EBAY
eBay Inc.
Platform / Network
★ Quality 47/100Price today
$103.41
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What this business is made of
The business
eBay is the global flea market for the long tail that Amazon doesn't have.
eBay runs a global marketplace where buyers and sellers transact without the company holding inventory. It charges per-sale commissions (take rate) plus advertising and managed payments; in 2025 it moved ~$75B in GMV to generate $11.1B in revenue. The margin engine sits in its 'focus' categories: collectibles, auto parts, certified luxury.
The network effect exists but is eroded: more sellers attract more buyers, except that Amazon and Shopify already capture the mass buyer. What's defensible is the unique secondhand and niche inventory —a Pokémon card or a 1998 bumper isn't on Amazon. That long tail is hard to replicate; the rest, not so much.
Revenue history
From $10.4B to $11.1B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $11.1B · FY2025
Of every $100 in sales, $82 goes to costs and operations; $18 is left as net profit (18% margin).
Catalysts and risks
Expansion of 'focus' categories (collectibles, luxury) growing double digit vs. ~2% for the consolidated business.
Aggressive buybacks: with FCF of $1.4B and contained market cap, it reduces shares every quarter.
Ad monetization: advertising already tops $1.4B annually and is rising as a % of GMV.
Structural growth of 2% — this is a business that defends, not one that conquers.
Debt of $6.0B against cash of $1.9B; a negative net position that limits flexibility.
Competition from Amazon, Shopify, and vertical platforms (StockX, Vinted) eating its niches one by one.
Charlie's note
“It's a good cash machine tied to a business that stopped growing a decade ago. At 11x FCF they pay you for patience, not for the dream. I'd pay for the flow, never for the story.”
Analysis · June 2026
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