Latest Ratios: P/E Ratio 26.4x · EV/EBITDA 22.5x · 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 | $52.4B | $40.1B | $31.0B | $23.2B | $23.1B | $43.4B | $36.1B | $30.9B | $27.8B | $40.2B | $34.0B |
| Enterprise Value | $57.9B | $45.6B | $36.1B | $29.5B | $30.4B | $51.4B | $43.1B | $38.4B | $34.8B | $48.0B | $41.1B |
| P/E Ratio → | 26.43 | 20.07 | 15.72 | 8.40 | — | 3.19 | 6.37 | 17.28 | 11.01 | — | 4.68 |
| P/S Ratio | 4.72 | 3.61 | 3.02 | 2.30 | 2.36 | 4.16 | 4.06 | 4.16 | 3.22 | 4.05 | 3.65 |
| P/B Ratio | 11.43 | 8.68 | 6.02 | 3.63 | 4.49 | 4.43 | 10.13 | 10.77 | 4.43 | 4.98 | 3.22 |
| P/FCF | 31.56 | 24.12 | 15.87 | 11.80 | 12.82 | 19.59 | 18.74 | 12.06 | 13.86 | 16.19 | 15.44 |
| P/OCF | 23.98 | 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 | 22.50 | 17.70 | 13.68 | 12.57 | 10.88 | 15.00 | 13.38 | 16.19 | 14.59 | 16.34 | 13.66 |
| EV / EBIT | 25.44 | 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 | 2.86 | 2.86 | 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 | 2.14 | 2.14 | 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 | — | 42.09 | 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 | 1.0% | 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 | 3.2% | 4.1% | 6.3% | 8.5% | 7.8% | 5.1% | 5.3% | 8.3% | 7.2% | 6.2% | 6.5% |
| Buyback Yield | 4.8% | 6.2% | 10.1% | 6.0% | 13.6% | 16.3% | 14.2% | 16.1% | 16.2% | 6.8% | 8.7% |
| Total Shareholder Yield | 5.8% | 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 |
Stagnant Active Buyer Base
According to current market data, eBay trades at a forward P/E of 17.64, which appears to discount the company as a mature, low-growth entity compared to higher-multiple e-commerce peers like Etsy, suggesting investors are pricing in limited upside from the current stagnant GMV trajectory.
The valuation multiple suggests that the market is skeptical of eBay's ability to reignite top-line growth despite recent revenue acceleration. Investors should monitor whether the current P/E discount to the broader retail sector is justified by the company's inability to expand its active buyer base.
Based on reported financial statements, eBay's ROIC has remained in a narrow range between 2.5% and 4.9% over the last ten quarters, indicating that the company is struggling to generate meaningful returns on its invested capital despite its asset-light marketplace business model.
The persistent low ROIC suggests that the company's investments in authentication centers and platform initiatives are not yet yielding the expected efficiency gains. This trend warrants further investigation into whether the capital-intensive nature of these trust-building services is structurally diluting the company's overall return profile.
As reported in recent filings, eBay's DSO has fluctuated between 36 and 45 days, while the current ratio has compressed from 2.44 to 1.22, signaling that the company's working capital efficiency is becoming increasingly sensitive to payment processing timing and seasonal shifts in transaction volume.
The compression in the current ratio suggests a tightening of liquidity buffers that may limit the company's operational flexibility during periods of market stress. Investors should monitor whether these fluctuations in working capital are a permanent feature of the managed payments transition or merely temporary timing issues.
Based on the provided data, eBay's debt-to-equity ratio has climbed to 1.60 in 2026Q1 from 1.29 in 2023Q4, a concerning trend that indicates the company is increasingly leveraging its balance sheet to fund share repurchases while its total asset base continues to contract.
This reliance on debt to support capital returns appears to be eroding the company's equity base, potentially leaving it more vulnerable to interest rate volatility. The trend suggests that management is prioritizing short-term EPS accretion over long-term balance sheet fortification, which may limit future strategic investment capacity.
According to institutional analysis, the market frequently misapplies Gross Merchandise Volume as the primary indicator of eBay's health, which obscures the company's successful pivot toward higher-margin advertising and service-based revenue streams that are not captured by simple transaction volume metrics.
Investors should instead focus on the 'take rate' and the growth of Promoted Listings, which provide a more accurate picture of the company's monetization power. Relying solely on GMV risks misinterpreting eBay's transition from a legacy marketplace to a more specialized, service-oriented platform.
Includes 30+ ratios · 29 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EBAY stock.
eBay Inc.'s current P/E ratio is 26.4x. The historical average is 23.2x. This places it at the 74th percentile of its historical range.
eBay Inc.'s current EV/EBITDA is 22.5x. 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 26.4x. 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 1.01% 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 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.