Stubhub Holdings Inc
STUBBuild a strategy around STUB
Stubhub Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 2.7B is 159% of common equity - tangible book value is negative 1.9B, creating material impairment risk[Goodwill]
- Operating loss of 1.2B TTM (-68% margin) on 1.8B revenue - burning 148% of gross profit on operating expenses[Operating Income TTM]
- 80% gross margin TTM vs 65% industry median masks unsustainable cost structure - OpEx is 2.7B on 1.8B revenue[Gross Margin TTM]
Watch Triggers
- Operating Expense TTM: Falls below 1.5B (from 2.7B) — Would signal credible path to breakeven at current revenue levels
- Cash and Equivalents: Falls below 800M — Would indicate less than 12 months runway at current burn rate
- Total Revenue TTM: Exceeds 2.5B with stable OpEx — Operating leverage could flip margins positive rapidly given 80% gross margin
Bull Case
80% gross margin TTM demonstrates pricing power - if OpEx rationalizes to 60% of revenue, operating margin could reach 20%
1.4B cash with only 260M net debt provides 2+ years runway to restructure operations without dilution
Bear Case
Negative tangible book (-1.9B) and 1.3B annual losses mean equity could be wiped out in 12-18 months without turnaround
ROIC of -32% TTM destroys shareholder value - 3.3B invested capital generating 1.2B operating losses annually
Bull vs Bear Balance
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Forward Thesis
Path to profitability requires 60%+ OpEx reduction or 3x revenue growth - neither appears imminent
- OpEx of 2.7B TTM exceeds total revenue of 1.8B
- Interest expense of 167M adds to cash burn
- Recent 750M debt paydown reduces flexibility
Valuation Context
Caveats
STUB Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$3.65B | — | ||
$3.62B | — | ||
0.00 | — | ||
$1.79B | -0.8% | — | |
$-5.18 | — | ||
-75.0% | -84.2% | — | |
-102% | -101.9% | — | |
$297.65M | +101.8% | — | |
-150% | -148.9% | — | |
Beta 5Y (Monthly) | unknown | — |
STUB Dividend History
STUB Stock Splits
STUB SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/14/26 | 03/31/26 | 10-Q | |
03/05/26 | 12/31/25 | Unknown | |
11/14/25 | 09/30/25 | 10-Q | |
09/08/25 | 06/30/25 | S-1/A | |
09/17/25 | 06/30/25 | 424B4 | |
08/11/25 | 03/31/25 | S-1/A | |
09/17/25 | 12/31/24 | 424B4 | |
11/14/25 | 09/30/24 | 10-Q | |
08/22/24 | 06/30/24 | DRS/A | |
06/24/24 | 03/31/24 | DRS/A | |
08/22/24 | 06/30/23 | DRS/A | |
06/24/24 | 03/31/23 | DRS/A |