Ebay Inc. (EBAY) intrinsic value & 10-year financials
Ebay Inc. (EBAY) has a Graham intrinsic value of $0.82 per share. At $120.28 on Oct 17, 2026, the stock trades 14568% above that value. Over the last 10 fiscal years revenue grew 2.0% a year to $11.1B, with an average return on invested capital of 16.9%.
- Graham intrinsic value
- $0.82
- Share price (Oct 17, 2026)
- $120.28
- Price vs Graham value
- 14568% above
- Market cap
- $56.3B
- Revenue (FY2025)
- $11.1B
- Revenue growth (10-yr CAGR)
- 2.0%
- ROIC (10-yr avg)
- 16.9%
- Free cash flow (FY2025)
- $1.4B
EBAY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.1B | $2.0B | $4.34 | $1.4B | 20.5% | 22.9% |
| FY2024 | $10.3B | $2.0B | $3.94 | $2.0B | 22.5% | 20.3% |
| FY2023 | $10.1B | $2.8B | $5.19 | $2.0B | 19.2% | 13.1% |
| FY2022 | $9.8B | -$1.3B | -$2.27 | $1.8B | 24.0% | 13.9% |
| FY2021 | $10.4B | $13.6B | $20.54 | $2.2B | 28.1% | 22.2% |
| FY2020 | $10.3B | $5.7B | $7.89 | $1.9B | 26.4% | 25.4% |
| FY2019 | $10.8B | $1.8B | $2.09 | $2.6B | 21.5% | 17.2% |
| FY2018 | $10.7B | $2.5B | $2.55 | $2.0B | 20.7% | 14.1% |
| FY2017 | $9.9B | -$1.0B | -$0.95 | $2.5B | 22.8% | 6.7% |
| FY2016 | $9.3B | $7.3B | $6.35 | $2.2B | 25.0% | 13.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
eBay Inc. has demonstrated mature, steady growth, with revenue compounding at 2.0% annually over the past decade.
eBay Inc. has earned high returns on invested capital, averaging 16.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, eBay Inc. shows that management has aggressively returned capital to shareholders by retiring 59.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, eBay Inc. is modeled at -4.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.82 per share.