Enterprise Value (EV)
Current Enterprise Value (EV)
Etsy Inc., current enterprise value calculation
| Current share price (P) | $100.03 |
| No. shares of common stock outstanding | 125,688,316 |
| US$ in thousands | |
| Common equity (market value)1 | 12,572,602) |
| Add: Preferred stock, $0.001 par value (per books) | —) |
| Total equity | 12,572,602) |
| Add: Finance lease obligations, current (per books) | 2,418) |
| Add: Finance lease obligations, net of current portion (per books) | 110,283) |
| Add: Facility financing obligation (per books) | —) |
| Add: Long-term debt, net (per books) | 2,275,418) |
| Total equity and debt | 14,960,721) |
| Less: Cash and cash equivalents | 780,196) |
| Less: Short-term investments | 204,416) |
| Enterprise value (EV) | 13,976,109) |
Based on: 10-K (reporting date: 2021-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 100.03 × 125,688,316
Historical Enterprise Value (EV)
Etsy Inc., EV calculation
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 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Etsy Inc. Annual Report.
3 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 148.94 × 127,032,946
The financial data indicates a period of significant volatility and rapid expansion in the enterprise valuation between 2017 and 2021. The most prominent feature is the exponential increase in value during 2020, followed by a notable contraction in 2021.
- Market Equity Trends
- Common equity market value grew from approximately 3.08 billion in 2017 to a peak of 27.76 billion in 2020. A sharp increase occurred between 2019 and 2020, representing a more than four-fold expansion in market valuation within a single fiscal year. However, by December 31, 2021, this value receded to 18.92 billion, indicating a significant market correction.
- Enterprise Value (EV) Analysis
- Enterprise value closely mirrored the trajectory of market equity. Starting at 2.81 billion in 2017, it reached a zenith of 27.21 billion in 2020 before declining to 20.32 billion in 2021. Throughout the period, the enterprise value remained slightly lower than the market value of equity, which suggests that the company maintained cash and cash equivalents that offset its total debt obligations.
- Capitalization and Debt Dynamics
- Total equity and debt grew from 3.15 billion in 2017 to 21.31 billion in 2021. Although the absolute gap between total equity and total equity and debt expanded over time—increasing from approximately 70 million in 2017 to 2.39 billion in 2021—the overall valuation remained heavily driven by equity rather than debt.
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