<p>eBay（EBAY）正在通过将其 eBay Live 平台扩展到艺术与古董、健康与美容等新类别，进一步迈出直播电商的步伐。这一举措旨在提升参与度，因为收藏品领域仍然是销售增长的支柱。</p>
<p>查看我们对 eBay 的最新分析。</p>
<p>在收藏品领域表现强劲以及直播电商的新举措之后，eBay 的股价动能明显向好，今年迄今上涨了 47.76%，过去十二个月的总回报率为 43.93%。尽管短期内出现了如运输故障等小波动，但长期股东在短短三年内获得了 154.13% 的总回报，这在更广泛的零售科技领域中显得尤为突出。</p>
<p>如果扩展类别和稳健回报引起了你的兴趣，现在可能是发现高内部持股的快速增长股票的好时机。</p>
<p>然而，考虑到如此显著的近期涨幅和对平台创新的乐观情绪，eBay 的估值对于新投资者来说是否仍然具有吸引力？还是市场已经将公司的未来前景和盈利潜力定价在内了？</p>
<h2>最受欢迎的叙述：高估 3%</h2>
<p>根据最受关注的叙述，eBay 最近的收盘价为 92.01 美元，略高于许多人认为的其真实公允价值。推动这一数字的故事结合了持续的类别增长和 eBay 收入基础的预期演变。</p>
<blockquote>
<p><em>移动访问的扩展和创新的应用体验，包括新的 AI 驱动的列表工具、个性化沟通、简化的 C2C 管理运输以及 eBay Live 社交购物，正在推动卖家和买家的更高参与度。这可能会提升活跃用户增长、列表数量，并最终推动收入增长。对高价值类别的垂直化投资，以及对认证、大宗销售和 Klarna 等支付合作伙伴等增值服务的扩展，正在提高成交率和平均售价。这些因素支持了收入扩张和利润改善。</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>想知道哪些数字推动了这只股票的估值超过其公允价值吗？提示：这不仅仅与收入有关。深入挖掘，你会发现大胆的利润预测和关于用户基础动能的假设，这可能会影响结果。想知道哪些财务杠杆对这一叙述最为重要？点击查看并解读推动这一目标价的数学。</p>
<p><strong>结果：公允价值为 89 美元（高估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，核心类别以外的增长放缓或来自新兴移动优先平台的竞争加剧，可能会挑战 eBay 当前的盈利和销售轨迹。</p>
<p>了解这一 eBay 叙述的关键风险。</p>
<h2>另一种观点：折现现金流讲述了不同的故事</h2>
<p>虽然分析师的目标价略微将 eBay 的价值压低于其当前股价，但 SWS DCF 模型提供了不同的视角。根据这一深入的现金流分析，eBay 的交易价格实际上远低于其公允价值，暗示可能的上行空间是标准盈利倍数无法捕捉到的。你认为哪种估值视角更具说服力？接下来可能会缩小差距的是什么？</p>
<p>了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/49564d7c-274f-452b-8679-0ec89f77ad9a/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/49564d7c-274f-452b-8679-0ec89f77ad9a/chart/dcf"/></p>
<p>截至 2025 年 10 月的 EBAY 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 eBay）。我们展示了完整的计算过程。你可以在你的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现基于现金流的被低估股票。如果你保存了筛选器，我们甚至会在新公司匹配时提醒你——这样你就不会错过潜在机会。</p>
<h2>构建你自己的 eBay 叙述</h2>
<p>如果你有不同的看法或想自己分析数字，构建你自己的案例只需几分钟。按照你的方式进行。</p>
<p>你进行 eBay 研究的一个很好的起点是我们的分析，突出显示了可能影响你投资决策的两个关键奖励和两个重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>不要仅限于一个机会。通过强大的筛选工具拓宽你的投资视角，发现其他人可能忽视的趋势和优质股票。这些量身定制的工具可能会帮助你抓住下一个重大胜利。</p>
<ul>
<li>通过研究这 18 只收益率超过 3% 的股息股票，解锁稳定的收入来源，这些股票具有可靠的收益和维持它们的财务实力。</li>
<li>通过查看这 24 只 AI 概念股，进入前沿领域，人工智能正在塑造明天的市场领导者。</li>
<li>通过这 79 只加密货币和区块链股票，拥抱金融创新，这些公司正在改变数字交易并构建区块链的未来。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

EBAY

<p>eBay（EBAY）正在扩展其 eBay Live 平台，新增艺术与古董、健康与美容等类别，旨在在收藏品销售强劲增长的背景下提升用户参与度。该股票年初至今上涨了 47.76%，过去一年总回报为 43.93%。分析师认为 eBay 的当前股价 92.01 美元略显高估，合理价值为 89 美元，而折现现金流分析则表明其可能被低估。文章讨论了投资者在考虑 eBay 未来前景时可能面临的风险和机会</p>

<p>eBay (EBAY) is taking another step in livestream commerce by expanding its eBay Live platform to include new categories such as Art and Antiques and Health and Beauty. The move seeks to boost engagement as the collectibles segment continues to anchor sales growth.</p>
<div class="lb-trans"><p>eBay（EBAY）正在通过将其 eBay Live 平台扩展到艺术与古董、健康与美容等新类别，进一步迈出直播电商的步伐。这一举措旨在提升参与度，因为收藏品领域仍然是销售增长的支柱。</p>
</div><p>See our latest analysis for eBay.</p>
<div class="lb-trans"><p>查看我们对 eBay 的最新分析。</p>
</div><p>After a strong run in collectibles and fresh moves in livestream commerce, eBay’s share price momentum is firmly positive, up 47.76% for the year-to-date and notching a 43.93% total return over the past twelve months. While short-term bumps like shipping glitches have popped up, long-term shareholders have seen 154.13% total returns in just three years, which stands out in the broader retail tech space.</p>
<div class="lb-trans"><p>在收藏品领域表现强劲以及直播电商的新举措之后，eBay 的股价动能明显向好，今年迄今上涨了 47.76%，过去十二个月的总回报率为 43.93%。尽管短期内出现了如运输故障等小波动，但长期股东在短短三年内获得了 154.13% 的总回报，这在更广泛的零售科技领域中显得尤为突出。</p>
</div><p>If expanding categories and resilient returns pique your interest, it could be a great time to discover fast growing stocks with high insider ownership</p>
<div class="lb-trans"><p>如果扩展类别和稳健回报引起了你的兴趣，现在可能是发现高内部持股的快速增长股票的好时机。</p>
</div><p>Yet with such substantial recent gains and optimism around platform innovation, is eBay’s valuation still compelling for new investors? Or has the market already priced in the company’s future prospects and profit potential?</p>
<div class="lb-trans"><p>然而，考虑到如此显著的近期涨幅和对平台创新的乐观情绪，eBay 的估值对于新投资者来说是否仍然具有吸引力？还是市场已经将公司的未来前景和盈利潜力定价在内了？</p>
</div><h2>Most Popular Narrative: 3% Overvalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：高估 3%</h2>
</div><p>According to the most closely watched narrative, eBay’s last close at $92.01 stands slightly above what many believe to be its true fair value. The story driving this number blends ongoing category growth and the expected evolution of eBay’s revenue base.</p>
<div class="lb-trans"><p>根据最受关注的叙述，eBay 最近的收盘价为 92.01 美元，略高于许多人认为的其真实公允价值。推动这一数字的故事结合了持续的类别增长和 eBay 收入基础的预期演变。</p>
</div><blockquote>
<p><em>Expansion of mobile access and innovative app experiences, including new AI-powered listing tools, personalized communications, streamlined C2C managed shipping, and eBay Live social shopping, are driving higher seller and buyer engagement. This is likely to lift active user growth, listing volume, and ultimately top-line revenue. Investment in verticalization for high-value categories, along with scaling value-added services such as authentication, bulk selling, and payments partnerships like Klarna, is increasing take rates and average selling prices. These factors are supporting revenue expansion and margin improvement.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>移动访问的扩展和创新的应用体验，包括新的 AI 驱动的列表工具、个性化沟通、简化的 C2C 管理运输以及 eBay Live 社交购物，正在推动卖家和买家的更高参与度。这可能会提升活跃用户增长、列表数量，并最终推动收入增长。对高价值类别的垂直化投资，以及对认证、大宗销售和 Klarna 等支付合作伙伴等增值服务的扩展，正在提高成交率和平均售价。这些因素支持了收入扩张和利润改善。</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Want to know which numbers are pushing this stock above its fair value? Hint: it’s not just about revenues. Dig deeper, and you’ll find bold margin projections and assumptions about user base momentum that could make or break the outcome. Curious which financial levers matter most to this narrative? Click through and unpack the math powering this price target.</p>
<div class="lb-trans"><p>想知道哪些数字推动了这只股票的估值超过其公允价值吗？提示：这不仅仅与收入有关。深入挖掘，你会发现大胆的利润预测和关于用户基础动能的假设，这可能会影响结果。想知道哪些财务杠杆对这一叙述最为重要？点击查看并解读推动这一目标价的数学。</p>
</div><p><strong>Result: Fair Value of $89 (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 89 美元（高估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, slowing growth outside core categories or intensifying competition from newer, mobile-first platforms could challenge eBay's current earnings and sales trajectory.</p>
<div class="lb-trans"><p>然而，核心类别以外的增长放缓或来自新兴移动优先平台的竞争加剧，可能会挑战 eBay 当前的盈利和销售轨迹。</p>
</div><p>Find out about the key risks to this eBay narrative.</p>
<div class="lb-trans"><p>了解这一 eBay 叙述的关键风险。</p>
</div><h2>Another View: Discounted Cash Flow Tells a Different Story</h2>
<div class="lb-trans"><h2>另一种观点：折现现金流讲述了不同的故事</h2>
</div><p>While analyst price targets nudge eBay’s value slightly below its current share price, the SWS DCF model presents a different perspective. According to this in-depth cash flow analysis, eBay actually trades well beneath its fair value, hinting at possible upside that standard earnings multiples might not capture. Which valuation lens do you find more convincing? What could close the gap next?</p>
<div class="lb-trans"><p>虽然分析师的目标价略微将 eBay 的价值压低于其当前股价，但 SWS DCF 模型提供了不同的视角。根据这一深入的现金流分析，eBay 的交易价格实际上远低于其公允价值，暗示可能的上行空间是标准盈利倍数无法捕捉到的。你认为哪种估值视角更具说服力？接下来可能会缩小差距的是什么？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/49564d7c-274f-452b-8679-0ec89f77ad9a/chart/dcf" alt="" original-src="https://images.simplywall.st/company/49564d7c-274f-452b-8679-0ec89f77ad9a/chart/dcf"/></p>
<p>EBAY Discounted Cash Flow as at Oct 2025</p>
<div class="lb-trans"><p>截至 2025 年 10 月的 EBAY 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out eBay for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 eBay）。我们展示了完整的计算过程。你可以在你的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现基于现金流的被低估股票。如果你保存了筛选器，我们甚至会在新公司匹配时提醒你——这样你就不会错过潜在机会。</p>
</div><h2>Build Your Own eBay Narrative</h2>
<div class="lb-trans"><h2>构建你自己的 eBay 叙述</h2>
</div><p>If you see things differently or want to dissect the numbers yourself, it only takes a few minutes to build your own case, your way. Do it your way</p>
<div class="lb-trans"><p>如果你有不同的看法或想自己分析数字，构建你自己的案例只需几分钟。按照你的方式进行。</p>
</div><p>A great starting point for your eBay research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>你进行 eBay 研究的一个很好的起点是我们的分析，突出显示了可能影响你投资决策的两个关键奖励和两个重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Don't limit yourself to just one opportunity. Broaden your investment perspective with powerful screeners designed for smart investors. Uncover trends and quality stocks that others might overlook. These tailored tools could help you seize your next big win.</p>
<div class="lb-trans"><p>不要仅限于一个机会。通过强大的筛选工具拓宽你的投资视角，发现其他人可能忽视的趋势和优质股票。这些量身定制的工具可能会帮助你抓住下一个重大胜利。</p>
</div><ul>
<li>Unlock steady income streams by researching these 18 dividend stocks with yields &gt; 3% with reliable yields and the financial strength to sustain them.</li>
<li>Tap into the cutting edge by checking out these 24 AI penny stocks, where artificial intelligence is shaping tomorrow’s market leaders.</li>
<li>Embrace innovation in finance through these 79 cryptocurrency and blockchain stocks, featuring companies transforming digital transactions and building the future of blockchain.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过研究这 18 只收益率超过 3% 的股息股票，解锁稳定的收入来源，这些股票具有可靠的收益和维持它们的财务实力。</li>
<li>通过查看这 24 只 AI 概念股，进入前沿领域，人工智能正在塑造明天的市场领导者。</li>
<li>通过这 79 只加密货币和区块链股票，拥抱金融创新，这些公司正在改变数字交易并构建区块链的未来。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

eBay (EBAY) 扩展直播购物——平台的创新是否能证明其当前估值的合理性？