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1. Company Snapshot

1.a. Company Description

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 ebay.com 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.The company was founded in 1995 and is headquartered in San Jose, California.

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1.b. Last Insights on EBAY

eBay's recent performance was driven by strong Q4 2025 earnings, with revenue growing 15% to $3.0 billion and Gross Merchandise Volume (GMV) increasing 10% to $21.2 billion. The company's focus on core categories like collectibles, auto parts, and fashion, highlighted by its $1.2 billion Depop acquisition, has regained momentum. Double-digit advertising revenue growth and a high-margin growth lever also contributed to the performance. Additionally, eBay's strategic execution, including a 7% dividend increase and an incremental $2.0 billion share repurchase program, has returned $756 million to stockholders.

1.c. Company Highlights

2. eBay's Q4 Results Exceed Expectations with Strong GMV and Revenue Growth

eBay finished 2025 with strong momentum, exceeding expectations with Q4 results. Revenue increased by over 13% to $2.96 billion, driven by growth in various categories, including collectibles, motors, parts and accessories, and fashion. Non-GAAP operating income grew 11% year-over-year to $775 million, and non-GAAP earnings per share grew nearly 13% to $1.41, beating analyst estimates of $1.35. For the full year 2025, revenue grew by nearly 7% to $11.1 billion, and non-GAAP earnings per share grew 13% to $5.52.

Publication Date: Feb -23

📋 Highlights
  • Q4 GMV Growth: eBay's GMV grew 6% YoY to $80 billion globally, with U.S. GMV up 10% and focus categories accelerating over 12%.
  • Depop Acquisition: eBay agreed to buy Depop for $1.2 billion, adding $1 billion GMV in 2025 with 60% U.S. growth, expected to boost 2026 GMV by 1-2%.
  • Revenue & Profit Expansion: Revenue rose 7% to $11.1 billion in 2025, with advertising hitting $2 billion and non-GAAP operating income up 7% to $3.1 billion.
  • eBay Live Growth: eBay Live achieved 7x YoY growth, expanded to Germany and Australia, and set a Black Friday single-day GMV record.
  • Environmental Impact: eBay enabled $25 billion in pre-loved goods GMV in 2025, preventing 8.2 million metric tons of carbon emissions and 360,000 tons of landfill waste.

Segment Performance

The growth was broad-based across the business, with focus categories such as collectibles, P&A, luxury, refurbished apparel, and sneakers performing well. The U.S. GMV grew nearly 19%, while international performance was pressured by a softer macro environment in Europe and trade policy changes. eBay's eBay Live platform is rapidly evolving into a multi-category shopping destination, with a single-day record for eBay Live GMV on Black Friday.

Acquisition of Depop

eBay has entered into a definitive agreement to acquire Depop for approximately $1.2 billion in cash, strengthening its consumer-to-consumer (C2C) value proposition. Depop facilitated approximately $1 billion in gross merchandise sales in 2025, with nearly 60% year-over-year growth in the U.S. market. The acquisition is expected to drive meaningful benefits for users across both eBay and Depop.

Outlook and Valuation

For 2026, eBay expects GMV growth to be similar to 2025 on an FX-neutral basis, with revenue growth in line to slightly ahead of GMV. Non-GAAP operating income growth is expected to be between 8% and 10% year-over-year. With a P/E Ratio of 19.56 and an EV/EBITDA of 16.25, the market is pricing in a moderate growth trajectory. Analysts estimate next year's revenue growth at 4.8%, which is slightly higher than the company's guidance.

Growth Drivers

eBay's growth is driven by its focus on emerging growth vectors like eBay Live and Vehicles, as well as its investment in AI and agentic commerce. The company's partnership with OpenAI to test agentic commerce experiences is expected to drive future growth. eBay's inventory, which is 90% non-new in season, is well-positioned for agentic commerce.

3. NewsRoom

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eBay Inc. (EBAY) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

Mar -04

Source: seekingalpha.com

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eBay Inc. $EBAY Position Raised by Elo Mutual Pension Insurance Co

Mar -03

Source: defenseworld.net

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eBay cuts 800 jobs across company operations just days after dropping $1.2B on trendy Gen Z fashion app

Feb -27

Source: foxbusiness.com

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eBay Inc. $EBAY Shares Sold by Clifford Swan Investment Counsel LLC

Feb -27

Source: defenseworld.net

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eBay Inc. $EBAY Shares Bought by Andra AP fonden

Feb -27

Source: defenseworld.net

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eBay layoffs today: 6% of jobs cut days after buying Depop from Etsy

Feb -27

Source: fastcompany.com

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EBay Stock Is Trending Today: What's Going On?

Feb -26

Source: feeds.benzinga.com

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EBay to cut 800 jobs, joining other tech names in announcing layoffs as AI reshapes workforces

Feb -26

Source: marketwatch.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.40%)

6. Segments

Marketplace

Expected Growth: 14.4%

eBay’s online marketplace growth is driven by increasing adoption of e-commerce, rising demand for second-hand goods, and expanding presence in emerging markets, particularly in Asia and Latin America.

7. Detailed Products

eBay Marketplace

An e-commerce platform that enables individuals and businesses to buy and sell new and used goods.

StubHub

An online ticket marketplace that enables users to buy and sell tickets to sports, concerts, and other events.

eBay Classifieds

A platform that enables users to buy and sell goods and services locally.

eBay Advertising

A platform that enables businesses to advertise their products and services on eBay.

PayPal

A digital payment service that enables users to send and receive payments online.

eBay Shipping Labels

A service that enables sellers to print shipping labels and track packages.

eBay Seller Hub

A platform that enables sellers to manage their eBay business, including inventory management and order fulfillment.

8. eBay Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

eBay's business model is based on providing a unique platform for buyers and sellers to interact, making it difficult for substitutes to emerge.

Bargaining Power Of Customers

eBay's customers have some bargaining power due to the availability of alternative platforms, but the company's strong brand and large user base mitigate this power.

Bargaining Power Of Suppliers

eBay's suppliers are primarily individual sellers, who have limited bargaining power due to the company's dominant market position.

Threat Of New Entrants

While there are barriers to entry in the e-commerce market, new entrants can still emerge, but eBay's established brand and large user base make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The e-commerce market is highly competitive, with eBay facing intense rivalry from established players like Amazon and emerging players like Facebook Marketplace.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 55.07%
Debt Cost 4.27%
Equity Weight 44.93%
Equity Cost 10.51%
WACC 7.07%
Leverage 122.59%

11. Quality Control: eBay Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

92.71$

Current Price

92.71$

Potential

-0.00%

Expected Cash-Flows