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eBay

EBA.DE
74
Specialty Retail · Consumer Cyclical
Price
€89.04
-0.25 (-0.28%)
Market Cap
€39.53B
Exchange
Frankfurt Stock Exchange
Winston Score
74
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Good
Cash Flow
Exceptional
Stability
Good
Valuation
Strong
Dividends
Mixed

Share count falling — buybacks

29.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 663.0M (2021) → 468.0M (2025)

Winston Score History

The full picture

eBay is an online marketplace where people and businesses can buy and sell almost anything — from electronics and clothing to collectibles and car parts. It serves both everyday consumers and small business sellers, connecting them through its website and app. eBay is one of the largest e-commerce platforms in the world, operating in over 190 markets globally.

eBay makes most of its money by charging sellers a fee when an item sells, plus optional listing fees and advertising products that help sellers get more visibility. It also earns revenue from payments processing. The business operates primarily in the US, UK, Germany, and Australia, and its large base of active buyers and sellers creates a network effect that is hard for new competitors to replicate. The main risk eBay faces is ongoing competition from Amazon, Walmart, and other marketplaces that are growing faster and attracting both buyers and sellers away from the platform.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+53.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1.6B/ year

Rising (+11% vs prior year)

14.8% of revenue

3.7x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

10.1%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$5.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

eBay is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
73.3%
Premium pricing power — 73.3% gross margin
Profit after running costs
Operating Margin
21.6%
Excellent — 21.6% operating margin
Return on the money invested
ROCE
22.8%
Exceptional — 22.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+15.0%
Fast-growing sales (+15.0% YoY)
Profit growth
EPS YoY
+6.7%
Modest earnings growth (+6.7% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
113%
Turns 113% of profit into real cash
Spare cash per sale
FCF Margin
16.4%
Converts sales into free cash efficiently (16.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
1.44
Elevated debt (1.44)
Covers its interest
Interest Cover
10.35x
Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
18.1x
Fair value — P/E 18.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+4.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (18.1 → 14.0)

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Dividends

Dividend
Dividend Yield
1.19%
Small dividend — 1.19% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+3.4%
Dividend growing modestly (3.4% YoY)

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