BROS
Dutch Bros Inc.
BROS has the edge over EBAY overall, supported by stronger valuation and stronger modeled upside.
EBAY
eBay Inc.
EBAY's outlook is improving despite an expensive valuation.
BROS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
BROS's revenue, profitability, cash flow and balance sheet are all currently healthy.
EBAY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Stable |
EBAY's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
BROS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 31x | $33.71 | — |
| Current | 43x | $33.71 | — |
| Cheap | 88x | $68.51 | +103% |
| Fair | 162x | $126 | +275% |
| Expensive | 567x | $442 | +1213% |
Historical ranges are pointers, not guarantees.
BROS has the edge over EBAY in the historical PE scenario, which offers more potential upside but is not a forecast.
EBAY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $31.50 | -74% |
| Fair | 16x | $71.96 | -40% |
| Forward | 18x | $120 | — |
| Expensive | 22x | $99.04 | -18% |
| Current | 26x | $120 | — |
Historical ranges are pointers, not guarantees.
EBAY's PE is in its expensive range at 26x. If earnings grow as analysts expect, today's price would be 18x next year's earnings.
BROS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for BROS, with profitability holding steady. However, they disagree widely on these estimates.
EBAY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for EBAY, with profitability holding steady.
BROS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.10 | +41% |
| Q3 2026 | $0.78 | +56% |
| Q2 2026 | $0.72 | +53% |
| Q1 2026 | $0.64 | +64% |
| Q4 2025 | $0.64 | +88% |
| Q3 2025 | $0.50 | +72% |
| Q2 2025 | $0.47 | +88% |
| Q1 2025 | $0.39 | +117% |
| Q4 2024 | $0.34 | +1033% |
BROS has the edge over EBAY on earnings, with more consistent year-over-year improvement.
EBAY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.63 | +45% |
| Q3 2026 | $4.57 | +0.4% |
| Q2 2026 | $4.82 | +7.3% |
| Q1 2026 | $4.40 | +6% |
| Q4 2025 | $4.34 | +10% |
| Q3 2025 | $4.55 | +15% |
| Q2 2025 | $4.49 | -12% |
| Q1 2025 | $4.15 | -17% |
| Q4 2024 | $3.94 | -24% |
EBAY's earnings per share have fallen from their peak: $4.57 over the past year, against $20.25 in late 2021.
BROS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $549.8M | +30% |
| Q2 2026 | $550.9M | +32% |
| Q1 2026 | $464.4M | +31% |
| Q4 2025 | $443.6M | +29% |
| Q3 2025 | $423.6M | +25% |
| Q2 2025 | $415.8M | +28% |
| Q1 2025 | $355.2M | +29% |
| Q4 2024 | $342.8M | +35% |
BROS has the edge over EBAY on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.6% | -0.2 points |
| Q2 2026 | 13% | -0.4 points |
| Q1 2026 | 7.4% | -1.4 points |
| Q4 2025 | 7.7% | +3.1 points |
| Q3 2025 | 9.8% | +0.2 points |
| Q2 2025 | 13% | +3.2 points |
| Q1 2025 | 8.8% | -0.6 points |
| Q4 2024 | 4.6% | +3.7 points |
BROS's operating margin was 9.6% last quarter, about level with the same quarter a year ago.
EBAY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.2B | +14% |
| Q2 2026 | $3.1B | +15% |
| Q1 2026 | $3.1B | +19% |
| Q4 2025 | $3B | +15% |
| Q3 2025 | $2.8B | +9.5% |
| Q2 2025 | $2.7B | +6.1% |
| Q1 2025 | $2.6B | +1.1% |
| Q4 2024 | $2.6B | +0.7% |
EBAY's revenue has grown year over year for 15 quarters in a row: $3.2B last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | -1.2 points |
| Q2 2026 | 22% | +3.8 points |
| Q1 2026 | 20% | -4 points |
| Q4 2025 | 20% | -0.8 points |
| Q3 2025 | 20% | -2.7 points |
| Q2 2025 | 18% | -3.6 points |
| Q1 2025 | 24% | -0.9 points |
| Q4 2024 | 21% | +5.1 points |
EBAY has the edge over BROS on profitability, with a higher operating margin.
BROS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $14.8M | -22% |
| Q2 2026 | $39.9M | +12% |
| Q1 2026 | $27.7M | +$36.4M |
| Q4 2025 | $8.5M | -56% |
| Q3 2025 | $18.9M | -28% |
| Q2 2025 | $35.7M | +$40.6M |
| Q1 2025 | -$8.7M | +$7.6M |
| Q4 2024 | $19.5M | +$35.2M |
BROS generated $91M in free cash flow over the past year, up 39% from the year before.
EBAY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $749M | -6.7% |
| Q2 2026 | $300M | +$741M |
| Q1 2026 | $897M | +39% |
| Q4 2025 | $466M | -17% |
| Q3 2025 | $803M | +24% |
| Q2 2025 | -$441M | -259% |
| Q1 2025 | $644M | +36% |
| Q4 2024 | $560M | +$564M |
EBAY generated $2.4B in free cash flow over the past year, up 54% from the year before.
BROS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.5% | +3.4M shares |
| 1 year | +8.5% | +10.8M shares |
| 3 years | +141% | +80.8M shares |
| 5 years | +195% | +91.4M shares |
| Available history | +181% | +89.1M shares |
BROS has 138M diluted shares, up 8.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q4 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
EBAY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -2M shares |
| 1 year | -3% | -14M shares |
| 3 years | -15% | -79M shares |
| 5 years | -31% | -205M shares |
| Available history | -44% | -359M shares |
EBAY has the edge over BROS on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $664M |
| Q2 2026 | $323M |
| Q1 2026 | $486M |
| Q4 2025 | $635M |
| Q3 2025 | $626M |
| Q2 2025 | $624M |
| Q1 2025 | $615M |
| Q4 2024 | $911M |
EBAY spent $2.1B buying back its own shares over the past year, down 24% from the year before.
BROS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.0x | Very low |
| Q2 2026 | -0.2x | Net Cash |
| Q1 2026 | -0.2x | Net Cash |
| Q4 2025 | -0.3x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.2x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
BROS has the edge over EBAY on leverage, with a lower net debt burden relative to earnings.
EBAY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.9x | Healthy |
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.9x | Healthy |
EBAY's net debt is about 1.9 years of its operating earnings (EBITDA), up from 1.7 years a year ago.
BROS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.1 | Neutral |
| Stochastic | 8.2 | Oversold |
BROS's weekly RSI is 31 (neutral) and its Stochastic is 8 (oversold).
EBAY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.9 | Neutral |
| Stochastic | 80.0 | Overbought |
EBAY's weekly RSI is 62 (neutral) and its Stochastic is 80 (overbought).
BROS PE vs Consumer Cyclical Sector
| Metric | BROS | Sector median | Relative |
|---|---|---|---|
| PE | 43x | 18x | 140% above |
| PE % | 0 | 57 | 57 pts below |
BROS is trading at 43x earnings, a 140% premium to the Consumer Cyclical sector's median of 18x.
EBAY PE vs Consumer Cyclical Sector
| Metric | EBAY | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 18x | 46% above |
| PE % | 91 | 47 | 44 pts above |
EBAY has the edge over BROS on valuation relative to its sector.
BROS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $38.5 | 12% below |
| 20 week MA | $49.0 | 31% below |
| 50 week MA | $53.8 | 37% below |
| 100 week MA | $58.1 | 42% below |
| 200 week MA | $45.3 | 26% below |
BROS is in a downtrend: it's below all five of its weekly moving averages, and 26% below its 200-week average.
EBAY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $116.5 | 3.1% above |
| 20 week MA | $112.4 | 6.9% above |
| 50 week MA | $102.6 | 17% above |
| 100 week MA | $89.8 | 34% above |
| 200 week MA | $69.5 | 73% above |
EBAY has the edge over BROS on trend strength, trading above more of its moving averages.
BROS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $43.6 | $52.9 | +21% |
| 2022 | $52.9 | $30.1 | -43% |
| 2023 | $30.1 | $31.7 | +5.3% |
| 2024 | $31.7 | $53.4 | +68% |
| 2025 | $53.4 | $64.0 | +20% |
| 2026 YTD | $64.0 | $33.7 | -47% |
BROS is down 47% so far in 2026, after finishing higher in four of the previous five years.
EBAY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.1 | $50.1 | +39% |
| 2021 | $50.1 | $64.9 | +29% |
| 2022 | $64.9 | $40.2 | -38% |
| 2023 | $40.2 | $43.6 | +8.6% |
| 2024 | $43.6 | $62.8 | +44% |
| 2025 | $62.8 | $85.2 | +36% |
| 2026 YTD | $85.2 | $120.1 | +41% |
EBAY has the edge over BROS on returns for 2026, with the stronger performance.