ETSYEtsy, Inc.
Is it safe?
Solid, nothing alarming: clean books, but heavy debt (BB) and big price swings.
Mixed, watch the balance sheet Altman Z-score, a bankruptcy-risk model from five balance-sheet ratios.
Reported earnings show no manipulation flags Beneish M-score, a forensic model that detects earnings-manipulation patterns (receivables outrunning sales, margins slipping, accrual-heavy profit).
Mixed fundamental signals Piotroski F-score, nine pass/fail tests of year-over-year financial health across profitability, balance sheet and efficiency. 7 to 9 is strong, 0 to 3 weak.
Insiders were net sellers (-$15.7M, 90 days to Oct 8, 2026), selling is often routine.
Moderately leveraged. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -86% · now 12% below its 52-week high.
Unless marked, from SEC EDGAR, as of Dec 31, 2025.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can ETSY take a bad year?
Etsy, Inc. carries $1.86B of net debt at 3.34× EBITDA: a load its earnings can carry.
Net debt · as at Q2 2026 · between two and four years of EBITDA, normal for a stable business
- Net debt / EBITDA
- 3.34×
Net debt / EBITDA · 3.81× a year ago · the load is coming down
- Altman Z-score
- 1.52
Altman Z-score · distress zone, below 1.8
- Interest cover
- 20.2×
Interest cover · operating profit covers the interest bill several times over
Details›
- Total debtQ2 2026
- $2.99B
- Cash and short-term investments
- $1.12B
- Net debt
- $1.86B
- EBITDA, trailing twelve months
- $558M
- Operating profit, trailing twelve months
- $457M
- Total debt / EBITDA
- 5.35×
- Annualised volatilitytwo years of daily moves
- 50%
- Worst drawdown on file
- −86%
- Below its 52-week high
- 12%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Internet Retail
Ranks #6 of 14 by RyuScore