vs
ETSY INC（ETSY）与Realty Income（O）财务数据对比。点击上方公司名可切换其他公司
Realty Income的季度营收约是ETSY INC的1.7倍（$1.5B vs $881.6M），Realty Income净利率更高（19.9% vs 12.6%，领先7.3%），Realty Income同比增速更快（11.0% vs 3.5%），Realty Income自由现金流更多（$1.2B vs $315.9M），过去两年ETSY INC的营收复合增速更高（16.8% vs 8.6%）
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。
Realty Income是一家房地产投资信托企业，投资范围覆盖美国、英国及欧洲其他六个国家的独立单租户商业地产，旗下物业普遍采用三重净租约模式。公司注册地为美国马里兰州，总部位于加利福尼亚州圣迭戈市。
ETSY vs O — 直观对比
营收规模更大
O
是对方的1.7倍
$881.6M
营收增速更快
O
高出7.6%
3.5%
净利率更高
O
高出7.3%
12.6%
自由现金流更多
O
多$838.1M
$315.9M
两年增速更快
ETSY
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $1.5B |
| 净利润 | $110.7M | $296.1M |
| 毛利率 | 73.1% | — |
| 营业利润率 | 14.7% | 21.7% |
| 净利率 | 12.6% | 19.9% |
| 营收同比 | 3.5% | 11.0% |
| 净利润同比 | -14.8% | 48.3% |
| 每股收益（稀释后） | $1.00 | $0.32 |
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ETSYO
| Q4 25 | $881.6M | $1.5B | ||
| Q3 25 | $678.0M | $1.5B | ||
| Q2 25 | $672.7M | $1.4B | ||
| Q1 25 | $651.2M | $1.4B | ||
| Q4 24 | $852.2M | $1.3B | ||
| Q3 24 | $662.4M | $1.3B | ||
| Q2 24 | $647.8M | $1.3B | ||
| Q1 24 | $646.0M | $1.3B |
净利润ETSYO
| Q4 25 | $110.7M | $296.1M | ||
| Q3 25 | $75.5M | $315.8M | ||
| Q2 25 | $28.8M | $196.9M | ||
| Q1 25 | $-52.1M | $249.8M | ||
| Q4 24 | $129.9M | $199.6M | ||
| Q3 24 | $57.4M | $269.5M | ||
| Q2 24 | $53.0M | $259.4M | ||
| Q1 24 | $63.0M | $132.3M |
毛利率ETSYO
| Q4 25 | 73.1% | — | ||
| Q3 25 | 71.3% | — | ||
| Q2 25 | 71.2% | — | ||
| Q1 25 | 70.5% | — | ||
| Q4 24 | 74.5% | — | ||
| Q3 24 | 72.0% | — | ||
| Q2 24 | 71.6% | — | ||
| Q1 24 | 71.0% | — |
营业利润率ETSYO
| Q4 25 | 14.7% | 21.7% | ||
| Q3 25 | 12.2% | 23.2% | ||
| Q2 25 | 11.4% | 15.8% | ||
| Q1 25 | -3.4% | 19.3% | ||
| Q4 24 | 18.2% | 16.5% | ||
| Q3 24 | 13.1% | 21.5% | ||
| Q2 24 | 10.8% | 20.7% | ||
| Q1 24 | 10.5% | 11.9% |
净利率ETSYO
| Q4 25 | 12.6% | 19.9% | ||
| Q3 25 | 11.1% | 21.5% | ||
| Q2 25 | 4.3% | 14.0% | ||
| Q1 25 | -8.0% | 18.1% | ||
| Q4 24 | 15.2% | 14.9% | ||
| Q3 24 | 8.7% | 20.2% | ||
| Q2 24 | 8.2% | 19.4% | ||
| Q1 24 | 9.8% | 10.5% |
每股收益（稀释后）ETSYO
| Q4 25 | $1.00 | $0.32 | ||
| Q3 25 | $0.63 | $0.35 | ||
| Q2 25 | $0.25 | $0.22 | ||
| Q1 25 | $-0.49 | $0.28 | ||
| Q4 24 | $1.01 | $0.23 | ||
| Q3 24 | $0.45 | $0.30 | ||
| Q2 24 | $0.41 | $0.29 | ||
| Q1 24 | $0.48 | $0.16 |
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 | $434.8M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $-1.1B | $39.4B |
| 总资产 | $2.8B | $72.8B |
| 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ETSYO
| Q4 25 | $1.4B | $434.8M | ||
| Q3 25 | $1.2B | $417.2M | ||
| Q2 25 | $1.2B | $800.4M | ||
| Q1 25 | $649.2M | $319.0M | ||
| Q4 24 | $811.2M | $445.0M | ||
| Q3 24 | $818.9M | $397.0M | ||
| Q2 24 | $759.2M | $442.8M | ||
| Q1 24 | $788.8M | $680.2M |
总债务ETSYO
| 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ETSYO
| Q4 25 | $-1.1B | $39.4B | ||
| Q3 25 | $-1.1B | $39.1B | ||
| Q2 25 | $-1.1B | $39.2B | ||
| Q1 25 | $-910.3M | $39.0B | ||
| Q4 24 | $-758.9M | $38.8B | ||
| Q3 24 | $-624.3M | $38.5B | ||
| Q2 24 | $-635.0M | $38.6B | ||
| Q1 24 | $-583.8M | $39.0B |
总资产ETSYO
| Q4 25 | $2.8B | $72.8B | ||
| Q3 25 | $2.7B | $71.3B | ||
| Q2 25 | $2.6B | $71.4B | ||
| Q1 25 | $2.1B | $69.8B | ||
| Q4 24 | $2.4B | $68.8B | ||
| Q3 24 | $2.4B | $68.5B | ||
| Q2 24 | $2.4B | $68.1B | ||
| Q1 24 | $2.5B | $68.3B |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $315.9M | $1.2B |
| 自由现金流率自由现金流/营收 | 35.8% | 77.6% |
| 资本支出强度资本支出/营收 | 0.1% | 3.3% |
| 现金转化率经营现金流/净利润 | 2.86× | 4.06× |
| 过去12个月自由现金流最近4个季度 | $678.0M | $3.9B |
8季度趋势，按日历期对齐
经营现金流ETSYO
| Q4 25 | $317.1M | $1.2B | ||
| Q3 25 | $219.0M | $943.1M | ||
| Q2 25 | $108.1M | $1.1B | ||
| Q1 25 | $49.2M | $787.5M | ||
| Q4 24 | $315.0M | $972.0M | ||
| Q3 24 | $217.4M | $841.5M | ||
| Q2 24 | $151.1M | $981.2M | ||
| Q1 24 | $69.0M | $778.7M |
自由现金流ETSYO
| Q4 25 | $315.9M | $1.2B | ||
| Q3 25 | $215.0M | $909.9M | ||
| Q2 25 | $101.3M | $1.0B | ||
| Q1 25 | $45.9M | $764.6M | ||
| Q4 24 | $310.9M | $935.8M | ||
| Q3 24 | $213.2M | $807.9M | ||
| Q2 24 | $147.4M | $939.2M | ||
| Q1 24 | $66.8M | $769.0M |
自由现金流率ETSYO
| Q4 25 | 35.8% | 77.6% | ||
| Q3 25 | 31.7% | 61.9% | ||
| Q2 25 | 15.1% | 73.3% | ||
| Q1 25 | 7.1% | 55.4% | ||
| Q4 24 | 36.5% | 69.8% | ||
| Q3 24 | 32.2% | 60.7% | ||
| Q2 24 | 22.8% | 70.1% | ||
| Q1 24 | 10.3% | 61.0% |
资本支出强度ETSYO
| Q4 25 | 0.1% | 3.3% | ||
| Q3 25 | 0.6% | 2.3% | ||
| Q2 25 | 1.0% | 1.9% | ||
| Q1 25 | 0.5% | 1.7% | ||
| Q4 24 | 0.5% | 2.7% | ||
| Q3 24 | 0.6% | 2.5% | ||
| Q2 24 | 0.6% | 3.1% | ||
| Q1 24 | 0.3% | 0.8% |
现金转化率ETSYO
| Q4 25 | 2.86× | 4.06× | ||
| Q3 25 | 2.90× | 2.99× | ||
| Q2 25 | 3.75× | 5.39× | ||
| Q1 25 | — | 3.15× | ||
| Q4 24 | 2.42× | 4.87× | ||
| Q3 24 | 3.79× | 3.12× | ||
| Q2 24 | 2.85× | 3.78× | ||
| Q1 24 | 1.10× | 5.89× |
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% |
O
| Product And Service Retail | $900.8M | 61% |
| Other | $531.5M | 36% |
