eBay Inc. (EBAY)
NEUTRALファンダメンタル
67
株価
$106.05
時価総額
$47.65B
パート1 · 企業の価値
概要
eBay runs an online marketplace where individuals and small businesses list items for other people to buy, rather than selling its own inventory. It does not hold stock or ship most packages itself: sellers do that, and eBay's job is to bring buyers and sellers together and process the payment safely. Its strongest categories today are collectibles, such as trading cards, and fashion, alongside longstanding strength in auto parts and consumer electronics.
収益の仕組み
eBay charges sellers a percentage of each completed sale plus fixed listing fees, so its revenue moves with the total value of goods bought and sold through the platform — $79.6 billion in 2025, against net revenue of $11.1 billion — rather than with any inventory eBay itself owns. A growing second income stream comes from advertising: sellers pay to have their listings promoted higher in search results, a business with almost no added cost to serve.
競争優位性（moat）
ネットワーク効果 · 狭いMore buyers attract more sellers listing items, and more listings give buyers a reason to search eBay first, a loop that is strongest in categories like collectibles and used parts where eBay has decades of accumulated listings and buyer trust. That advantage is only narrow, though: general shopping demand has largely moved to Amazon, and specific categories face focused rivals such as Vinted in fashion or dedicated marketplaces in collectibles.
需要を左右する要因
中程度の景気循環性eBay sells mostly discretionary and often used or collectible goods, so buying activity softens when households pull back on non-essential spending, but the platform's mix of new, used and collectible items gives it some cushion compared with a pure new-goods retailer, since bargain-seeking can rise even as overall spending falls.
主なリスク
- Competition from larger e-commerce platforms — Amazon and other large platforms compete for the same buyer attention and, in many categories, offer faster shipping and a more standardized experience, pressuring eBay's share of general online shopping.
- Cross-border trade and tariff exposure — A meaningful share of eBay's activity crosses international borders, and changes to tariffs and duty-free import thresholds can raise costs for buyers and sellers and reduce transaction volume.
- Dependence on seller participation — Because eBay does not own the inventory sold on its platform, it depends on independent sellers choosing to list and price competitively there rather than on a competing marketplace.
- Trust, fraud and counterfeit risk — A marketplace's value depends on buyers trusting that items will arrive as described; fraud, counterfeit goods or payment disputes that erode that trust can push activity toward more controlled competitors.
強気材料
Buyers argue that eBay's decades of accumulated listings and buyer trust in categories like collectibles and used parts are hard to replicate, that advertising revenue can keep growing faster than the core marketplace with little added cost, and that the business generates substantial cash without needing to hold inventory.
弱気材料
Sellers fear that general shopping demand has permanently shifted to Amazon and other faster platforms, that changes to cross-border tariffs threaten a meaningful share of transaction volume, and that eBay's growth depends on niche categories that larger competitors could still target once they prove profitable.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$12.01B
直近12か月（2026/6/30まで）
純利益
$2.23B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$1.43B
自己資本合計
$4.48B
負債合計
$12.95B
流動比率
1.02
利払い倍率
9.94
負債/EBITDA
2.37
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$95.87
現在株価
$106.05
安全マージン
-10.6%
適正価値レンジ
$65.25 - $126.49
推定方法
バリュエーション指標
P/E レシオ
22.12
ROE
45.3%
P/B レシオ
10.21
P/FCF
19.63
粗利益率
72.1%
ROIC
16.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
16.2%
WACC
10.8%
ROIC − WACC
+5.5 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（18）
- EPS shows upward trend
- EPS CAGR 17.18%
- Price CAGR 13.37%
- ROIC 16.2%
- Gross Margin 72.1%
- P/FCF 19.63
- Debt/Equity ratio
- Operating Margin 20.6%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 48.3%
- Earnings Surprise avg 2.6%
- Earnings Quality (OCF/NI) 1.36
- Share Dilution -6.6%
- Piotroski F-Score 5/9
不合格（8）
- P/B Ratio 10.21
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Fairly valued)
- Revenue Growth 5Y 4.5%
- Analyst Consensus 42% Buy
- Net Margin Trend 18.6% vs 20.8%
データなし（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Jamie J. Iannone | CEO, President & Director | 52 |
| Ms. Peggy M. Alford CPA | Senior VP & CFO | 53 |
| Ms. Samantha Wellington | Senior VP, Chief Legal Officer, General Counsel & Secretary | 47 |
| Mr. Jordan Douglas Bradley Sweetnam | Senior VP & Chief Commercial Officer | 45 |
| Ms. Julie A. Loeger | Senior VP & Chief Growth Officer | 61 |
| Mr. Pierre M. Omidyar | Founder & Director Emeritus | 58 |
| Ms. Rebecca Spencer | VP, Chief Accounting Officer & Principal Accounting Officer | 47 |
| Mr. Mazen Al-Rawashdeh | Senior VP & CTO | 59 |
| Mr. John Peter Egbert III | Vice President of Investor Relations | - |
| Ms. Gigi Ganatra Duff | Chief Communications Officer | - |
監査リスク
2
取締役会リスク
2
報酬リスク
8
株主権利リスク
3
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for EBAY, sourced from Markets Gazette.
- 15d agoNEUTRALEBay may dodge a GameStop takeover — but there’s a new twist in the Ryan Cohen saga
GameStop may explore a collaboration with eBay instead of a full merger, according to Bloomberg. While this potential partnership could offer new avenues for business development, some analysts express skepticism about the tangible benefits for eBay. The news introduces uncertainty regarding the strategic direction and potential value creation for eBay shareholders, as the specifics of any collaboration remain undefined. Investors will be closely watching for further details to assess the impact on eBay's market position and financial performance.
- 20d agoNEUTRALeBay CEO Jamie Iannone’s new playbook embraces AI tools while blocking AI buyers
eBay CEO Jamie Iannone is implementing a new strategy that integrates AI tools into the company's operations while simultaneously restricting AI-driven buyers from the platform. This dual approach aims to leverage AI for internal efficiencies and enhanced customer experience without compromising the integrity of transactions or the platform's user base. The move signals eBay's cautious yet forward-looking stance on AI adoption, balancing innovation with risk management. Investors will be watching to see how this strategy impacts user engagement, transaction volume, and competitive positioning in the e-commerce landscape.
- 5/20/2026NEUTRALGameStop ups its stake in eBay after its buyout bid was rejected
GameStop has increased its stake in eBay following the rejection of its $56 billion buyout bid. While eBay's board did not accept the offer, GameStop's continued investment signals persistent interest in the e-commerce platform. This development suggests GameStop sees underlying value in eBay, potentially as a strategic acquisition target or a profitable investment, even without immediate control. Investors will be watching for further moves from GameStop and eBay's response to this increased stake.
- 5/14/2026NEGATIVERyan Cohen Slams eBay Board After GameStop's $56 Billion Bid Rejected, Says Shareholders Should Vote On His Offer: 'Run By A Bunch Of Losers'
Ryan Cohen has escalated his efforts to acquire eBay, publicly criticizing the company's board after they rejected his $56 billion takeover proposal. Cohen, a significant shareholder, labeled the current leadership as 'losers' and urged fellow shareholders to support his bid, emphasizing that they should have the final say on the offer. This public dispute and rejection of a substantial offer could create uncertainty and negatively impact investor sentiment towards eBay's stock, potentially signaling governance issues or a lack of strategic alignment.
- 5/12/2026NEGATIVE‘Neither credible or attractive’: eBay slaps down GameStop’s $56 billion takeover bid
eBay Inc. has publicly rejected GameStop's unsolicited $56 billion takeover proposal, deeming it 'neither credible nor attractive.' GameStop, led by Ryan Cohen, had reportedly approached eBay with the intention of combining the e-commerce platforms to better challenge Amazon. This decisive rejection by eBay's board signals a strong intent to remain independent and pursue its own strategic objectives, likely disappointing GameStop's ambitions and potentially impacting its stock if the market views the failed bid as a strategic misstep.
- 5/12/2026NEUTRALThe Ryan Cohen saga gets a new twist as eBay shoots down GameStop’s takeover offer
eBay Inc. has officially rejected a $56 billion takeover offer, deeming it "neither credible nor attractive." The e-commerce giant expressed confidence in its standalone strategic plan and future prospects. This decision comes amid speculation and potential activist investor involvement, with Ryan Cohen reportedly backing the bid. For investors, eBay's firm stance suggests management believes the current market valuation and its independent growth trajectory are more valuable than the proposed acquisition price. The market will now watch for further developments and potential shareholder reactions to this rejection.
- 5/6/2026NEGATIVEeBay Layoffs Looming? Ryan Cohen Says 11,500 Headcount Doesn't Make Sense Fwor 'Asset Light' Business
Activist investor Ryan Cohen has publicly questioned eBay's current headcount of 11,500 employees, suggesting it is excessive for an 'asset-light' business model. This statement comes amid Cohen's significant $28 billion takeover bid for the e-commerce giant. The implication is that substantial layoffs could be on the horizon if Cohen's bid is successful or if his influence leads to operational changes. Investors will be watching closely for any confirmation of restructuring plans, as significant workforce reductions could impact operational capacity and employee morale, while potentially signaling a drive for increased efficiency and profitability.
- 5/5/2026NEUTRALGameStop’s billionaire CEO is an entrepreneur without a college degree who cofounded Chewy. Now he has his sights set on buying eBay for $56 billion
GameStop CEO Ryan Cohen, the entrepreneur behind Chewy's $3.35 billion sale, is reportedly exploring a bid to acquire eBay for $56 billion. Cohen, who famously faced investor rejection before Chewy's success, is now setting his sights on the e-commerce giant. This potential acquisition could significantly reshape the online retail landscape. Investors will be watching closely to see if Cohen can secure financing and if eBay's board would consider such an offer, given the substantial valuation and strategic implications.
- 5/4/2026NEUTRALTrump's New Hormuz Plan; China, Europe Respond to US Trade Agenda | Bloomberg Brief 5/4/2026
eBay shares saw a pre-market rise following a $56 billion takeover bid from GameStop. This significant development introduces uncertainty for eBay's independent trading future, potentially creating short-term volatility. While a successful acquisition could offer shareholders a premium, the market will closely watch GameStop's ability to finance such a large deal and the regulatory hurdles involved. The news also highlights a potential shift in the e-commerce landscape, with implications for other online marketplaces and their stock performance.
via Markets Gazette