EBAYEBAY INC
Services-Business Services, NEC
- Revenue
- $11.1B
- 7.9% YoY
- Operating margin
- 20.5%
- 9.0% YoY
- EBITDA
- $2.7B
- 0.4% YoY
- Market cap
- $53.5B
- Employees
- 12,300
- $902K revenue each
- Net debt / EBITDA
- 2.4×
- $6.6B net debt
- AI in 10-K
- 8.6
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$22M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo96% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowYes155% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo29% of assetsOver 40% of assets
- Shareholder dissentNo88% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$902K · 76th pctBottom quartile of its SIC industry
- Quiet on AINo8.6 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$53.5B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$57M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $10.4B | $9.8B | $10.1B | $10.3B | $11.1B | 7.9% |
| Operating income | $2.9B | $2.4B | $1.9B | $2.3B | $2.3B | 1.8% |
| Net income | $13.6B | −$1.3B | $2.8B | $2.0B | $2.0B | 2.8% |
| Operating cash flow | $2.7B | $2.3B | $2.4B | $2.4B | $2.0B | 19% |
| Capex | $444M | $449M | $456M | $458M | $525M | 15% |
| Stock-based comp | $477M | $494M | $575M | $588M | $607M | 3.2% |
| Buybacks | $7.1B | $3.1B | $1.4B | $3.1B | $2.5B | 21% |
| Dividends | $466M | $489M | $528M | $533M | $531M | 0.4% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 17, 2026 | GameStop Corp. | SCHEDULE 13D/A | 9.8% | Passive |
| Jun 5, 2026 | GameStop Corp. | SCHEDULE 13D/A | 9.0% | Active |
| May 28, 2026 | GameStop Corp. | SCHEDULE 13D/A | 0.0% | Passive |
| May 19, 2026 | GameStop Corp. | SCHEDULE 13D/A | 0.0% | Passive |
| May 4, 2026 | GameStop Corp. | SCHEDULE 13D | 0.0% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $57M · 108
- Net
- −$57M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $28M | $74M | 189 | 258 |
| FY2024 | $20M | $49M | 133 | 208 |
| FY2023 | $22M | $25M | 92 | 152 |
| FY2022 | $17M | −$18M | 85 | 97 |
| FY2021 | $22M | $45M | 134 | 135 |