NASDAQ: EBAY · Broadline Retail
eBay
eBay runs an online marketplace connecting buyers and sellers. It earns mainly a take rate on gross merchandise volume (GMV), plus advertising revenue. At the end of 2025 it had 135 million active buyers and 2.5 billion live listings. 2025 GMV rose 7% to $79.6 billion, revenue rose 8% to $11.1 billion and net income was $2.0 billion. In May 2026 GameStop made an unsolicited, non-binding proposal to buy eBay for $125 per share in cash and stock; eBay's board rejected it as neither credible nor attractive. eBay closed its roughly $1.2 billion cash acquisition of fashion marketplace Depop on July 30, 2026. In Q2 2026 revenue and GMV both grew 15%.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-29
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 20.5%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +7.8 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.8x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.96x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.64
Higher than 22% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 58% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 67% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 50% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 8% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$125.39close on 2026-11-04
Market cap$56.3B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 12.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 22.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 20.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 8.5x
Book value at FY2025 year-end
At FY2025 year-end: 16.3x
EBITDA for FY2025
At FY2025 year-end: 3.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$2.82B → $3.21B (vs. a year earlier)↑ +13.7%$2.82B → $3.21B (vs. a year earlier)
- Operating margin20.2% → 19.2% (vs. a year earlier)↓ −1.0 pts20.2% → 19.2% (vs. a year earlier)
- Net income$628M → $497M (vs. a year earlier)↓ −20.9%$628M → $497M (vs. a year earlier)
- Diluted EPS$1.34 → $1.10 (vs. a year earlier)↓ −17.9%$1.34 → $1.10 (vs. a year earlier)
- Cash$2.31B → $1.17B (vs. previous quarter-end)↓ −49.5%$2.31B → $1.17B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 28, 2026.
Key changes
GAAP operating margin 19.2% versus 20.3%. Source sentence
Operating margin – GAAP operating margin decreased to 19.2% for the third quarter of 2026, compared to 20.3% for the same period last year.
Returned $827M to stockholders. Source sentence
Returned $827 million to stockholders, including $689 million of share repurchases and $138 million paid in cash dividends.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- EBAY INC
- Headquarters
- SAN JOSE, CA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: EBAY
- Industry
- Broadline Retail
- CIK
- 1065088
- Website
- https://www.ebayinc.com/ ↗
Workforce (as of FY2025 year-end)
Employees
12,300
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 49–58 days after quarter end (Feb 18, 2026; Feb 26, 2025; Feb 27, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 28–58 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 28, 2026 (+28 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 26, 2025 (+57 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 27, 2024 (+58 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Marketplace
eBay Marketplace
Examples: eBay Live, Authenticity Guarantee, Promoted Listings
Marketplace
Depop
C2C fashion marketplace, acquired July 2026.
Marketplace
Caramel
Online automotive transaction solutions, acquired in 2025.
From the FY2025 Form 10-K and the Q2 and Q3 2026 releases.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Online marketplace
Worldwide
U.S. share
—
Not disclosedWorldwide share
One of the largest
Company-disclosed
Sources:
07
Recent strategic focusSite analysis
2026 developments.
GameStop proposal
On May 3, 2026 GameStop proposed $125.00 per share (50% cash, 50% GameStop stock), about $55.5B of equity value. eBay rejected it on May 12.
Source: GameStop 8-K (Rule 425) filed 2026-05-04; eBay 8-K filed 2026-05-12
Depop
Acquisition agreed in February 2026 for about $1.2B in cash; closed July 30, 2026.
Source: Form 10-K (FY2025); Q2 2026 earnings release
Q3 2026
GAAP EPS $1.11, non-GAAP $1.51; GAAP operating margin 19.2%; $827M returned to shareholders ($689M buybacks). Results beat the August guidance.
Source: Q3 2026 earnings release
Restructuring
On October 20, 2026 eBay announced a plan to cut about 9% of its workforce, with $130–150M of pre-tax charges, mostly in Q4 2026.
Source: 8-K filed 2026-10-22 (Item 2.05)
Debt
$1.0B of senior notes issued (November 2025).
Source: 8-K filed 2025-11-06
Capex ÷ D&A (FY2025)
1.25x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$525M ÷ $421M = 1.25x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
14.8%
formularesearch & development expense ÷ revenue × 100
e.g.$1,642M ÷ $11,100M × 100 = 14.8%
M&A spend (6-year total)
$467M
Latest year: $208M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $463M in FY2020 to $525M in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$11.1B
As reported in the 10-K
Revenue CAGR (5 years)
+4.5%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($11,100M ÷ $8,894M) ^ (1÷5) − 1 = 4.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
20.5%▼caution
-9.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,277M ÷ $11,100M × 100 = 20.5%
ROE (FY2025)
41.6%▲favorable
6-year average: 78.3%
As reported in the 10-K
P/B (FY2025 end)
8.47x
formulafiscal year-end closing price ÷ book value per share
e.g.$87.10 ÷ $10.28 = 8.47x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
16.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($39,108M + $6,746M − $1,867M) ÷ ($2,277M + $421M) = 16.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.5% a year over 5 years (modest growth)
From $8.89B in FY2020 to $11.1B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 29.6% → 20.5%
How much operating profit is left per $100 of revenue. It moved -9.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 26.2% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 78.3% over 6 years (latest: 41.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Aurelia Netherlands TopCo
07 · what it does
Key activities
- Running the marketplace, payments, authentication, live commerce
06 · what it draws on
Key resources
- Technology and AI
- Sales and marketing
02 · why customers buy
Value propositions
- A marketplace with wide selection in more than 190 markets; competes on price, product selection, services, technology and reach.
04 · how it keeps them
Customer relationships
- Fees on each sale (take rate 13.94% in 2025) and advertising bought by sellers to promote listings.
03 · how it reaches them
Channels
- Its own websites and mobile apps.
01 · who it serves
Customer segments
- 135M active buyers
- Sellers in more than 190 markets
09 · where money goes
Cost structure
FY2025, share of revenue ($11.1B)
- Cost of revenue28.5%
- Research & development14.8%
- Selling, general & administrative10.8%
- Other operating costs25.4%
Operating profit left: 20.5% of revenue. Depreciation & amortization (inside the costs above): $421M. Capital spending: $525M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Marketplace revenues $9.11B
- Advertising revenues $1.99B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Takes a percentage of GMV on transactions paid on its Marketplace platforms (take rate 13.94% in 2025) and sells advertising such as Promoted Listings.
01 what it draws on
Inputs & resources
- Technology and AI
- Sales and marketing
02 what it does
Activities
- Running the marketplace, payments, authentication, live commerce
03 who it serves
Customers
- 135M active buyers
- Sellers in more than 190 markets
04 how money comes in
How it earns
- Marketplace revenues $9.11B
- Advertising revenues $1.99B (2025)
How the business makes money
- eBay Live GMV grew about eightfold year over year in Q2 2026 and reached a multibillion-dollar annualized run rate in Q3 2026.
- Authenticity Guarantee covers more than 100 fashion brands in the U.S. and U.K.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
eBay’s payments and users are affected by interchange rules and tariffs.
Regulated prices & reimbursement
Interchange rules
Changes to card interchange rates could hurt payments.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Tariffs
Consumer spending shifted in 2025 as users adjusted to trade policies and tariffs.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Marketplace revenues
9,107 (82%)Advertising revenues
1,993 (18%)
Source: Form 10-K (FY2025) — net revenues by activity eBay has a single reportable segment.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 52% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
5,789 (52%)International
5,311 (48%)
Source: Form 10-K (FY2025)
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Aurelia Netherlands TopCo
eBay holds about 8.3% of Aurelia's equity, from a prior transaction.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Buyers and sellers (consumers and businesses) in more than 190 markets.
Named by the company
No customer is named.
Suppliers
Technology, payments and shipping partners.
Named by the company
The 10-K doesn't name suppliers.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says some competitors are larger, with broader ecosystems.
Competitors named in the 10-K
E-commerce and ecosystems
Also retailers, specialists, live commerce, search engines and AI tools.
Peer group the company chose
Compensation benchmarking, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
The proxy says eBay benchmarks pay at about the 50th percentile of its peer group, but does not list the peer companies.
Source: Proxy statement (2026)Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
eBay buys focused marketplaces and tools.
Cash spent on acquisitions, FY2020–FY2025: $467M
2026-07-30
Depop
About $1.2B cash
C2C fashion marketplace with a Gen Z and Millennial customer base.
- Stated purpose (company)
- Strengthens eBay's leadership in circular fashion and recommerce.
Source: Form 10-K (FY2025) · Q2 2026 earnings release
2025
Caramel
Not stated
End-to-end online automotive transaction solutions.
- Stated purpose (company)
- Not stated.
Source: Form 10-K (FY2025)
16
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 8,894 | 10,420 | 9,795 | 10,112 | 10,283 | 11,100 |
| Operating income | 2,636 | 2,923 | 2,350 | 1,941 | 2,318 | 2,277 |
| Pretax income | 3,345 | 398 | -1,601 | 3,707 | 2,278 | 2,307 |
| Net income (attributable) | 5,667 | 13,608 | -1,269 | 2,767 | 1,975 | 2,031 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 17.2% | -6.0% | 3.2% | 1.7% | 7.9% |
| Operating margincalcoperating income ÷ revenue × 100 | 29.6% | 28.1% | 24.0% | 19.2% | 22.5% | 20.5% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 63.7% | 130.6% | -13.0% | 27.4% | 19.2% | 18.3% |
| Balance sheet ($M) | ||||||
| Total assets | 19,310 | 26,626 | 20,850 | 21,620 | 19,365 | 17,610 |
| Total equity | 3,561 | 9,778 | 5,153 | 6,396 | 5,158 | 4,615 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,746 | 9,082 | 8,871 | 7,723 | 7,425 | 6,746 |
| Equity ratio | 18.4% | 36.7% | 24.7% | 29.6% | 26.6% | 26.2% |
| ROE | 159.1% | 204.0% | -17.0% | 47.9% | 34.2% | 41.6% |
| Cash flow ($M) | ||||||
| Operating CF | 2,419 | 2,657 | 2,254 | 2,426 | 2,414 | 1,959 |
| Investing CF | 3,794 | 3,663 | 2,461 | 240 | 2,213 | 1,420 |
| Financing CF | -5,692 | -6,532 | -3,792 | -2,450 | -3,806 | -3,661 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,956 | 2,213 | 1,805 | 1,970 | 1,956 | 1,434 |
| Cash and equivalents | 1,101 | 1,379 | 2,154 | 1,985 | 2,433 | 1,867 |
| Per share & other | ||||||
| EPS ($) | 7.89 | 20.54 | -2.27 | 5.19 | 3.94 | 4.34 |
| BVPS ($) | 5.21 | 16.46 | 9.56 | 12.37 | 10.95 | 10.28 |
| P/E (x) | 6.4 | 3.2 | — | 8.4 | 15.7 | 20.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 12.8 | 13.9 | 10.4 | 11.9 | 12.7 | 16.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 9.65 | 4.04 | 4.34 | 3.53 | 5.66 | 8.47 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $3.21B+13.7% | $616M+7.9% | $497M-20.9% | $1.10 |
| 2026-06-30 | $3.13B+14.8% | $676M+41.1% | $550M+51.1% | $1.21 |
| 2026-03-31 | $3.09B+19.5% | $611M+0.0% | $512M+2.6% | $1.12 |
| 2025-12-31 † | $2.97B+15.0% | $616M+13.4% | $540M-20.5% | — |
| 2025-09-30 | $2.82B | $571M | $628M | $1.34 |
| 2025-06-30 | $2.73B | $479M | $364M | $0.78 |
| 2025-03-31 | $2.59B | $611M | $499M | $1.05 |
| 2024-12-31 † | $2.58B | $543M | $679M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
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Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
15.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,277M × (1 − 18.5%) ÷ $11,972M × 100 = 15.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.66%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $39.11B ÷ ($39.11B + $6.75B) = 85.3%
e.g.Debt weight: $6.75B ÷ ($39.11B + $6.75B) = 14.7%
e.g.WACC: 8.5% × 85.3% + 3.6% × (1 − 18.5%) × 14.7% = 7.66%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.3%–9.3% and ROIC − WACC runs +6.2 to +9.2 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.66% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.64 (price-derived adjusted beta, but correlation with the market is low (R² 0.05), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.47%
- Cost of debt
- 3.65%
- Tax rate
- 18.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 85% : 15%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.66%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.64 (price-derived adjusted beta. Raw β 0.46, R² 0.05, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.464 + 0.33 = 0.641
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.64 × 5.5% = 8.5%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
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What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.7% − 2.3%
Past FCF growth (FY2020–FY2025)
-6.0%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+4.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.43B (operating CF − capex); enterprise value $61.18B = market cap $56.3B (latest close, 2026-11-04) + debt $6.75B − cash and short-term investments $1.87B; r = WACC of 7.7% using this page’s default assumptions (β 0.64, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$59.75B
FCF $1.43B ÷ (7.7% − 5.3%)
Theoretical ÷ actual enterprise value
0.98x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.7% | 6.7% | 7.7% | 8.7% | 9.7% |
|---|---|---|---|---|---|
| 0% | 0.41x | 0.35x | 0.30x | 0.27x | 0.24x |
| 2% | 0.63x | 0.50x | 0.41x | 0.35x | 0.30x |
| 4% | 1.38x | 0.87x | 0.63x | 0.50x | 0.41x |
| 6% | — | 3.35x | 1.38x | 0.87x | 0.63x |
| 8% | — | — | — | 3.35x | 1.38x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages 0.74x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): 0.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 99%
Most profit comes from core operations.
- ✓
Days sales outstanding: 15 → 4 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,959M ÷ $2,031M = 0.96x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,277M ÷ $2,307M × 100 = 99%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($108M + $135M) ÷ 2 ÷ $11,100M × 365 = 4 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 92.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 7.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 156 of 416
- Beta (adjusted)
- 0.64
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 37% of covered companies have more
above 1 = swings more than the market
- 411.4M shares reported by 1,287 13F filers ÷ 445.0M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-30 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
21
Strengths & weaknessesSite analysis
Strengths
1. Accelerating growth
Q3 2026 GMV of $23.2B (+15%) and revenue of $3.2B (+14%), after +15% for both in Q2.
Evidence: Q2 and Q3 2026 earnings releases
2. Advertising growth
Advertising revenue rose from $1.44B (2023) to $1.99B (2025).
Evidence: Form 10-K (FY2025)
3. Capital returns
Another $2.0B buyback authorized in February 2026; quarterly dividend of $0.31.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Larger competitors
The 10-K says competitors such as Alibaba, Google, Amazon, Apple and Meta are larger and have broader ecosystems.
Evidence: Form 10-K (FY2025)
2. Shrinking equity
Buybacks cut equity from $9.8B (2021) to $4.6B (2025).
Evidence: SEC EDGAR XBRL
22
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
20.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
3.7%
(Operating CF − capex) ÷ market cap
1. Shareholder returns
Buybacks cut the share count from 594M (2021) to 449M (2025); dividend of $0.31 a quarter.
- What has to hold
- Free cash flow holds.
- The other side
- Debt is used alongside cash.
Evidence: SEC EDGAR XBRL; Q3 2026 earnings release
2. Re-acceleration
FX-neutral GMV growth of 14% in Q2 2026 and 16% in Q3 2026.
- What has to hold
- Focus categories and live commerce keep growing.
- The other side
- Depop adds inorganic growth.
Evidence: Q2 and Q3 2026 earnings releases
2021 net income includes $13.4B of income from discontinued operations (XBRL), so the 2021 P/E is not comparable. Dividends per share are not tagged in XBRL and are left blank.
23
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
2.5x
$1.87B vs. $750M
Interest coverage (operating income ÷ interest expense)
9.3x
$2.28B vs. $246M
Free cash flow ÷ dividends paid
2.7x
$1.43B vs. $531M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -6.0% in FY2022 ($10.42B → $9.8B) | Yes, by FY2025 |
| Operating income | -19.6% in FY2022 ($2.92B → $2.35B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash generation
Operating cash flow of $1.96B in 2025.
Source: SEC EDGAR XBRL
Global diversification
52% U.S. and 48% international revenue (2025).
Source: Form 10-K (FY2025)
24
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
eBay reports ongoing legal and regulatory proceedings but considers neither its accruals nor its reasonably possible losses beyond them material. Its separation agreements with PayPal carry indemnity obligations that could lead to disputes.
Company statement: eBay concluded that reasonably possible losses beyond its immaterial accruals are not material.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
25
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
Geopolitical risk highlights
- [3]Trade policy
- 1Competition & technology shift
Intense competition
- Company disclosure (summarized from the 10-K)
- Competes with traditional retail, e-commerce, live commerce, search, social media and AI tools such as agents and chatbots.
- Company’s stated mitigation
- For buyers, we continue to invest in technologies that enhance discovery, trust and convenience across our Marketplace platforms.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
AI-driven shopping shift
- Company disclosure (summarized from the 10-K)
- If consumers shift to AI chatbots and agents for shopping, traditional search may lose relevance as a traffic source.
- Company’s stated mitigation
- Uses AI to improve the marketplace experience.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Geopolitical
Trade policy
- Company disclosure (summarized from the 10-K)
- Changes in global trade policy could hurt cross-border trade.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Governance & key people
Unsolicited takeover pursuit
- Company disclosure (summarized from the 10-K)
- GameStop made a non-binding proposal and reported an economic stake in eBay; eBay's board rejected the proposal.
- Company’s stated mitigation
- The board says eBay is well positioned on a standalone basis.
- This site’s assessment
- Impact Med / Likelihood Med
26
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
We experience significant variation in our operating and financial results, including GMV and net revenues.
All of our GMV, and substantially all of our net revenues each quarter come from transactions involving sales during that quarter. Read more
As a result, it is inherently difficult to accurately forecast our GMV, the amount and sources of our net revenues, earnings (loss) per share, operating income (loss), and our other key operating and financial performance metrics.
Our operating and financial results have significantly varied on a quarterly basis throughout our operating history, and we expect our results to continue to fluctuate significantly for a variety of reasons, including all of the risks described in “Risk Factors,” including the following:
The businesses and markets in which we operate are intensely competitive. Read more
We compete with a wide and growing variety of online and offline businesses that provide similar goods and services across numerous industries and geographies in which we operate, including traditional retail, e-commerce, live commerce, advertising, search engines, social media, and AI-powered tools (such as agents and chatbots).
• We may not keep up with buyer expectations – Buyer expectations and preferences around user experience, including customer service, ease of buying, low (or no) cost shipping, delivery options (such as pick-up and drop-off), delivery speed, ease of returns and return policies, constantly evolve and it may be difficult for us to respond effectively. For example, it may be impractical or inefficient for our sellers to meet evolving delivery expectations, and we may lack the resources to match shipping subsidies from our competitors.
• We may not be able to match the flexibility and expertise of all specialist competitors – Competitors that are narrowly focused on specific goods may be better than we are at creating buyer and seller communities and catering to the needs of those communities. Specialist competitors may have more resources to innovate quickly and efficiently within these communities without disruption to buyers and sellers outside of those communities. Additionally, our growth strategy has increasingly emphasized our Focus Categories, such as motor parts and accessories, collectibles, refurbished goods, and authenticated luxury items. Our Focus Category buyers and sellers often have unique product and service needs. The size and complexity of our platforms can make it difficult for us to address the unique needs of our Focus Category consumers as quickly and efficiently as our specialist competitors.
If our advertising products, including our Promoted Listings, are not competitive, we will lose advertising revenues and our business will be harmed.
Our business depends on consumer engagement and spending, which makes our results of operations particularly sensitive to shifts in, and events that impact, consumer confidence, platform engagement and buying trends.
No longer in the text (4)
• Our operating and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations and cash flows, as well as the trading price of our common stock and debt securities.
• Our business may be adversely affected by geopolitical events, natural disasters, seasonal factors and other factors, including increased usage of other websites, that could cause our users to spend less time, or transact less, on our websites or mobile platforms and applications.
• Operations and continued development of our payments system and financial services offerings require ongoing investment, are subject to evolving laws, regulations, rules, and standards, and involve risk, including risks related to our dependence on third-party providers.
• Failure to deal effectively with fraudulent activities on our Marketplace platforms would increase our loss rate and harm our business and could severely diminish merchant and consumer confidence in and use of our services.
91 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
27
What to watch going forwardSite analysis
- Q4 2026 guidance: revenue $3.19–3.24B; GAAP EPS $0.82–0.87; 2026 GMV $91.5–91.9B.
- Integration of Depop.
- Any further moves by GameStop.
28
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent eBay’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.