2 models fit Etsy Inc. Common Stock and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Silver71
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionEtsy Inc. Common Stock (ETSY)
Fair value (2 models)
$117
ACCE price target
$75.60
Rating
Undervalued
Horizon
12 months
Fair value published on 24 Oct 2026, 18:04 CEST; previously $80.68 since 18 Oct 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Rating published on 24 Oct 2026, 18:04 CEST.
Price used: $86.93 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
25.7% below
+34.5% to fair value
ACCE score
59
out of 100
Analysts
37% buy
30 covering
P/E
25.4x
forward 12.6x
1-year return
+17.7%
Dividend yield
0.00%
Etsy Inc. Common Stock in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Etsy runs the two-sided online marketplace where independent sellers list handmade, vintage and craft goods, and it also owns Depop and Reverb, which give it resale and musical instrument niches. Its moat is the seller-buyer network and the search and recommendation layer that connects them, which keeps gross margin at 71.4% because Etsy earns marketplace fees rather than carrying inventory. Revenue growth of 6.2% is modest, but operating margin of 18.7% shows the business converts that growth into cash, with the forward P/E of 14.9 well below the trailing 26.1 implying earnings are expected to recover. The negative 1224.5% ROE reflects a very small equity base after heavy buybacks and past impairments, so it should be read as a capital structure artifact rather than a sign of operating distress. At an 8.2B market cap with no index membership, the name sits in the range where a re-rating on margin durability could matter, and it is worth a deeper look at seller economics and marketplace take rate trends.