Latest Ratios: P/E Ratio 26.5x · EV/EBITDA 20.4x · ROE 41.6%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $54.2B | $40.1B | $31.0B | $23.2B | $23.1B | $43.4B | $36.1B | $30.9B | $27.8B | $40.2B | $34.0B |
| Enterprise Value | $59.7B | $45.6B | $36.1B | $29.5B | $30.4B | $51.4B | $43.1B | $38.4B | $34.8B | $48.0B | $41.1B |
| P/E Ratio → | 26.47 | 20.07 | 15.72 | 8.40 | — | 3.19 | 6.37 | 17.28 | 11.01 | — | 4.68 |
| P/S Ratio | 4.37 | 3.61 | 3.02 | 2.30 | 2.36 | 4.16 | 4.06 | 4.16 | 3.22 | 4.05 | 3.65 |
| P/B Ratio | 12.16 | 8.68 | 6.02 | 3.63 | 4.49 | 4.43 | 10.13 | 10.77 | 4.43 | 4.98 | 3.22 |
| P/FCF | 22.44 | 24.12 | 15.87 | 11.80 | 12.82 | 19.59 | 18.74 | 12.06 | 13.86 | 16.19 | 15.44 |
| P/OCF | 24.77 | 18.33 | 12.86 | 9.58 | 10.27 | 16.32 | 14.92 | 9.93 | 10.47 | 12.76 | 12.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.11 | 3.51 | 2.91 | 3.10 | 4.93 | 4.84 | 5.16 | 4.03 | 4.84 | 4.42 |
| EV / EBITDA | 20.37 | 16.98 | 13.68 | 12.57 | 10.88 | 15.00 | 13.38 | 16.19 | 14.59 | 16.34 | 13.66 |
| EV / EBIT | 26.20 | 17.85 | 14.25 | 7.42 | — | 77.04 | 11.80 | 19.54 | 13.44 | 18.71 | 10.60 |
| EV / FCF | — | 27.44 | 18.48 | 14.96 | 16.83 | 23.22 | 22.37 | 14.97 | 17.35 | 19.37 | 18.68 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.5% | 71.5% | 72.0% | 72.0% | 72.6% | 74.6% | 79.8% | 78.7% | 76.6% | 77.6% | 78.4% |
| Operating Margin | 20.5% | 20.5% | 22.5% | 19.2% | 24.0% | 28.1% | 29.6% | 23.8% | 20.3% | 22.8% | 25.0% |
| Net Profit Margin | 18.3% | 18.3% | 19.2% | 27.4% | -13.0% | 130.6% | 63.7% | 24.0% | 29.2% | -10.2% | 78.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 41.6% | 41.6% | 34.2% | 47.9% | -17.0% | 204.0% | 176.2% | 39.0% | 35.3% | -10.9% | 84.9% |
| ROA | 11.0% | 11.0% | 9.6% | 13.0% | -5.3% | 59.2% | 30.2% | 8.7% | 10.4% | -4.1% | 34.9% |
| ROIC | 16.8% | 16.8% | 15.2% | 11.6% | 11.7% | 15.5% | 19.0% | 11.2% | 9.0% | 10.1% | 12.0% |
| ROCE | 17.4% | 17.4% | 15.3% | 11.5% | 12.2% | 15.7% | 17.9% | 10.9% | 8.6% | 10.7% | 13.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.60 | 1.60 | 1.52 | 1.29 | 1.83 | 0.96 | 2.31 | 2.92 | 1.47 | 1.24 | 0.85 |
| Debt / EBITDA | 2.75 | 2.75 | 2.98 | 3.51 | 3.37 | 2.75 | 2.55 | 3.53 | 3.87 | 3.41 | 2.98 |
| Net Debt / Equity | — | 1.19 | 0.99 | 0.97 | 1.40 | 0.82 | 1.96 | 2.60 | 1.12 | 0.98 | 0.68 |
| Net Debt / EBITDA | 2.05 | 2.05 | 1.93 | 2.65 | 2.59 | 2.34 | 2.17 | 3.14 | 2.94 | 2.68 | 2.37 |
| Debt / FCF | — | 3.32 | 2.61 | 3.16 | 4.01 | 3.63 | 3.62 | 2.91 | 3.49 | 3.18 | 3.24 |
| Interest Coverage | 10.38 | 10.38 | 9.80 | 15.10 | -5.81 | 2.48 | 12.00 | 9.86 | 7.58 | 8.79 | 17.23 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.10 | 1.10 | 1.24 | 2.44 | 2.18 | 1.97 | 1.80 | 1.16 | 1.60 | 2.18 | 2.31 |
| Quick Ratio | 1.10 | 1.10 | 1.24 | 2.44 | 2.18 | 1.97 | 1.80 | 1.16 | 1.60 | 2.18 | 2.31 |
| Cash Ratio | 0.63 | 0.63 | 1.02 | 1.99 | 1.76 | 1.58 | 0.87 | 0.68 | 1.10 | 1.65 | 1.86 |
| Asset Turnover | — | 0.63 | 0.53 | 0.47 | 0.47 | 0.39 | 0.46 | 0.41 | 0.38 | 0.38 | 0.39 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 52.91 | 33.61 | 43.53 | 36.33 | 27.29 | 26.76 | 57.98 | 58.32 | 49.93 | 46.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.3% | 1.7% | 2.3% | 2.1% | 1.1% | 1.2% | 1.5% | — | — | — |
| Payout Ratio | 26.1% | 26.1% | 27.0% | 19.1% | — | 3.4% | 7.9% | 26.5% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 5.0% | 6.4% | 11.9% | — | 31.4% | 15.7% | 5.8% | 9.1% | — | 21.4% |
| FCF Yield | 4.5% | 4.1% | 6.3% | 8.5% | 7.8% | 5.1% | 5.3% | 8.3% | 7.2% | 6.2% | 6.5% |
| Buyback Yield | 4.6% | 6.2% | 10.1% | 6.0% | 13.6% | 16.3% | 14.2% | 16.1% | 16.2% | 6.8% | 8.7% |
| Total Shareholder Yield | 5.6% | 7.6% | 11.9% | 8.3% | 15.7% | 17.3% | 15.5% | 17.6% | 16.2% | 6.8% | 8.7% |
| Shares Outstanding | — | $460M | $501M | $533M | $558M | $652M | $718M | $856M | $991M | $1.1B | $1.1B |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying EBAY stock.
eBay Inc.'s current P/E ratio is 26.5x. The historical average is 23.2x. This places it at the 74th percentile of its historical range.
eBay Inc.'s current EV/EBITDA is 20.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
eBay Inc.'s return on equity (ROE) is 41.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 34.7%.
Based on historical data, eBay Inc. is trading at a P/E of 26.5x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
eBay Inc.'s current dividend yield is 0.95% with a payout ratio of 26.1%.
eBay Inc. has 71.5% gross margin and 20.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
eBay Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Cash buffer thinning amid buybacks
Metrics are mathematically derived from official filings.
Premium Multiples Against Decelerating Growth
Based on eBay's reported figures, the trailing P/E of 28.42 compresses to a forward P/E of 19.71, implying the market expects earnings to recover while top-line growth slows toward 13.7% in the latest quarter.
The gap between trailing and forward P/E suggests analysts model meaningful earnings expansion, which the market may be pricing in ahead of confirmed delivery. Compared with eBay's own history and with the mature, lower-growth profile implied by the 0.9% dividend yield, a 23.41 EV/EBITDA appears full for a business whose GMV momentum has stalled. Investors should monitor whether forward estimates hold now that management has withheld guidance.
Stable Margins Masking Volatile Net Earnings
Gross margin held within a tight 70.9% to 74.0% band across ten quarters, while net margin swung from 8.7% to 26.3%, indicating that non-operating items drive much of the reported earnings variance.
The stability of gross margin and the 17.7% to 23.8% operating margin range point to a durable asset-light core, which is the more reliable indicator of earning power. Net margin volatility, by contrast, appears to reflect items below the operating line rather than changes in underlying demand. Earnings power is therefore better read through operating margin, and investors should treat peak net margin quarters with caution.
Thinning Cash Cushion Behind Buyback Program
According to reported balance sheet figures, eBay's cash fell from $3.5B in 2025Q1 to $1.2B in 2026Q3 and the current ratio dropped to 0.78, which suggests short-term obligations are no longer fully covered by current assets.
A current ratio below 1.0 combined with a shrinking cash balance may indicate limited liquidity headroom if settlement timing turns adverse. Because eBay's model relies on payment flows and working capital, the quick ratio equal to the current ratio offers little additional differentiation, so the cash trend is the more informative signal. This warrants further investigation into whether buybacks are being prioritized over maintaining a liquidity buffer.
Deleveraging Offset by Equity Erosion
Based on eBay's reported figures, total debt declined from $8.2B to $7.1B, yet debt-to-equity held near 1.5x to 1.6x, and interest coverage of 10.45 remains comfortable against a 9.67 debt-to-EBITDA multiple.
Debt-to-equity stability despite debt paydown suggests that shrinking shareholder equity, driven in part by treasury stock accumulation, is offsetting the deleveraging. Interest coverage above 10x indicates current debt service is not strained, though debt-to-EBITDA near 10x is high in absolute terms. Refinancing and covenant risk cannot be fully assessed from the supplied data alone.
Lagging Growth Peers Despite Strong Returns
Against Etsy's 39.4% ROIC and Revolve's 23.5%, eBay's 4.7% ROIC and 11.0% ROE appear structurally low, while its 4.93x price-to-sales sits between the higher-growth and lower-multiple peers.
eBay's ROIC gap relative to peers appears to reflect a heavier invested capital base, including goodwill that rose from $4.3B to $5.2B, rather than a temporary margin issue. The valuation discount to Etsy on earnings multiples suggests the market views eBay as a mature platform with limited compounding prospects. Whether this gap is structural or cyclical depends on whether eBay can convert its asset base into higher returns.
Misapplied P/E Obscures Cash Reality
Relying on eBay's 28.42 trailing P/E may overstate valuation comfort, since reported net margin swings from 8.7% to 26.3% and operating cash flow to net income ranged from -0.83 to 1.89 across recent quarters.
Because net income is distorted by non-operating items and working capital timing, a P/E multiple may misrepresent the earnings base the market is actually paying for. Free cash flow to market value or EV/EBITDA adjusted for working capital swings would offer a more stable lens on what eBay generates. This suggests the headline earnings multiple should be cross-checked against cash-based metrics before drawing valuation conclusions.