# StubHub Holdings (STUB.US)

Canonical: https://gigainvestors.com/s/STUB

Analysis as of: 2026-10-16T07:32:09.266Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $5.76 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 6

- Operating margin variation: 2.21×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.10×

- FY2020: -14.84×

- FY2021: -0.57×

- FY2022: -0.21×

- FY2023: 0.19×

- FY2024: 0.08×

- FY2025: -0.73×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -29.3%

- ROIC, second-lowest year: -66.5%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 81.1%

- Recent gross margin (lower of latest and 3-year median): 80.5%

- Years with nonpositive capital: 4

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: -10.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -30.4%

- FY2020: -66.5%

- FY2021: -84.2%

- FY2022: -5.9%

- FY2023: 75.7%

- FY2024: 2.8%

- FY2025: -29.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$2.0B

- Net income, five-year total: -$2.4B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 3.1 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$410M

- FY2022: -$178M

- FY2023: $423M

- FY2024: $15M

- FY2025: -$1.9B

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -66.5% vs 2.8%

- Per-share earnings: -1.91 to -0.01 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -2.8%

- Diluted shares, 5-year annual growth: -2.8%

- Per-share value change: $1.91

- Per-share value, starting three-year median: -$1.91

- Per-share value, ending three-year median: -$0.01

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -66.5%

- ROIC, last three-year median: 2.8%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.17

- FY2020: -$2.48

- FY2021: -$1.91

- FY2022: -$0.79

- FY2023: $1.32

- FY2024: -$0.01

- FY2025: -$5.97

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -41.5%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 751.8%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.85×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 25.5%

- FY2020: -13.6%

- FY2021: -11.2%

- FY2022: -4.9%

- FY2023: 2.0%

- FY2024: -5.2%

- FY2025: -41.5%

## Holders

- [David Einhorn](https://gigainvestors.com/GLRE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 70% since Oct 2025 · "Discovery (WBD), and StubHub (STUB) shares plunging after withholding its fourth quarter guidance." (finance.yahoo.com, Nov 2025) · sales -1.4%

Story as of 2026-10-16T09:59:38.412Z; price observation 2026-10-15.

- 2025-11-14: WBD amends CEO Zaslav's contract, StubHub withholds Q4 guidance ([finance.yahoo.com](https://finance.yahoo.com/video/wbd-amends-ceo-zaslavs-contract-154701271.html))

- 2026-05-14: StubHub shares pop on Q1 beat, reaffirmed full-year guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/stubhub-shares-pop-q1-beat-155700001.html))

### Sales · FY2024–2025

sales -1.4%; source https://www.sec.gov/Archives/edgar/data/1337634/000162828026014844/stub-20251231.htm; observed 2026-03-05.

- FY2019: $212M 

- FY2020: $36M 

- FY2021: $673M 

- FY2022: $1.0B 

- FY2023: $1.4B 

- FY2024: $1.8B 

- FY2025: $1.7B 

### Gross margin · FY2025

gross margin 80.5%; source https://www.sec.gov/Archives/edgar/data/1337634/000162828026014844/stub-20251231.htm; observed 2026-03-05.

- FY2019: 77.5% 

- FY2021: 86.8% 

- FY2022: 82.1% 

- FY2023: 83.0% 

- FY2024: 81.1% 

- FY2025: 80.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet content & information; annual sales are USD 1.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1337634/000162828026014844/stub-20251231.htm (filed 2026-03-05); FY2025: revenue 1745188000; grossProfit 1405600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); STUB.US: StubHub Holdings, Inc. operates ticketing marketplace for live event tickets worldwide. It buys and sells tickets to live events and experiences through websites and mobile applications under the StubHub and viagogo brand names. The company was formerly known as Pugnacious Endeavors, Inc. and changed its name to StubHub Holdings, Inc. in September 2021. StubHub Holdings, Inc. was founded in 2000 and is based in New York, New York.

### Why customers stay

Margins ranged from 80.5% to 83% during 2023–25; it lost 29.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 83%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 81.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1337634/000162828026014844/stub-20251231.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 80.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 7-year return on capital observations [[2019,-0.30352841037399897],[2020,-0.6646199127201684],[2021,-0.8416162356094596],[2022,-0.058667376430115284],[2023,0.7568486804746107],[2024,0.027937442852290623],[2025,-0.29339348286769135]]; median -0.29339348286769135. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 7 years; bought back USD 1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: growth capex 0; upkeep 5437000; owner earnings 422517000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: growth capex 0; upkeep 6377000; owner earnings 15355000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2019,5190000],[2020,133000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1337634/000162828026014844/stub-20251231.htm (filed 2026-03-05); FY2025: cash repurchases 1004999 USD.

### Are managers owners

Insiders own 3.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); STUB.US SharesStats.PercentInsiders = 3.911 percentage points; cache date 2026-10-15.

### What the price says

The price is 1.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Closing price 5.76 USD; reporting-to-trading FX 1; FY2025 annual sales per share 5.466805961539641; price multiple 1.0536316892392108. FY2025 cash earnings/share -5.89450220512991. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2025-09: $16.84 per share

- 2025-10: $19.15 per share

- 2025-11: $11.73 per share

- 2025-12: $13.53 per share

- 2026-01: $14.12 per share

- 2026-02: $9.57 per share

- 2026-03: $6.24 per share

- 2026-04: $7.29 per share

- 2026-05: $9.86 per share

- 2026-06: $12.87 per share

- 2026-07: $8.44 per share

- 2026-08: $6.38 per share

- 2026-09: $5.58 per share

- 2026-10: $5.76 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1337634/000162828026014844/stub-20251231.htm); period 2025-12-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Einhorn](https://gigainvestors.com/GLRE): 4,233,200 STUB shares; USD 54,481,000 reported position value; 1.39% of portfolio; hold; quarter 2026 Q2.

# STUB — Stubhub Holdings Inc Class A

Held by 1 investor · USD 54,481,000 total · 2026 Q2 · reported price USD 12.87 (split-adjusted).
Page: https://gigainvestors.com/s/STUB

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Einhorn (https://gigainvestors.com/GLRE) | USD 54,481,000 | 1.4% | hold |

## Total held by quarter

- 2025 Q3: USD 34,367,341 · 1 holder · USD 6.24
- 2025 Q4: USD 0 · 0 holders
- 2026 Q1: USD 26,415,168 · 1 holder · USD 6.24
- 2026 Q2: USD 54,481,000 · 1 holder · USD 12.87