eBay Inc.

EBAY · Technology · $50.2B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power99

Median gross margin 75.6% over 10y, very stable.

Returns on capital76

Median ROIC 14.4%, above the 9% hurdle in 100% of years.

Balance-sheet safety46

Net debt/EBITDA n/ax, interest coverage 9x.

Capital discipline40

Owner earnings -13.2%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

122% above value

Owner earnings (normalized): $2.0B
Est. intrinsic value / share: $50.26
Recent price: $111.70
Discount to value: 122% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell EBAY. See the disclaimer.