eBay Inc. (EBAY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-82.5%

$21.39

vs $121.90 price

Levered DCF

$37.29

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.64

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.62×	15.57×	8.36×	-18.19×	3.19×	6.3×	17.2×	10.88×
P/B	8.51×	5.96×	3.61×	4.49×	4.43×	10.02×	10.68×	4.38×
P/S	3.54×	2.99×	2.29×	2.36×	4.16×	4.01×	4.13×	3.18×
EV / EBITDA	15.13×	12.52×	6.71×	-32.87×	43.96×	10.08×	14.87×	10.7×
Gross margin	71.5%	72.0%	72.0%	72.6%	74.6%	79.8%	78.7%	76.6%
Operating margin	20.5%	22.5%	19.2%	24.0%	28.1%	29.6%	23.8%	20.3%
Net margin	18.3%	19.2%	27.4%	-13.0%	130.6%	63.7%	24.0%	29.2%
Current ratio	1.1×	1.24×	2.44×	2.18×	1.97×	1.8×	1.16×	1.6×
Debt / equity	1.6×	1.52×	1.29×	1.83×	0.96×	2.31×	2.92×	1.47×
Interest coverage	9.26×	8.95×	7.38×	10×	10.87×	8.67×	8.89×	5.12×
Dividend yield	1.4%	1.7%	2.3%	2.1%	1.1%	1.3%	1.5%	0.0%
Payout ratio	26.1%	27.0%	19.1%	-38.5%	3.4%	7.9%	26.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	44.0%	38.3%	43.3%	-24.6%	139.2%	159.1%	62.2%	40.3%
Return on invested capital	14.4%	13.4%	8.1%	10.5%	7.9%	12.7%	10.1%	8.3%
Return on assets	11.5%	10.2%	12.8%	-6.1%	51.1%	29.3%	9.8%	11.1%
Free cash flow yield	4.2%	6.4%	8.5%	7.8%	5.1%	5.4%	8.4%	7.3%
Earnings yield	5.2%	6.4%	12.0%	-5.5%	31.4%	15.9%	5.8%	9.2%
Enterprise value	$44.8B	$35.8B	$29.3B	$30.4B	$51.4B	$42.7B	$38.1B	$34.5B
Net debt / EBITDA	1.86×	1.78×	1.42×	-7.82×	6.87×	1.65×	2.91×	2.17×
Cash conversion cycle (days)	-122	1	9	1	-9	-30	5	7