Forensic Analysis · General / Diversified · as of Jun 27, 2026
StubHub Holdings, Inc. (STUB)
A forensic read on StubHub Holdings, 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
Distress
Financial health
-3.5
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-183.8%
ROE
$4.7B
Market cap
StubHub Holdings, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is -3.5, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-41%Return on invested capital.Return on invested capital is -41% and slipping from 221% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.9%/yrShare-count dilution.Diluted share count changed +4% over the last 2 years to FY2025 (+1.9%/yr). The count is GROWING — existing holders are being diluted. That's ~1.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~4%.
83% of revStock-based comp load.Stock-based compensation ran 83% of revenue and 757% of free cash flow in FY2025 — about $4.53 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
Key fundamentals
Net Margin-109.2%
Debt / Equity1.27x
Free Cash Flow$191.2M
Latest Revenue$1.75B
Return on Equity-161.0%
Revenue Growth YoY-1.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on StubHub Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about STUB's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown