10-Q filed October 29: eBay
eBay generated $12.4bn of revenue in the twelve months to September 2026, up 15.7% on the year, an acceleration from the 14.7% pace recorded a quarter earlier. Among the ten broadline retail companies we cover, that growth rate ranks first. Free-cash-flow margin climbed to 19.5%, from 14.3% a year earlier, while the diluted share count fell 3.7% over the same period, lifting the value of each remaining share. Our model value is little changed at $77.02 a share, well below the current price of $122, so the rating stays Sell. At that price, the market appears to be pricing in cash-flow growth of about 17.7% a year for five years, far ahead of the 3.5% a year revenue growth eBay has actually delivered.
Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation