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eBay

EBAY
75
Specialty Retail · Consumer Cyclical
Also trades as: 0R3D.L GBP 1.20 (-2.28%)
Price
$120.28
-2.63 (-2.14%)
Market Cap
$53.52B
Exchange
NASDAQ
Winston Score
75
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
27/30
Growth
Good
13/20
Cash Flow
Exceptional
10/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Mixed
2/5

75 of 100 counted points = Winston Score 75.

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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: 652.0M (2021) → 460.0M (2025)

§Winston Score History

The full picture

eBay runs an online marketplace where people and businesses can buy and sell almost anything — from used sneakers to car parts to collectibles. It serves both everyday consumers and small business sellers, connecting them across categories like electronics, fashion, and home goods. eBay is one of the largest e-commerce marketplaces in the world, with particular strength in secondhand and hard-to-find items.

eBay makes money primarily by charging sellers a percentage of each completed sale, plus fees for optional listing upgrades and promoted listings (ads). It operates globally, with significant revenue from the US, UK, Germany, and Australia, and generates roughly $10 billion in annual revenue. Its moat comes from its large base of active buyers and sellers, which is hard for new competitors to replicate quickly. The main risk is continued pressure from Amazon, social commerce platforms, and specialized resale sites like StockX and Poshmark, which are pulling specific categories away from eBay's marketplace.

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11 Congressional buys and 2 sells on EBAY in the last 12 months.

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Growth Profile

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

Revenue Growth

+14.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+55.0% 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

→ Flat

Insider ownership roughly steady over the past year

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
73.5%
Premium pricing power — 73.5% gross margin
Profit after running costs
Operating Margin
21.6%
Excellent — 21.6% operating margin
Return on the money invested
ROCE
21.6%
Exceptional — 21.6% 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
+14.7%
Fast-growing sales (+14.7% YoY)
Profit growth
EPS YoY
+7.4%
Modest earnings growth (+7.4% 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
134%
Turns 134% of profit into real cash
Spare cash per sale
FCF Margin
20.2%
Converts sales into free cash efficiently (20.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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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
9.90x
Comfortably covers interest (9.9x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
24.3x
Growth-priced — P/E 24.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+10.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (24.3 → 14.2)

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Dividends

Dividend
Dividend Yield
1.15%
Small dividend — 1.15% yield

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

Dividend record
Dividend Growth
+7.0%
Dividend growing modestly (7.0% YoY)
Payout Ratio
24%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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