eBay posted full-year revenue of $11.1B, up 7.9% year-over-year, with gross margins of 71.5% and net margins of 18.3%, generating $4.34 in diluted EPS. The growth rate is respectable for a mature marketplace but not the kind of re-acceleration that typically drives large multiple re-ratings; the Q1 2026 call transcript signals management is narrating a steady-state story rather than a breakout.

The setup hinges on whether eBay's valuation already reflects this steady compounding or if the market is underpricing its cash generation and margin resilience. Key items to watch include management's GMV trajectory commentary, buyer/seller engagement trends, and any update on the focus categories strategy that has been central to the turnaround thesis.