantly lagging earnings. Duyuru • 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 13
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$46.37, 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 64% over the past three years. Duyuru • 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 Duyuru • 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. Duyuru • 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 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$53.23, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Multiline Retail industry in Europe. Total loss to shareholders of 56% 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 15% per year, which means it is significantly lagging earnings. Duyuru • 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 • Sep 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$72.00, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 17x in the Multiline Retail industry in Europe. Total loss to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$134 per share. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$60.63, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 17x in the Multiline Retail industry in Europe. Total loss to shareholders of 46% over the past three years. Duyuru • Sep 04
Etsy, Inc. Announces Executive Changes Etsy, Inc. announced that Rafe Colburn, the company's current Chief Technology Officer, will expand his remit to Chief Product and Technology Officer, effective September 8, 2025. In this new role, Colburn will now oversee the product and engineering organizations for the Etsy marketplace. He will report to Kruti Patel Goyal, Etsy's President and Chief Growth Officer, and remain part of the company's executive team. This appointment follows the departure of Nick Daniel, who is leaving Etsy to pursue other opportunities. Daniel's last day as Chief Product Officer will be September 5, 2025, and he will remain with the company in an advisory capacity until October. Rafe Colburn is the Chief Technology Officer at Etsy. Previously, Rafe served as Chief Product and Technology and Officer at Depop, where he was responsible for driving the vision for Depop's end-to-end user experience
while building a high performing product organization. Previous to Depop, Rafe 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. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$54.96, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 17x in the Multiline Retail industry in Europe. Total loss to shareholders of 48% over the past three years. Recent Insider Transactions • Aug 27
Independent Director recently sold US$486k worth of stock On the 22nd of August, Martha Burns sold around 8k shares on-market at roughly US$62.82 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.2m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$55.87, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 17x in the Multiline Retail industry in Europe. Total loss to shareholders of 52% over the past three years. New Risk • Aug 06
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: US$453k 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 Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.8% net profit margin). Significant insider selling over the past 3 months (US$453k sold). Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$0.28 (vs US$0.46 in 2Q 2024) Second quarter 2025 results: EPS: US$0.28 (down from US$0.46 in 2Q 2024). Revenue: US$672.7m (up 3.8% from 2Q 2024). Net income: US$28.8m (down 46% from 2Q 2024). Profit margin: 4.3% (down from 8.2% in 2Q 2024). Revenue is forecast to grow 4.7% 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 63% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Duyuru • Jul 17
Etsy, Inc. to Report Q2, 2025 Results on Jul 30, 2025 Etsy, Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 30, 2025 Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$54.18, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 16x in the Multiline Retail industry in Europe. Total loss to shareholders of 27% over the past three years. Duyuru • Jun 03
Servco Pacific Inc. and Creator Partners LLC completed the acquisition of 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.
Servco Pacific Inc. and Creator Partners LLC completed the acquisition of Reverb Holdings, Inc. from Etsy, Inc. (NasdaqGS:ETSY) on April 21, 2025. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$58.02, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Multiline Retail industry in Europe. Total loss to shareholders of 31% over the past three years. Reported Earnings • May 01
First quarter 2025 earnings released: US$0.49 loss per share (vs US$0.53 profit in 1Q 2024) First quarter 2025 results: US$0.49 loss per share (down from US$0.53 profit in 1Q 2024). Revenue: US$651.2m (flat on 1Q 2024). Net loss: US$52.1m (down 183% from profit in 1Q 2024). Revenue is forecast to grow 4.2% 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 increased by 40% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Duyuru • 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. Duyuru • Apr 19
Etsy, Inc., Annual General Meeting, Jun 17, 2025 Etsy, Inc., Annual General Meeting, Jun 17, 2025. Duyuru • 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 16% After last week's 16% share price decline to US$42.02, 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 64% over the past three years. Duyuru • 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 19
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 5.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Multiline Retail industry in Europe. Duyuru • 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 Duyuru • 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. 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 5.2% 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. Duyuru • 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. Duyuru • 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 New Risk • Aug 02
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 British stocks, typically moving 6.9% 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$635m). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). 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 29% per year. Duyuru • 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. Duyuru • 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 Reported Earnings • May 02
First quarter 2024 earnings released: EPS: US$0.53 (vs US$0.60 in 1Q 2023) First quarter 2024 results: EPS: US$0.53 (down from US$0.60 in 1Q 2023). Revenue: US$646.0m (flat on 1Q 2023). Net income: US$63.0m (down 16% from 1Q 2023). Profit margin: 9.8% (down from 12% in 1Q 2023). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Duyuru • Apr 23
Etsy, Inc., Annual General Meeting, Jun 13, 2024 Etsy, Inc., Annual General Meeting, Jun 13, 2024, at 09:00 US Eastern Standard Time. Agenda: To consider and approve election of Director; to consider and approve ratification of PricewaterhouseCoopers LLP as independent accounting firm; and to consider and approve any other matters. Duyuru • Apr 19
Etsy, Inc. to Report Q1, 2024 Results on May 01, 2024 Etsy, Inc. announced that they will report Q1, 2024 results After-Market on May 01, 2024 New Risk • Feb 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$544m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Duyuru • Feb 22
Etsy, Inc. Provides Earnings Guidance for the First Quarter and Fiscal Year 2024 Etsy, Inc. provided earnings guidance for the first quarter and fiscal year 2024. For the quarter, the company estimates take rate to be between 21% to 21.5%. This can be used to estimate revenue range for the quarter.For the year, company expected revenue growth to outpace GMS growth; full year take-rate in line or ahead of the first quarter. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: US$2.51 (vs US$5.48 loss in FY 2022) Full year 2023 results: EPS: US$2.51 (up from US$5.48 loss in FY 2022). Revenue: US$2.75b (up 7.1% from FY 2022). Net income: US$307.6m (up US$1.00b from FY 2022). Profit margin: 11% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. New Risk • Feb 13
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 British stocks, typically moving 7.5% 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$623m). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Duyuru • Feb 08
Etsy, Inc. to Report Q4, 2023 Results on Feb 21, 2024 Etsy, Inc. announced that they will report Q4, 2023 results After-Market on Feb 21, 2024 Duyuru • Dec 14
Etsy Inc. Announces Executive Changes Etsy Inc. announced the departure of Ryan Scott, Chief Marketing Officer, effective December 31, 2023. To assist in the transition, Mr. Scott has agreed to continue in an advisory role, which may extend through June 30, 2024.Raina Moskowitz, formerly Chief Operating Officer, will assume the title of Chief Operating and Marketing Officer, responsible for driving global growth by expanding brand consideration and deepening customer trust and loyalty. Under her expanded role, Ms. Moskowitz will lead Etsy's marketing, international markets, trust &safety, member support, strategy & operations, and impact teams. Ms. Moskowitz has extensive marketing experience from her time with American Express, where she successfully grew share of wallet with the existing customer base, including significantly increasing customer billings and loan growth, while also strategically attracting new customers through marketing channel expansion, improved board of directors of Sprout Social, a leading provider of cloud based social media management software. Also in connection with the Restructuring Plan, Etsy will move its Payments and Fulfillment functions from Ms. Moskowitz's organization to the Product organization, under the leadership of Chief Product Officer Nick Daniel. In connection with the Restructuring Plan, Etsy also announced the departure of Kimaria Seymour, Etsy's Chief Human Resources Officer, effective December 31, 2023. Ms. Seymour is expected to remain at Etsy in an advisory role through June 30, 2024 to assist in the transition. Effective January 1, 2024, Toni Thompson, Etsy's VP, People & Talent Strategy since 2020, will assume the role of Chief Human Resources Officer. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$72.43, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 14x in the Multiline Retail industry in Europe. Total loss to shareholders of 43% over the past three years. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: US$0.72 (vs US$7.62 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.72 (up from US$7.62 loss in 3Q 2022). Revenue: US$636.3m (up 7.0% from 3Q 2022). Net income: US$87.9m (up US$1.05b from 3Q 2022). Profit margin: 14% (up from net loss in 3Q 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Duyuru • Nov 02
Etsy, Inc. Provides Earnings Guidance for the Year 2023 Etsy, Inc. provided earnings guidance for the year 2023. GMS for Fourth Quarter 2023 is currently estimated to decline in the low-single-digit range on a year-over-year basis. However, if trends worsen, that could become a mid-single-digit decline, and if trends improve GMS could be flat or even up slightly year-over-year. The company estimate Fourth Quarter 2023 take rate to be approximately 20.8%, down slightly on a sequential basis due to normal seasonality. This can be used to estimate revenue range for the quarter. Duyuru • Oct 19
Etsy, Inc. to Report Q3, 2023 Results on Nov 01, 2023 Etsy, Inc. announced that they will report Q3, 2023 results After-Market on Nov 01, 2023 Duyuru • Aug 11
Enjoei S.A. (BOVESPA:ENJU3) completed the acquisition of Elo7 Serviços de Informática S.A. from Etsy, Inc. (NasdaqGS:ETSY). Enjoei S.A. (BOVESPA:ENJU3) entered into an agreement to acquire Elo7 Serviços de Informática S.A. from Etsy, Inc. (NasdaqGS:ETSY) on July 17 2023. Transaction is expected to close in the third quarter of 2023.Enjoei S.A. (BOVESPA:ENJU3) completed the acquisition of Elo7 Serviços de Informática S.A. from Etsy, Inc. (NasdaqGS:ETSY) on August 10, 2023. New Risk • Aug 04
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 British stocks, typically moving 7.1% 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$464m). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: US$0.50 (vs US$0.57 in 2Q 2022) Second quarter 2023 results: EPS: US$0.50 (down from US$0.57 in 2Q 2022). Revenue: US$628.9m (up 7.5% from 2Q 2022). Net income: US$61.9m (down 15% from 2Q 2022). Profit margin: 9.8% (down from 13% in 2Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Duyuru • Jul 21
Etsy, Inc. to Report Q2, 2023 Results on Aug 02, 2023 Etsy, Inc. announced that they will report Q2, 2023 results After-Market on Aug 02, 2023 Buying Opportunity • Jul 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be US$119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company became loss making. Duyuru • May 05
Etsy, Inc. Provides Consolidated Earnings Guidance for the Second Quarter of 2023 Etsy, Inc. provided consolidated earnings guidance for the second quarter of 2023. For the quarter, the company expects Revenue of $590 million to $640 Million. Reported Earnings • May 04
First quarter 2023 earnings released: EPS: US$0.60 (vs US$0.68 in 1Q 2022) First quarter 2023 results: EPS: US$0.60 (down from US$0.68 in 1Q 2022). Revenue: US$640.9m (up 11% from 1Q 2022). Net income: US$74.5m (down 13% from 1Q 2022). Profit margin: 12% (down from 15% in 1Q 2022). Revenue is forecast to grow 13% 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, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Mar 03
Chief Technology Officer recently sold US$200k worth of stock On the 28th of February, Rachana Kumar sold around 2k shares on-market at roughly US$122 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$3.1m more than they bought in the last 12 months. Reported Earnings • Feb 24
Full year 2022 earnings released: US$5.48 loss per share (vs US$3.88 profit in FY 2021) Full year 2022 results: US$5.48 loss per share (down from US$3.88 profit in FY 2021). Revenue: US$2.57b (up 10% from FY 2021). Net loss: US$694.3m (down 241% from profit in FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Online Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Duyuru • Feb 09
Etsy, Inc. to Report Q4, 2022 Results on Feb 22, 2023 Etsy, Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 22, 2023 Duyuru • Feb 03
Etsy, Inc. Appoints Colin Stretch as Chief Legal Officer and Corporate Secretary, Effective February 14, 2023 Etsy, Inc. announced that Colin Stretch will join the company as Chief Legal Officer and Corporate Secretary, effective on February 14, 2023. Colin comes to Etsy with 25 years of experience, including as former General Counsel of Facebook (now Meta) from 2013-2019, where he led the company's legal and compliance functions and corporate legal affairs. After Facebook, Colin spent two years as Leader-in-Residence at Columbia University Law School's Reuben Mark Initiative for Organizational Character & Leadership and, most recently, he was Of Counsel at Latham & Watkins. Earlier in his career, Colin clerked for Justice Stephen G. Breyer on the United States Supreme Court and Judge Laurence H. Silberman on the United States Court of Appeals for the D.C. Circuit. He was also a member of the Honors Program in the Antitrust Division of the United States Department of Justice. Colin will be based out of Etsy's Brooklyn headquarters, report directly to Josh Silverman, and join Etsy's executive team. Recent Insider Transactions • Nov 16
Independent Chairman recently sold US$1.7m worth of stock On the 7th of November, Frederick Wilson sold around 18k shares on-market at roughly US$98.43 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Frederick's only on-market trade for the last 12 months. Recent Insider Transactions • Nov 10
Independent Chairman recently sold US$1.7m worth of stock On the 7th of November, Frederick Wilson sold around 18k shares on-market at roughly US$98.43 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Frederick's only on-market trade for the last 12 months. Reported Earnings • Nov 03
Third quarter 2022 earnings released: US$7.62 loss per share (vs US$0.71 profit in 3Q 2021) Third quarter 2022 results: US$7.62 loss per share (down from US$0.71 profit in 3Q 2021). Revenue: US$594.5m (up 12% from 3Q 2021). Net loss: US$963.1m (down US$1.05b from profit in 3Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Online Retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 15% share price gain to US$110, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 16x in the Online Retail industry in Europe. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$104, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 23x in the Online Retail industry in the United Kingdom. Total returns to shareholders of 94% over the past three years. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: US$0.57 (vs US$0.77 in 2Q 2021) Second quarter 2022 results: EPS: US$0.57 (down from US$0.77 in 2Q 2021). Revenue: US$585.1m (up 11% from 2Q 2021). Net income: US$73.1m (down 26% from 2Q 2021). Profit margin: 13% (down from 19% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 10%, compared to a 18% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 18% share price gain to US$94.00, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 16x in the Online Retail industry in Europe. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 16% share price gain to US$85.95, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 17x in the Online Retail industry in Europe. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$70.73, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 17x in the Online Retail industry in Europe. Total returns to shareholders of 2.4% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$75.92, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 17x in the Online Retail industry in Europe. Total returns to shareholders of 30% over the past three years. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$0.68 (vs US$1.14 in 1Q 2021) First quarter 2022 results: EPS: US$0.68 (down from US$1.14 in 1Q 2021). Revenue: US$579.3m (up 5.2% from 1Q 2021). Net income: US$86.1m (down 40% from 1Q 2021). Profit margin: 15% (down from 26% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 16%, compared to a 24% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$97.51, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the Online Retail industry in Europe. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$125, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 14x in the Online Retail industry in Europe. Total returns to shareholders of 87% over the past three years. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$3.88 (up from US$2.88 in FY 2020). Revenue: US$2.33b (up 35% from FY 2020). Net income: US$493.5m (up 41% from FY 2020). Profit margin: 21% (in line with FY 2020). Revenue exceeded analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 19%, compared to a 26% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$122, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 26x in the Online Retail industry in the United Kingdom. Total returns to shareholders of 83% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$141, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 15x in the Online Retail industry in the United Kingdom. Total loss to shareholders of 31% over the past year. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$191, the stock trades at a forward P/E ratio of 56x. Average forward P/E is 17x in the Online Retail industry in the United Kingdom. Total returns to shareholders of 12% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$336 per share. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment deteriorated over the past week After last week's 21% share price decline to US$231, the stock trades at a forward P/E ratio of 74x. Average forward P/E is 19x in the Online Retail industry in the United Kingdom. Total returns to shareholders of 409% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$263 per share. Recent Insider Transactions • Nov 10
Insider recently sold US$1.8m worth of stock On the 5th of November, Jill Simeone sold around 7k shares on-market at roughly US$262 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$7.4m more than they bought in the last 12 months. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$0.71 (vs US$0.75 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$532.4m (up 18% from 3Q 2020). Net income: US$89.9m (down 2.0% from 3Q 2020). Profit margin: 17% (down from 20% in 3Q 2020). The decrease in margin was driven by higher expenses. Board Change • Nov 05
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. 6 experienced directors. 1 highly experienced director. Director Andy Ballard was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$0.77 (vs US$0.81 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: US$528.9m (up 23% from 2Q 2020). Net income: US$98.3m (up 1.9% from 2Q 2020). Profit margin: 19% (down from 23% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year whereas the company’s share price has increased by 66% per year. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 15% share price gain to US$196, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 32x in the Online Retail industry in the United Kingdom. Total returns to shareholders of 489% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$298 per share. Reported Earnings • May 07
First quarter 2021 earnings released: EPS US$1.14 (vs US$0.11 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$550.6m (up 142% from 1Q 2020). Net income: US$143.8m (up US$131.2m from 1Q 2020). Profit margin: 26% (up from 5.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. 
