StubHub Holdings

STUB

Software - Application · Technology

Price

$9.25

-0.38 (-3.95%)

Market Cap

$3.24B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+5.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 329.1M (2021) → 346.1M (2025)

StubHub is an online marketplace where people buy and sell tickets to live events like concerts, sports games, and theater shows. It connects fans who want tickets with sellers who already have them, acting as a middleman for the secondary ticket market. StubHub is one of the largest ticket resale platforms in the world and competes directly with Ticketmaster's resale business and smaller rivals like SeatGeek.

The company makes money by charging fees to both buyers and sellers on each ticket transaction, keeping a percentage of every sale. StubHub operates primarily in the United States but also has a presence in international markets across Europe and beyond. Its brand recognition and large inventory of listings give it a network effect — more sellers attract more buyers, and vice versa — but the company is currently spending heavily and losing money at the operating level, meaning its biggest challenge is reaching profitability while fending off well-funded competitors.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+192.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

27.8%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$1.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

StubHub Holdings is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

83.5%

Premium pricing power — 83.5% gross margin

Operating Margin

9.1%

Modest — 9.1% operating margin

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-0.8%

Shrinking sales (-0.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

18.0%

Converts sales into free cash efficiently (18.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.74

Moderate — manageable debt (0.74)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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