Etsy Inc key statistics and ratios

In fiscal 2025, Etsy Inc had an operating margin of 9.2% and a current ratio of 1.44. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Etsy Inc: financial ratios, annual
Fiscal year	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	61.8%	62.4%	64.5%	66.2%	65.8%	68.4%	66.9%	73.1%	71.9%	71.0%	69.8%	72.4%	71.6%	71.3%
Operating margin	0.6%	−3.2%	−0.7%	4.8%	2.7%	12.4%	10.8%	24.6%	20.0%	−25.7%	10.2%	13.5%	9.2%	14.0%
Net margin	−0.6%	−7.8%	−19.8%	−8.2%	18.5%	12.8%	11.7%	20.2%	21.2%	−27.1%	11.2%	10.8%	5.7%	32.8%
Free-cash-flow margin	7.0%	5.5%	8.1%	3.3%	14.8%	32.8%	24.4%	39.3%	27.5%	26.2%	25.2%	26.3%	23.5%	19.7%
Return on equity	−19.9%	−42.9%	−27.2%	−8.9%	22.1%	19.4%	23.7%	60.8%	72.0%	—	—	—	—	—
Return on assets	—	−6.2%	−13.5%	−5.3%	13.8%	10.3%	7.8%	17.7%	15.8%	−21.5%	11.6%	11.9%	6.2%	32.9%
Asset turnover	—	0.79	0.68	0.64	0.74	0.80	0.67	0.87	0.75	0.79	1.03	1.10	1.10	1.00
Current ratio	—	3.07	4.48	4.42	4.29	6.07	4.89	4.17	2.18	2.40	2.21	2.00	1.44	1.36
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	69.0%	193.1%	143.1%	362.0%	—	—	—	—	—
Interest cover (operating income ÷ interest)	2.4x	n/m	n/m	2.4x	1.1x	3.4x	3.6x	10.1x	47.1x	n/m	19.9x	27.5x	14.4x	—
Effective tax rate	—	—	—	—	—	−40.7%	−18.9%	4.5%	−4.6%	—	−5.0%	26.2%	33.9%	18.2%
R&D as % of revenue	22.0%	18.7%	15.6%	15.1%	16.9%	16.1%	14.9%	10.4%	11.7%	16.1%	17.1%	15.8%	15.6%	15.3%
Capital spending as % of revenue	6.2%	0.7%	4.1%	9.9%	0.9%	0.2%	0.9%	0.1%	0.5%	0.4%	0.5%	0.5%	0.5%	0.2%
Free cash flow ÷ net income	—	—	—	—	79.6%	255.4%	207.9%	194.0%	129.7%	—	225.2%	243.4%	416.0%	60.0%
Dividends and buybacks ÷ free cash flow	2.1%	0.0%	0.0%	0.0%	15.8%	68.0%	88.8%	39.7%	47.3%	63.2%	83.3%	98.1%	114.6%	155.7%

US$ thousands unless shown otherwise. Fiscal quarters.

Etsy Inc: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	74.5%	72.6%	73.2%	73.4%	69.0%	72.2%	72.4%	72.7%
Operating margin	18.2%	−0.6%	15.0%	17.8%	6.4%	19.0%	18.7%	16.1%
Net margin	15.2%	−8.5%	4.6%	12.1%	10.9%	11.0%	−7.0%	123.3%
Free-cash-flow margin	36.5%	7.5%	16.1%	34.5%	31.0%	12.6%	5.9%	22.9%
Current ratio	2.00	2.14	3.39	3.17	1.44	1.69	1.48	1.36
R&D as % of revenue	13.1%	16.5%	15.8%	16.0%	14.8%	15.7%	15.1%	16.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 4 checks passed · September 30, 2026

What it owns · $3.2bn

Short-term assets $2.6bnLonger-term assets $564m

What it owes, and who funded it · $3.8bn

Short-term liabilities $1.9bnLonger-term liabilities $1.9bnShareholders' equity $-678m

Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $1.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.6bn short-term assets against $1.9bn of longer-dated liabilities.
More cash than debt $2.1bn of cash against $3.0bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $598m of operating cash flow against $3.0bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Etsy Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

69 /100

Moderate moat

How hard Etsy's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 30.0% of total assets over 8 years.
Pricing power 20 / 20

Gross margin has been a median 70.6%, moving by 2.4 percentage points (standard deviation) across 10 years.
Durability 3 / 20

Operating margin has been a median 12.3%; its worst year was -26.5%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 25.6% of revenue.
Discipline 11 / 20

The diluted share count fell 1.9% over five years; stock-based pay has been a median 6.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (74 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ETSY vs OLLI BZUN vs ETSY DDS vs ETSY

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Figures from Etsy Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Etsy Inc.