Debt to Equity
since 2005
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eBay Inc. pages available for free this week:
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Calculation
eBay Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2018 | = | ÷ | |||
| Dec 31, 2017 | = | ÷ | |||
| Dec 31, 2016 | = | ÷ | |||
| Dec 31, 2015 | = | ÷ | |||
| Dec 31, 2014 | = | ÷ | |||
| Dec 31, 2013 | = | ÷ | |||
| Dec 31, 2012 | = | ÷ | |||
| Dec 31, 2011 | = | ÷ | |||
| Dec 31, 2010 | = | ÷ | |||
| Dec 31, 2009 | = | ÷ | |||
| Dec 31, 2008 | = | ÷ | |||
| Dec 31, 2007 | = | ÷ | |||
| Dec 31, 2006 | = | ÷ | |||
| Dec 31, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial data indicates significant fluctuations in the company's capital structure over the examined period.
- Total Debt
- Total debt was not reported until the end of 2007, when it stood at $200 million, then increased sharply to $1 billion by the end of 2008. Following a gap in 2009, total debt resumed a steady upward trend from 2010 onwards, rising from approximately $1.79 billion to peak around $10 billion by the end of 2018. This reflects a substantial increase in leverage over time.
- Stockholders’ Equity
- Equity showed a consistent upward trend from 2005, starting at around $10 billion and reaching a high point of approximately $23.6 billion in 2013. However, after 2013, equity experienced notable volatility and a marked decline. It fell sharply to approximately $6.6 billion in 2015, partially recovered to about $10.5 billion in 2016, but decreased again to around $6.3 billion by 2018. This suggests significant changes in retained earnings or equity financing activities during the latter years.
- Debt to Equity Ratio
- The debt to equity ratio was minimal and effectively negligible prior to 2007. Beginning in 2007, the ratio started to rise gradually, reaching 0.22 by 2011. From 2013 onward, the ratio increased sharply, exceeding 1.0 in 2015 and continuing to rise to approximately 1.47 by 2018. This indicates a growing reliance on debt financing relative to equity, with debt surpassing equity in the capital structure during the later years.
In summary, the analysis shows that the company significantly increased its leverage starting in the late 2000s, coinciding with a period of volatility and decline in stockholders' equity. The rising debt to equity ratio highlights an increasing financial risk profile related to greater debt usage. These trends warrant closer examination of the underlying causes and implications for financial stability and cost of capital.
Comparison to Competitors
eBay Inc., debt to equity, long-term trends, comparison to competitors
| eBay Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2018 | |||||
| Dec 31, 2017 | |||||
| Dec 31, 2016 | |||||
| Dec 31, 2015 | |||||
| Dec 31, 2014 | |||||
| Dec 31, 2013 | |||||
| Dec 31, 2012 | |||||
| Dec 31, 2011 | |||||
| Dec 31, 2010 | |||||
| Dec 31, 2009 | |||||
| Dec 31, 2008 | |||||
| Dec 31, 2007 | |||||
| Dec 31, 2006 | |||||
| Dec 31, 2005 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
eBay Inc., debt to equity, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| eBay Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 | ||
| Dec 31, 2010 | ||
| Dec 31, 2009 | ||
| Dec 31, 2008 | ||
| Dec 31, 2007 | ||
| Dec 31, 2006 | ||
| Dec 31, 2005 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
eBay Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| eBay Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 31, 2012 | ||
| Dec 31, 2011 | ||
| Dec 31, 2010 | ||
| Dec 31, 2009 | ||
| Dec 31, 2008 | ||
| Dec 31, 2007 | ||
| Dec 31, 2006 | ||
| Dec 31, 2005 |
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).