Etsy Inc. (ETSY) intrinsic value & 10-year financials
Etsy Inc. (ETSY) has a Graham intrinsic value of $32.62 per share. At $85.14 on Oct 17, 2026, the stock trades 161% above that value. Over the last 10 fiscal years revenue grew 25.8% a year to $2.9B, with an average return on invested capital of 20.4%.
- Graham intrinsic value
- $32.62
- Share price (Oct 17, 2026)
- $85.14
- Price vs Graham value
- 161% above
- Market cap
- $10.6B
- Revenue (FY2025)
- $2.9B
- Revenue growth (10-yr CAGR)
- 25.8%
- ROIC (10-yr avg)
- 20.4%
- Free cash flow (FY2025)
- $678.0M
ETSY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.9B | $163.0M | $1.39 | $678.0M | 9.2% | 23.9% |
| FY2024 | $2.8B | $303.3M | $2.35 | $738.3M | 13.5% | 30.9% |
| FY2023 | $2.7B | $307.6M | $2.24 | $692.6M | 10.2% | 29.1% |
| FY2022 | $2.6B | -$694.3M | -$5.48 | $673.4M | -25.7% | -40.7% |
| FY2021 | $2.3B | $493.5M | $3.40 | $640.3M | 20.0% | 32.1% |
| FY2020 | $1.7B | $349.2M | $2.69 | $677.5M | 24.6% | 56.0% |
| FY2019 | $818.4M | $95.9M | $0.76 | $199.4M | 10.8% | 15.6% |
| FY2018 | $603.7M | $77.5M | $0.61 | $197.9M | 12.4% | 38.0% |
| FY2017 | $441.2M | $81.8M | $0.68 | $63.5M | 2.7% | 14.6% |
| FY2016 | $365.0M | -$29.9M | -$0.26 | $10.8M | 4.8% | 5.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ETSY INC is a consistent compounder, expanding top-line revenue at 25.8% annually over the past decade.
ETSY INC has earned high returns on invested capital, averaging 22.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
ETSY INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ETSY INC is modeled at 9.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $32.62 per share.