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eBay NasdaqGS:EBAY Stock Report

Last Price


Market Cap







02 Oct, 2022


Company Financials +
EBAY fundamental analysis
Snowflake Score
Future Growth4/6
Past Performance0/6
Financial Health2/6

EBAY Stock Overview

eBay Inc. operates marketplace platforms that connect buyers and sellers in the United States and internationally.

eBay Competitors

Price History & Performance

Summary of all time highs, changes and price drops for eBay
Historical stock prices
Current Share PriceUS$36.81
52 Week HighUS$81.19
52 Week LowUS$36.76
1 Month Change-16.55%
3 Month Change-14.18%
1 Year Change-47.35%
3 Year Change-3.91%
5 Year Change-5.15%
Change since IPO1,764.78%

Recent News & Updates

Sep 19

eBay: This Story Is Getting Tougher

Summary eBay has continued to see declining GMV and revenue trends, driven by a drop in consumer spending. The company has doubled down on its collectibles niche, acquiring a TCG company and opening a new physical vault. With declining margins and cash flow, the company's capital returns may also have to slow down. Already down 40% year to date, there are a few catalysts that can spark a rebound for eBay. Very few tech companies have been able to prove that they have an extended shelf life, and unfortunately, it seems that eBay (EBAY) is not one of them. The internet auction site, one of the earliest internet crazes to spring out of Silicon Valley, saw a brief resurgence during the pandemic when online shopping (particularly for collectibles) spiked. But now in the post-pandemic era, eBay is struggling with a sharp deceleration in marketplace results as well as re-affirming its place in a world dominated by Amazon (AMZN). Year to date, shares of eBay have lost 40% of their value. Though a value stock on paper, trading at less than a <10x forward P/E ratio based on Wall Street's $4.41 EPS consensus for next year, I think eBay will struggle to gain ground from here and may even see more pain ahead. Data by YCharts I remain neutral on eBay. I think the company's valuation and year-to-date slide protect it from substantial further downside; however, there are a lot of risks that investors need to be mindful of: The return of brick-and-mortar stores seems to be impacting e-commerce much more than expected. eBay's relentless deceleration in both revenue and GM trends is a reflection of much weaker macro trends than the company initially expected entering into the year. Capital returns at risk - eBay has driven EPS growth through share buybacks, and rich dividends (currently at a ~2% yield) have kept investors patient. Yet with declining revenue and margins, it's unclear whether eBay will be able to continue at its current pace. Outside of collectibles and other niche categories like auto parts, eBay has no real "wow" factor anymore. Specialized, dedicated e-commerce stores like Chewy (CHWY) have taken over certain categories; and in any category that has no special niche leader, Amazon reigns supreme. It's unclear whether eBay can continue growing on its collectibles push alone, let alone potentially shrink in the future. Let's lean into the collectibles discussion here: in recent quarters, eBay has truly doubled down on its affinity to this category. The company recently launched the eBay Vault - a physical storage location for collectible goods. Right now, eBay is offering free storage for trading cards for up to a year. It is also waiving transfer fees for the remainder of 2022 (intended to be a 3% cut of final sale value when an eBay seller sells a card or other collectible within the eBay Vault to another buyer). The company also recently spent $295 million to purchase a company called TCGPlayer, another collectibles-focused company. In other words, eBay is fighting for its relevance by crawling into its niche - but at the end of the day, I think the company is still staffed to support a much larger business than it no longer is. To survive, eBay will have to shrink into a much smaller company - a process that is already playing out in its declining revenue and GMV trends. The company's cheap valuation (a value trap!) at present is also a reflection of the widespread assumption that eBay will eventually decline. The bottom line here: While I don't think eBay will continue to lose much ground from here, neither do I think there are any fundamental catalysts to spark a rebound rally. Staying on the sidelines here is the best move. Q2 download Let's now go through eBay's latest Q2 results in greater detail. Starting with the top-line trends: eBay GMV trends (eBay Q2 earnings deck) eBay's GMV in the quarter declined -18% y/y to $18.5 billion on an as-reported (spot) basis, decelerating one point to last quarter's -17% y/y decline. On an FX-neutral basis, GMV shed -14% y/y, driven primarily by losses in the international segment, which contributes to roughly half of overall GMV. Note as well that though U.S. GMV had held up stronger in FY21, the decay domestically is starting to catch up with the rest of the world. Revenue, too, is sliding downward, though an uptick in transaction take rates is softening the blow to revenue. Revenue declined -9% y/y (-6% on a constant-currency basis) in the quarter to $2.42 billion, beating Wall Street's $2.36 billion estimate (-11% y/y), though decelerating sharply from last quarter's -5% y/y decline. eBay revenue trends (eBay Q2 earnings deck) As previously discussed, the company has moved to a "focus category" strategy. Per CEO Jamie Iannone's remarks on the Q2 earnings call: One of the most important pillars of our long-term plan is our focus category strategy. Investments in trust, product experience and marketing are increasing customer satisfaction, leading to faster volume growth. Last quarter, excluding trading cards, focus category GMV grew 9 points faster than the rest of the platform. Trading cards are lower than last year's results, but volume remains robust at more than double pre-pandemic levels. We are seeing significant outperformance in focus categories globally. Although the US is higher than international. The primary reasons for the difference are the timing of launches and category mix by market. The markets where it's implemented these changes, customer satisfaction remains at or near best-in-class levels. The vast majority of our enthusiast buyer shop in focus categories and their spending levels remain above $3,000 per year. We continue to see cross-category shopping activity consistent with data we shared during Investor Day in March." Nevertheless, the overall shrinkage in revenue has led to dis-economies of scale. Operating expenses of 44.5% are two points higher than last year, while gross margins have also pared back by two points as well: eBay expenses (eBay Q2 earnings deck)

Sep 09

eBay: A Value Trap With Poor Growth

Summary Over the past year, eBay has given back almost all of its pandemic gains. Gross merchandise volume is in decline, and active buyers are sharply down. The company's profitability is likely the result of unsustainable take rate increases. Management has finally put together a turnaround plan. This focuses on particular markets such as automotive parts, electronics, and collectibles. The business is trading at a cheap valuation. But I think that the risk of underperformance is too high. Investment Thesis I think eBay (EBAY) is a value trap. Yes, shares look undervalued by several metrics. But under the surface, the company is struggling to generate meaningful growth. The core business has given back almost all of its pandemic gains. Management has put together an interesting strategy to get the company back on track. But I think the risk is too high when considering the company's weak execution in the past. I recommend avoiding this stock. Declining Growth The story of eBay's last decade has been one of uninspiring revenue growth and mediocre fundamentals. The company stagnated for years, struggling to find a sustainable growth strategy. Management has guided for 2022 revenue of $9.75 billion at the midpoint. This is down from $10.4 billion last year and $9.9 billion in 2017. During the last quarter, the company reported $2.42 billion in revenue. This is down almost 10% year over year. When comparing eBay to its competitors, I think this is very concerning. Etsy (ETSY), MercadoLibre (MELI), and even Amazon (AMZN) are still reporting solid year-over-year revenue growth. Compared to its competitors, eBay's pandemic gains seem transitory. Active buyers on the platform totaled 135 million during the quarter. This is down sharply from 187 million in the first quarter of 2021. eBay Q2 2022 Earnings Deck The business's core metric is its gross merchandise volume. This is the total of all transactions on the platform. GMV jumped immediately following the 2020 lockdowns. Since then, it has been slowly reverting to pre-pandemic levels. Even worse, management guided for further declines in the third quarter. GMV is expected to dip to a midpoint of $17.3 billion. This is even worse than the company's 2019 results. A lot of the increased cash generation in the past few years has not been scalable. One example is eBay's rollout of its proprietary payments solution. The company took PayPal's cut of revenue, but it's a one-time boost that won't repeat or scale. A lot of the obvious shifts have already been taken. The company has to find a way to generate scalable organic revenue growth. Difficult Competitive Positioning In most cases, I'd give a company the benefit of the doubt when they say declines are temporary. But eBay has a long track record of mediocre growth. I'm not sure that eBay is competitively positioned in the current market. Many of its competitors are cheaper and have better platforms. The online marketplace business is brutal, and eBay has struggled to differentiate itself. At their investor day this year, the company announced their strategy to change that. eBay Investor Day Infographic The business has shifted to target higher value buyers. The company is focusing on specific verticals, especially "non-new-in-season" categories. These include motor parts and accessories, electronics, collectibles, home and garden, and fashion. The company has introduced features catering to these customers. Their collectible markets, for example, benefit from a range of authentication services. This helps eBay mitigate the long standing issue of counterfeit goods on their platform. The company has gone on an acquisition spree in these verticals. In the last quarter alone, the company bought an automotive parts seller management tool, an online trading card community, and launched a series of exclusive Funko Pop! products. The company also jumped into the NFT space by buying a marketplace. I think it's great that the company has put together a strategy. But I'm not sure what the appetite for these markets will be in the future. The consumer electronics market has taken a hit recently. The NFT market has declined massively. I think the company's focus on highly discretionary categories may actually increase the risk of this investment. While it's good that management has a strategy, I think it's better to wait and see how this plays out. Profitability Issues The company has remained decently profitable, at least compared to its revenue numbers. For example, the company's non-GAAP EPS has been relatively flat over the last couple quarters. This seems promising at first, but I don't think these margins are organic or viable without better top-line growth. First, increases in EPS are partly due to large share buybacks not being funded by free cash flow. Second, these profitability gains are largely from increases in take rate. The company is increasing its cut of transaction revenue to compensate for lower gross merchandise volume and declining user numbers. Yes, this may boost financial performance in the short term. But I don't think this is a sustainable strategy. The company can't just keep increasing their take rate without eventually reducing sales and seller quality. It's A Value Trap Shares of eBay currently trade at a cheap valuation. The stock is priced at 12.5 times free cash flow. Adjusting for debt, the company trades at 9.3 times EV/EBITDA. This is normally within the range of what I'd be willing to pay for a company with this profile, but eBay's fundamentals are quite weak.

Shareholder Returns

EBAYUS Online RetailUS Market

Return vs Industry: EBAY underperformed the US Online Retail industry which returned -37.1% over the past year.

Return vs Market: EBAY underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is EBAY's price volatile compared to industry and market?
EBAY volatility
EBAY Average Weekly Movement4.8%
Online Retail Industry Average Movement10.6%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: EBAY is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: EBAY's weekly volatility (5%) has been stable over the past year.

About the Company

199510,800Jamie Iannone

eBay Inc. operates marketplace platforms that connect buyers and sellers in the United States and internationally. The company’s Marketplace platform includes its online marketplace at and the eBay suite of mobile apps. Its platforms enable users to list, buy, sell, and pay for items through various online, mobile, and offline channels that include retailers, distributors, liquidators, import and export companies, auctioneers, catalog and mail-order companies, directories, search engines, commerce participants, shopping channels, and networks.

eBay Fundamentals Summary

How do eBay's earnings and revenue compare to its market cap?
EBAY fundamental statistics
Market CapUS$20.22b
Earnings (TTM)-US$2.48b
Revenue (TTM)US$10.02b


P/S Ratio


P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
EBAY income statement (TTM)
Cost of RevenueUS$2.72b
Gross ProfitUS$7.30b
Other ExpensesUS$9.78b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)-4.52
Gross Margin72.81%
Net Profit Margin-24.80%
Debt/Equity Ratio147.4%

How did EBAY perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is EBAY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 5/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EBAY?

Other financial metrics that can be useful for relative valuation.

EBAY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.5x
Enterprise Value/EBITDA8.2x
PEG Ration/a

Price to Sales Ratio vs Peers

How does EBAY's PS Ratio compare to its peers?

EBAY PS Ratio vs Peers
The above table shows the PS ratio for EBAY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average2.9x
DASH DoorDash
CPNG Coupang
CHWY Chewy

Price-To-Sales vs Peers: EBAY is good value based on its Price-To-Sales Ratio (2x) compared to the peer average (2.9x).

Price to Earnings Ratio vs Industry

How does EBAY's PE Ratio compare vs other companies in the US Online Retail Industry?

Price-To-Sales vs Industry: EBAY is expensive based on its Price-To-Sales Ratio (2x) compared to the US Online Retail industry average (0.7x)

Price to Sales Ratio vs Fair Ratio

What is EBAY's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EBAY PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2x
Fair PS Ratio3.2x

Price-To-Sales vs Fair Ratio: EBAY is good value based on its Price-To-Sales Ratio (2x) compared to the estimated Fair Price-To-Sales Ratio (3.2x).

Share Price vs Fair Value

What is the Fair Price of EBAY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EBAY ($36.81) is trading below our estimate of fair value ($114.13)

Significantly Below Fair Value: EBAY is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is eBay forecast to perform in the next 1 to 3 years based on estimates from 28 analysts?

Future Growth Score


Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: EBAY is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: EBAY is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: EBAY is expected to become profitable in the next 3 years.

Revenue vs Market: EBAY's revenue (4.9% per year) is forecast to grow slower than the US market (7.7% per year).

High Growth Revenue: EBAY's revenue (4.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: EBAY's Return on Equity is forecast to be very high in 3 years time (60.6%).

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Past Performance

How has eBay performed over the past 5 years?

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: EBAY is currently unprofitable.

Growing Profit Margin: EBAY is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: EBAY is unprofitable, and losses have increased over the past 5 years at a rate of 24.8% per year.

Accelerating Growth: Unable to compare EBAY's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: EBAY is unprofitable, making it difficult to compare its past year earnings growth to the Online Retail industry (-34.2%).

Return on Equity

High ROE: EBAY has a negative Return on Equity (-47.4%), as it is currently unprofitable.

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Financial Health

How is eBay's financial position?

Financial Health Score


Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: EBAY's short term assets ($5.1B) exceed its short term liabilities ($4.0B).

Long Term Liabilities: EBAY's short term assets ($5.1B) do not cover its long term liabilities ($10.4B).

Debt to Equity History and Analysis

Debt Level: EBAY's net debt to equity ratio (85.8%) is considered high.

Reducing Debt: EBAY's debt to equity ratio has increased from 99.8% to 147.4% over the past 5 years.

Debt Coverage: EBAY's debt is not well covered by operating cash flow (18%).

Interest Coverage: EBAY's interest payments on its debt are well covered by EBIT (10.8x coverage).

Balance Sheet

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What is eBay current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

eBay Dividend Yield vs Market
How does eBay dividend yield compare to the market?
SegmentDividend Yield
Company (eBay)2.4%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Online Retail)1.1%
Analyst forecast in 3 Years (eBay)2.4%

Notable Dividend: EBAY's dividend (2.39%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: EBAY's dividend (2.39%) is low compared to the top 25% of dividend payers in the US market (4.73%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, EBAY has been paying a dividend for less than 10 years.

Growing Dividend: EBAY's dividend payments have increased, but the company has only paid a dividend for 4 years.

Earnings Payout to Shareholders

Earnings Coverage: EBAY is paying a dividend but the company is unprofitable.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (51.8%), EBAY's dividend payments are covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Jamie Iannone (49 yo)





Mr. Jamie J. Iannone serves as President, Chief Executive Officer and Director of eBay Inc. since April 27, 2020. Mr. Iannone served as chief operating officer of U.S. e-commerce business at Walmart Inc. s...

CEO Compensation Analysis

Jamie Iannone's Compensation vs eBay Earnings
How has Jamie Iannone's remuneration changed compared to eBay's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022n/an/a


Dec 31 2021US$22mUS$1m


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020US$35mUS$673k


Compensation vs Market: Jamie's total compensation ($USD21.69M) is above average for companies of similar size in the US market ($USD13.04M).

Compensation vs Earnings: Jamie's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: EBAY's management team is considered experienced (4.6 years average tenure).

Board Members

Experienced Board: EBAY's board of directors are considered experienced (3.8 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: EBAY insiders have only sold shares in the past 3 months.

Recent Insider Transactions

NasdaqGS:EBAY Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
10 Aug 22SellUS$594,768Brian DoergerIndividual12,107US$49.13
06 Jun 22SellUS$174,217Brian DoergerIndividual3,633US$47.95
23 May 22SellUS$358,669Brian DoergerIndividual7,942US$45.16
22 Nov 21SellUS$309,446Kathleen MiticIndividual4,171US$74.19
15 Nov 21SellUS$276,090Brian DoergerIndividual3,632US$76.02
03 Nov 21SellUS$1,199,762Kathleen MiticIndividual15,830US$75.79
13 Oct 21SellUS$66,409Logan GreenIndividual902US$74.87

Ownership Breakdown

What is the ownership structure of EBAY?
Owner TypeNumber of SharesOwnership Percentage
State or Government273,9780.05%
Individual Insiders1,498,8140.3%
General Public57,815,18410.5%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 54.62% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
The Vanguard Group, Inc.
BlackRock, Inc.
State Street Global Advisors, Inc.
Comprehensive Financial Management LLC
Columbia Management Investment Advisers, LLC
Nordea Investment Management AB
Geode Capital Management, LLC
Independent Franchise Partners, LLP
Lindsell Train Limited
Northern Trust Global Investments
Fondsmaeglerselskabet Maj Invest A/S
Deutsche Asset & Wealth Management
LSV Asset Management
Legal & General Investment Management Limited
Teachers Insurance and Annuity Association-College Retirement Equities Fund
Mirova US LLC
Franklin Resources, Inc.
Massachusetts Financial Services Company
Dimensional Fund Advisors LP
Ninety One UK Limited
BNY Mellon Asset Management
Harris Associates L.P.
D. E. Shaw & Co., L.P.
Beutel Goodman & Company Ltd.

Company Information

eBay Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: eBay Inc.
  • Ticker: EBAY
  • Exchange: NasdaqGS
  • Founded: 1995
  • Industry: Internet and Direct Marketing Retail
  • Sector: Retail
  • Implied Market Cap: US$20.222b
  • Shares outstanding: 549.37m
  • Website:

Number of Employees


  • eBay Inc.
  • 2025 Hamilton Avenue
  • San Jose
  • California
  • 95125
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
EBAYNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDSep 1998
EBAY *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNSep 1998
EBADB (Deutsche Boerse AG)YesCommon StockDEEURSep 1998
EBAYSWX (SIX Swiss Exchange)YesCommon StockCHCHFSep 1998
EBAXTRA (XETRA Trading Platform)YesCommon StockDEEURSep 1998
EBAYSNSE (Santiago Stock Exchange)YesCommon StockCLUSDSep 1998
EBAY-UETLX (Eurotlx)YesCommon StockITEURSep 1998
EBAYWBAG (Wiener Boerse AG)YesCommon StockATEURSep 1998
EBAYCLSNSE (Santiago Stock Exchange)YesCommon StockCLCLPSep 1998
EBAY34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 COM USD0.001BRBRLMar 2012
EBAYBASE (Buenos Aires Stock Exchange)CEDEAR EAC 2 REP 1(USD)ARARSJan 2014
EBAYDBASE (Buenos Aires Stock Exchange)CEDEAR EAC 2 REP 1(USD)ARUSDJan 2014

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.