Price to Book Value (P/BV)
since 2015
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Etsy Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2015
- Analysis of Revenues
- Aggregate Accruals
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Calculation
Etsy Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 25, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2019 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2017 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2016 | = | ÷ | = | ÷ |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Etsy Inc. Annual Report.
- Share Price Trend
- The share price exhibited a substantial upward trajectory over the analyzed period. Beginning at $8.36 in early 2016, it more than doubled by 2018 reaching $25.32 and then increased sharply to $71.27 by early 2019. Although there was a slight decline to $57.92 in early 2020, the price surged dramatically to a peak of $220.27 in early 2021 before decreasing to $148.94 in early 2022. Overall, the share price experienced significant volatility, with notable rapid growth phases punctuated by corrections.
- Book Value Per Share (BVPS) Trend
- BVPS showed a steady but moderate increase throughout the years. Starting from $2.93 in early 2016, it inched upward annually, reaching $3.45 by early 2020. A more pronounced rise occurred in 2021, with BVPS reaching $5.89. There was a slight decline to $4.95 in early 2022. This trend indicates consistent growth in the company’s net asset value per share, with a significant jump in 2021 likely reflecting enhanced retained earnings or asset base expansion.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio increased markedly through the years, reflecting growing investor willingness to pay a premium over the book value. Starting at 2.85 in 2016, it rose steeply to 7.75 by 2018, and then escalated dramatically to 21.26 in early 2019. The ratio saw some volatility thereafter, falling to 16.8 in 2020 before peaking at 37.4 in 2021 and slightly dropping to 30.1 in 2022. These high P/BV levels suggest strong market optimism about the company's future prospects, although the fluctuations also indicate sensitivity to market conditions or investor sentiment changes.
- Overall Insights
- The data reveals a company experiencing rapid market valuation growth, especially from 2018 through 2021, accompanied by steady improvement in its underlying book value per share. The share price growth outpaced book value growth significantly, as demonstrated by rising P/BV ratios. The peak periods in 2021 reflect heightened investor enthusiasm, while subsequent declines in 2022 suggest some market reassessment or correction. This pattern underscores a high-growth profile with associated valuation volatility.
Comparison to Competitors
Etsy Inc., P/BV, long-term trends, comparison to competitors
| Etsy Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Feb 25, 2022 | |||||
| Feb 26, 2021 | |||||
| Feb 27, 2020 | |||||
| Feb 28, 2019 | |||||
| Mar 1, 2018 | |||||
| Feb 28, 2017 | |||||
| Mar 1, 2016 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Etsy Inc., P/BV, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Etsy Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Feb 25, 2022 | ||
| Feb 26, 2021 | ||
| Feb 27, 2020 | ||
| Feb 28, 2019 | ||
| Mar 1, 2018 | ||
| Feb 28, 2017 | ||
| Mar 1, 2016 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
Comparison to Industry (Consumer Discretionary)
Etsy Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Etsy Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 25, 2022 | ||
| Feb 26, 2021 | ||
| Feb 27, 2020 | ||
| Feb 28, 2019 | ||
| Mar 1, 2018 | ||
| Feb 28, 2017 | ||
| Mar 1, 2016 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).