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Etsy ETSY Return on invested capital

Return on invested capital at other companies

Amazon logo
AmazonAMZN
14%-3.8pp
eBay logo
eBayEBAY
24.2%+3.0pp
Pinterest, Inc. logo
Pinterest, Inc.PINS
7.6%0.0pp
Shopify logo
ShopifySHOP
15.2%—
Wayfair logo
WayfairW
18.4%+9.5pp
Mercado Libre logo
Mercado LibreMELI
33.3%-0.1pp

Other financials

Income statement

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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

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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

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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

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Gross margin72%-0.8pp
Operating margin14.3%+3.2pp
Net margin9.9%+3.2pp
FCF margin24.8%-1.0pp

Returns & leverage

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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.

nopat/invested capital=29%

Based on trailing twelve months.

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 return on invested capital?
Etsy (ETSY) reported return on invested capital of 29% in Q1 2026.
How has Etsy's return on invested capital changed year-over-year?
Etsy's return on invested capital increased by 33.8% year-over-year, from 21.7% to 29%.
What is the long-term trend for Etsy's return on invested capital?
Over 4 years (2020 to 2025), Etsy's return on invested capital has grown at a -24.5% compound annual growth rate (CAGR), from 54.8% to 17.8%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.