Valuation
26% of the score
64median 56
Etsy, Inc. is valued at 20.2x its operating profit, including debt: a rich multiple.
60x
50x
35x
25x
18x
12x
8x
20.2x
Full points at 8x or less, none from 60xfull points
ETSYEtsy, Inc.
$69.26+24% 1Y
$69.26
$44.0552 weeks$87.04
RyuScore
Seven criteria, each scored 0 to 100 on a published scale, weighted into one number.
RyuScore 60 out of 100, Above average
Today's price. Only valuation depends on it.
Above average. Etsy, Inc. scores higher than 54% of the 1,794 companies Ryufin scores.
Carried by return on capital and capital allocation, held back by return on new capital and cycle position.
Consumer Cyclical median 67 · all companies 57
How the score has moved
At each fiscal year end, from the reports and price of the time54
50
38
47
69
61
60
202020212022202320242025today
The biggest move was up 22 points from 2023 to 2024, mostly valuation.
Return on capital
18% of the score
86median 34
Over 7 years the business earned 18% a year after tax on the capital it uses.
2%
8%
15%
25%
18%
None at 2% or less, full points from 25%full points
7 years agolatest 28%
Return on new capital
16% of the score
0median 49
Over 6 years yearly profit fell by 38 cents for every dollar earned. It did so while using less capital than before.
-5%
12%
-38%
None at minus 5 cents, full points from 12 centsfull points
Capital allocation
14% of the score
92median 67
How management spends the money: shares bought back or issued, and whether assets grow faster than the business they serve.
Share countDown 1.9% a year over 5 years: buybacks
865%
-3%
-1.9%
0 pointsfull points
Assets against salesAssets grew 3.3% a year, sales 11%
10012%
-2%
-7.5%
0 pointsfull points
Cycle position
12% of the score
31median 62
Today's operating margin of 16% is 1.43x its normal 11%: near a peak, where margins tend to fall back. Normal is half the 10 year median, half the last four years, so a margin that has held is not taken for a peak.
2x
1.5x
1x
0.7x
1.4x
A trough earns points, a peak costs themfull points
10 years agonow 16%
Balance sheet
8% of the score
65median 50
What the debt weighs against the profit that has to carry it.
Net debt to EBITDA3.3x a year of EBITDA
294.5x
0.5x
3.3x
0 pointsfull points
Interest coverOperating profit covers interest 20x
1001.5x
12x
20.2x
0 pointsfull points
Earnings quality
6% of the score
100median 90
Whether the reported profit arrives as cash, and whether the accounts show the usual signs of stretching.
Cash against profitOperating cash flow was 2.78x profit over 3 years
1000.7x
1x
1.3x
2.8x
0 pointsfull points
AccrualsCash ran ahead of profit by 20.2% of assets
1008%
0%
-8%
-20%
0 pointsfull points
Beneish M-score-3.49
100-1.50
-1.78
-2.22
-3.00
-3.49
0 pointsfull points
How the RyuScore works
Each criterion earns 0 to 100 points on the scale drawn under it, and the RyuScore is their average weighted 26, 18, 16, 14, 12, 8 and 6. Scales bend in the company's favour between their ends, so an ordinary figure is never already near zero. Where a criterion cannot be measured from the filings it is taken out and the remaining weights scale up; a company needs 60% of the weight covered, and always a price, to get a score.
Built from the company's annual and quarterly filings with the SEC and today's share price. Banks, insurers and property trusts are not scored: their debt is their raw material, so these yardsticks mean something else there. Figures as of 2026-06-30, latest annual report FY2025.
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