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ETSY INC（ETSY）与IES Holdings, Inc.（IESC）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IES Holdings, Inc.的1.0倍（$881.6M vs $871.0M），ETSY INC净利率更高（12.6% vs 10.5%，领先2.0%），IES Holdings, Inc.同比增速更快（16.2% vs 3.5%），ETSY INC自由现金流更多（$315.9M vs $-18.9M），过去两年ETSY INC的营收复合增速更高（16.8% vs 11.1%）
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。
IES Holdings, Inc.前身为Integrated Electrical Services, Inc.，主营业务为集成电气及技术系统的设计与安装，同时面向数据中心、住宅、商业和工业设施等多元终端市场提供基础设施类产品及相关服务。
ETSY vs IESC — 直观对比
营收规模更大
ETSY
是对方的1.0倍
$871.0M
营收增速更快
IESC
高出12.7%
3.5%
净利率更高
ETSY
高出2.0%
10.5%
自由现金流更多
ETSY
多$334.7M
$-18.9M
两年增速更快
ETSY
近两年复合增速
11.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $871.0M |
| 净利润 | $110.7M | $91.8M |
| 毛利率 | 73.1% | 25.3% |
| 营业利润率 | 14.7% | 11.2% |
| 净利率 | 12.6% | 10.5% |
| 营收同比 | 3.5% | 16.2% |
| 净利润同比 | -14.8% | 59.1% |
| 每股收益（稀释后） | $1.00 | $4.51 |
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ETSYIESC
| Q4 25 | $881.6M | $871.0M | ||
| Q3 25 | $678.0M | $897.8M | ||
| Q2 25 | $672.7M | $890.2M | ||
| Q1 25 | $651.2M | $834.0M | ||
| Q4 24 | $852.2M | $749.5M | ||
| Q3 24 | $662.4M | $775.8M | ||
| Q2 24 | $647.8M | $768.4M | ||
| Q1 24 | $646.0M | $705.7M |
净利润ETSYIESC
| Q4 25 | $110.7M | $91.8M | ||
| Q3 25 | $75.5M | $102.3M | ||
| Q2 25 | $28.8M | $79.3M | ||
| Q1 25 | $-52.1M | $72.6M | ||
| Q4 24 | $129.9M | $57.7M | ||
| Q3 24 | $57.4M | $65.5M | ||
| Q2 24 | $53.0M | $66.6M | ||
| Q1 24 | $63.0M | $56.8M |
毛利率ETSYIESC
| Q4 25 | 73.1% | 25.3% | ||
| Q3 25 | 71.3% | 26.0% | ||
| Q2 25 | 71.2% | 26.9% | ||
| Q1 25 | 70.5% | 25.0% | ||
| Q4 24 | 74.5% | 23.8% | ||
| Q3 24 | 72.0% | 24.0% | ||
| Q2 24 | 71.6% | 25.3% | ||
| Q1 24 | 71.0% | 24.3% |
营业利润率ETSYIESC
| Q4 25 | 14.7% | 11.2% | ||
| Q3 25 | 12.2% | 11.6% | ||
| Q2 25 | 11.4% | 12.6% | ||
| Q1 25 | -3.4% | 11.1% | ||
| Q4 24 | 18.2% | 10.0% | ||
| Q3 24 | 13.1% | 9.7% | ||
| Q2 24 | 10.8% | 11.7% | ||
| Q1 24 | 10.5% | 11.0% |
净利率ETSYIESC
| Q4 25 | 12.6% | 10.5% | ||
| Q3 25 | 11.1% | 11.4% | ||
| Q2 25 | 4.3% | 8.9% | ||
| Q1 25 | -8.0% | 8.7% | ||
| Q4 24 | 15.2% | 7.7% | ||
| Q3 24 | 8.7% | 8.4% | ||
| Q2 24 | 8.2% | 8.7% | ||
| Q1 24 | 9.8% | 8.0% |
每股收益（稀释后）ETSYIESC
| Q4 25 | $1.00 | $4.51 | ||
| Q3 25 | $0.63 | $4.99 | ||
| Q2 25 | $0.25 | $3.81 | ||
| Q1 25 | $-0.49 | $3.50 | ||
| Q4 24 | $1.01 | $2.72 | ||
| Q3 24 | $0.45 | $3.06 | ||
| Q2 24 | $0.41 | $2.67 | ||
| Q1 24 | $0.48 | $2.29 |
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 | $258.7M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $-1.1B | $961.1M |
| 总资产 | $2.8B | $1.7B |
| 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ETSYIESC
| Q4 25 | $1.4B | $258.7M | ||
| Q3 25 | $1.2B | $231.8M | ||
| Q2 25 | $1.2B | $168.3M | ||
| Q1 25 | $649.2M | $88.3M | ||
| Q4 24 | $811.2M | $112.0M | ||
| Q3 24 | $818.9M | $135.8M | ||
| Q2 24 | $759.2M | $44.9M | ||
| Q1 24 | $788.8M | $106.0M |
总债务ETSYIESC
| 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ETSYIESC
| Q4 25 | $-1.1B | $961.1M | ||
| Q3 25 | $-1.1B | $884.0M | ||
| Q2 25 | $-1.1B | $781.4M | ||
| Q1 25 | $-910.3M | $705.8M | ||
| Q4 24 | $-758.9M | $652.4M | ||
| Q3 24 | $-624.3M | $611.1M | ||
| Q2 24 | $-635.0M | $567.5M | ||
| Q1 24 | $-583.8M | $534.8M |
总资产ETSYIESC
| Q4 25 | $2.8B | $1.7B | ||
| Q3 25 | $2.7B | $1.6B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.4B | $1.2B | ||
| 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 | $27.7M |
| 自由现金流经营现金流 - 资本支出 | $315.9M | $-18.9M |
| 自由现金流率自由现金流/营收 | 35.8% | -2.2% |
| 资本支出强度资本支出/营收 | 0.1% | 5.3% |
| 现金转化率经营现金流/净利润 | 2.86× | 0.30× |
| 过去12个月自由现金流最近4个季度 | $678.0M | $175.9M |
8季度趋势，按日历期对齐
经营现金流ETSYIESC
| Q4 25 | $317.1M | $27.7M | ||
| Q3 25 | $219.0M | $132.0M | ||
| Q2 25 | $108.1M | $92.0M | ||
| Q1 25 | $49.2M | $24.8M | ||
| Q4 24 | $315.0M | $37.3M | ||
| Q3 24 | $217.4M | $92.8M | ||
| Q2 24 | $151.1M | $82.9M | ||
| Q1 24 | $69.0M | $33.7M |
自由现金流ETSYIESC
| Q4 25 | $315.9M | $-18.9M | ||
| Q3 25 | $215.0M | $112.0M | ||
| Q2 25 | $101.3M | $74.8M | ||
| Q1 25 | $45.9M | $7.9M | ||
| Q4 24 | $310.9M | $24.1M | ||
| Q3 24 | $213.2M | $78.5M | ||
| Q2 24 | $147.4M | $65.4M | ||
| Q1 24 | $66.8M | $26.9M |
自由现金流率ETSYIESC
| Q4 25 | 35.8% | -2.2% | ||
| Q3 25 | 31.7% | 12.5% | ||
| Q2 25 | 15.1% | 8.4% | ||
| Q1 25 | 7.1% | 0.9% | ||
| Q4 24 | 36.5% | 3.2% | ||
| Q3 24 | 32.2% | 10.1% | ||
| Q2 24 | 22.8% | 8.5% | ||
| Q1 24 | 10.3% | 3.8% |
资本支出强度ETSYIESC
| Q4 25 | 0.1% | 5.3% | ||
| Q3 25 | 0.6% | 2.2% | ||
| Q2 25 | 1.0% | 1.9% | ||
| Q1 25 | 0.5% | 2.0% | ||
| Q4 24 | 0.5% | 1.8% | ||
| Q3 24 | 0.6% | 1.8% | ||
| Q2 24 | 0.6% | 2.3% | ||
| Q1 24 | 0.3% | 1.0% |
现金转化率ETSYIESC
| Q4 25 | 2.86× | 0.30× | ||
| Q3 25 | 2.90× | 1.29× | ||
| Q2 25 | 3.75× | 1.16× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | 2.42× | 0.65× | ||
| Q3 24 | 3.79× | 1.42× | ||
| Q2 24 | 2.85× | 1.24× | ||
| Q1 24 | 1.10× | 0.59× |
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% |
IESC
| Communications | $351.9M | 40% |
| Single Family Electrical Contracts | $137.0M | 16% |
| Custom Engineered Solutions | $116.0M | 13% |
| Commercialand Industrial | $94.8M | 11% |
| Single Family Contracts Plumbing HVAC | $82.9M | 10% |
| Multi Familyand Other | $64.2M | 7% |
| Industrial Services | $24.2M | 3% |
