HIGHBuilt-inGeographic
74%
U.S. buyers
“10-K Item 1: '74% of GMS came from U.S. buyers'”
ETSY · Concentration risk · 10-K extracted
Etsy (ETSY) concentration risks
Updated
The most significant concentration Etsy discloses is U.S. buyers at 74%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Etsy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inCustomer
40%
Habitual buyers
“10-K Item 1: 'Habitual buyers comprised approximately 7% of active buyers and represented about 40% of our 2025 GMS'”
MEDIUMOutside partySupplier
Google Cloud
“10-K Item 1A: 'Our products and services rely in significant part on continued access to, and the continued stability, reliability, and flexibility of Google Cloud'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile reflects a structurally U.S.-centric marketplace layered with a buyer-cohort skew and a single infrastructure dependency. Domestic buyers generated 74% of gross merchandise sales in the most recent period, a high share by disclosed size with a structural character — the platform's cultural identity and seller base are rooted in the U.S. market, so this geographic tilt is a feature of the business model rather than a transient condition. A shift in U.S. consumer sentiment or spending capacity would move results more materially than the international mix could offset. Within the buyer base, the habitual buyer segment — roughly 7% of active buyers — represented approximately 40% of 2025 gross merchandise sales, a medium-share cohort concentration. The structural character here reflects the natural skew of marketplace economics, where a small share of high-frequency buyers drives a disproportionate share of volume; the risk is that any friction harming this cohort's engagement or retention would have an outsized revenue effect relative to its headcount share. On the supply side, the platform depends in significant part on continued access to, and stability of, Google Cloud, a medium-share infrastructure dependency. Because this is a dependency rather than a structural feature, a service disruption or change in the vendor relationship could affect product delivery. The three exposures — geography, buyer concentration, and cloud reliance — are independent in nature and do not directly amplify each other.
For the engine’s reasoning on ETSY’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Internet Retail
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ETSY● | Etsy, Inc. | 1 | 2 | 0 | 3 |
| CPNG | Coupang, Inc. | 0 | 1 | 0 | 1 |
| AMZN | Amazon.com, Inc. | 0 | 0 | 0 | 0 |
| CART | Maplebear Inc. | 0 | 0 | 0 | 0 |
| CHWY | Chewy, Inc. | 0 | 0 | 0 | 0 |
| DASH | DoorDash, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.