What is Etsy's invested capital?

Etsy (ETSY) reported invested capital of $1.37B in Q1 2026.

How has Etsy's invested capital changed year-over-year?

Etsy's invested capital increased by 66.0% year-over-year, from $827.78M to $1.37B.

What is the long-term trend for Etsy's invested capital?

Over 5 years (2020 to 2025), Etsy's invested capital has grown at a 15.4% compound annual growth rate (CAGR), from $639.05M to $1.31B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

Etsy ETSY Invested capital

Discontinued — last reported Q1 '26

Invested capital at other companies

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17%+7.7pp

Lamb WestonLW

7.2%-1.0pp

Conagra BrandsCAG

13.6%+4.8pp

SSR MiningSSRM

18.7%—

MSA

Mine Safety Appliances CompanyMSA

17.4%-1.9pp

Kulicke & Soffa IndustriesKLIC

6%+4.4pp

Other financials

Income statement

See full

Revenue$631.3M+3.1%

Gross profit$455.6M+2.5%

Operating income$119.8M+3,194%

Net income$69.7M+234%

EPS (diluted)$0.60+222%

Balance sheet

See full

Cash & equivalents$1.2B+87.1%

Total debt$3.7B+56.0%

Total equity-$1.1B-24.9%

Total assets$2.7B+26.4%

Cash flow

See full

Operating cash flow$80.7M+64.2%

CapEx$1.5M-54.3%

Free cash flow$79.3M+72.5%

Valuation

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Market cap$7.02B-4.8%

Enterprise value$9.53B+7.8%

P/E24.6×-14.5×

P/S2.5×-0.2×

Profitability

See full

Gross margin72%-0.8pp

Operating margin14.3%+3.2pp

Net margin9.9%+3.2pp

FCF margin24.8%-1.0pp

Returns & leverage

See full

Return on equity73.9%-17.6pp

Debt / equity4.1×-0.3×

Current ratio1.7×-0.4×

Where this comes from

Calculated from Etsy’s reported figures.

$3.7Btotal debt−$1.1Btotal stockholders equity−$1.2Bcash and equivalents=$1.37B

The official record: Etsy’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Etsy's invested capital?: Etsy (ETSY) reported invested capital of $1.37B in Q1 2026.
How has Etsy's invested capital changed year-over-year?: Etsy's invested capital increased by 66.0% year-over-year, from $827.78M to $1.37B.
What is the long-term trend for Etsy's invested capital?: Over 5 years (2020 to 2025), Etsy's invested capital has grown at a 15.4% compound annual growth rate (CAGR), from $639.05M to $1.31B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).