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ETSY INC（ETSY）与Champion Homes, Inc.（SKY）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Champion Homes, Inc.的1.3倍（$881.6M vs $656.6M），ETSY INC净利率更高（12.6% vs 8.3%，领先4.3%），ETSY INC同比增速更快（3.5% vs 1.8%），ETSY INC自由现金流更多（$315.9M vs $92.9M），过去两年ETSY INC的营收复合增速更高（16.8% vs 10.6%）
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。
Champion Homes, Inc.是移动及模块化住宅制造企业，为北美头部模块化住宅建造商之一，业务覆盖美国及加拿大西部地区，提供工厂预制住宅产品，可满足不同场景的居住需求，凭借工业化生产优势保障住房品质与交付效率。
ETSY vs SKY — 直观对比
营收规模更大
ETSY
是对方的1.3倍
$656.6M
营收增速更快
ETSY
高出1.6%
1.8%
净利率更高
ETSY
高出4.3%
8.3%
自由现金流更多
ETSY
多$223.0M
$92.9M
两年增速更快
ETSY
近两年复合增速
10.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $881.6M | $656.6M |
| 净利润 | $110.7M | $54.3M |
| 毛利率 | 73.1% | 26.2% |
| 营业利润率 | 14.7% | 9.5% |
| 净利率 | 12.6% | 8.3% |
| 营收同比 | 3.5% | 1.8% |
| 净利润同比 | -14.8% | -11.7% |
| 每股收益（稀释后） | $1.00 | $0.97 |
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ETSYSKY
| Q4 25 | $881.6M | $656.6M | ||
| Q3 25 | $678.0M | $684.4M | ||
| Q2 25 | $672.7M | $701.3M | ||
| Q1 25 | $651.2M | $593.9M | ||
| Q4 24 | $852.2M | $644.9M | ||
| Q3 24 | $662.4M | $616.9M | ||
| Q2 24 | $647.8M | $627.8M | ||
| Q1 24 | $646.0M | $536.4M |
净利润ETSYSKY
| Q4 25 | $110.7M | $54.3M | ||
| Q3 25 | $75.5M | $58.2M | ||
| Q2 25 | $28.8M | $64.7M | ||
| Q1 25 | $-52.1M | $36.3M | ||
| Q4 24 | $129.9M | $61.5M | ||
| Q3 24 | $57.4M | $54.7M | ||
| Q2 24 | $53.0M | $45.8M | ||
| Q1 24 | $63.0M | $2.8M |
毛利率ETSYSKY
| Q4 25 | 73.1% | 26.2% | ||
| Q3 25 | 71.3% | 27.5% | ||
| Q2 25 | 71.2% | 27.1% | ||
| Q1 25 | 70.5% | 25.7% | ||
| Q4 24 | 74.5% | 28.1% | ||
| Q3 24 | 72.0% | 27.0% | ||
| Q2 24 | 71.6% | 26.2% | ||
| Q1 24 | 71.0% | 18.3% |
营业利润率ETSYSKY
| Q4 25 | 14.7% | 9.5% | ||
| Q3 25 | 12.2% | 10.9% | ||
| Q2 25 | 11.4% | 11.2% | ||
| Q1 25 | -3.4% | 7.1% | ||
| Q4 24 | 18.2% | 11.3% | ||
| Q3 24 | 13.1% | 10.8% | ||
| Q2 24 | 10.8% | 8.8% | ||
| Q1 24 | 10.5% | 1.4% |
净利率ETSYSKY
| Q4 25 | 12.6% | 8.3% | ||
| Q3 25 | 11.1% | 8.5% | ||
| Q2 25 | 4.3% | 9.2% | ||
| Q1 25 | -8.0% | 6.1% | ||
| Q4 24 | 15.2% | 9.5% | ||
| Q3 24 | 8.7% | 8.9% | ||
| Q2 24 | 8.2% | 7.3% | ||
| Q1 24 | 9.8% | 0.5% |
每股收益（稀释后）ETSYSKY
| Q4 25 | $1.00 | $0.97 | ||
| Q3 25 | $0.63 | $1.03 | ||
| Q2 25 | $0.25 | $1.13 | ||
| Q1 25 | $-0.49 | $0.63 | ||
| Q4 24 | $1.01 | $1.06 | ||
| Q3 24 | $0.45 | $0.94 | ||
| Q2 24 | $0.41 | $0.79 | ||
| Q1 24 | $0.48 | $0.04 |
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 | $659.8M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | $-1.1B | $1.6B |
| 总资产 | $2.8B | $2.1B |
| 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ETSYSKY
| Q4 25 | $1.4B | $659.8M | ||
| Q3 25 | $1.2B | $618.7M | ||
| Q2 25 | $1.2B | $605.3M | ||
| Q1 25 | $649.2M | $610.3M | ||
| Q4 24 | $811.2M | $581.8M | ||
| Q3 24 | $818.9M | $570.2M | ||
| Q2 24 | $759.2M | $548.9M | ||
| Q1 24 | $788.8M | $495.1M |
总债务ETSYSKY
| 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ETSYSKY
| Q4 25 | $-1.1B | $1.6B | ||
| Q3 25 | $-1.1B | $1.6B | ||
| Q2 25 | $-1.1B | $1.6B | ||
| Q1 25 | $-910.3M | $1.5B | ||
| Q4 24 | $-758.9M | $1.5B | ||
| Q3 24 | $-624.3M | $1.5B | ||
| Q2 24 | $-635.0M | $1.5B | ||
| Q1 24 | $-583.8M | $1.4B |
总资产ETSYSKY
| Q4 25 | $2.8B | $2.1B | ||
| Q3 25 | $2.7B | $2.1B | ||
| Q2 25 | $2.6B | $2.1B | ||
| Q1 25 | $2.1B | $2.1B | ||
| Q4 24 | $2.4B | $2.0B | ||
| Q3 24 | $2.4B | $2.0B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.5B | $1.9B |
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 | $100.0M |
| 自由现金流经营现金流 - 资本支出 | $315.9M | $92.9M |
| 自由现金流率自由现金流/营收 | 35.8% | 14.1% |
| 资本支出强度资本支出/营收 | 0.1% | 1.1% |
| 现金转化率经营现金流/净利润 | 2.86× | 1.84× |
| 过去12个月自由现金流最近4个季度 | $678.0M | $259.7M |
8季度趋势，按日历期对齐
经营现金流ETSYSKY
| Q4 25 | $317.1M | $100.0M | ||
| Q3 25 | $219.0M | $75.9M | ||
| Q2 25 | $108.1M | $75.3M | ||
| Q1 25 | $49.2M | $46.0M | ||
| Q4 24 | $315.0M | $50.4M | ||
| Q3 24 | $217.4M | $59.8M | ||
| Q2 24 | $151.1M | $84.6M | ||
| Q1 24 | $69.0M | — |
自由现金流ETSYSKY
| Q4 25 | $315.9M | $92.9M | ||
| Q3 25 | $215.0M | $67.0M | ||
| Q2 25 | $101.3M | $66.4M | ||
| Q1 25 | $45.9M | $33.4M | ||
| Q4 24 | $310.9M | $37.3M | ||
| Q3 24 | $213.2M | $45.7M | ||
| Q2 24 | $147.4M | $73.9M | ||
| Q1 24 | $66.8M | — |
自由现金流率ETSYSKY
| Q4 25 | 35.8% | 14.1% | ||
| Q3 25 | 31.7% | 9.8% | ||
| Q2 25 | 15.1% | 9.5% | ||
| Q1 25 | 7.1% | 5.6% | ||
| Q4 24 | 36.5% | 5.8% | ||
| Q3 24 | 32.2% | 7.4% | ||
| Q2 24 | 22.8% | 11.8% | ||
| Q1 24 | 10.3% | — |
资本支出强度ETSYSKY
| Q4 25 | 0.1% | 1.1% | ||
| Q3 25 | 0.6% | 1.3% | ||
| Q2 25 | 1.0% | 1.3% | ||
| Q1 25 | 0.5% | 2.1% | ||
| Q4 24 | 0.5% | 2.0% | ||
| Q3 24 | 0.6% | 2.3% | ||
| Q2 24 | 0.6% | 1.7% | ||
| Q1 24 | 0.3% | — |
现金转化率ETSYSKY
| Q4 25 | 2.86× | 1.84× | ||
| Q3 25 | 2.90× | 1.30× | ||
| Q2 25 | 3.75× | 1.16× | ||
| Q1 25 | — | 1.27× | ||
| Q4 24 | 2.42× | 0.82× | ||
| Q3 24 | 3.79× | 1.09× | ||
| Q2 24 | 2.85× | 1.85× | ||
| 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% |
SKY
| Manufacturing | $369.7M | 56% |
| Retail | $252.7M | 38% |
| Canadian Factory Built Housing | $25.8M | 4% |
| Transportation And Other | $8.5M | 1% |
