eBay vs Macy's
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The short version
- Macy's is the larger business, with $22.6B of revenue in fiscal 2025 against $11.1B for eBay, about 2.0 times as much.
- eBay grew revenue faster (8.0%, against −1.7%).
- eBay kept more of each dollar of sales as operating profit (20.5% operating margin, against 4.6%).
- eBay turned more of its sales into free cash flow (12.9% FCF margin, against 4.7%).
- eBay earned a higher return on the capital invested in it (26.8%, against 12.9%).
- Investors pay more for each dollar of eBay’s earnings: a P/E of 25.2x against 8.8x for Macy's.
| Latest fiscal year | EBAY · FY25 | M · FY25 |
|---|---|---|
| Size | ||
| Market cap | $55.2B | $6.6B |
| Revenue | $11.1B | $22.6B |
| Free cash flow | $1.4B | $1.1B |
| Net income | $2.0B | $642M |
| Growth | ||
| Revenue growth | 8.0% | −1.7% |
| 5-year growth | 4.5% | 5.5% |
| Share count change | −6.6% | −1.8% |
| Profitability | ||
| Gross margin | 71.5% | 40.3% |
| Operating margin | 20.5% | 4.6% |
| Net margin | 18.3% | 2.8% |
| FCF margin | 12.9% | 4.7% |
| Return on capital | 26.8% | 12.9% |
| Return on equity | 41.6% | 13.6% |
| Balance sheet | ||
| Net debt | $3.8B | $1.2B |
| Net debt / EBITDA | 1.4x | 0.6x |
| Dividends and buybacks | $3.0B | $447M |
| Valuation & quality | ||
| P/E | 25.2x | 8.8x |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
EBAY $9.3B
M $25.9B
FY17
EBAY $9.9B
M $24.9B
FY18
EBAY $8.7B
M $25.0B
FY19
EBAY $7.4B
M $24.6B
FY20
EBAY $8.9B
M $17.3B
FY21
EBAY $10.4B
M $25.4B
FY22
EBAY $9.8B
M $25.4B
FY23
EBAY $10.1B
M $23.9B
FY24
EBAY $10.3B
M $23.0B
FY25
EBAY $11.1B
M $22.6B
EBAY
M
Operating margin
FY16
EBAY 25.0%
M 5.3%
FY17
EBAY 22.8%
M 7.5%
FY18
EBAY 20.3%
M 7.0%
FY19
EBAY 23.8%
M 4.0%
FY20
EBAY 29.6%
M −25.8%
FY21
EBAY 28.1%
M 9.3%
FY22
EBAY 24.0%
M 6.6%
FY23
EBAY 19.2%
M 1.3%
FY24
EBAY 22.5%
M 4.0%
FY25
EBAY 20.5%
M 4.6%
EBAY
M
Free cash flow
FY16
EBAY $2.2B
M $1.2B
FY17
EBAY $2.5B
M $1.5B
FY18
EBAY $2.0B
M $1.1B
FY19
EBAY $2.6B
M $706M
FY20
EBAY $2.0B
M $311M
FY21
EBAY $2.2B
M $2.4B
FY22
EBAY $1.8B
M $727M
FY23
EBAY $2.0B
M $674M
FY24
EBAY $2.0B
M $760M
FY25
EBAY $1.4B
M $1.1B
EBAY
M
Return on capital
FY16
EBAY 23.8%
M 9.1%
FY17
EBAY 9.2%
M 19.1%
FY18
EBAY 14.5%
M 13.6%
FY19
EBAY 16.6%
M 7.7%
FY20
EBAY 24.9%
M −45.3%
FY21
EBAY 19.1%
M 33.1%
FY22
EBAY 17.9%
M 23.0%
FY23
EBAY 15.4%
M 4.9%
FY24
EBAY 25.5%
M 11.5%
FY25
EBAY 26.8%
M 12.9%
EBAY
M
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.