Stock Analysis on Net
AI Tokens
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).

A fundamental transformation in the asset structure occurred between 2017 and 2021, characterized by a shift from a highly liquid, current-asset-heavy balance sheet to one dominated by non-current assets. From 2017 to 2020, current assets maintained a dominant position, peaking at 78.80% of total assets in 2020. However, 2021 marked a sharp pivot, with current assets falling to 35.01% and non-current assets rising to 64.99%, the highest level in the analyzed period.

Liquidity and Cash Management
Cash and cash equivalents exhibited significant volatility, starting at 52.09% in 2017, dipping in 2019, spiking again to 51.74% in 2020, and finally dropping to 20.36% in 2021. Short-term investments followed a similar pattern of fluctuation, peaking at 28.53% in 2018 before declining to 5.33% by 2021. This suggests a strategic reallocation of liquid capital toward long-term investments or acquisitions toward the end of the period.
Intangible Asset Growth and Strategic Acquisitions
The most pronounced change in the balance sheet is the surge in goodwill and intangible assets. Goodwill increased from 6.36% in 2017 to a substantial 35.78% in 2021. Similarly, net intangible assets grew from 0.68% to 15.85% over the same period. The simultaneous spike in these two metrics in 2021 indicates a major acquisition or a series of acquisitions that significantly expanded the company's non-physical asset base.
Operational Asset Trends
A consistent downward trend is observed in property and equipment, net, which decreased from 19.42% in 2017 to 7.18% in 2021, suggesting a move toward a more asset-light operational model relative to total asset growth. Additionally, net accounts receivable saw a steady decline from 5.56% to 0.71%, reflecting improved collection efficiency or a change in the revenue recognition and payment cycle.
Other Asset Components
Funds receivable and seller accounts remained relatively low but fluctuated, ending at 5.75% in 2021. Deferred tax assets and long-term investments remained marginal components of the total asset mix, although long-term investments became a permanent fixture after 2018, stabilizing at 2.22% by 2021.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?