Analyst Report: Etsy Inc

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Founded in 2005, Etsy is a global marketplace for creative goods, with 2022 revenue of $2.6 billion. It went public on April 16, 2015 and became a member of the S&P 500 in 2020. Etsy is a ‘two-sided marketplace’ that connects sellers of more than 50 merchandise categories with millions of buyers under the motto: ‘keep commerce human.’ Headquartered in Brooklyn, New York, Etsy is one of the top-ranked U.S. e-commerce sites by monthly visits. Etsy’s top six product categories in 2021 were homewares and home furnishings; jewelry and personal accessories; apparel; craft supplies; paper and party supplies; and toys and games, which replaced beauty and personal care products in the top six in 2022. These categories, excluding represented approximately $10 billion, or 86% of 2022 Gross merchandise sales. The company’s key markets include the U.S., the United Kingdom, Germany, Canada, Australia, France, and India. Last year, 44% of the company’s GMS was generated when either the buyer, seller, or both were outside the U.S. As of December 31, 2022, the company had 7.5 million active sellers, and 95 million active buyers. According to a company survey, about 82% of Etsy sellers are women. The company had 2,790 employees at the end of 2022. It reports results on a calendar-year basis.

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