Enterprise Value (EV)
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Etsy Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2015
- Price to Earnings (P/E) since 2015
- Price to Operating Profit (P/OP) since 2015
- Analysis of Revenues
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Current Enterprise Value (EV)
Etsy Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Preferred stock, $0.001 par value (per books) | |
| Total equity | |
| Add: Finance lease obligations, current (per books) | |
| Add: Finance lease obligations, net of current portion (per books) | |
| Add: Facility financing obligation (per books) | |
| Add: Long-term debt, net (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2021-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
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
= ×
- Equity Values
- The common equity, which is equal to total equity in this data set, exhibits significant fluctuations over the observed period. From December 31, 2017 to December 31, 2018, there is a substantial increase from approximately 3.08 billion to 8.52 billion US dollars, indicating strong growth in shareholder value during this period. However, from December 31, 2018 to December 31, 2019, equity decreases to about 6.83 billion US dollars, suggesting a contraction or redistribution of equity. Subsequently, a notable surge occurs between 2019 and 2020, with equity rising dramatically to roughly 27.76 billion US dollars, more than tripling the previous year's value. This peak is followed by a pronounced decline to around 18.92 billion US dollars in 2021, indicating a partial reversal of the prior gains.
- Total Equity and Debt
- Total equity and debt similarly reflect substantial volatility across the years. Initial growth from approximately 3.15 billion US dollars in 2017 to 8.86 billion in 2018 aligns with the equity growth trend. This figure then falls to about 7.68 billion in 2019, paralleling the equity decrease. In 2020, there is a significant increase to almost 28.88 billion US dollars, mirroring the sharp equity rise. The value declines in 2021 to approximately 21.31 billion US dollars, comparable to the equity's downward movement but with a lesser magnitude of reduction, implying possible changes in the debt structure.
- Enterprise Value (EV)
- Enterprise value reveals a pattern consistent with other financial measures, with steady growth from 2.81 billion US dollars in 2017 to 8.24 billion in 2018. There is a decrease in 2019 to about 6.86 billion US dollars, followed by a substantial increase to approximately 27.21 billion in 2020. The subsequent decline to 20.32 billion US dollars in 2021 again reflects the trend of fluctuation. These movements in EV indicate significant shifts in market valuation and capital structure over time.
- Overall Observations
- The data indicates cyclicality with pronounced expansion and contraction periods in both equity and enterprise value over the five-year span. The sharp rises in 2018 and particularly in 2020 suggest events or factors that greatly enhanced valuation and capital base, while the declines in 2019 and 2021 reflect partial reversals. The magnitude of change between 2019 and 2020 is especially noteworthy for its scale. Such volatility may reflect changes in market conditions, financing activities, strategic initiatives, or external economic factors impacting capital structure and valuation.