NASDAQ · Consumer Cyclical

eBay Inc.

EBAY · Internet Retail

$108.98

▲ 4.91 (4.72%)

Data cached · refreshes every 10 min

Mr. Market is currently offering eBay Inc. at $108.98.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 71.5%

Operating Margin 20.5%

Net Income Margin 18.3%

Fin. Health C

Years to Pay Off Debt 3.5 yrs

Working Capital vs Long-Term Debt -$5.5B

Working Capital $449M

Valuation F

Margin of Safety 0.0%

Price-to-Book 10.48x

Cash Flow B

Free Cash Flow $1.4B

CapEx % of Net Income 25.8%

Owner Earnings $3.0B

2/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $48.4B

Enterprise Value $49.6B

P/E (TTM) 25.17

Dividend Yield 1.13%

Exchange NASDAQ

Key Margins

Gross Profit 71.5%

Operating Margin 20.5%

Net Margin 18.3%

Company Info

Sector Consumer Cyclical

Industry Internet Retail

Employees 12300

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering eBay Inc. at $108.98.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $108.98, the stock trades at a 242% premium to its Graham Number of $31.86. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About eBay Inc.

eBay Inc., together with its subsidiaries, operates marketplace platforms that connect buyers and sellers in the United States, the United Kingdom, China, Germany, and internationally. Its marketplace platform includes its online marketplace at ebay.com, off-platform businesses, and the eBay suite of mobile apps. The company's platforms enable users to list, sell, buy, and pay various products. The company was founded in 1995 and is headquartered in San Jose, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	71.5% ▼	72.0%	72.0%	72.6%
Operating Margin %	20.5% ▼	22.5%	19.2%	24.0%
Net Income %	18.3% ▼	19.2%	27.4%	-13.0%
Diluted EPS	4.34 ▲	3.94	5.19	-2.27

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$17.6B	$19.4B	$21.6B	$20.9B	N/A
Total Debt	$7.2B ↓	$7.9B	$8.2B	$9.4B	N/A
Working Capital	$449M ▼	$1.5B	$6.5B	$5.0B	N/A
Years to Pay Debt	3.54	3.98	2.97	-7.42	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.4B ▼	$2.0B	$2.0B	$1.8B	N/A
Owner Earnings	$3.0B	$2.8B	$3.6B	-$378M	N/A
CapEx % of Net Income	25.8%	23.2%	16.5%	N/A	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	1,483	-6,910	458,075	-772,956
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	2,949,000	2,914,000	2,548,000	2,865,000
Total Unusual Items	11,000	-53,000	1,825,000	-3,789,000
Total Unusual Items Excluding Goodwill	11,000	-53,000	1,825,000	-3,789,000
Net Income From Continuing Operation Net Minority Interest	1,996,000	1,981,000	2,775,000	-1,274,000
Reconciled Depreciation	407,000	324,000	403,000	442,000
Reconciled Cost Of Revenue	2,786,000	2,576,000	2,451,000	2,242,000
EBITDA	2,960,000	2,861,000	4,373,000	-924,000
EBIT	2,553,000	2,537,000	3,970,000	-1,366,000
Net Interest Income	19,000	13,000	-59,000	-162,000
Interest Expense	246,000	259,000	263,000	235,000
Interest Income	265,000	272,000	204,000	73,000
Normalized Income	1,986,483	2,027,090	1,408,075	1,742,044
Net Income From Continuing And Discontinued Operation	2,031,000	1,975,000	2,767,000	-1,269,000
Total Expenses	8,823,000	7,965,000	8,171,000	7,445,000
Total Operating Income As Reported	2,277,000	2,318,000	1,941,000	2,350,000
Diluted Average Shares	468,000	501,000	533,000	558,000
Basic Average Shares	459,000	496,000	530,000	558,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,031,000	1,975,000	2,767,000	-1,269,000
Net Income Common Stockholders	2,031,000	1,975,000	2,767,000	-1,269,000
Net Income	2,031,000	1,975,000	2,767,000	-1,269,000
Net Income Including Noncontrolling Interests	2,031,000	1,975,000	2,767,000	-1,269,000
Net Income Discontinuous Operations	35,000	-6,000	-8,000	5,000
Net Income Continuous Operations	1,996,000	1,981,000	2,775,000	-1,274,000
Tax Provision	311,000	297,000	932,000	-327,000
Pretax Income	2,307,000	2,278,000	3,707,000	-1,601,000
Other Income Expense	11,000	-53,000	1,825,000	-3,789,000
Gain On Sale Of Security	11,000	-53,000	1,825,000	-3,789,000
Net Non Operating Interest Income Expense	19,000	13,000	-59,000	-162,000
Interest Expense Non Operating	246,000	259,000	263,000	235,000
Interest Income Non Operating	265,000	272,000	204,000	73,000
Operating Income	2,277,000	2,318,000	1,941,000	2,350,000
Operating Expense	5,654,000	5,085,000	5,338,000	4,765,000
Other Operating Expenses	396,000	353,000	360,000	332,000
Depreciation Amortization Depletion Income Statement	24,000	20,000	21,000	4,000
Depreciation And Amortization In Income Statement	24,000	20,000	21,000	4,000
Amortization	24,000	20,000	21,000	4,000
Amortization Of Intangibles Income Statement	24,000	20,000	21,000	4,000
Research And Development	1,642,000	1,479,000	1,544,000	1,330,000
Selling General And Administration	3,592,000	3,233,000	3,413,000	3,099,000
Selling And Marketing Expense	2,394,000	2,319,000	2,217,000	2,136,000
General And Administrative Expense	1,198,000	914,000	1,196,000	963,000
Other Gand A	1,198,000	914,000	1,196,000	963,000
Gross Profit	7,931,000	7,403,000	7,279,000	7,115,000
Cost Of Revenue	3,169,000	2,880,000	2,833,000	2,680,000
Total Revenue	11,100,000	10,283,000	10,112,000	9,795,000
Operating Revenue	11,100,000	10,283,000	10,112,000	9,795,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	1,307,000	1,274,000	1,218,000	1,186,000
Ordinary Shares Number	449,000	471,000	517,000	539,000
Share Issued	1,756,000	1,745,000	1,735,000	1,725,000
Net Debt	4,879,000	4,992,000	5,738,000	6,717,000
Total Debt	7,180,000	7,863,000	8,228,000	9,420,000
Tangible Book Value	148,000	889,000	2,129,000	891,000
Invested Capital	11,361,000	12,583,000	14,119,000	14,024,000
Working Capital	449,000	1,469,000	6,496,000	5,019,000
Net Tangible Assets	148,000	889,000	2,129,000	891,000
Capital Lease Obligations	434,000	438,000	505,000	549,000
Common Stock Equity	4,615,000	5,158,000	6,396,000	5,153,000
Total Capitalization	10,611,000	10,910,000	13,369,000	12,874,000
Total Equity Gross Minority Interest	4,615,000	5,158,000	6,396,000	5,153,000
Stockholders Equity	4,615,000	5,158,000	6,396,000	5,153,000
Gains Losses Not Affecting Retained Earnings	207,000	206,000	185,000	259,000
Other Equity Adjustments	207,000	206,000	185,000	259,000
Treasury Stock	53,807,000	51,290,000	48,114,000	46,702,000
Retained Earnings	39,428,000	37,951,000	36,531,000	34,315,000
Additional Paid In Capital	18,785,000	18,289,000	17,792,000	17,279,000
Capital Stock	2,000	2,000	2,000	2,000
Common Stock	2,000	2,000	2,000	2,000
Total Liabilities Net Minority Interest	12,995,000	14,207,000	15,224,000	15,697,000
Total Non Current Liabilities Net Minority Interest	8,358,000	8,109,000	10,704,000	11,426,000
Other Non Current Liabilities	575,000	632,000	936,000	1,042,000
Derivative Product Liabilities					7,000
Non Current Deferred Liabilities	1,472,000	1,405,000	2,408,000	2,245,000
Non Current Deferred Taxes Liabilities	1,472,000	1,405,000	2,408,000	2,245,000
Long Term Debt And Capital Lease Obligation	6,311,000	6,072,000	7,360,000	8,139,000
Long Term Debt	5,996,000	5,752,000	6,973,000	7,721,000
Current Liabilities	4,637,000	6,098,000	4,520,000	4,271,000
Current Deferred Liabilities	43,000	32,000	34,000	34,000
Current Deferred Revenue	43,000	32,000	34,000	34,000
Current Debt And Capital Lease Obligation	869,000	1,791,000	868,000	1,281,000
Current Capital Lease Obligation	119,000	118,000	118,000	131,000
Current Debt	750,000	1,673,000	750,000	1,150,000
Other Current Borrowings	750,000	1,225,000	750,000	1,150,000
Commercial Paper	0	448,000	0
Pensionand Other Post Retirement Benefit Plans Current	644,000	498,000	581,000	426,000
Current Provisions	90,000	118,000	125,000	101,000
Payables And Accrued Expenses	2,991,000	3,659,000	2,912,000	2,429,000
Current Accrued Expenses	852,000	730,000	899,000	828,000
Interest Payable	45,000	45,000	56,000	67,000
Payables	2,139,000	2,929,000	2,013,000	1,601,000
Other Payable	1,280,000	1,018,000	1,054,000	768,000
Total Tax Payable	617,000	1,654,000	692,000	572,000
Income Tax Payable	108,000	966,000	253,000	226,000
Accounts Payable	242,000	257,000	267,000	261,000
Total Assets	17,610,000	19,365,000	21,620,000	20,850,000
Total Non Current Assets	12,524,000	11,798,000	10,604,000	11,560,000
Other Non Current Assets			383,000		591,000
Non Current Deferred Assets	2,959,000	2,936,000	3,089,000	3,169,000
Non Current Deferred Taxes Assets	2,959,000	2,936,000	3,089,000	3,169,000
Financial Assets					444,000
Investments And Advances	2,767,000	2,439,000	1,129,000	1,797,000
Other Investments				1,797,000	2,575,000
Investmentin Financial Assets					5,391,000
Available For Sale Securities					5,391,000
Long Term Equity Investment				0	5,391,000
Goodwill And Other Intangible Assets	4,467,000	4,269,000	4,267,000	4,262,000
Other Intangible Assets					8,000
Goodwill	4,467,000	4,269,000	4,267,000	4,262,000
Net PPE	1,766,000	1,690,000	1,736,000	1,751,000
Accumulated Depreciation	-3,771,000	-4,869,000	-5,203,000	-5,115,000
Gross PPE	5,537,000	6,559,000	6,939,000	6,866,000
Leases	445,000	428,000	418,000	379,000
Construction In Progress	76,000	76,000	153,000	141,000
Other Properties	428,000	427,000	493,000	513,000
Machinery Furniture Equipment	3,766,000	4,818,000	5,046,000	5,041,000
Land And Improvements	822,000	810,000	829,000	792,000
Current Assets	5,086,000	7,567,000	11,016,000	9,290,000
Other Current Assets	245,000	200,000	292,000	276,000
Hedging Assets Current	17,000	68,000	387,000	112,000
Restricted Cash	170,000	88,000	23,000
Prepaid Assets	126,000	136,000	116,000	456,000
Receivables	1,609,000	1,185,000	1,206,000	975,000
Other Receivables	263,000	199,000	532,000	763,000
Taxes Receivable	194,000	115,000	99,000	122,000
Accounts Receivable	1,152,000	871,000	575,000	90,000
Allowance For Doubtful Accounts Receivable					-42,000
Gross Accounts Receivable					140,000
Cash Cash Equivalents And Short Term Investments	2,919,000	5,890,000	8,992,000	7,471,000
Other Short Term Investments	1,052,000	3,457,000	7,007,000	5,317,000
Cash And Cash Equivalents	1,867,000	2,433,000	1,985,000	2,154,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,434,000	1,956,000	1,970,000	1,805,000
Repurchase Of Capital Stock	-2,500,000	-3,149,000	-1,401,000	-3,143,000
Repayment Of Debt	-3,660,000	-750,000	-1,150,000	-1,355,000
Issuance Of Debt	2,988,000	441,000	0	1,143,000
Issuance Of Capital Stock	141,000	92,000	83,000	87,000
Capital Expenditure	-525,000	-458,000	-456,000	-449,000
Interest Paid Supplemental Data	256,000	264,000	275,000	244,000
Income Tax Paid Supplemental Data	1,457,000	722,000	746,000	540,000
End Cash Position	3,055,000	3,286,000	2,493,000	2,272,000
Beginning Cash Position	3,286,000	2,493,000	2,272,000	1,406,000
Effect Of Exchange Rate Changes	51,000	-28,000	5,000	-57,000
Changes In Cash	-282,000	821,000	216,000	923,000
Financing Cash Flow	-3,661,000	-3,806,000	-2,450,000	-3,792,000
Cash From Discontinued Financing Activities			0	0	25,000
Cash Flow From Continuing Financing Activities	-3,661,000	-3,806,000	-2,450,000	-3,792,000
Net Other Financing Charges	-99,000	93,000	546,000	-35,000
Cash Dividends Paid	-531,000	-533,000	-528,000	-489,000
Common Stock Dividend Paid	-531,000	-533,000	-528,000	-489,000
Net Common Stock Issuance	-2,359,000	-3,057,000	-1,318,000	-3,056,000
Common Stock Payments	-2,500,000	-3,149,000	-1,401,000	-3,143,000
Common Stock Issuance	141,000	92,000	83,000	87,000
Net Issuance Payments Of Debt	-672,000	-309,000	-1,150,000	-212,000
Net Short Term Debt Issuance	-441,000	441,000	0	0
Short Term Debt Payments	-2,435,000	0	0
Short Term Debt Issuance	1,994,000	441,000	0	0
Net Long Term Debt Issuance	-231,000	-750,000	-1,150,000	-212,000
Long Term Debt Payments	-1,225,000	-750,000	-1,150,000	-1,355,000
Long Term Debt Issuance	994,000	0	0	1,143,000
Investing Cash Flow	1,420,000	2,213,000	240,000	2,461,000
Cash From Discontinued Investing Activities		0	0	2,000	5,080,000
Cash Flow From Continuing Investing Activities	1,420,000	2,213,000	240,000	2,459,000
Net Other Investing Changes		-108,000	-38,000	-71,000	4,000
Dividends Received Cfi	227,000	0	0
Net Investment Purchase And Sale	1,926,000	-1,549,000	628,000	2,092,000
Sale Of Investment	8,661,000	12,306,000	14,502,000	20,626,000
Purchase Of Investment	-6,735,000	-13,855,000	-13,874,000	-18,534,000
Net Business Purchase And Sale	-208,000	4,328,000	68,000	887,000
Sale Of Business	0	4,341,000	106,000	1,095,000
Purchase Of Business	-208,000	-13,000	-38,000	-208,000
Net PPE Purchase And Sale	-525,000	-458,000	-456,000	-449,000
Purchase Of PPE	-525,000	-458,000	-456,000	-449,000
Operating Cash Flow	1,959,000	2,414,000	2,426,000	2,254,000
Cash From Discontinued Operating Activities	-50,000	0	-5,000	-373,000
Cash Flow From Continuing Operating Activities	2,009,000	2,414,000	2,431,000	2,627,000
Change In Working Capital	-1,429,000	-34,000	-94,000	-377,000
Change In Other Working Capital				20,000	-17,000
Change In Other Current Assets	-105,000	104,000	155,000	-13,000
Change In Payables And Accrued Expense	-1,324,000	-138,000	-249,000	-364,000
Change In Accrued Expense	-335,000	-644,000	-212,000	-410,000
Change In Payable	-989,000	506,000	-37,000	46,000
Change In Account Payable	-4,000	-8,000	15,000	6,000
Change In Tax Payable	-985,000	514,000	-52,000	40,000
Change In Income Tax Payable	-985,000	514,000	-52,000	40,000
Change In Receivables					195,000
Changes In Account Receivables					195,000
Other Non Cash Items	396,000	353,000	360,000	-5,000
Stock Based Compensation	607,000	588,000	575,000	494,000
Provisionand Write Offof Assets		353,000	360,000	332,000	422,000
Asset Impairment Charge			0	0	160,000
Deferred Tax	44,000	-874,000	255,000	-780,000
Deferred Income Tax	44,000	-874,000	255,000	-780,000
Depreciation Amortization Depletion	407,000	324,000	403,000	442,000
Depreciation And Amortization	407,000	324,000	403,000	442,000
Operating Gains Losses	-12,000	76,000	-1,843,000	3,790,000
Earnings Losses From Equity Investments	0	226,000	-1,686,000	3,539,000
Gain Loss On Investment Securities	-12,000	-150,000	-157,000	251,000
Net Income From Continuing Operations	1,996,000	1,981,000	2,775,000	-1,274,000

These metrics estimate what eBay Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$31.86

Margin of Safety

Market Cap ÷ Company Value

2.30

P/B Ratio

10.48

Warren's Owner Earnings

$3.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$11.1B

vs > $1.5B revenue

❌ Strong Financial Condition

1.10x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.13%

vs Uninterrupted dividends

❌ Earnings Growth

-16.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

25.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

10.48x P/B (P/E×P/B: 263.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-17.81

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$56.98

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	25.8%	23.2%	16.5%	N/A	N/A
Repurchase of Capital Stock	-$2.5B	-$3.1B	-$1.4B	-$3.1B	N/A
Free Cash Flow	$1.4B ▼	$2.0B ▼	$2.0B ▲	$1.8B •	N/A •
Warren's Owner Earnings	$3.0B	$2.8B	$3.6B	-$378M	N/A

Peers & Industry Comparison

Internet Retail — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
EBAY	$108.98	$48.4B	25.17	71.5%	18.3%	$11.1B
AMZN Amazon.com, Inc.	$271.15	$2,916.0B	32.4	50.6%	12.2%	$742.8B
BABA Alibaba Group Holding Limited	$133.63	$329.8B	23.6	40.8%	8.9%	$1,016.7B
JD JD.com, Inc.	$30.05	$41.0B	15.9	9.3%	1.5%	$1,309.1B
ETSY Etsy, Inc.	$64.25	$6.1B	24.6	71.6%	9.8%	$2.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.31%

Low — management has little skin in the game

Return on Equity (ROE)

44.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

11.5%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$2.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-8.7% YoY

Debt is declining — management is deleveraging

Leadership Team

Jamie Iannone

CEO, President & Director

Age 52

Pay: $4,034,415

0.199% of net income

Pierre Omidyar

Founder & Director Emeritus

Age 58

Pay: $28,927

0.001% of net income

John Peter Egbert III

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.98%	57,613,332
Blackrock Inc.	9.65%	42,862,477
State Street Corporation	5.15%	22,858,857
Ameriprise Financial, Inc.	2.83%	12,565,993
Geode Capital Management, LLC	2.80%	12,440,582
Comprehensive Financial Management, LLC	2.26%	10,034,000
Invesco Ltd.	2.03%	9,020,923
Independent Franchise Partners, LLP	1.75%	7,748,177

Risk Analysis

Beta (Market Risk)

1.39

Moderate volatility — moves slightly more than market

Short Interest

3.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.63x

Moderate leverage

Current Ratio

1.22x

Adequate liquidity

52-Week Price Range

Low: $67.87 Current: $108.98 High: $111.38

Currently at 94% of 52-week range

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