eBayEBAY

Is the price high or low right now, compared to what the market usually pays?

→At 21.7x earnings, the market is paying +74% more than EBAY's own 9-year median of 12.5x. Expectations are elevated, so more has to go right to justify the price. Today's multiple is the highest in the charted history.

What has the market paid for EBAY over the years?

→At 21.7x earnings, the market is paying +74% more than EBAY's own 9-year median of 12.5x. Expectations are elevated, so more has to go right to justify the price. Today's multiple is the highest in the charted history.

What cash return does the business throw off per dollar of market value?

5.3%FCF yield today

→At 5.3%, you get less cash per dollar of market value than the 11-year median of 7.4% - the market is charging more for the same cash.

Revenue: is the business selling more than it used to?

→Revenue reached $11.1B in 2025, compounding +4% a year since 2022 though the pace has cooled. The trailing twelve months are already running at $12.0B, ahead of the last full year.

Net income: how much of that revenue becomes profit?

→Net income was $2.0B in 2025, against $2.0B the year before. Trailing twelve-month profit stands at $2.2B.

How fast is it growing, year by year?

+8%revenue growth, FY 2025

→In 2025 revenue grew +8% while earnings moved +3% - when the earnings line runs above revenue, each new dollar of sales is arriving more profitably.

Revenue per share: is your slice growing as fast as the company?

$23.72revenue per share, FY 2025

→Revenue per share reached $23.72 in 2025, compounding +11% a year against +4% for EBAY as a whole. Buybacks added roughly 6.3 points to your per-share result. Free cash flow per share stands at $3.06.

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin compressed 3 points to 21% since 2022. After everything, 18 cents of each sales dollar reaches net profit.

Earnings quality: do the reported profits turn into real cash?

→Operating cash flow runs at 136% of reported profit, so the earnings are more than backed by cash - depreciation and other non-cash charges are understating what the business actually collects.

What does it earn on the money it uses?

→ROE of 45% but ROCE of only 18% - a chunk of those shareholder returns is manufactured with leverage, not operations.

Where does each dollar of revenue actually go?

→Of $11.1B in sales, $7.9B survives production costs, $2.3B survives running the company, and $2.0B - 18¢ of every dollar - reaches the bottom line.

How much of every sales dollar ends up as free cash?

→13 cents of every sales dollar became free cash in 2025, down 6 points since 2022 - its weakest conversion on record.

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is research and development, at 15% of revenue (stock compensation 5%, capital spending 5%).

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 1 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Does EBAY earn more on its capital than that capital costs?

→EBAY earns 17.8% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 14.2% in 2022, so the trend is up, and the pace is picking up. That is the highest in EBAY's filed history.

Could it handle its debt if things went wrong?

→Debt of $6.7B sits against $2.3B of cash, or 1.4x shareholders' equity. Earnings cover the interest bill 10 times over, so the debt is comfortably serviced.

Is the company's own capital growing or shrinking?

→The company's own capital shrank from $6.4B in 2023 to $4.7B (-27%). Buybacks or losses are drawing the buffer down - the distinction matters.

How much goes back to shareholders - and how much leaks out as stock compensation?

→$3.0B returned last year against $607M of stock issued to employees - the returns outweigh the dilution 5.0-to-1.

How fast is your ownership being diluted - or concentrated?

→The count shrank 6.6% last year - buybacks are outrunning stock compensation.

Is the dividend cheque itself growing?

→Up from $0.62 to $1.13 per share over 5 years - the cheque keeps growing.

What does the payout earn you at each year's prices?

→At today's price the yield is 1.2%.

Can it actually afford the dividend?

→Comfortable: 26% of profits and 37% of free cash flow go out as dividends - well inside what the business generates.

EBAY has issued or retired shares - did shareholders end up better off?

→EBAY has shrunk its share count -64% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +167% over the same years.

How is EBAY's trend actually behaving right now?

→EBAY is in a downtrend. The price is below the band where recent trading settled and that band is still falling, so nothing in the picture has turned yet. Both the last two weeks and the month-ago comparison point down as well, so nothing here disagrees with the downtrend. The band drawn for the coming weeks turns downward partway through, so that support is set to thin out from there. The band is unusually narrow at the moment, which makes it easy to cross in either direction.

Are the people running it buying or selling with their own money?

→No open-market buying, and $6M of selling across 4 months. Selling alone is a weak signal - much of it is pre-scheduled - but the absence of buying tells you no insider saw the price as a bargain.