eBay vs Kohl's
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The short version
- Kohl's is the larger business, with $15.5B of revenue in fiscal 2025 against $11.1B for eBay.
- eBay grew revenue faster (8.0%, against −4.3%).
- eBay kept more of each dollar of sales as operating profit (20.5% operating margin, against 4.0%).
- eBay turned more of its sales into free cash flow (12.9% FCF margin, against 6.5%).
- eBay earned a higher return on the capital invested in it (26.8%, against 7.2%).
- Investors pay more for each dollar of eBay’s earnings: a P/E of 25.2x against 10.7x for Kohl's.
| Latest fiscal year | EBAY · FY25 | KSS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $55.2B | $2.9B |
| Revenue | $11.1B | $15.5B |
| Free cash flow | $1.4B | $1.0B |
| Net income | $2.0B | $272M |
| Growth | ||
| Revenue growth | 8.0% | −4.3% |
| 5-year growth | 4.5% | −0.5% |
| Share count change | −6.6% | 1.8% |
| Profitability | ||
| Gross margin | 71.5% | 40.6% |
| Operating margin | 20.5% | 4.0% |
| Net margin | 18.3% | 1.8% |
| FCF margin | 12.9% | 6.5% |
| Return on capital | 26.8% | 7.2% |
| Return on equity | 41.6% | 6.9% |
| Balance sheet | ||
| Net debt | $3.8B | $2.8B |
| Net debt / EBITDA | 1.4x | 2.1x |
| Dividends and buybacks | $3.0B | $56.0M |
| Valuation & quality | ||
| P/E | 25.2x | 10.7x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
EBAY $9.3B
KSS $19.7B
FY17
EBAY $9.9B
KSS $20.1B
FY18
EBAY $8.7B
KSS $20.2B
FY19
EBAY $7.4B
KSS $20.0B
FY20
EBAY $8.9B
KSS $16.0B
FY21
EBAY $10.4B
KSS $19.4B
FY22
EBAY $9.8B
KSS $18.1B
FY23
EBAY $10.1B
KSS $17.5B
FY24
EBAY $10.3B
KSS $16.2B
FY25
EBAY $11.1B
KSS $15.5B
EBAY
KSS
Operating margin
FY16
EBAY 25.0%
KSS 6.0%
FY17
EBAY 22.8%
KSS 7.1%
FY18
EBAY 20.3%
KSS 6.7%
FY19
EBAY 23.8%
KSS 5.5%
FY20
EBAY 29.6%
KSS −1.6%
FY21
EBAY 28.1%
KSS 8.7%
FY22
EBAY 24.0%
KSS 1.4%
FY23
EBAY 19.2%
KSS 4.1%
FY24
EBAY 22.5%
KSS 2.7%
FY25
EBAY 20.5%
KSS 4.0%
EBAY
KSS
Free cash flow
FY16
EBAY $2.2B
KSS $1.4B
FY17
EBAY $2.5B
KSS $1.0B
FY18
EBAY $2.0B
KSS $1.5B
FY19
EBAY $2.6B
KSS $802M
FY20
EBAY $2.0B
KSS $1.0B
FY21
EBAY $2.2B
KSS $1.7B
FY22
EBAY $1.8B
KSS −$544M
FY23
EBAY $2.0B
KSS $591M
FY24
EBAY $2.0B
KSS $182M
FY25
EBAY $1.4B
KSS $1.0B
EBAY
KSS
Return on capital
FY16
EBAY 23.8%
KSS 10.2%
FY17
EBAY 9.2%
KSS 15.5%
FY18
EBAY 14.5%
KSS 15.4%
FY19
EBAY 16.6%
KSS 11.9%
FY20
EBAY 24.9%
KSS −3.0%
FY21
EBAY 19.1%
KSS 19.7%
FY22
EBAY 17.9%
KSS 2.6%
FY23
EBAY 15.4%
KSS —
FY24
EBAY 25.5%
KSS —
FY25
EBAY 26.8%
KSS 7.2%
EBAY
KSS
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.