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ETSY INC（ETSY）与Global-E Online Ltd.（GLBE）财务数据对比。点击上方公司名可切换其他公司
ETSY INC的季度营收约是Global-E Online Ltd.的1.4倍（$881.6M vs $625.5M），ETSY INC净利率更高（12.6% vs 0.9%，领先11.6%）
Etsy是美国电商企业，主打手工制品、复古商品及手工耗材交易，平台品类覆盖珠宝首饰、服饰、家居装饰、家具、玩具、艺术品等。平台规定复古商品需至少有20年历史，卖家可开设独立店铺，每件上架商品收取0.2美元挂牌费，2013年起平台也允许量产商品入驻销售。
Global-E Online Ltd.是全球领先的跨境电商赋能平台，为直面消费者品牌及零售企业提供一站式跨境销售解决方案，覆盖本地化支付、清关、物流协调、税费核算等服务，助力客户拓展北美、欧洲及亚太等国际市场。
ETSY vs GLBE — 直观对比
营收规模更大
ETSY
是对方的1.4倍
$625.5M
净利率更高
ETSY
高出11.6%
0.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $625.5M |
| 净利润 | $110.7M | $5.8M |
| 毛利率 | 73.1% | 45.0% |
| 营业利润率 | 14.7% | 1.3% |
| 净利率 | 12.6% | 0.9% |
| 营收同比 | 3.5% | — |
| 净利润同比 | -14.8% | — |
| 每股收益（稀释后） | $1.00 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ETSYGLBE
| Q4 25 | $881.6M | — | ||
| Q3 25 | $678.0M | $625.5M | ||
| Q2 25 | $672.7M | $404.8M | ||
| Q1 25 | $651.2M | $189.9M | ||
| Q4 24 | $852.2M | — | ||
| Q3 24 | $662.4M | $489.9M | ||
| Q2 24 | $647.8M | $313.9M | ||
| Q1 24 | $646.0M | $145.9M |
净利润ETSYGLBE
| Q4 25 | $110.7M | — | ||
| Q3 25 | $75.5M | $5.8M | ||
| Q2 25 | $28.8M | $-7.4M | ||
| Q1 25 | $-52.1M | — | ||
| Q4 24 | $129.9M | — | ||
| Q3 24 | $57.4M | $-77.1M | ||
| Q2 24 | $53.0M | $-54.5M | ||
| Q1 24 | $63.0M | — |
毛利率ETSYGLBE
| Q4 25 | 73.1% | — | ||
| Q3 25 | 71.3% | 45.0% | ||
| Q2 25 | 71.2% | 44.9% | ||
| Q1 25 | 70.5% | 44.3% | ||
| Q4 24 | 74.5% | — | ||
| Q3 24 | 72.0% | 45.1% | ||
| Q2 24 | 71.6% | 44.8% | ||
| Q1 24 | 71.0% | 43.4% |
营业利润率ETSYGLBE
| Q4 25 | 14.7% | — | ||
| Q3 25 | 12.2% | 1.3% | ||
| Q2 25 | 11.4% | -2.1% | ||
| Q1 25 | -3.4% | -10.1% | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 13.1% | -14.9% | ||
| Q2 24 | 10.8% | -16.6% | ||
| Q1 24 | 10.5% | -20.1% |
净利率ETSYGLBE
| Q4 25 | 12.6% | — | ||
| Q3 25 | 11.1% | 0.9% | ||
| Q2 25 | 4.3% | -1.8% | ||
| Q1 25 | -8.0% | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 8.7% | -15.7% | ||
| Q2 24 | 8.2% | -17.4% | ||
| Q1 24 | 9.8% | — |
每股收益（稀释后）ETSYGLBE
| Q4 25 | $1.00 | — | ||
| Q3 25 | $0.63 | — | ||
| Q2 25 | $0.25 | — | ||
| Q1 25 | $-0.49 | — | ||
| Q4 24 | $1.01 | — | ||
| Q3 24 | $0.45 | — | ||
| Q2 24 | $0.41 | — | ||
| Q1 24 | $0.48 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.4B | $251.4M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $-1.1B | $933.0M |
| 总资产 | $2.8B | $1.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ETSYGLBE
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.2B | $251.4M | ||
| Q2 25 | $1.2B | $205.2M | ||
| Q1 25 | $649.2M | $207.7M | ||
| Q4 24 | $811.2M | — | ||
| Q3 24 | $818.9M | $207.3M | ||
| Q2 24 | $759.2M | $229.8M | ||
| Q1 24 | $788.8M | $181.9M |
总债务ETSYGLBE
| Q4 25 | $2.3B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
股东权益ETSYGLBE
| Q4 25 | $-1.1B | — | ||
| Q3 25 | $-1.1B | $933.0M | ||
| Q2 25 | $-1.1B | $909.1M | ||
| Q1 25 | $-910.3M | $884.3M | ||
| Q4 24 | $-758.9M | — | ||
| Q3 24 | $-624.3M | $869.4M | ||
| Q2 24 | $-635.0M | $878.7M | ||
| Q1 24 | $-583.8M | $886.9M |
总资产ETSYGLBE
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.6B | $1.2B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.5B | $1.1B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $317.1M | — |
| 自由现金流经营现金流 - 资本支出 | $315.9M | — |
| 自由现金流率自由现金流/营收 | 35.8% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 2.86× | — |
| 过去12个月自由现金流最近4个季度 | $678.0M | — |
8季度趋势，按日历期对齐
经营现金流ETSYGLBE
| Q4 25 | $317.1M | — | ||
| Q3 25 | $219.0M | — | ||
| Q2 25 | $108.1M | — | ||
| Q1 25 | $49.2M | — | ||
| Q4 24 | $315.0M | — | ||
| Q3 24 | $217.4M | — | ||
| Q2 24 | $151.1M | — | ||
| Q1 24 | $69.0M | — |
自由现金流ETSYGLBE
| Q4 25 | $315.9M | — | ||
| Q3 25 | $215.0M | — | ||
| Q2 25 | $101.3M | — | ||
| Q1 25 | $45.9M | — | ||
| Q4 24 | $310.9M | — | ||
| Q3 24 | $213.2M | — | ||
| Q2 24 | $147.4M | — | ||
| Q1 24 | $66.8M | — |
自由现金流率ETSYGLBE
| Q4 25 | 35.8% | — | ||
| Q3 25 | 31.7% | — | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 36.5% | — | ||
| Q3 24 | 32.2% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 10.3% | — |
资本支出强度ETSYGLBE
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.3% | — |
现金转化率ETSYGLBE
| Q4 25 | 2.86× | — | ||
| Q3 25 | 2.90× | — | ||
| Q2 25 | 3.75× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.79× | — | ||
| Q2 24 | 2.85× | — | ||
| Q1 24 | 1.10× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ETSY
| Marketplace Revenue | $612.4M | 69% |
| Services Revenue | $269.2M | 31% |
GLBE
暂无分部数据
