Baozun vs Etsy
Etsy is the larger business, with $2.88bn of revenue in fiscal 2025 against $1.38bn for Baozun (2.1 times as much). Baozun grew faster (5.7% against 2.7%). Etsy kept more of each dollar of sales as profit: a net margin of 5.7% against -2.4%.
| Latest fiscal year | BaozunBZUN, 2025 | EtsyETSY, 2025 |
|---|---|---|
| Revenue | $1.38bn | $2.88bn |
| Revenue growth | 5.7% | 2.7% |
| Net income | −$33.7m | $163m |
| Operating margin | 0.6% | 9.2% |
| Net margin | -2.4% | 5.7% |
| Return on equity | -6.4% | — |
| Free cash flow | $43.7m | $678m |
| Cash | $130m | $1.36bn |
| Total debt | $173m | $2.98bn |
| Debt to equity | 33.2% | — |
| Dividend per share | — | — |
| Dividend yield | 1.7% | — |
| Share buybacks | $1.4m | $777m |
| Employees | — | 2,375 |
| Market value | $187m | $7.98bn |
| Price vs our value range | — | Within our value range |
| Moat score | — | 69 (Moderate) |
| Insider trades, 12 months | 52 buys, 0 sales | 0 buys, 110 sales |