eBay Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
Why this colour
Green here stands for proven business quality, not for an attractive entry point: the business model has carried an operating margin of around one fifth for years, operating cash flow has been at least $2.0 billion every year since 2017, interest is covered more than ten times, and there is neither an existential dependency nor a balance-sheet or governance break. The open issues — a flat buyer count, rising fraud losses, AI risk to advertising, a would-be acquirer holding 9.8 percent — are serious but do not call the substance into question. Whether a price of about 25 times annual earnings is fair is not answered by this rating. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
eBay is a highly profitable marketplace with strong cash generation that has returned a great deal to shareholders through buybacks. In 2026 the business is growing clearly again, carried by the U.S. and collector categories. Open questions remain: a buyer base that has been flat for years, rising fraud losses, the AI threat to advertising and the outcome of the takeover fight with GameStop. Not investment advice.
Earnings power
Operating margin 20.5% (2025) and 21.6% in Q2 2026; operating cash flow of at least $2.0 billion every year since 2017; interest covered more than ten times in H1 2026.
Growth
Revenue H1 2026 +17%, U.S. GMV Q2 2026 +24%; but 2025 GMV still 8.9% below 2021 and active buyers at 132–136 million since the end of 2022.
Capital return
Share count 2017–2025 −56%; 2021–2025 payouts of $19.8 billion against $10.2 billion of free cash flow — the gap was closed with one-off divestiture proceeds.
Balance sheet
Debt of $6.7 billion against $4.9 billion of cash and investments (06/30/2026); equity $4.7 billion, of which $2.9 billion deferred tax assets; Depop bought for $1.4 billion in July 2026.
Operating risks
Transaction losses H1 2026 +62% to $271 million; per the 2025 10-K, AI chatbots threaten traffic and advertising; growth concentrated in the U.S. and collectibles.
Ownership and governance
GameStop owns 9.8% (07/17/2026) and wants to acquire eBay; proposal of 05/03/2026 rejected; nomination window 02/17–03/19/2027.
Worth Noting
Version of Sept. 29, 2026, based on the 10-K annual reports 2022 through 2025, the 10-Q quarterly reports for the periods ended 09/30/2025, 03/31/2026 and 06/30/2026 (latest periodic report, filed 08/06/2026), the earnings release of 08/05/2026 and all SEC filings through 09/29/2026. The trigger was the EBAY ticker in the rankings of a large German stock portal, not a scanner hit.
Since January 2026, eBay accounts for development costs under ASU 2025-06; prior-year figures in the 2026 quarterly reports are recast, while the 2021–2025 annual figures come from the respective annual reports. Free cash flow is unaffected by the change. Multi-year totals, market value, P/E and yields are our own calculations.
The price anchor is the $108.03 valuation price for 09/15/2026 from the insider filings (Form 4) of 09/17/2026. Do not confuse: GameStop's $125 proposal was non-binding, half payable in GameStop stock and rejected — it is neither a price target nor a floor.
Stock Watch
This analysis is as of September 29, 2026. Stock Watch will tell you what's changed at EBAY since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 79.40 $ to 122.90 $ · Last price: 120.90 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/31/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Internet Retail
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| eBay Inc EBAY | 51.7 | 28.0 | 18.0 | 72.1 | 23.2 | 8.0 | 47.1 |
| Amazon.com Inc AMZN | 2,627.1 | 34.8 | 10.7 | 50.8 | 13.1 | 12.4 | 0.6 |
| Alibaba Group Holding Ltd BABA | 243.2 | 16.1 | 13.3 | 38.2 | 1.0 | 2.7 | -43.1 |
| PDD Holdings Inc. PDD | 116.3 | 8.5 | 2.3 | 56.3 | 18.4 | 9.7 | -42.2 |
| MercadoLibre Inc. MELI | 85.0 | 43.0 | 24.4 | 47.8 | 6.7 | 39.1 | -31.2 |
| DoorDash, Inc. DASH | 83.1 | 92.7 | 35.8 | 52.7 | 5.3 | 27.9 | -29.6 |
| Sea Ltd SE | 37.5 | 25.9 | 16.0 | 44.3 | 8.4 | 36.4 | -52.4 |
| Coupang LLC CPNG | 26.1 | – | 765.9 | 28.3 | -2.9 | 14.1 | -55.0 |
| Wayfair Inc W | 15.0 | – | 163.5 | 30.3 | 0.4 | 5.1 | 9.3 |
| Median of companies shown | 83.1 | 28.0 | 18.0 | 47.8 | 6.7 | 12.4 | -31.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 9,298 | 2,325 | 7,266 | 6.35 | 2,826 | 10,539 | 23,847 |
| 2017 | 9,927 | 2,264 | -1,017 | -0.96 | 3,146 | 8,063 | 25,986 |
| 2018 | 8,650 | 1,752 | 2,530 | 2.55 | 2,658 | 6,281 | 22,819 |
| 2019 | 7,429 | 1,770 | 1,786 | 2.09 | 3,114 | 2,870 | 18,174 |
| 2020 | 8,894 | 2,636 | 5,667 | 7.89 | 2,419 | 3,561 | 19,310 |
| 2021 | 10,420 | 2,923 | 13,608 | 20.87 | 2,657 | 9,778 | 26,626 |
| 2022 | 9,795 | 2,350 | -1,269 | -2.27 | 2,254 | 5,153 | 20,850 |
| 2023 | 10,112 | 1,941 | 2,767 | 5.19 | 2,426 | 6,396 | 21,620 |
| 2024 | 10,283 | 2,318 | 1,975 | 3.94 | 2,414 | 5,158 | 19,365 |
| 2025 | 11,100 | 2,277 | 2,031 | 4.42 | 2,186 | 4,615 | 17,610 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 1.36 | -2.50 | 2,579 | 1.10 | 26.30 | 677 | 560 |
| 2025: Q1 | 1.06 | 25.50 | 2,585 | 1.10 | 19.50 | 787 | 644 |
| 2025: Q2 | 0.78 | 77.20 | 2,730 | 6.10 | 13.50 | -307 | -441 |
| 2025: Q3 | 1.35 | 5.40 | 2,820 | 9.50 | 22.40 | 896 | 765 |
| 2025: Q4 | 1.15 | -15.30 | 2,965 | 15.00 | 17.80 | 583 | 466 |
| 2026: Q1 | 1.12 | 5.80 | 3,089 | 19.50 | 16.60 | 969 | 898 |
| 2026: Q2 | 1.21 | 55.10 | 3,134 | 14.80 | 17.50 | 523 | 300 |
| 2026: Q3 | 1.10 | -18.50 | 3,206 | 13.70 | 15.50 | 875 | 749 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Best Hits
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 6.14 | 5.98 – 6.25 | 12,533 | 11.2% | 29 |
| 12/31/2027 | 6.71 | 6.05 – 7.39 | 13,368 | 9.4% | 30 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 8.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $2.43B |
|---|---|
| Market cap | $51.70B |
| Free cash flow in year ten | $5.52B |
| Terminal value as a share of market value | 56.3% |
For comparison: over the past five years free cash flow shrank by 2.9% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Der Geschäftsbericht (10-K) 2025 benennt KI-Suche als konkretes Risiko für genau die beiden Säulen des eBay-Modells: Verbraucher suchen laut eBay bereits zunehmend über Chatbots und generative KI statt über klassische Suchmaschinen — leiten diese weniger Besucher weiter, sinkt der Verkehr auf den Marktplätzen; und das wachsende Werbegeschäft (Promoted Listings, 2025 1,99 Mrd. US-Dollar) muss sich gegen KI-Agenten und Chatbots als Alternative außerhalb der Plattform behaupten. KI ist bei eBay keine eigene Umsatzquelle: Der Konzern setzt KI laut 10-K und 10-Q 2026 operativ ein (Angebotserstellung, Produktsuche, Kartenerkennung, KI-Einkaufsagent im Test), verkauft sie aber nicht. Im 10-K 2024 stand die Warnung zur KI-Suche noch als Möglichkeit („consumers may increasingly search“), im 10-K 2025 als beobachtete Entwicklung („we are seeing“). Nach der Vorrang-Regel (bedroht vor nutzt, konkreter Bezug zum eigenen Geschäftsmodell ohne KI-Umsatzquelle) lautet die Einstufung „bedroht“.
View the full file — quotes, sources, reviewed filings
„For example, we are seeing consumers increasingly search for products using chatbots, virtual assistants and other Gen AI technologies powered by large language models instead of using traditional search engines. If AI technologies do not send referrals to eBay at the rate of traditional search engines for any reason, consumer traffic on our platforms could decrease, which would negatively impact on our business and results of operations."
So sehen wir zum Beispiel, dass Verbraucher zunehmend mit Chatbots, virtuellen Assistenten und anderen auf großen Sprachmodellen beruhenden generativen KI-Technologien nach Produkten suchen, statt klassische Suchmaschinen zu nutzen. Wenn KI-Technologien aus welchem Grund auch immer weniger Besucher an eBay weiterleiten als klassische Suchmaschinen, könnte der Kundenverkehr auf unseren Plattformen sinken, was sich negativ auf unser Geschäft und unsere Ergebnisse auswirken würde.
10-K · 2026-02-19 · View SEC filing
„To sustain or increase our advertising revenue, we must continue to provide customers with compelling advertising products, particularly in light of the potential for AI technologies to change how consumers search for products (e.g., using AI agents and chatbots)."
Um unsere Werbeerlöse zu halten oder zu steigern, müssen wir unseren Kunden weiterhin überzeugende Werbeprodukte bieten, insbesondere angesichts der Möglichkeit, dass KI-Technologien die Art verändern, wie Verbraucher nach Produkten suchen (z. B. mit KI-Agenten und Chatbots).
10-K · 2026-02-19 · View SEC filing
„Our approach leverages our 30+ years of global commerce expertise and data with advanced technology, including the use of artificial intelligence (“AI”), to enhance the marketplace experience, reduce transactional friction and drive operational efficiency."
Unser Ansatz verbindet über 30 Jahre globale Handelserfahrung und Daten mit fortschrittlicher Technologie, einschließlich künstlicher Intelligenz (KI), um das Marktplatzerlebnis zu verbessern, Reibungsverluste bei Transaktionen zu verringern und die betriebliche Effizienz zu steigern.
10-Q · 2026-08-06 · View SEC filing
Filings Reviewed: 10-Q 2026-08-06 · 10-Q 2026-04-29 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-K 2026-02-19 · 10-K 2025-02-27
Rated on September 29, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 4.3%
- More than 10% revenue growth is expected for the coming year 4.8%
- Share count grows by less than 3% a year -6.2%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 22.9%
- Gross margin at 40% or higher and without meaningful erosion 71.5%
- Goodwill from acquisitions does not grow faster than revenue 25.4%
- Net debt below twice EBITDA 1.5 x EBITDA
- Operating cash flow covers the profits of the last three years 253 m
- Return on capital at 15% or higher, or up versus two years ago 17.6%
- Insiders hold at least 10% or are net buyers 0.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 2.0%
- Exp. sales growth 3Y > 5% 9.7%
- EBIT growth 10Y > 5% -0.2%
- Exp. EBIT growth 3Y > 5% 23.3%
- Net debt < 4x EBIT 2.0x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 33.6%
- Return on equity > 15% 1,372.3%
- ROCE > 15% 17.6%
- Expected return > 10% 27.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 6, 2026 | Iannone Jamie | President and CEO | Sell | 2,841 | 106.96 | 303,873 |
| Oct 6, 2026 | Iannone Jamie | President and CEO | Sell | 6,830 | 106.28 | 725,892 |
| Oct 6, 2026 | Iannone Jamie | President and CEO | Sell | 1,439 | 105.28 | 151,498 |
| Oct 5, 2026 | Iannone Jamie | President and CEO | Sell | 9,965 | 107.14 | 1,067,650 |
| Oct 5, 2026 | Iannone Jamie | President and CEO | Sell | 1,145 | 106.58 | 122,034 |
| Sep 15, 2026 | Iannone Jamie | President and CEO | Other | 3,959 | 108.03 | 427,691 |
| Sep 15, 2026 | Iannone Jamie | President and CEO | Other | 4,582 | 108.03 | 494,993 |
| Sep 15, 2026 | Iannone Jamie | President and CEO | Other | 4,865 | 108.03 | 525,566 |
| Sep 15, 2026 | Iannone Jamie | President and CEO | Other | 6,075 | 108.03 | 656,282 |
| Sep 15, 2026 | Iannone Jamie | President and CEO | Other | 7,401 | 0.00 | – |
The company
About the Company
eBay Inc. betreibt mit ihren Tochtergesellschaften Marktplatzplattformen, die Käufer und Verkäufer in den USA, dem Vereinigten Königreich, China, Deutschland und international verbinden.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 12,300
- Headquarters
- San Jose, CA
- Address
- 2025 Hamilton Avenue, 95125 San Jose, United States
- Phone
- 408 376 9659
- Website
- ebayinc.com
- IPO Date
- 09/24/1998
- ISIN
- US2786421030
- Stock Split
- 2376:1000 on 07/20/2015
- Stock Split
- 2:1 on 02/17/2005
- Stock Split
- 2:1 on 08/29/2003
Management
| Name | Title | Birth Year |
|---|---|---|
| Jamie J. Iannone | CEO, President & Director | 1973 |
| Peggy M. Alford CPA | Senior VP & CFO | 1972 |
| Samantha Wellington | Senior VP, Chief Legal Officer, General Counsel & Secretary | 1978 |
| Jordan Douglas Bradley Sweetnam | Senior VP & Chief Commercial Officer | 1980 |
| Julie A. Loeger | Senior VP & Chief Growth Officer | 1964 |
| Pierre M. Omidyar | Founder & Director Emeritus | 1967 |
| Rebecca Spencer | VP, Chief Accounting Officer & Principal Accounting Officer | 1978 |
| Mazen Al-Rawashdeh | Senior VP & CTO | 1966 |
| John Peter Egbert III | Vice President of Investor Relations | – |
| Gigi Ganatra Duff | Chief Communications Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/28/2026 EBAY INC (EBAY): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 10/22/2026 EBAY INC (EBAY): Results of Operations and Financial Condition; Cost Associated with Exit or Disposal Activities SEC ↗
- 08/05/2026 EBAY INC (EBAY): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.