A Business at a Glance
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EBAY INC
EBAY
$51.2B
Mkt Cap
$109.39
+0.06%
EBAY INC (EBAY) has a current P/E ratio of 25.2, compared to its historical median P/E of 9.0. The stock is currently considered Expensive based on its historical valuation range.
EBAY INC (EBAY) has a 5-year average return on invested capital (ROIC) of 36.3%. This indicates strong capital allocation and a potential competitive advantage.
EBAY INC (EBAY) has a market capitalization of $48.8B. It is classified as a large-cap stock.
Yes, EBAY INC (EBAY) pays a dividend with a trailing twelve-month yield of 1.10%. The company also returns capital through share buybacks, with a buyback yield of 4.86%.
Based on historical P/E analysis, EBAY INC (EBAY) appears expensive. The current P/E of 25.2 is 181% above its historical median of 9.0. The estimated fair value CAGR (P/E method) is 1.3%.
EBAY INC (EBAY) operates in the Services-Business Services, Nec industry, within the Industrials sector.
EBAY INC (EBAY) reported annual revenue of $11.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
eBay Inc. is a global third-party marketplace platform founded in 1995 that connects millions of buyers and sellers across more than 190 markets, enabling nearly $80 billion in gross merchandise volume annually with 51% generated outside the United States. The company operates through its core Marketplace platforms—including ebay.com and localized counterparts, off-platform marketplaces such as TCGplayer and Goldin, and mobile applications—serving 135 million active buyers and 2.5 billion live listings globally. eBay's business model is transaction-based, generating revenue primarily through take rates on paid transactions (commissions from connecting buyers and sellers), first-party advertising fees charged to sellers for listing promotion, and shipping program revenues; the company earns money when sellers succeed, aligning incentives across the ecosystem. The platform operates with asset-light unit economics, leveraging proprietary data and artificial intelligence to enhance discovery, reduce friction, and optimize pricing across focus categories including motor vehicle parts and accessories, collectibles, refurbished items, apparel, luxury goods, and sneakers. Distribution is primarily digital through web and mobile channels, with competitive differentiation rooted in scale (135 million buyers), trust programs (Money Back Guarantee, Authenticity Guarantee, eBay Refurbished), seller enablement tools (AI-enhanced listings, managed shipping, financial services including Seller Capital), and decades of proprietary commerce data. The company serves both consumer-to-consumer and business-to-consumer segments globally, with particular strength in enthusiast categories and recommerce, positioning eBay as a pioneer in the circular economy where buyers and sellers transact in pre-owned and refurbished goods.
【Strategic momentum and AI-driven growth】 Management expects continued broad-based GMV growth in 2026 driven by established strategic priorities in focus categories, consumer-to-consumer transactions, and recommerce, alongside emerging growth vectors including live commerce and vehicles that are expected to contribute incremental volume despite lower take rates. The company anticipates healthy advertising revenue growth supported by multiple levers including seller adoption, listings penetration, and new product scaling, with shipping programs becoming an increasingly significant contributor to take rate as managed shipping solutions expand domestically and cross-border. Management is reinvesting a portion of top-line upside into strategic initiatives and emerging growth vectors to strengthen the marketplace and drive medium to long-term value, while maintaining disciplined balance between growth investments and operating leverage; the pending Depop acquisition, expected to close by end of Q3 2026, is viewed as a strategic fit that will contribute to fashion and consumer-to-consumer momentum but will represent a low single-digit headwind to near-term operating income growth due to integration costs and planned investments. The company continues to scale artificial intelligence applications across the platform—including AI-enhanced listings (now deployed across 500 million listings), agentic search experiences, and personalized discovery tools—to unlock inventory locked in closets and attics, improve seller metrics, and deliver hyper-personalized shopping journeys that anticipate customer needs.
| Metric | Target | Period |
|---|---|---|
| GMV Growth (FX-neutral) | 7%–7.5% year-over-year | Full Year 2026 |
| Non-GAAP Operating Income Growth | 9%–11% year-over-year | Full Year 2026 |
| Capital Expenditures | 4%–5% of revenue | Full Year 2026 |
| Share Repurchases | ~$2 billion | Full Year 2026 |
GMV Growth (FX-neutral) (Full Year 2026): “For 2026, we are now planning our business around year-over-year GMV growth between 7% and 7.5% on an FX-neutral basis.”
Non-GAAP Operating Income Growth (Full Year 2026): “We are now anticipating non-GAAP operating income growth of between 9% and 11% for the full year, reflecting our stronger GMV and revenue expectations.”
Capital Expenditures (Full Year 2026): “We forecast capital expenditures to be between 4% and 5% of revenue for 2026.”
Share Repurchases (Full Year 2026): “We are targeting roughly $2 billion of share repurchases for the full year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.6B | 11.1B | 10.3B | 10.1B | 9.8B | 10.4B |
| Net Income | 2.0B | 2.0B | 2.0B | 2.8B | -1.3B | 13.6B |
| EPS | $4.52 | $4.34 | $3.94 | $5.19 | $-2.27 | $20.54 |
| Free Cash Flow | 1.7B | 1.4B | 2.0B | 2.0B | 1.8B | 2.2B |
| ROIC | 32.9% | 27.3% | 25.9% | 14.1% | 19.7% | 94.5% |
| Gross Margin | 72.0% | 71.5% | 72.0% | 72.0% | 72.6% | 74.6% |
| Debt/Equity | 1.53 | 1.99 | 1.52 | 1.40 | 2.05 | 1.10 |
| Dividends/Share | $1.20 | $1.13 | $1.06 | $0.99 | $0.87 | $0.70 |
| Operating Income | 2.3B | 2.3B | 2.3B | 1.9B | 2.4B | 2.9B |
| Operating Margin | 19.6% | 20.5% | 22.5% | 19.2% | 24.0% | 28.1% |
| ROE | 46.2% | 41.6% | 34.2% | 47.9% | -17.0% | 204.0% |
| Shares Outstanding | 446M | 468M | 501M | 533M | 559M | 663M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 17.9B | 8.6B | 9.3B | 9.9B | 8.7B | 7.4B | 8.9B | 10.4B | 9.8B | 10.1B | 10.3B | 11.1B | 11.6B |
| Gross Margin | 39.8% | 79.4% | 69.8% | 54.7% | 76.6% | 78.7% | 79.8% | 74.6% | 72.6% | 72.0% | 72.0% | 71.5% | 72.0% |
| R&D | 983M | 923M | 1.1B | 1.2B | 1.1B | 930M | 1.0B | 1.3B | 1.3B | 1.5B | 1.5B | 1.6B | 1.7B |
| SG&A | 889M | 1.1B | 899M | 1.0B | 979M | 988M | 985M | 921M | 963M | 1.2B | 914M | 1.2B | 1.3B |
| EBIT | 2.5B | 2.2B | 2.3B | 2.3B | 1.8B | 1.8B | 2.6B | 2.9B | 2.4B | 1.9B | 2.3B | 2.3B | 2.3B |
| Op. Margin | 13.8% | 25.6% | 25.0% | 22.8% | 20.3% | 23.8% | 29.6% | 28.1% | 24.0% | 19.2% | 22.5% | 20.5% | 19.6% |
| Net Income | 46M | 1.7B | 7.3B | -1.0B | 2.5B | 1.8B | 5.7B | 13.6B | -1.3B | 2.8B | 2.0B | 2.0B | 2.0B |
| Net Margin | 0.3% | 20.1% | 78.1% | -10.2% | 29.2% | 24.0% | 63.7% | 130.6% | -13.0% | 27.4% | 19.2% | 18.3% | 17.6% |
| Non-Recurring | 33M | 62M | 0 | 167M | 86M | 25M | 6.0M | 35M | -21M | 148M | -8.0M | 17M | 17M |
| Returns on Capital | |||||||||||||
| ROIC | 7.3% | 12.8% | 46.3% | 10.2% | 13.2% | 14.2% | 22.8% | 94.5% | 19.7% | 14.1% | 25.9% | 27.3% | 32.9% |
| ROE | 0.2% | 13.0% | 85.0% | -11.0% | 35.3% | 39.0% | 176.2% | 204.0% | -17.0% | 47.9% | 34.2% | 41.6% | 46.2% |
| ROA | 0.1% | 5.5% | 34.9% | -4.1% | 10.4% | 8.7% | 30.2% | 59.2% | -5.3% | 13.0% | 9.6% | 11.0% | 11.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 5.7B | 4.0B | 2.8B | 3.1B | 2.7B | 3.1B | 2.4B | 2.7B | 2.3B | 2.4B | 2.4B | 2.0B | 2.1B |
| Free Cash Flow | 5.1B | 3.4B | 2.2B | 2.5B | 2.0B | 2.6B | 2.0B | 2.2B | 1.8B | 2.0B | 2.0B | 1.4B | 1.7B |
| Owner Earnings | 4.8B | 3.0B | 1.8B | 2.1B | 1.6B | 2.1B | 1.4B | 1.7B | 1.3B | 1.4B | 1.5B | 931M | 1.1B |
| CapEx | 622M | 668M | 626M | 666M | 623M | 508M | 463M | 444M | 449M | 456M | 458M | 525M | 454M |
| Maint. CapEx | 559M | 614M | 605M | 612M | 591M | 572M | 560M | 485M | 442M | 441M | 370M | 421M | 435M |
| Growth CapEx | 63M | 54M | 21M | 54M | 32M | 0 | 0 | 0 | 7.0M | 15M | 88M | 104M | 19M |
| D&A | 559M | 614M | 605M | 612M | 591M | 572M | 560M | 485M | 442M | 441M | 370M | 421M | 435M |
| CapEx/OCF | 11.0% | 16.6% | 22.2% | 21.2% | 23.4% | 16.3% | 19.1% | 16.7% | 19.9% | 18.8% | 19.0% | 26.8% | 21.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 473M | 447M | 466M | 489M | 528M | 533M | 531M | 536M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | 1.7% | 1.5% | 1.2% | 1.9% | 2.4% | 2.0% | 1.5% | 1.1% |
| Share Buybacks | 4.7B | 2.1B | 2.9B | 2.7B | 4.5B | 5.0B | 5.1B | 7.1B | 3.1B | 1.4B | 3.1B | 2.5B | 2.4B |
| Buyback Yield | 19.0% | 7.2% | 9.6% | 7.6% | 18.1% | 17.9% | 15.5% | 17.4% | 14.9% | 6.3% | 10.2% | 6.3% | 4.9% |
| Stock-Based Comp | 344M | 379M | 416M | 483M | 465M | 415M | 417M | 477M | 494M | 575M | 588M | 607M | 627M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 642M | 618M | 3.3B | 4.9B | 5.9B | 6.6B | 4.7B | 3.5B | 5.8B | 3.8B | 657M | 4.4B | 1.6B |
| Cash & Equiv. | 4.1B | 1.8B | 1.8B | 2.1B | 2.2B | 901M | 1.1B | 1.4B | 2.2B | 2.0B | 2.4B | 1.9B | 5.1B |
| Long-Term Debt | 6.8B | 6.7B | 7.5B | 9.2B | 7.7B | 6.7B | 7.7B | 7.7B | 7.7B | 7.0B | 5.8B | 6.0B | 6.0B |
| Debt/Equity | 0.43 | 1.03 | 0.99 | 1.34 | 1.72 | 3.27 | 2.31 | 1.10 | 2.05 | 1.40 | 1.52 | 1.99 | 1.53 |
| Interest Coverage | 22.7 | 15.3 | 10.3 | 7.8 | 5.4 | 5.7 | 8.7 | 10.9 | 10.0 | 7.4 | 8.9 | 9.3 | 9.2 |
| Equity | 19.9B | 6.6B | 10.5B | 8.0B | 6.3B | 2.9B | 3.6B | 9.8B | 5.2B | 6.4B | 5.2B | 4.6B | 4.4B |
| Total Assets | 45.1B | 17.8B | 23.8B | 26.0B | 22.8B | 18.2B | 19.3B | 26.6B | 20.9B | 21.6B | 19.4B | 17.6B | 17.9B |
| Total Liabilities | 25.2B | 11.2B | 13.3B | 17.9B | 16.5B | 15.3B | 15.7B | 16.8B | 15.7B | 15.2B | 14.2B | 13.0B | 13.5B |
| Intangibles | 133M | 90M | 102M | 69M | 92M | 39M | 12M | 8.0M | 115M | 114M | 119M | N/A | N/A |
| Retained Earnings | 18.9B | 7.7B | 15.0B | 13.9B | 16.5B | 17.8B | 23.0B | 36.1B | 34.3B | 36.5B | 38.0B | 39.4B | 39.7B |
| Working Capital | 9.0B | 5.6B | 5.0B | 4.2B | 2.7B | 640M | 3.2B | 4.5B | 5.0B | 6.5B | 1.5B | 449M | 1.1B |
| Current Assets | 26.5B | 7.9B | 8.9B | 7.7B | 7.1B | 4.7B | 7.2B | 9.1B | 9.3B | 11.0B | 7.6B | 5.1B | 6.3B |
| Current Liabilities | 17.5B | 2.3B | 3.8B | 3.6B | 4.5B | 4.1B | 4.0B | 4.6B | 4.3B | 4.5B | 6.1B | 4.6B | 5.1B |
| Per Share Data | |||||||||||||
| EPS | 0.04 | 1.42 | 6.35 | -0.95 | 2.55 | 2.09 | 7.89 | 20.54 | -2.27 | 5.19 | 3.94 | 4.34 | 4.52 |
| Owner EPS | 4.15 | 2.50 | 1.58 | 1.92 | 1.61 | 2.49 | 2.01 | 2.56 | 2.36 | 2.64 | 2.90 | 1.99 | 2.42 |
| Book Value | 17.31 | 5.41 | 9.20 | 7.52 | 6.33 | 3.36 | 4.96 | 14.76 | 9.22 | 12.00 | 10.29 | 9.86 | 9.89 |
| Cash Flow/Share | 4.94 | 3.32 | 2.47 | 2.94 | 2.68 | 3.64 | 3.37 | 4.01 | 4.03 | 4.55 | 4.82 | 4.19 | 5.55 |
| Dividends/Share | N/A | N/A | N/A | 0.00 | 0.00 | 0.55 | 0.62 | 0.70 | 0.87 | 0.99 | 1.06 | 1.13 | 1.20 |
| Shares Out. | 1.1B | 1.2B | 1.1B | 1.1B | 992.2M | 854.5M | 718.3M | 662.5M | 559.0M | 533.1M | 501.3M | 468.0M | 446.0M |
| Valuation | |||||||||||||
| P/E Ratio | 534.1 | 17.3 | 4.2 | N/A | 9.9 | 15.6 | 5.8 | 3.0 | N/A | 8.1 | 15.7 | 19.6 | 24.2 |
| P/FCF | 4.9 | 8.9 | 13.9 | 14.6 | 12.3 | 10.7 | 16.9 | 18.3 | 11.7 | 11.4 | 15.9 | 27.8 | 28.9 |
| EV/EBIT | 10.2 | 13.9 | 14.5 | 18.1 | 17.6 | 19.1 | 14.2 | 14.9 | 11.2 | 13.3 | 14.8 | 19.5 | 22.2 |
| Price/Book | 1.2 | 4.5 | 2.9 | 4.5 | 4.0 | 9.7 | 9.3 | 4.1 | 4.1 | 3.5 | 6.0 | 8.6 | 11.1 |
| Price/Sales | 1.3 | 3.2 | 3.1 | 3.5 | 3.7 | 3.8 | 3.4 | 3.9 | 2.6 | 2.2 | 2.6 | 3.3 | 4.2 |
| FCF Yield | 20.6% | 11.3% | 7.2% | 6.9% | 8.2% | 9.4% | 5.9% | 5.5% | 8.6% | 8.8% | 6.3% | 3.6% | 3.5% |
| Market Cap | 24.6B | 29.9B | 30.6B | 36.1B | 24.9B | 27.8B | 33.1B | 40.6B | 21.1B | 22.4B | 31.0B | 39.9B | 48.8B |
| Avg. Price | 20.00 | 22.97 | 24.08 | 31.14 | 32.13 | 33.27 | 41.68 | 60.63 | 45.29 | 41.97 | 53.36 | 77.56 | 109.39 |
| Year-End Price | 21.37 | 24.60 | 26.71 | 33.75 | 25.13 | 32.59 | 46.04 | 61.23 | 37.69 | 42.00 | 61.86 | 85.21 | 109.39 |
EBAY INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
EBAY INC trades at 25.2x trailing earnings, compared to its 15-year median P/E of 9.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 34.2x vs a median of 14.2x. The company's 5-year average ROIC is 36.3% with a gross margin of 72.5%. Total shareholder yield (dividends + buybacks) is 6.0%. At current prices, the estimated annualized return to fair value is +6.7%.
EBAY INC (EBAY) has a net profit margin of 18.3%. This is a healthy margin.
EBAY INC (EBAY) generated $1.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EBAY INC (EBAY) has a debt-to-equity ratio of 1.99. This indicates higher leverage, which may increase financial risk.
EBAY INC (EBAY) reported earnings per share (EPS) of $4.34 in its most recent fiscal year.
EBAY INC (EBAY) has a return on equity (ROE) of 41.6%. This indicates the company generates strong returns for shareholders.
EBAY INC (EBAY) has a 5-year average gross margin of 72.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for EBAY INC (EBAY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EBAY INC (EBAY) has a book value per share of $9.86, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued broad-based GMV growth in 2026 driven by established strategic priorities in focus categories, consumer-to-consumer transactions, and recommerce, alongside emerging growth vectors including live commerce and vehicles that are expected to contribute incremental volume despite lower take rates. The company anticipates healthy advertising revenue growth supported by multiple levers including seller adoption, listings penetration, and new product scaling, with shipping programs becoming an increasingly significant contributor to take rate as managed shipping solutions expand domestically and cross-border. Management is reinvesting a portion of top-line upside into strategic initiatives and emerging growth vectors to strengthen the marketplace and drive medium to long-term value, while maintaining disciplined balance between growth investments and operating leverage; the pending Depop acquisition, expected to close by end of Q3 2026, is viewed as a strategic fit that will contribute to fashion and consumer-to-consumer momentum but will represent a low single-digit headwind to near-term operating income growth due to integration costs and planned investments. The company continues to scale artificial intelligence applications across the platform—including AI-enhanced listings (now deployed across 500 million listings), agentic search experiences, and personalized discovery tools—to unlock inventory locked in closets and attics, improve seller metrics, and deliver hyper-personalized shopping journeys that anticipate customer needs.
Based on recent SEC filings and earnings calls, EBAY INC (EBAY) has provided the following forward guidance: GMV Growth (FX-neutral): 7%–7.5% year-over-year (Full Year 2026); Non-GAAP Operating Income Growth: 9%–11% year-over-year (Full Year 2026); Capital Expenditures: 4%–5% of revenue (Full Year 2026); Share Repurchases: ~$2 billion (Full Year 2026).