eBay (EBAY) concentration risks

The company's disclosed concentration profile is defined by a single large-share geographic exposure on the revenue side. In 2025, approximately 51 percent of gross merchandise volume was generated outside the United States, a large-share structural exposure. The majority GMV share from international markets reflects the company's longstanding global marketplace position rather than a recent concentration shift, and the structural character indicates this is a deliberate feature of the business model rather than a reliance on any specific foreign customer or counterparty. Because the international exposure is diffuse across multiple countries and buyer categories rather than tied to any named geography or single-market dependency, the primary transmission mechanisms for risk are currency translation and cross-border trade policy. Foreign exchange movements affect the reported dollar value of non-U.S. GMV and the revenue recognized from international seller fees, while trade regulations in key markets can affect buyer behavior and seller participation. No customer, product, or supplier concentrations are separately disclosed at a level that rises above this geographic exposure. The absence of named-customer or named-geography concentrations at a disclosure-threshold level suggests the buyer and seller base is broadly distributed across markets. On balance, the large-share international revenue mix is the dominant concentration watchpoint, and it is well-understood as a structural feature of the global marketplace model rather than an idiosyncratic risk. Currency trends in the company's largest non-U.S. markets are the most direct variables to monitor.

For the engine’s reasoning on EBAY’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.

Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.