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.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Etsy Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Activity Ratio
Total Asset Turnover
Reported 0.61 0.72 0.53 0.67 0.73
Adjusted 0.62 0.72 0.53 0.67 0.71
Liquidity Ratio
Current Ratio
Reported 2.18 4.17 4.89 6.07 4.29
Adjusted 2.24 4.30 5.12 6.55 4.59
Solvency Ratios
Debt to Equity
Reported 3.80 1.50 2.08 0.85 0.18
Adjusted 3.85 1.38 1.86 0.87 0.21
Debt to Capital
Reported 0.79 0.60 0.68 0.46 0.15
Adjusted 0.79 0.58 0.65 0.47 0.17
Financial Leverage
Reported 6.10 3.24 3.79 2.25 1.53
Adjusted 5.92 2.94 3.27 2.16 1.46
Profitability Ratios
Net Profit Margin
Reported 21.19% 20.24% 11.72% 12.84% 18.54%
Adjusted 13.85% 21.65% 10.11% 9.28% 3.29%
Return on Equity (ROE)
Reported 78.51% 47.04% 23.58% 19.33% 20.61%
Adjusted 51.03% 45.57% 17.63% 13.37% 3.39%
Return on Assets (ROA)
Reported 12.88% 14.52% 6.22% 8.59% 13.51%
Adjusted 8.62% 15.51% 5.40% 6.19% 2.32%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Etsy Inc. adjusted total asset turnover ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Etsy Inc. adjusted current ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Etsy Inc. adjusted debt-to-equity ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Etsy Inc. adjusted debt-to-capital ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Etsy Inc. adjusted financial leverage ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Etsy Inc. adjusted net profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Etsy Inc. adjusted ROE improved from 2019 to 2020 and from 2020 to 2021.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Etsy Inc. adjusted ROA improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.

Etsy Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Revenue 2,329,114 1,725,625 818,379 603,693 441,231
Total assets 3,831,809 2,404,489 1,542,352 901,851 605,583
Activity Ratio
Total asset turnover1 0.61 0.72 0.53 0.67 0.73
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted revenue2 2,330,189 1,729,272 818,518 604,909 441,845
Adjusted total assets3 3,743,676 2,414,131 1,533,128 907,126 626,197
Activity Ratio
Adjusted total asset turnover4 0.62 0.72 0.53 0.67 0.71

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).

1 2021 Calculation
Total asset turnover = Revenue ÷ Total assets
= 2,329,114 ÷ 3,831,809 = 0.61

2 Adjusted revenue. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted total asset turnover = Adjusted revenue ÷ Adjusted total assets
= 2,330,189 ÷ 3,743,676 = 0.62

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Etsy Inc. adjusted total asset turnover ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Current assets 1,341,501 1,894,781 921,038 680,289 439,264
Current liabilities 615,588 454,664 188,528 112,062 102,477
Liquidity Ratio
Current ratio1 2.18 4.17 4.89 6.07 4.29
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 1,349,231 1,904,538 926,071 685,009 441,951
Adjusted current liabilities3 603,249 443,400 180,911 104,584 96,215
Liquidity Ratio
Adjusted current ratio4 2.24 4.30 5.12 6.55 4.59

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).

1 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= 1,341,501 ÷ 615,588 = 2.18

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 1,349,231 ÷ 603,249 = 2.24

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Etsy Inc. adjusted current ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt 2,388,119 1,115,815 847,012 342,456 69,962
Stockholders’ equity 628,619 742,424 406,634 400,898 396,894
Solvency Ratio
Debt to equity1 3.80 1.50 2.08 0.85 0.18
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 2,435,883 1,137,533 873,468 366,475 88,048
Adjusted stockholders’ equity3 632,309 821,811 469,524 420,087 429,470
Solvency Ratio
Adjusted debt to equity4 3.85 1.38 1.86 0.87 0.21

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).

1 2021 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 2,388,119 ÷ 628,619 = 3.80

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 2,435,883 ÷ 632,309 = 3.85

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Etsy Inc. adjusted debt-to-equity ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total debt 2,388,119 1,115,815 847,012 342,456 69,962
Total capital 3,016,738 1,858,239 1,253,646 743,354 466,856
Solvency Ratio
Debt to capital1 0.79 0.60 0.68 0.46 0.15
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 2,435,883 1,137,533 873,468 366,475 88,048
Adjusted total capital3 3,068,192 1,959,344 1,342,992 786,562 517,518
Solvency Ratio
Adjusted debt to capital4 0.79 0.58 0.65 0.47 0.17

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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= 2,388,119 ÷ 3,016,738 = 0.79

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 2,435,883 ÷ 3,068,192 = 0.79

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Etsy Inc. adjusted debt-to-capital ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Total assets 3,831,809 2,404,489 1,542,352 901,851 605,583
Stockholders’ equity 628,619 742,424 406,634 400,898 396,894
Solvency Ratio
Financial leverage1 6.10 3.24 3.79 2.25 1.53
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 3,743,676 2,414,131 1,533,128 907,126 626,197
Adjusted stockholders’ equity3 632,309 821,811 469,524 420,087 429,470
Solvency Ratio
Adjusted financial leverage4 5.92 2.94 3.27 2.16 1.46

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).

1 2021 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 3,831,809 ÷ 628,619 = 6.10

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 3,743,676 ÷ 632,309 = 5.92

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Etsy Inc. adjusted financial leverage ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income 493,507 349,246 95,894 77,491 81,800
Revenue 2,329,114 1,725,625 818,379 603,693 441,231
Profitability Ratio
Net profit margin1 21.19% 20.24% 11.72% 12.84% 18.54%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 322,638 374,468 82,774 56,162 14,558
Adjusted revenue3 2,330,189 1,729,272 818,518 604,909 441,845
Profitability Ratio
Adjusted net profit margin4 13.85% 21.65% 10.11% 9.28% 3.29%

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).

1 2021 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 493,507 ÷ 2,329,114 = 21.19%

2 Adjusted net income. See details »

3 Adjusted revenue. See details »

4 2021 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted revenue
= 100 × 322,638 ÷ 2,330,189 = 13.85%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Etsy Inc. adjusted net profit margin ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income 493,507 349,246 95,894 77,491 81,800
Stockholders’ equity 628,619 742,424 406,634 400,898 396,894
Profitability Ratio
ROE1 78.51% 47.04% 23.58% 19.33% 20.61%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 322,638 374,468 82,774 56,162 14,558
Adjusted stockholders’ equity3 632,309 821,811 469,524 420,087 429,470
Profitability Ratio
Adjusted ROE4 51.03% 45.57% 17.63% 13.37% 3.39%

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).

1 2021 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 493,507 ÷ 628,619 = 78.51%

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity. See details »

4 2021 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 322,638 ÷ 632,309 = 51.03%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Etsy Inc. adjusted ROE improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in thousands)
Net income 493,507 349,246 95,894 77,491 81,800
Total assets 3,831,809 2,404,489 1,542,352 901,851 605,583
Profitability Ratio
ROA1 12.88% 14.52% 6.22% 8.59% 13.51%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 322,638 374,468 82,774 56,162 14,558
Adjusted total assets3 3,743,676 2,414,131 1,533,128 907,126 626,197
Profitability Ratio
Adjusted ROA4 8.62% 15.51% 5.40% 6.19% 2.32%

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).

1 2021 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 493,507 ÷ 3,831,809 = 12.88%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 322,638 ÷ 3,743,676 = 8.62%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Etsy Inc. adjusted ROA improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.