Etsy Inc., current enterprise value calculation

Current share price (P)	$100.03
No. shares of common stock outstanding	125,688,316
US$ in thousands
Common equity (market value)¹	12,572,602)
Add: Preferred stock, $0.001 par value (per books)	—)
Total equity	12,572,602)
Add: Finance lease obligations, current (per books)	2,418)
Add: Finance lease obligations, net of current portion (per books)	110,283)
Add: Facility financing obligation (per books)	—)
Add: Long-term debt, net (per books)	2,275,418)
Total equity and debt	14,960,721)
Less: Cash and cash equivalents	780,196)
Less: Short-term investments	204,416)
Enterprise value (EV)	13,976,109)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 100.03 × 125,688,316

Etsy Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$148.94	$220.27	$57.92	$71.27	$25.32
No. shares of common stock outstanding¹	127,032,946	126,049,276	117,949,068	119,566,393	121,502,754
US$ in thousands
Common equity (market value)³	18,920,287)	27,764,874)	6,831,610)	8,521,497)	3,076,450)
Add: Preferred stock, $0.001 par value (book value)	—)	—)	—)	—)	—)
Total equity	18,920,287)	27,764,874)	6,831,610)	8,521,497)	3,076,450)
Add: Finance lease obligations, current (book value)	2,418)	8,537)	8,275)	3,884)	5,798)
Add: Finance lease obligations, net of current portion (book value)	110,283)	44,979)	53,611)	2,095)	4,115)
Add: Facility financing obligation (book value)	—)	—)	—)	59,991)	60,049)
Add: Long-term debt, net (book value)	2,275,418)	1,062,299)	785,126)	276,486)	—)
Total equity and debt	21,308,406)	28,880,689)	7,678,622)	8,863,953)	3,146,412)
Less: Cash and cash equivalents	780,196)	1,244,099)	443,293)	366,985)	315,442)
Less: Short-term investments	204,416)	425,119)	373,959)	257,302)	25,108)
Enterprise value (EV)	20,323,794)	27,211,471)	6,861,370)	8,239,666)	2,805,862)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Etsy Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 148.94 × 127,032,946

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Etsy Inc. EV increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Etsy Inc. (NASDAQ:ETSY)

Enterprise Value (EV)