Stubhub Holdings STUB

NYSE · Services-Miscellaneous Amusement & Recreation · $2.1B

Every report since 2025 →

No closes on file for STUB yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$2.1B

EV / FCF12.3x

Revenue$1.7B −1.4%

True FCF (ex-SBC)$-1.3B −26.4%

Rule of 409.6%

ROIC-115.8%

True FCF Yield-59.7%

EPS, diluted$-6.27 −3383.3%

Modern Valuation (EOD)

Market Cap$2.1B

Enterprise Value$2.4B

EV / True FCF—

EV / FCF12.30

EV / Gross Profit—

EV / EBIT—

EV / Sales1.35

P / E (GAAP)—

P / FCF11.00

P / Oper. CF10.92

P / Book1.78

Owner & Cash Yields

True FCF Yield-59.7%

FCF Yield9.1%

Owner Earn. Yield-158.3%

Earnings Yield-90.6%

Shareholder Yield−68.8%

Buyback Yield0.0%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh—

EPS (diluted)$-6.27

Compounder & Returns

Rule of 409.6%

ROIC-115.8%

Cash ROIC (CROIC)13.4%

GP / Assets—

ROE-161.0%

ROA-37.7%

Gross Margin—

Oper. Margin-77.0%

Net Margin-109.2%

FCF Margin11.0%

True FCF Margin-72.0%

Quality & Dilution

Cash Conversion—

Accrual Ratio−41.5%

SBC % of FCF757.2%

SBC % of Rev83.0%

Reinvest. Rate1%

Sales Growth Y/Y−1.4%

Sales 3Y CAGR—

EPS Growth Y/Y−3383.3%

FCF Growth Y/Y−26.4%

FCF 3Y CAGR—

Share Change Y/Y+4.9%

Balance Sheet & Scale

Revenue (FY)$1.7B

Gross Profit (FY)—

Oper. Income (FY)$-1.3B

GAAP Net Income$-1.9B

True FCF (ex-SBC)$-1.3B

Cash & Equiv$1.3B

Total Debt$1.5B

Net Cash (Debt)$-247.8M

Net Cash % MCap−11.8%

Debt / FCF (yrs)7.9y

Current Ratio1.04

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of STUB revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$3.1B ($100.0 / $100)

Tax & Non-Operating$562.0M ($32.2 / $100)

Net Profit Kept$-1.9B ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-1.9B (-109.2% margin)

Operating Cash Flow (OCF)$192.6M(11.0% of rev)

Less: Capital Expenditures−$1.4M(0.1% of rev)

Standard Free Cash Flow (FCF)$191.2M(11.0% margin)

Less: Stock-Based Comp (SBC)−$1.4B(757.2% of FCF)

True FCF (Owner Cash ex-SBC)$-1.3B(-72.0% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2023	FY2024	FY2025	YoY Δ	CAGR
Income Statement
Revenue	$1.4B	$1.8B	$1.7B	−1.4%	+13.0%
Operating Income (EBIT)	$253.2M	$138.1M	$-1.3B	−1073.5%	—
Interest Expense	$155.9M	$179.8M	$140.0M	−22.1%	−5.2%
Income Tax Expense	$-319.6M	$40.1M	$360.6M	+800.2%	—
GAAP Net Income	$405.2M	$-2.8M	$-1.9B	−67969.1%	—
Diluted EPS	$1.14	$-0.18	$-6.27	−3383.3%	—
Diluted Shares	307.8M	304.4M	319.2M	+4.9%	+1.8%
Balance Sheet
Cash & Equivalents	$821.1M	$1.0B	$1.3B	+23.9%	+23.8%
Inventory	$5.0M	$16.1M	$9.2M	−42.8%	+36.3%
Total Current Assets	$1.8B	$1.1B	$1.3B	+23.2%	−14.8%
Total Assets	$5.6B	$5.1B	$5.1B	−0.8%	−4.6%
Total Current Liabilities	$1.7B	$1.1B	$1.3B	+12.9%	−14.4%
Total Debt (Short + Long Term)	$1.4B	$2.4B	$1.5B	−35.9%	+3.9%
Total Liabilities	$3.5B	$3.7B	$3.1B	−16.2%	−5.4%
Stockholders' Equity	$890.2M	$880.6M	$1.2B	+34.4%	+15.3%
Net Cash / (Net Debt)	$-575.2M	$-1.3B	$-247.8M	+81.4%	—
Invested Capital	$1.5B	$2.2B	$1.4B	−35.4%	−1.2%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$307.4M	$261.5M	$192.6M	−26.4%	−20.9%
Depreciation & Amortization (D&A)	$22.8M	$24.5M	$25.6M	+4.4%	+6.1%
Stock-Based Compensation (SBC)	$34.9M	$7.7M	$1.4B	+18611.0%	+544.1%
Capital Expenditures (CapEx)	$1.7M	$1.7M	$1.4M	−16.4%	−10.1%
Free Cash Flow (FCF)	$305.7M	$259.8M	$191.2M	−26.4%	−20.9%
True FCF (ex-SBC Owner Cash)	$270.8M	$252.1M	$-1.3B	−598.4%	—
Share Repurchases (Buybacks)	$1.1M	$0	$1.0M	—	−4.0%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what STUB did at the next close after each story

No Wire story has named STUB yet.

What happened · big days

18 big days in a year, and what we hold on each

A big day is a close more than 8.38% from the one before, three times STUB’s median day (2.79%). On 1 of the 18, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±8.38%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DaySTUBWhat we hold that dayGroup (median of 4) · each

1 Nov 14, 2025−20.99%
Resultsgroup −1.0%, did not move with it
1Nov 14, 2025−20.99%
ResultsFirst close after the Nov 13 results filing
−1.0% did not move with itDIS −1.7 · MTN −1.0 · DKNG −0.4
2 Nov 17, 2025−13.79%
Before our storiesgroup −2.6%, did not move with it
2Nov 17, 2025−13.79%
Before our stories
−2.6% did not move with itMTN −4.3 · DKNG −2.6 · DIS −0.1
3 Nov 19, 2025−9.62%
Before our storiesgroup −1.2%, did not move with it
3Nov 19, 2025−9.62%
Before our stories
−1.2% did not move with itDIS −1.5 · DKNG −1.2 · MTN −0.7
4 Nov 24, 2025+10.90%
Before our storiesgroup −1.8%, did not move with it
4Nov 24, 2025+10.90%
Before our stories
−1.8% did not move with itMTN −1.6 · DKNG −1.8 · DIS −2.2
5 Dec 4, 2025+10.67%
Before our storiesgroup +0.3%, did not move with it
5Dec 4, 2025+10.67%
Before our stories
+0.3% did not move with itDKNG +1.9 · MTN +0.3 · DIS −0.3
6 Jan 15, 2026+11.36%
Before our storiesgroup −0.1%, did not move with it
6Jan 15, 2026+11.36%
Before our stories
−0.1% did not move with itDKNG +3.3 · DIS −0.1 · MTN −2.4
7 Jan 20, 2026−9.25%
Before our storiesgroup −0.8%, did not move with it
7Jan 20, 2026−9.25%
Before our stories
−0.8% did not move with itDKNG −1.1 · DIS −0.8 · MTN −0.7
8 Feb 3, 2026−14.59%
Before our storiesgroup −1.6%, did not move with it
8Feb 3, 2026−14.59%
Before our stories
−1.6% did not move with itDKNG −2.4 · MTN −1.6 · DIS −0.2
9 Feb 5, 2026−11.04%
Before our storiesgroup −1.9%, did not move with it
9Feb 5, 2026−11.04%
Before our stories
−1.9% did not move with itDKNG −6.3 · DIS −1.9 · MTN +0.6
10 Feb 11, 2026−9.31%
Before our storiesgroup −2.1%, did not move with it
10Feb 11, 2026−9.31%
Before our stories
−2.1% did not move with itDKNG −3.0 · MTN −2.1 · DIS −1.7
11 Feb 20, 2026+9.86%
Before our storiesgroup −0.4%, did not move with it
11Feb 20, 2026+9.86%
Before our stories
−0.4% did not move with itMTN −0.3 · DIS −0.4 · DKNG −0.8
12 Mar 5, 2026−12.39%
Resultsgroup +0.1%, did not move with it
12Mar 5, 2026−12.39%
ResultsFirst close after the Mar 4 results filing
+0.1% did not move with itDIS −0.6 · DKNG +0.1 · MTN +2.9
13 May 14, 2026+13.70%
Resultsgroup +0.5%, did not move with it
13May 14, 2026+13.70%
ResultsFirst close after the May 13 results filing
+0.5% did not move with itMTN +0.9 · DIS +0.5 · DKNG +0.5
14 Jul 9, 2026−9.29%
Nothing on STUBgroup −0.6%, did not move with it
14Jul 9, 2026−9.29%
Nothing on STUBNo STUB story, brief or results filing in our record that day
−0.6% did not move with itDKNG −3.2 · DIS −0.6 · MTN +2.7
15 Jul 15, 2026−11.34%
Nothing on STUBgroup +0.3%, did not move with it
15Jul 15, 2026−11.34%
Nothing on STUBNo STUB story, brief or results filing in our record that day
+0.3% did not move with itDKNG +0.2 · MTN +0.3 · DIS +1.3
16 Aug 13, 2026−10.07%
Resultsgroup −0.3%, did not move with it
16Aug 13, 2026−10.07%
ResultsFirst close after the Aug 12 results filing
−0.3% did not move with itMTN −2.0 · DKNG −0.3 · DIS +1.5
17 Aug 17, 2026−11.88%
Nothing on STUBgroup −3.1%, did not move with it
17Aug 17, 2026−11.88%
Nothing on STUBNo STUB story, brief or results filing in our record that day
−3.1% did not move with itDKNG −3.2 · DIS −3.1 · MTN −1.1
18 Nov 4, 2026+8.75%
Nothing on STUBgroup +4.6%, moved with STUB
18Nov 4, 2026+8.75%
Nothing on STUBNo STUB story, brief or results filing in our record that day
+4.6% moved with STUBDKNG +5.4 · MTN +5.0 · DIS +4.2 · MSGK +3.2

A story on the same day is not a cause, and a group move is not proof either. Group: the median of DIS, DKNG, MSGK and MTN that day, the largest companies in STUB’s SEC industry; “moved with STUB” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). STUB reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Nov 13, 2025

day 1−20.99%day 6−42.45%

Reported Mar 4, 2026

day 1−12.39%day 6−22.42%

Reported May 13, 2026

day 1+13.70%day 6+30.85%

Reported Aug 12, 2026

day 1−10.07%day 6−20.02%

Next report: expected mid NovemberEstimated from the dates of its last four results filings. Not announced. Since the Aug 12 report: −22.83%. Four reports is a small sample.

Every report since 2025 →

Each line is STUB’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

STUB against four same-industry peers, a year at 100

STUB is down 66.1% in a year. Madison Square Garden Entertainment is up 69.3%, Vail Resorts 9.2%, Disney 7.4% and DraftKings is down 24.0%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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STUB −66.1%. Madison Square Garden Entertainment +69.3%, Vail Resorts +9.2%, Disney +7.4%, DraftKings −24.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in STUB’s SEC industry (Services-Miscellaneous Amusement & Recreation) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

DIS	Disney	$205.4B	−1.45%
DKNG	DraftKings	$11.5B	+1.77%
MSGK	MSG Knickerbockers	$7.8B	−2.35%
MTN	Vail Resorts	$5.7B	−1.58%
MSGE	Madison Square Garden Entertainment	$3.8B	−4.23%
RSI	Rush Street Interactive	$2.9B	−3.64%
BRSL	Brightstar Lottery	$1.9B	−0.99%
GENI	Genius Sports	$1.8B	−15.55%