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ETSY INC（ETSY）与NetApp（NTAP）财务数据对比。点击上方公司名可切换其他公司
NetApp的季度营收约是ETSY INC的1.9倍（$1.7B vs $881.6M），NetApp净利率更高（17.9% vs 12.6%，领先5.3%），ETSY INC同比增速更快（3.5% vs 2.8%），ETSY INC自由现金流更多（$315.9M vs $78.0M），过去两年ETSY INC的营收复合增速更高（16.8% vs 3.0%）
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。
NetApp是总部位于美国加利福尼亚州圣何塞的企业级数据基础设施服务商，成立于1992年，2012至2021年连续入选《财富》世界500强。公司面向全球企业客户提供统一数据存储、集成数据服务及云运营解决方案，可满足线上线下全场景的应用与数据管理需求。
ETSY vs NTAP — 直观对比
营收规模更大
NTAP
是对方的1.9倍
$881.6M
营收增速更快
ETSY
高出0.6%
2.8%
净利率更高
NTAP
高出5.3%
12.6%
自由现金流更多
ETSY
多$237.9M
$78.0M
两年增速更快
ETSY
近两年复合增速
3.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $1.7B |
| 净利润 | $110.7M | $305.0M |
| 毛利率 | 73.1% | 72.0% |
| 营业利润率 | 14.7% | 23.4% |
| 净利率 | 12.6% | 17.9% |
| 营收同比 | 3.5% | 2.8% |
| 净利润同比 | -14.8% | 2.0% |
| 每股收益（稀释后） | $1.00 | $1.51 |
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ETSYNTAP
| Q4 25 | $881.6M | $1.7B | ||
| Q3 25 | $678.0M | $1.6B | ||
| Q2 25 | $672.7M | $1.7B | ||
| Q1 25 | $651.2M | $1.6B | ||
| Q4 24 | $852.2M | $1.7B | ||
| Q3 24 | $662.4M | $1.5B | ||
| Q2 24 | $647.8M | $1.7B | ||
| Q1 24 | $646.0M | $1.6B |
净利润ETSYNTAP
| Q4 25 | $110.7M | $305.0M | ||
| Q3 25 | $75.5M | $233.0M | ||
| Q2 25 | $28.8M | $340.0M | ||
| Q1 25 | $-52.1M | $299.0M | ||
| Q4 24 | $129.9M | $299.0M | ||
| Q3 24 | $57.4M | $248.0M | ||
| Q2 24 | $53.0M | $291.0M | ||
| Q1 24 | $63.0M | $313.0M |
毛利率ETSYNTAP
| Q4 25 | 73.1% | 72.0% | ||
| Q3 25 | 71.3% | 70.4% | ||
| Q2 25 | 71.2% | 68.9% | ||
| Q1 25 | 70.5% | 69.8% | ||
| Q4 24 | 74.5% | 71.0% | ||
| Q3 24 | 72.0% | 71.3% | ||
| Q2 24 | 71.6% | 70.5% | ||
| Q1 24 | 71.0% | 71.7% |
营业利润率ETSYNTAP
| Q4 25 | 14.7% | 23.4% | ||
| Q3 25 | 12.2% | 19.8% | ||
| Q2 25 | 11.4% | 20.1% | ||
| Q1 25 | -3.4% | 22.1% | ||
| Q4 24 | 18.2% | 20.8% | ||
| Q3 24 | 13.1% | 18.3% | ||
| Q2 24 | 10.8% | 21.9% | ||
| Q1 24 | 10.5% | 22.8% |
净利率ETSYNTAP
| Q4 25 | 12.6% | 17.9% | ||
| Q3 25 | 11.1% | 14.9% | ||
| Q2 25 | 4.3% | 19.6% | ||
| Q1 25 | -8.0% | 18.2% | ||
| Q4 24 | 15.2% | 18.0% | ||
| Q3 24 | 8.7% | 16.1% | ||
| Q2 24 | 8.2% | 17.4% | ||
| Q1 24 | 9.8% | 19.5% |
每股收益（稀释后）ETSYNTAP
| Q4 25 | $1.00 | $1.51 | ||
| Q3 25 | $0.63 | $1.15 | ||
| Q2 25 | $0.25 | $1.64 | ||
| Q1 25 | $-0.49 | $1.44 | ||
| Q4 24 | $1.01 | $1.42 | ||
| Q3 24 | $0.45 | $1.17 | ||
| Q2 24 | $0.41 | $1.36 | ||
| Q1 24 | $0.48 | $1.48 |
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 | $3.0B |
| 总债务越低越好 | $2.3B | $2.5B |
| 股东权益账面价值 | $-1.1B | $986.0M |
| 总资产 | $2.8B | $9.6B |
| 负债/权益比越低杠杆越低 | — | 2.52× |
8季度趋势，按日历期对齐
现金及短期投资ETSYNTAP
| Q4 25 | $1.4B | $3.0B | ||
| Q3 25 | $1.2B | $3.3B | ||
| Q2 25 | $1.2B | $3.8B | ||
| Q1 25 | $649.2M | $2.3B | ||
| Q4 24 | $811.2M | $2.2B | ||
| Q3 24 | $818.9M | $3.0B | ||
| Q2 24 | $759.2M | $3.3B | ||
| Q1 24 | $788.8M | $2.9B |
总债务ETSYNTAP
| Q4 25 | $2.3B | $2.5B | ||
| Q3 25 | $3.0B | $2.5B | ||
| Q2 25 | $3.0B | $3.2B | ||
| Q1 25 | $2.3B | $2.0B | ||
| Q4 24 | $2.3B | $2.0B | ||
| Q3 24 | $2.3B | $2.4B | ||
| Q2 24 | $2.3B | $2.4B | ||
| Q1 24 | $2.3B | $2.4B |
股东权益ETSYNTAP
| Q4 25 | $-1.1B | $986.0M | ||
| Q3 25 | $-1.1B | $975.0M | ||
| Q2 25 | $-1.1B | $1.0B | ||
| Q1 25 | $-910.3M | $995.0M | ||
| Q4 24 | $-758.9M | $892.0M | ||
| Q3 24 | $-624.3M | $929.0M | ||
| Q2 24 | $-635.0M | $1.1B | ||
| Q1 24 | $-583.8M | $994.0M |
总资产ETSYNTAP
| Q4 25 | $2.8B | $9.6B | ||
| Q3 25 | $2.7B | $9.7B | ||
| Q2 25 | $2.6B | $10.8B | ||
| Q1 25 | $2.1B | $9.0B | ||
| Q4 24 | $2.4B | $9.0B | ||
| Q3 24 | $2.4B | $9.3B | ||
| Q2 24 | $2.4B | $9.9B | ||
| Q1 24 | $2.5B | $9.4B |
负债/权益比ETSYNTAP
| Q4 25 | — | 2.52× | ||
| Q3 25 | — | 2.55× | ||
| Q2 25 | — | 3.11× | ||
| Q1 25 | — | 2.00× | ||
| Q4 24 | — | 2.23× | ||
| Q3 24 | — | 2.58× | ||
| Q2 24 | — | 2.09× | ||
| Q1 24 | — | 2.41× |
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 | $127.0M |
| 自由现金流经营现金流 - 资本支出 | $315.9M | $78.0M |
| 自由现金流率自由现金流/营收 | 35.8% | 4.6% |
| 资本支出强度资本支出/营收 | 0.1% | 2.9% |
| 现金转化率经营现金流/净利润 | 2.86× | 0.42× |
| 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ETSYNTAP
| Q4 25 | $317.1M | $127.0M | ||
| Q3 25 | $219.0M | $673.0M | ||
| Q2 25 | $108.1M | — | ||
| Q1 25 | $49.2M | $385.0M | ||
| Q4 24 | $315.0M | — | ||
| Q3 24 | $217.4M | $341.0M | ||
| Q2 24 | $151.1M | $613.0M | ||
| Q1 24 | $69.0M | $484.0M |
自由现金流ETSYNTAP
| Q4 25 | $315.9M | $78.0M | ||
| Q3 25 | $215.0M | $620.0M | ||
| Q2 25 | $101.3M | — | ||
| Q1 25 | $45.9M | $338.0M | ||
| Q4 24 | $310.9M | — | ||
| Q3 24 | $213.2M | $300.0M | ||
| Q2 24 | $147.4M | $567.0M | ||
| Q1 24 | $66.8M | $448.0M |
自由现金流率ETSYNTAP
| Q4 25 | 35.8% | 4.6% | ||
| Q3 25 | 31.7% | 39.8% | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | 7.1% | 20.6% | ||
| Q4 24 | 36.5% | — | ||
| Q3 24 | 32.2% | 19.5% | ||
| Q2 24 | 22.8% | 34.0% | ||
| Q1 24 | 10.3% | 27.9% |
资本支出强度ETSYNTAP
| Q4 25 | 0.1% | 2.9% | ||
| Q3 25 | 0.6% | 3.4% | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 0.5% | 2.9% | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.6% | 2.7% | ||
| Q2 24 | 0.6% | 2.8% | ||
| Q1 24 | 0.3% | 2.2% |
现金转化率ETSYNTAP
| Q4 25 | 2.86× | 0.42× | ||
| Q3 25 | 2.90× | 2.89× | ||
| Q2 25 | 3.75× | — | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.79× | 1.38× | ||
| Q2 24 | 2.85× | 2.11× | ||
| Q1 24 | 1.10× | 1.55× |
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% |
NTAP
| Products | $788.0M | 46% |
| Support | $647.0M | 38% |
| Public Cloud Segment | $171.0M | 10% |
| Professional And Other Services | $99.0M | 6% |
