Ann: Investor Update - FY2020 Financial Results, page-16

I reckon the best way to compare ETSY & RBL is to compare price to GP.

If you annualise ETSY's Q4 GP, you get US$1.27B GP (massive) on a market cap of US$15,750m, so 12.4x June quarter GP annualised.

RBL's Q4 GP annualised is $174m on a market cap of $1,165m, so 6.7x.

This is actually a little better than that as RBL is net cash, whilst ETSY carries a little net debt.

Basically, RBL is roughly half the valuation, and to be fair it should be somewhat discounted due to the considerable scale advantage ETSY holds. ETSY is the 79th most visited website in the world, RBL only the 579th most visited - Eternalgrowth