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NEW YORK STOCK EXCHANGE, INC. · Retail · CIK 0001370637
$87.41
+2.52% · delayed ~15 min
Last price from Oct 20, 2026
$8.48B market value
From ETSY INC's FY2025 10-K, filed Feb 19, 2026 · read the filing
ETSY provides business support services. It took in $2.88B last year, which makes it a mid-sized company. Of every dollar it sells, about 6 cents is left as profit.
The financial picture is led by accounting, with profitability and growth worth watching, while debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score -1.05
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From ETSY INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
$303.3M → $163.0M
Cash
$811.2M → $1.40B
Shares in issue
108.5M → 97.0M
Operating income
$380.2M → $266.2M
Measured against FY2024, from the 10-K filed Feb 19, 2026
Deteriorated: -46.3%
$303.3M to $163.0MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +72.1%
$811.2M to $1.40BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
How the latest move compares (quote delayed ~15 min), and what was published around it
ETSY rose 2.52% on the latest quote. The S&P 500 moved −1.04%. That is 3.6 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 2% a year for the next 10 years. Over the last 10 years it grew by about 41% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 6 cents of every dollar of sales as profit, earning $163.0M last year.
Barely. Sales were roughly flat, up 2.7%.
No. At its current cash flow it could clear its debt in about 2.3 years. For every $1 it owes, it owns $0.72 in assets. A bankruptcy-risk model also places it in its distress range.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $163.0M and generated $693.4M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 19, 2026Filing for FY2025 | FY202410-K · Feb 19, 2026Filing for FY2024 | FY202310-K · Feb 19, 2026Filing for FY2023 | FY202210-K · Feb 23, 2023Filing for FY2022 | FY202110-K · Feb 25, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $2.88B | $2.81B | $2.75B | $2.57B | $2.33B | +2.7% |
| Cost of revenue | $817.8M | $774.6M | $828.7M | $744.6M | $654.5M | +5.6% |
| Gross profit | $2.07B | $2.03B | $1.92B | $1.82B | $1.67B | +1.6% |
| Gross marginGross profit ÷ revenueWhat is this? | 71.6% | 72.4% | 69.8% | 71.0% | 71.9% | −0.8 pts |
| Selling, general and administrative | $332.8M | $353.9M | $343.2M | $312.3M | $282.5M | −6.0% |
| Operating income | $266.2M | $380.2M | $279.8M | -$658.6M | $465.7M | −30.0% |
| Operating marginOperating income ÷ revenueWhat is this? | 9.2% | 13.5% | 10.2% | -25.7% | 20.0% | −4.3 pts |
| Interest expense | $18.5M | $13.8M | $14.0M | $14.2M | $9.9M | +34.1% |
| Income before tax | $246.7M | $410.8M | $292.8M | -$662.0M | $471.7M | −40.0% |
| Net income | $163.0M | $303.3M | $307.6M | -$694.3M | $493.5M | −46.3% |
| Net marginNet income ÷ revenueWhat is this? | 5.7% | 10.8% | 11.2% | -27.1% | 21.2% | −5.1 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $1.68 | $2.79 | $2.58 | $-5.55 | $3.89 | −39.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 942 shares at $90.00 ($84.8K)
Holds 16,671 shares after this filing.
Exercised stock options — 5,076 shares at $69.89 ($354.8K)
Holds 5,076 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Quarterly report for Q2 FY2026
Revenue +6.2% · Operating margin +3.8 pts · Profit turned negative — against Q2 FY2026
Read the filingAnnounced restructuring or exit costs · Published results · Made a Regulation FD disclosure · Reported another event
Read the filingWrite down why you are following ETSY INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 3 subsidiaries named in its 10-K. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Source: Exhibit 21 of the 10-K filed 2026-02-19. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from ETSY's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 19, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 6.0 | 5/9 | 10-K, filed Feb 19, 2026 |
| FY2024 | 7.0 | 6/9 | 10-K, filed Feb 19, 2025 |
| FY2023 | 7.0 | 7/9 | 10-K, filed Feb 22, 2024 |
| FY2022 | 5.0 | 5/9 | 10-K, filed Feb 23, 2023 |
| FY2021 | 8.0 | 5/9 | 10-K, filed Feb 25, 2022 |
| FY2020 | 10.0 | 7/9 | 10-K, filed Feb 26, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
-1.05
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-3.51
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: -10.6%
108.5M to 97.0MCritical
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Deteriorated: -30.0%
$380.2M to $266.2MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −4.3 pts
13.5% to 9.2%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −5.1 pts
10.8% to 5.7%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -39.9%
$2.79 to $1.68Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -8.2%
$738.3M to $678.0MNotable
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Changed: +8.3%
$14.2M to $15.4MNotable
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Q2 FY2026 against Q2 FY2026, from the 10-Q filed Aug 5, 2026 — read it.
Deteriorated: turned negative
$28.8M to -$46.6MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −11.6 pts
4.6% to -7.0%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$0.29 to -$0.51Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +33.1%
$94.1M to $125.3MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +3.8 pts
15.0% to 18.7%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: -21.6%
$2.98B to $2.34BSignificant
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Deteriorated: -22.0%
$1.15B to $901.3MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -7.3%
99.6M to 92.4MSignificant
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Improved: +6.2%
$629.1M to $668.3MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +5.1%
$460.5M to $484.0MNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: turned negative
$69.7M to -$46.6MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −18.0 pts
11.0% to -7.0%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$0.73 to -$0.51Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -25.8%
$1.21B to $901.3MSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +5.9%
$631.3M to $668.3MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +6.2%
$455.6M to $484.0MNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: -2.7%
94.9M to 92.4MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between -0% and 4%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 13.5% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 66.6x — a high multiple relative to the current trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
Sold on the open market — 5,076 shares at $90.00 ($456.8K)
Holds 0 shares after this filing.
Exercised stock options — 383 shares at $10.62 ($4.1K)
Holds 262,617 shares after this filing.
Exercised stock options — 714 shares at $10.62 ($7.6K)
Holds 263,331 shares after this filing.
Sold on the open market — 714 shares at $79.00 ($56.4K)
Holds 262,617 shares after this filing.
Exercised stock options — 417 shares at $10.62 ($4.4K)
Holds 263,034 shares after this filing.
Sold on the open market — 417 shares at $84.47 ($35.2K)
Holds 262,617 shares after this filing.
Sold on the open market — 383 shares at $74.00 ($28.3K)
Holds 262,234 shares after this filing.
Sold on the open market — 1,396 shares at $71.35 ($99.6K)
Holds 0 shares after this filing.
Sold on the open market — 4,178 shares at $71.26 ($297.7K)
Holds 6,797 shares after this filing.
Sold on the open market — 294 shares at $71.99 ($21.2K)
Holds 6,503 shares after this filing.
Exercised stock options — 2,090 shares at $10.62 ($22.2K)
Holds 264,707 shares after this filing.
Sold on the open market — 858 shares at $71.86 ($61.7K)
Holds 263,849 shares after this filing.
Sold on the open market — 958 shares at $72.71 ($69.7K)
Holds 262,891 shares after this filing.
Sold on the open market — 274 shares at $73.36 ($20.1K)
Holds 262,617 shares after this filing.
Exercised stock options — 29,216 shares
Holds 278,775 shares after this filing.
Had shares withheld to cover taxes — 16,158 shares at $72.84 ($1.2M)
Holds 262,617 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 5,076 shares ($456.8K) on or after .
Shares originally obtained via Exercise of Stock Options.
Filed notice to sell 942 shares ($84.8K) on or after .
Shares originally obtained via Stock Award.
Filed notice to sell 417 shares ($35.2K) on or after .
Shares originally obtained via Exercise of Stock Options.
Filed notice to sell 714 shares ($56.4K) on or after .
Shares originally obtained via Exercise of Stock Options.
Filed notice to sell 383 shares ($28.3K) on or after .
Shares originally obtained via Exercise of Stock Options.
Filed notice to sell 4,472 shares ($320.0K) on or after .
Shares originally obtained via RSU vesting.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Signed a material agreement · Completed an acquisition or disposal · Made a Regulation FD disclosure
Signed a material agreement
Read the filingHeld a shareholder vote
Read the filingSigned a material agreement
Read the filingQuarterly report for Q1 FY2026
Operating margin +19.6 pts · Operating income turned positive · Profit turned positive — against Q1 FY2026
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Operating margin −4.3 pts · Profit -46.3% · Cash +72.1% — against FY2024
Read the filingPublished results
Read the filingSigned a material agreement · Published results · Made a Regulation FD disclosure
Read the filingAmended its charter or changed its financial year · Made a Regulation FD disclosure · Reported another event
Read the filingQuarterly report for Q3 FY2025
Profit margin +2.5 pts · Earnings per share +50.7% · Cash +52.5% — against Q3 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingReceived a delisting or listing-standard notice · Made a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2026
Operating margin +4.1 pts · Profit -45.6% · Cash +52.1% — against Q2 FY2024
Read the filingPublished results
Read the filingHeld a shareholder vote
Read the filingEtsy vs. Five Below: Which Consumer Stock Is a Better Buy in 2026?
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