Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Cash Flow Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2015
- Total Asset Turnover since 2015
- Price to Earnings (P/E) since 2015
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Etsy Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Price to earnings (P/E) ratio
- The Price to Earnings ratio data commences from March 31, 2017, showing an initial absence of data before that point. From March 2017 onwards, a general upward trend is observed, with the ratio increasing from 37.61 to a peak of 118.3 by June 2020. Following this peak, the ratio exhibits volatility with values fluctuating notably, decreasing to 41.71 by March 2021, then rising again to 71.58 by September 2021, and finally declining to 26.52 by June 2022. The observed pattern indicates a period of increasing investor valuation relative to earnings up to mid-2020, followed by heightened fluctuations and a downward adjustment towards mid-2022.
- Price to operating profit (P/OP) ratio
- Starting with available data from March 31, 2017, the Price to Operating Profit ratio demonstrates a substantial decline from an extremely high level of 258.61 down to levels around 94.74 by the end of 2017. Subsequent periods show a fluctuating but generally downward pattern, reaching values around 28.94 by June 2022. Similar to the P/E ratio, this suggests initial overvaluation or low operating profits relative to price, followed by an improvement in operating profitability or market valuation adjustment, culminating in more moderate valuation multiples in recent periods.
- Price to sales (P/S) ratio
- The Price to Sales ratio increases from about 6.97 in March 2017 to a peak of 16.09 in December 2020, reflecting a strong rise in the market capitalization relative to sales revenue. Post this peak, the ratio experiences a decline to approximately 4.9 by June 2022. This trajectory infers that investors' willingness to pay for sales grew significantly until late 2020, likely corresponding to growth expectations, followed by a steep correction indicating reduced valuation multiples relative to revenue.
- Price to book value (P/BV) ratio
- The Price to Book Value ratio starts from 4.5 in December 2016 and presents a largely upward trajectory, climbing to a remarkable 64.45 by December 2021. The rapid increase, particularly from 2018 onwards, suggests strong investor confidence and possibly substantial intangible asset valuations or growth prospects. Nevertheless, after peaking near the end of 2021, the ratio reduces sharply to 17.08 by June 2022, indicating a significant revaluation or correction, moving towards more conservative market assessments relative to the company's book equity.
Price to Earnings (P/E)
Etsy Inc., historical P/E calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (loss) (in thousands) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
EPS
= (Net income (loss)Q3 2022
+ Net income (loss)Q2 2022
+ Net income (loss)Q1 2022
+ Net income (loss)Q4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Etsy Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price shows a general upward trend from March 2017 through December 2020, moving from 11.39 US$ to a peak of 220.27 US$ in December 2020. Notably, the rise accelerates starting in mid-2019, with significant increases in 2020, reflecting strong market performance or growing investor confidence. However, after the peak in late 2020, a decline is observed in 2021, with fluctuations throughout the year. In 2022, the share price decreases further, falling from 148.94 US$ in March to just above 100 US$ by September 2022.
- Earnings Per Share (EPS)
- The EPS data, available from late 2017 onward, indicates steady improvement from 0.67 US$ in September 2017 to a high of 3.88 US$ in March 2021, indicating continued growth in profitability. This growth in EPS broadly aligns with the increase in share price during the same period. However, EPS declines slightly in the following quarters during 2021 and early 2022, culminating in a significant negative value of -5.11 US$ in September 2022, indicating a loss and potential operational or financial challenges during the latest period.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibits considerable volatility across the quarters. Initially, it starts at around 37.61 in September 2017 and rises sharply to over 70 by early 2019-2020, reaching peaks beyond 100 in mid-2020. This elevated level suggests high market expectations or possibly overvaluation relative to earnings at that time. From late 2020 through 2021, the P/E ratio declines, falling under 40 by mid-2022, reflecting either a correction in share price relative to earnings or increased earnings relative to share price. The final period shows the absence of a P/E ratio, likely due to the negative EPS recorded, which invalidates the ratio calculation.
- Overall Observations
- The data collectively suggests a phase of strong growth and investor optimism up to late 2020, characterized by rising share prices and improving earnings. The elevated P/E ratios in 2020 denote high valuation multiples during this growth phase. Subsequent periods show a downturn, with diminishing share prices and a notable EPS loss culminating in negative earnings, which likely contributed to more cautious market sentiment reflected in the lower valuations and a drop in share price in 2022. This shift highlights possible emerging risks or challenges impacting financial performance in the recent quarters.
Price to Operating Profit (P/OP)
Etsy Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Operating profit per share
= (Income (loss) from operationsQ3 2022
+ Income (loss) from operationsQ2 2022
+ Income (loss) from operationsQ1 2022
+ Income (loss) from operationsQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Etsy Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and changes over the observed periods. The share price demonstrates significant growth overall, starting at a relatively low level and increasing substantially, with some fluctuations occurring particularly during the years 2019 to 2022. The peak share price is observed in December 2020 at 220.27 US$, followed by a decrease and moderate recovery, maintaining a position well above the initial values from 2017.
Operating profit per share, which is recorded starting from the first quarter of 2018, shows a consistent upward trend for most of the observed periods. Beginning at 0.1 US$, it reaches a peak in December 2021 at 4.32 US$. This indicates progressive operational improvements through the years. However, a significant decline occurs in the last reported quarter, down to -5.22 US$, marking a notable negative shift in operating profitability at the end of the series.
The Price-to-Operating Profit ratio (P/OP) has generally trended downward from very high levels, signalling an improvement in profitability relative to share price. Initially, values are above 100, indicating large market capitalization relative to earnings. This ratio falls to around the 30s during the mid-2021 to mid-2022 quarters, reflecting a more favorable price relative to earnings. Yet, the ratio displays some volatility, increasing again during periods of share price dips or changes in operating profits. The latest quarter does not have a reported P/OP ratio, correlating with the negative operating profit per share value.
- Share Price
- Substantial overall increase with notable peaks and troughs. Highest point in December 2020 followed by fluctuations but maintaining elevated levels above 2017 measurements.
- Operating Profit per Share
- Started in early 2018, consistent growth peaking in late 2021, then a sharp decline into negative territory by late 2022, suggesting operational challenges in the most recent quarter.
- Price-to-Operating Profit Ratio (P/OP)
- Trend shows a decrease over time indicating improved price-to-earnings valuation, with some reversals tied to share price or profit changes. Absence of ratio in last quarter aligns with negative operating profit.
In summary, the data reflects a period of strong growth both in market valuation and operational profitability, followed by a recent downturn in operating profit that requires attention. The fluctuations in the P/OP ratio complement the understanding of changing investor sentiment and underlying earnings performance throughout the timeline.
Price to Sales (P/S)
Etsy Inc., historical P/S calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenue (in thousands) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Sales per share
= (RevenueQ3 2022
+ RevenueQ2 2022
+ RevenueQ1 2022
+ RevenueQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Etsy Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals dynamic trends across share price, sales per share, and price-to-sales (P/S) ratio over the analyzed period.
- Share Price
- The share price showed a general upward trend from early 2017 to late 2021, with notable growth phases and some periods of decline. Beginning at $11.39 in March 2017, it accelerated significantly in 2020, reaching a peak of $220.27 in December 2020. Subsequent to this peak, the price exhibited volatility and a downward correction across 2021 and 2022, falling to $100.03 by September 2022.
- Sales Per Share
- Starting from available data in March 2018, sales per share demonstrate steady growth each quarter. From $3.63 in early 2018, the figure increased consistently, reaching $19.70 by September 2022. This consistent upward progression signifies increasing revenue generation on a per-share basis, indicating operational growth and expansion over this timeframe.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displays considerable fluctuation throughout the periods, reflecting variations in market valuation relative to sales. Initially rising from 6.97 in March 2018 to a peak of 16.09 in March 2021, the ratio suggests heightened investor optimism and potentially elevated valuation multiples during this phase. However, after this peak, the ratio declined markedly to around 5.08 by September 2022, indicating a market revaluation or adjustment relative to sales growth. Such fluctuations may imply shifts in market sentiment, valuation expectations, or external factors influencing the stock price independently of sales trends.
In summary, while sales per share exhibit consistent and robust growth, the share price and P/S ratio have undergone more pronounced volatility with substantial peaks and retracements. This suggests that despite firm operational growth reflected in sales metrics, market valuations have been more fluctuating, possibly due to changing investor perceptions, sector dynamics, or broader economic conditions.
Price to Book Value (P/BV)
Etsy Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Stockholders’ equity (deficit) (in thousands) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Amazon.com Inc. | ||||||||||||||||||||||||||||||
| Home Depot Inc. | ||||||||||||||||||||||||||||||
| Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
| TJX Cos. Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Etsy Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a substantial upward trajectory from March 31, 2017, beginning at $11.39, reaching a notable peak of $271.27 on September 30, 2021. This period reflects a general growth trend with some volatility, including a dip to $44.49 in September 2019 and later fluctuations after the peak, declining to $90.93 by March 31, 2022, and stabilizing around the $100 range by the last recorded quarter.
- Book Value Per Share (BVPS) Trend
- The book value per share exhibited a gradual increase from $2.53 in March 2017 to a maximum of $5.89 in December 2020. Following this peak, BVPS showed some volatility, including a significant drop to -$4.82 by September 2022, marking a negative book value, which can suggest potential concerns about the company's net asset position or accounting adjustments during that period.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio indicated elevated market valuations relative to book value, starting at a moderate 4.5 in early 2017 and escalating sharply to a high of 64.45 by September 2021. This indicates that the market price was increasingly disconnected from the book value, especially during the peak share price periods. After this peak, the ratio decreased significantly to around 17-23 by mid to late 2022, possibly reflecting the combination of falling share price and the negative book value realized towards the end of the period.
- Overall Insights
- The data reflects a growth-focused stock with marked appreciation in share price through mid-2021, an indication of strong investor confidence or market expectations for the company during that timeframe. However, the divergence between share price and book value, culminating in a negative book value, highlights a risk element related to the company's underlying net asset position. The volatility and eventual decline in share price and P/BV ratio post-2021 could suggest market reassessment of intrinsic value or external pressures on the financials. Continuous monitoring of the book value movement and market valuation relative to fundamental metrics is warranted for accurate risk assessment.