Key Points
Etsy (NYSE: ETSY) reached a record high of $296.91 per share on November 24, 2021, representing a 1,756% increase from its IPO price of $16 on April 16, 2015. Since then, the stock has declined to approximately $64 due to slowing growth and a series of acquisitions that compressed its margins. As of 2025, Etsy’s gross merchandise sales (GMS) growth is projected to recover slightly after selling off subsidiaries like Reverb, Depop, and Elo7 over the past three years.
Performance Metrics
Etsy’s active sellers and buyers grew significantly during the pandemic, boasting 61.7% and 76.7% annual growth in 2020, respectively. However, by 2023, this growth had slowed to just 21% for sellers and 1.5% for buyers, illustrating a notable decline as competition intensified from Amazon and other e-commerce platforms. Analysts anticipate a modest revenue growth of 1% and adjusted EBITDA growth of 5% from 2025 to 2028, with the company’s current enterprise value at $7.8 billion and trading at roughly nine times next year’s adjusted EBITDA.
