Forensic Analysis · Professional & Commercial Services · as of Nov 9, 2026

eBay Inc (EBAY)

A forensic read on eBay Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

8.7

Distress distance

Forensic signals

41.6%

ROE

7.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

EBay Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 8.7, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

211% of FCF

FY2025

Shareholder returns. Returned $3.0B to shareholders (buybacks + dividends) in FY2025 — 211% of free cash flow. That is $1.6B (111%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $566M over FY2025, while total debt fell $231M — $566M of the $1.6B. The FY2025 cash-flow statement filed $994M of debt issued against $1.2B repaid; $141M from shares issued; $6.7B of investments purchased; net cash provided by investing activities of $1.4B; net cash used in financing activities of $3.7B. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $607M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 254%.

Key fundamentals

Latest Revenue$11.10B

Revenue Growth YoY+7.9%

Revenue CAGR (2yr)+4.8%

Net Margin18.3%

Free Cash Flow$1.43B

Return on Equity41.6%

Debt / Equity1.46x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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