COMP <GO>

ETSY vs PAYP // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

Etsy Inc. (NYSE) VS. PayPay Corporation American Depository Shares (NASDAQ) • 15-METRIC TALLY: ETSY 1 — PAYP 1

■ METRIC PARITY

LAST: $92.45 (+3.92%) • MKT CAP: $7.67B

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LAST: $14.44 (+2.92%) • MKT CAP: $9.50B

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (ETSY VS. PAYP) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	ETSY	PAYP	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	71.60%	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	33.30%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	29.3x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	8.59%	—	—	TIE	/fcf-yield <GO>
Operating Margin	9.20%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	5.70%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	2.70%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.60	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	58.2	35.0	+23.20	ETSY	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	1.11	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	45.0x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$7.67B	$9.50B	-$1.83B	PAYP	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	ETSY REV	PAYP REV	ETSY GROSS %	PAYP GROSS %	ETSY FCF	PAYP FCF
FY 2025	$2.88B	—	71.6%	—	$678.0M	—
FY 2024	$2.81B	—	72.4%	—	$738.3M	—
FY 2023	$2.75B	—	—	—	$581.8M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ETSY // BETA 1.11

PAYP // BETA —