Latest Ratios: P/E Ratio -2.2x · EV/EBITDA N/A · ROE -114.8%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $4.7B | — | — | — | — | — | — |
| Enterprise Value | $4.8B | $4.9B | — | — | — | — | — | — |
| P/E Ratio → | -2.23 | — | — | — | — | — | — | — |
| P/S Ratio | 2.58 | 2.68 | — | — | — | — | — | — |
| P/B Ratio | 2.29 | 2.41 | — | — | — | — | — | — |
| P/FCF | 23.59 | 24.49 | — | — | — | — | — | — |
| P/OCF | 23.42 | 24.32 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.84 | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 25.88 | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.5% | 80.5% | 81.1% | 83.0% | 82.1% | 86.8% | -537.0% | 77.5% |
| Operating Margin | -73.4% | -73.4% | 7.8% | 18.5% | -21.0% | -57.1% | -1483.7% | -10.5% |
| Net Profit Margin | -109.2% | -109.2% | -0.2% | 29.6% | -25.2% | -93.6% | -2555.2% | -29.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -114.8% | -114.8% | -0.2% | 35.3% | -25.5% | -48.2% | -120.4% | -180.7% |
| ROA | -37.6% | -37.6% | -0.1% | 8.7% | -6.0% | -13.6% | -35.2% | -19.2% |
| ROIC | -39.1% | -39.1% | 3.6% | 6.4% | -5.5% | -15.0% | -128.9% | — |
| ROCE | -32.9% | -32.9% | 3.4% | 6.7% | -6.1% | -9.8% | -25.0% | -31.5% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 1.69 | 1.73 | 2.65 | 2.14 | 0.02 | 0.68 |
| Debt / EBITDA | — | — | 14.34 | 8.73 | — | — | — | — |
| Net Debt / Equity | — | 0.14 | 0.97 | 1.18 | 2.24 | 1.66 | -0.44 | -7.22 |
| Net Debt / EBITDA | — | — | 8.18 | 5.91 | — | — | — | — |
| Debt / FCF | — | 1.39 | 5.22 | 5.41 | — | — | — | — |
| Interest Coverage | -9.15 | -9.15 | 1.21 | 1.55 | -1.08 | -3.51 | -10.68 | -13.07 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.04 | 1.04 | 0.95 | 0.90 | 0.50 | 0.89 | 1.09 | 1.12 |
| Quick Ratio | 1.03 | 1.03 | 0.93 | 0.90 | 0.50 | 0.89 | 1.09 | 1.12 |
| Cash Ratio | 0.99 | 0.99 | 0.90 | 0.82 | 0.43 | 0.77 | 0.98 | 1.07 |
| Asset Turnover | — | 0.35 | 0.35 | 0.27 | 0.24 | 0.15 | 0.01 | 0.66 |
| Inventory Turnover | 36.80 | 36.80 | 20.69 | — | — | — | — | — |
| Days Sales Outstanding | — | 1.45 | 2.28 | 4.47 | 3.72 | 18.14 | 305.40 | 5.08 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 4.2% | 4.1% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $346M | $326M | $329M | $329M | $329M | $368M | $368M |
Regulatory and platform liquidity
Based on current financial data, StubHub's P/S ratio of 2.49 and forward P/E of 27.30 suggest that investors are pricing in a recovery, yet the lack of consistent earnings growth makes these multiples appear speculative compared to more established marketplace peers like eBay or Airbnb.
The forward P/E of 27.30 implies an expectation of significant margin expansion that has yet to materialize in the historical data. Given the negative TTM P/E and stagnant revenue, the current valuation appears to rely heavily on the assumption that marketing spend can be rationalized without sacrificing market share.
As reported in financial statements, StubHub maintains gross margins consistently exceeding 80%, yet this structural advantage is frequently offset by volatile operating expenses, resulting in a negative operating margin profile that warrants caution regarding the company's ability to achieve sustainable, long-term profitability at current scale.
The high gross margin is a testament to the asset-light nature of the platform, but the inability to convert this into positive operating income suggests that customer acquisition costs are structurally high. Investors should monitor whether the company can decouple its revenue growth from the aggressive marketing spend that currently suppresses net margins.
According to recent quarterly filings, the company's cash conversion cycle remains deeply negative, often exceeding -70 days, which indicates that StubHub effectively utilizes customer float to fund operations, a common but risky characteristic of high-volume, two-sided marketplace models in the secondary ticketing industry.
The negative CCC is a critical liquidity lever, as it allows the company to hold cash from buyers before paying out sellers. However, this efficiency is highly sensitive to event cancellation rates, which could force a rapid reversal of this working capital benefit if the platform is required to issue mass refunds.
Based on the provided quarterly data, StubHub has successfully reduced its debt-to-equity ratio from 1.75 in 2024Q1 to 0.74 in 2026Q1, signaling a strategic shift toward strengthening the balance sheet despite the persistent challenges of operating in a high-interest rate environment.
While the reduction in debt is a positive development, the interest coverage ratio remains erratic, occasionally dipping into negative territory. This suggests that while the absolute debt burden is lower, the company's ability to service its remaining obligations remains tethered to the volatility of its quarterly cash flows.
Market participants often misapply Gross Transaction Value as a proxy for revenue, which obscures the company's true take rate and sensitivity to regulatory fee caps, as reported in recent industry analysis regarding the shift toward all-in pricing models across the secondary ticketing sector.
Using GTV as the primary growth metric ignores the fact that the company only retains a small percentage of that volume as net revenue. Analysts should instead focus on the net take rate and its stability, as this is the true driver of the company's earning power and is most vulnerable to legislative intervention.
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying STUB stock.
StubHub Holdings, Inc.'s current P/E ratio is -2.2x. This places it at the 50th percentile of its historical range.
StubHub Holdings, Inc.'s return on equity (ROE) is -114.8%. The historical average is -65.0%.
Based on historical data, StubHub Holdings, Inc. is trading at a P/E of -2.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
StubHub Holdings, Inc. has 80.5% gross margin and -73.4% operating margin.