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eBay Inc. key statistics and ratios

In fiscal 2025, eBay Inc. had return on equity of 42.1%, an operating margin of 20.5%, debt equal to 151.1% of equity and a current ratio of 1.10. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin71.6%72.0%70.3%70.0%42.2%39.8%79.4%78.4%77.6%76.6%78.7%79.8%74.6%72.6%72.0%72.0%71.5%72.2%
Operating margin16.7%22.4%20.4%20.5%15.3%13.8%25.6%25.0%22.8%20.3%23.8%29.6%28.1%24.0%19.2%22.5%20.5%20.3%
Net margin27.4%19.7%27.7%18.5%17.8%0.3%20.1%78.1%−10.2%29.2%24.0%63.7%130.6%−13.0%27.4%19.2%18.3%16.9%
Free-cash-flow margin26.8%22.1%19.8%18.3%26.9%28.2%39.2%23.7%25.0%23.5%35.1%22.0%21.2%18.4%19.5%19.0%12.9%19.5%
Return on equity17.3%12.4%19.4%13.5%12.8%0.2%13.0%85.0%−11.0%35.3%39.0%176.2%—−17.0%47.9%34.2%42.1%47.2%
Return on assets13.0%8.9%13.1%8.1%7.3%0.1%5.5%34.9%−4.1%10.4%8.7%30.2%59.2%−5.3%13.0%9.6%11.0%11.8%
Asset turnover0.470.450.470.440.410.410.270.450.400.350.360.470.450.410.480.500.600.70
Current ratio2.322.451.881.961.841.513.492.312.181.601.161.801.972.182.441.241.100.78
Debt to equity0.0%11.7%14.8%23.7%17.4%42.4%102.6%98.9%133.7%171.6%305.2%217.6%106.7%194.5%132.5%144.0%151.1%152.6%
Interest cover (operating income ÷ interest)——94.9x45.8x25.8x22.7x15.3x10.3x7.8x5.4x5.7x8.7x10.9x10.0x7.4x8.9x9.3x10.0x
Effective tax rate17.0%14.2%17.4%15.4%19.6%—19.1%——5.4%13.3%25.7%36.7%—25.1%13.0%13.5%16.8%
R&D as % of revenue9.2%9.9%10.6%11.2%5.7%5.5%10.7%12.0%12.3%12.2%12.5%11.6%12.7%13.6%15.3%14.4%14.8%14.5%
Capital spending as % of revenue6.5%7.9%8.3%8.9%4.2%3.5%7.8%6.7%6.7%7.2%6.8%5.2%4.3%4.6%4.5%4.5%4.7%5.1%
Free cash flow ÷ net income98.0%112.3%71.6%98.9%151.2%>999%195.1%30.3%—80.4%145.9%34.5%16.3%—71.2%99.0%70.6%114.9%
Dividends ÷ net income—————————0.0%26.5%7.9%3.4%—19.1%27.0%26.1%26.0%
Dividends and buybacks ÷ free cash flow0.0%35.2%46.0%34.8%31.1%92.1%63.9%133.8%110.7%221.2%209.0%285.5%339.9%201.2%97.9%188.2%211.4%110.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · September 30, 2026
What it owns · $18.0bn
Short-term assets $4.8bnLonger-term assets $13.2bn
What it owes, and who funded it · $18.0bn
Short-term liabilities $6.1bnLonger-term liabilities $7.5bnShareholders' equity $4.4bn
  • Short-term assets cover short-term liabilities $4.8bn of assets due within a year against $6.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.8bn short-term assets against $7.5bn of longer-dated liabilities.
  • More cash than debt $1.2bn of cash against $6.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 153% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 93% to 153% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $6.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.5bn against $251m of interest.

From eBay Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

87 /100

Strong moat

How hard eBay's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 20.8% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 74.2%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 21.1%; its worst year was 19.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.0% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 33.2% over five years; stock-based pay has been a median 4.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (92 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: EBAY vs VIPSEBAY vs KSSEBAY vs MDDS vs EBAY

More: Broadline Retail stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from eBay Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to eBay Inc.