| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 46 | 38.9x | 17.8x | Around median | |
Growth | 36 | 6.7% | 7.1% | Bottom tier | |
Quality | 97 | 19.1% | 4.5% | Top tier | |
Safety | 49 | 3.8x | 2.6x | Around median | |
Capital Return | 75 | — | 2.12% | Top tier | |
Momentum | 75 | 38.1% | 2.9% | Top tier | |
Sentiment | 72 | 21 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Etsy operates an online marketplace focused on unique, creative products made with a human touch, connecting buyers with sellers on the platform in exchange for revenue from marketplace and services activities. Monetization drivers include marketplace fees, Etsy Ads, and Offsite Ads services, with the take rate reaching 25.9% in Q2 fiscal 2026. Following the sale of Reverb in June 2025 and the completion of the sale of Depop to eBay on July 30, 2026, continuing results primarily reflect the Etsy Marketplace platform, while Depop's results were classified under discontinued operations.
In Q2 fiscal 2026, Etsy recorded revenue of $668.3 million and gross profit of $484.0 million, equivalent to a gross margin of approximately 72.4%, but incurred a net loss of $46.6 million and a loss per share of $0.36. On a continuing-operations basis, revenue grew 6.2%, while standalone Etsy platform revenue increased 9.3%; marketplace revenue grew 8.4% and services revenue grew 11.2%. Adjusted earnings before interest, taxes, depreciation, and amortization reached $195 million at a 29.2% margin, compared with net income of $69.7 million in Q1 fiscal 2026.
Etsy Marketplace gross merchandise sales reached approximately $2.6 billion in Q2 fiscal 2026, up 7.5% year over year and marking the third consecutive quarter of growth. The number of active buyers increased by approximately 350 thousand quarter over quarter to nearly 87 million, while trailing-12-month gross merchandise sales per active buyer grew 2.8% to $124. The app accounted for approximately 47% of gross merchandise sales, with its sales growing 12.5% year over year, making it a key channel for improving frequency and personalization.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $85.13, slightly below the top of the 52-week range of $87.974, while the target range extends from $65 to $105 and the stock's 52-week range is between $44 and $87.974. The “Buy” consensus supports the positive outlook, but the wide target range and absence of a displayed price-to-earnings ratio, alongside the Q2 fiscal 2026 net loss, make the valuation more dependent on sustaining gross merchandise sales growth and achieving the targeted fiscal 2026 margins than on the earnings of a single quarter.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Etsy Marketplace gross merchandise sales grew 7.5% year over year to $2.6 billion, while standalone platform revenue increased 9.3%. The number of active buyers rose by approximately 350 thousand quarter over quarter to nearly 87 million, and trailing-12-month gross merchandise sales per active buyer grew 2.8% to $124. Management attributed the improvement to real-time search personalization, more relevant recommendations, fresher homepage content, and improved efficiency in SEO and product-listing advertising channels.
The app generated 12.5% year-over-year growth in gross merchandise sales during Q2 fiscal 2026 and came to account for approximately 47% of total gross merchandise sales. Visits per monthly active user and orders per visit increased, and purchases by existing users were the largest driver of app growth, followed by purchases from users new to Etsy. The company uses buyer profiles covering more than 65 million people to personalize the homepage, search, and notifications and encourage the start of new shopping missions.
Etsy focuses on using artificial intelligence to improve discovery, matching, and personalization between buyers and sellers within the platform. It uses machine learning in Etsy Ads to improve ad relevance and optimize the spending of seller budgets, and it is also testing a conversational gift assistant to understand shopping intent more quickly. In Q2 fiscal 2026, visits from agentic experiences represented less than 1% of total visits, but according to management, they exhibited higher purchase intent and average order value.
Etsy completed the sale of Depop to eBay on July 30, 2026, and received $1.4 billion in cash, while Depop's results became presented under discontinued operations. During Q2 fiscal 2026, the company repurchased approximately $250 million of shares, approximately 70% more than in the previous quarter, and reduced shares outstanding by approximately 3.9 million shares. With $578 million remaining under the previous authorization at the end of the quarter, the company announced a new $2 billion authorization to accelerate capital returns to shareholders.
Management expects Q3 fiscal 2026 gross merchandise sales to range between $2.53 billion and $2.58 billion, equivalent to year-over-year growth of between 4% and 6%. It also expects a take rate of approximately 26% and an adjusted earnings before interest, taxes, depreciation, and amortization margin of between 28% and 30%. For fiscal 2026, it expects mid-single-digit gross merchandise sales growth, a take rate near the first-half level, and an adjusted margin of between 29% and 30%.
Etsy announced a plan to restructure parts of the organization and eliminate approximately 220 roles, or nearly 12% of the workforce, with most changes concentrated in product and engineering teams. Management said the goal is to reduce silos and handoffs between teams, build flatter and faster teams, and deepen machine-learning capabilities in discovery, matching, and personalization. The company expects approximately 1,600 employees after the plan and costs of approximately $35 million, with implementation substantially completed by the end of Q3 fiscal 2026.
