eBay (EBAY)
Consumer Discretionary · $47.9B market cap · SEC CIK 0001065088
fundamentals score out of 100
Next reports on Oct 27, 2026, with analysts expecting $1.41 in earnings per share.
The case for EBAY
- Earns 48% back on shareholder equity.
- Revenue growing 14.7% year over year.
- Gross margin of 72% absorbs cost shocks.
- Pays a modest 2.4% dividend.
- Net margin of 19% is wider than 85% of Consumer Discretionary companies.
The case against
- A PEG of 3.2: a P/E of 21.6× is a lot to pay for EPS growing 7%.
- Value is weak (41/100): 21.6× earnings, 4.0× sales, 3.0% free-cash yield.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 41 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 48 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 78 |
| Momentumhow the price has behaved lately | 65 |
| Stabilityhow violently it moves, what it owes and what it pays you | 52 |
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 21.6× |
|---|---|
| Price / book | 10.64× |
| Price / sales | 4.0× |
| Revenue growth (YoY) | +14.7% |
| EPS growth (YoY) | +6.7% |
| Gross margin | 72% |
| Operating margin | 21% |
| Net margin | 19% |
| Return on equity | 48% |
| Debt / equity | 1.44× |
| Current ratio | 1.02 |
| Dividend yield | 2.41% |
| Beta | 1.33 |
| 52-week range | $78.03 – $119.31 |
| Position in that range | 76% of the way up |
| 3-month return | +0.1% |
| 1-year return | +18.9% |
Five years of financials, as filed
Pulled from eBay's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $11.1B | $10.3B | $10.1B | $9.8B | $10.4B |
| Gross profit | $7.9B | $7.4B | $7.3B | $7.1B | $7.8B |
| Operating income | $2.3B | $2.3B | $1.9B | $2.4B | $2.9B |
| Net income | $2.0B | $2.0B | $2.8B | -$1.3B | $13.6B |
| Operating cash flow | $2.0B | $2.4B | $2.4B | $2.3B | $2.7B |
| Capital expenditure | $525M | $458M | $456M | $449M | $444M |
| Total assets | $17.4B | $19.4B | $21.6B | $20.9B | $26.6B |
| Total liabilities | $13.0B | $14.2B | $15.2B | $15.7B | $16.8B |
| Shareholder equity | $4.5B | $5.2B | $6.4B | $5.2B | $9.8B |
| Cash | $1.9B | $2.4B | $2.0B | $2.2B | $1.4B |
| Long-term debt | — | — | $7.0B | $7.7B | $7.7B |
| Free cash flow | $1.4B | $2.0B | $2.0B | $1.8B | $2.2B |
| Gross margin | 71.5% | 72.0% | 72.0% | 72.6% | 74.6% |
| Operating margin | 20.5% | 22.5% | 19.2% | 24.0% | 28.1% |
| Net margin | 18.3% | 19.2% | 27.4% | -13.0% | 130.6% |
| Diluted shares | 468M | 501M | 533M | 558M | 663M |
Share count is down 29.4% over 4 years. Buybacks have been shrinking the pie.
What eBay says it does
Unless otherwise expressly stated or the context otherwise requires, when we refer to "we," "our," "us," "eBay" or the "Company" in this Annual Report on Form 10-K, we mean eBay Inc. and its consolidated subsidiaries. Overview Founded in 1995 in San Jose, California, eBay Inc. is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Our Marketplace platforms, including our online marketplace located at www.ebay.com and its localized counterparts, our off-platform marketplaces and our suite of mobile apps, together, create one of the world's largest and most vibrant marketplaces for discovering great value and a unique selection. In 2025, eBay enabled nearly $80 billion of Gross Merchandise Volume ("GMV"). Our Strategy As a global…
Risk factors EBAY lists in its 10-K
- Gain (loss) on equity investments and warrants, net
- Interest Expense, Interest Income and Other, Net
- Liquidity and Capital Resource Requirements
- Other Capital Resource Requirements
- Critical Accounting Policies, Judgments and Estimates
- Evaluation of disclosure controls and procedures
- Management’s annual report on internal control over financial reporting
- Internal Control - Integrated Framework (2013)
- Internal Control - Integrated Framework
- Insider Trading Policy, Code of Ethics, Governance Guidelines and Committee Charters
- Code of Business Conduct and Ethics
- Governance Guidelines for the Board of Directors
- 1. Consolidated Financial Statements
- 3. Exhibits Required by Item 601 of Regulation S-K