Stock Analysis on Net
Stock Analysis on Net

Etsy Inc. (NASDAQ:ETSY)

This company has been moved to the archive! The financial data has not been updated since November 3, 2022.

Common-Size Balance Sheet: Assets 

Etsy Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 20.36 51.74 28.74 40.69 52.09
Short-term investments 5.33 17.68 24.25 28.53 4.15
Accounts receivable, net 0.71 0.94 1.00 1.36 5.56
Prepaid and other current assets 2.86 2.34 2.50 2.52 3.37
Funds receivable and seller accounts 5.75 6.11 3.23 2.34 7.37
Current assets 35.01% 78.80% 59.72% 75.43% 72.54%
Restricted cash 0.14 0.22 0.35 0.59 0.88
Property and equipment, net 7.18 4.68 9.39 13.33 19.42
Goodwill 35.78 5.86 8.99 4.16 6.36
Intangible assets, net 15.85 7.80 12.92 3.84 0.68
Deferred tax assets 2.50 0.00 0.92 2.60 0.03
Long-term investments 2.22 1.63 5.79 0.00 0.00
Other assets 1.33 1.01 1.92 0.06 0.09
Non-current assets 64.99% 21.20% 40.28% 24.57% 27.46%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The analysis of the annual financial data reveals several notable trends in asset composition over the five-year period.

Cash and cash equivalents
This category displayed a fluctuating pattern, initially declining from 52.09% in 2017 to 28.74% in 2019, then rising again sharply to 51.74% in 2020 before dropping to its lowest point of 20.36% in 2021. The volatility suggests variations in liquidity management or cash reserves over time.
Short-term investments
Short-term investments rose significantly from 4.15% in 2017 to a peak of 28.53% in 2018, followed by a gradual decrease to 5.33% in 2021. This indicates an initial increase in liquid investment positions that were subsequently reduced.
Accounts receivable, net
Accounts receivable consistently decreased over the period, starting at 5.56% in 2017 and dwindling to just 0.71% by 2021, pointing to improved collection efficiency or lower credit sales relative to total assets.
Prepaid and other current assets
These assets remained relatively stable, fluctuating narrowly around the 2.5% mark with a slight increase to 2.86% in 2021, indicating consistent levels of prepaid expenses or other current assets.
Funds receivable and seller accounts
This proportion saw a decline from 7.37% in 2017 to 2.34% in 2018, a rebound to 6.11% in 2020, and a moderate decrease thereafter to 5.75% in 2021. The data suggests variability in receivables linked to sellers but no clear long-term trend.
Current assets
Current assets as a percentage of total assets showed significant variability, peaking at 78.8% in 2020 after a decline to 59.72% in 2019, and falling sharply to 35.01% by 2021. This illustrates fluctuating short-term liquidity and resource allocation dynamics.
Restricted cash
A gradual decrease was observed, from 0.88% in 2017 to a minimal 0.14% in 2021, suggesting lower amounts of cash held with usage limitations.
Property and equipment, net
This asset category steadily declined from 19.42% in 2017 to 4.68% in 2020, before a rebound to 7.18% in 2021, indicating a reduction in fixed assets followed by modest reinvestment or asset acquisition.
Goodwill
Goodwill experienced a notable increase, beginning at 6.36% in 2017, dropping to 4.16% in 2018, and then surging dramatically to 35.78% in 2021. The sharp rise in the final year suggests significant acquisitions or recognition of intangible value.
Intangible assets, net
This category increased from a low base of 0.68% in 2017, with fluctuations leading to a high of 15.85% in 2021, reflecting investments in non-physical assets such as intellectual property or technology.
Deferred tax assets
Deferred tax assets showed intermittent values, rising from nearly zero in 2017 to 2.6% in 2018, dropping to zero in 2020, and recovering to 2.5% in 2021, indicating varying tax-related asset recognition over time.
Long-term investments
These were absent in the earlier years but appeared at 5.79% in 2019, followed by a reduction to around 2% by 2021, pointing to strategic long-term investment activities initiated in 2019.
Other assets
Other assets consistently remained below 2%, rising slightly from 0.09% in 2017 to 1.33% in 2021, indicating minor but steady contributions from miscellaneous asset categories.
Non-current assets
Non-current assets as a proportion of total assets fluctuated considerably, decreasing from 27.46% in 2017 to 21.2% in 2020 before rising significantly to 64.99% in 2021. This shift corresponds largely to the increase in goodwill and intangible assets, suggesting an expansion of long-term asset base in the most recent year analyzed.

Overall, the data indicates a transition in asset structure with a decreasing emphasis on traditional liquid assets such as cash and short-term investments by 2021, accompanied by a substantial increase in intangible assets and goodwill, which may reflect strategic acquisitions or investments in intellectual property. Current assets have become a smaller proportion of the total asset base, while non-current assets have correspondingly increased, highlighting a shift to longer-term asset holding.