Run the Numbers
Stubhub IPO: S1 Breakdown
Apr 5, 2025
Dive into the intriguing world of StubHub's upcoming IPO! Discover their unique business model and the key metrics that highlight their market potential. Explore 12 critical themes and uncover 3 potential red flags that investors should be aware of. The conversation also weighs the bull and bear cases for StubHub, providing a balanced view of its prospects in the competitive ticket resale market. It's an insightful analysis that sheds light on the challenges and opportunities that lie ahead for this marketplace giant.
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Quick takeaways
- StubHub's impressive financial performance, including a gross transaction volume of $8.68 billion, showcases its efficiency and market penetration.
- The company's strategic focus on expanding into primary ticketing emphasizes the substantial growth opportunity in the projected $726 billion live events market.
Deep dives
StubHub's Financial Performance and Growth
StubHub reported impressive financial metrics, including a gross transaction volume of $8.68 billion in 2024, reflecting a 27% year-over-year growth. Revenue reached $1.77 billion, growing at a faster rate of 29%, showcasing efficient management and market penetration. With a take rate of 20.4% and a gross margin of 69%, StubHub demonstrates its ability to bundle services appealingly while maintaining healthy profitability. The company's adjusted EBITDA of $299 million indicates robust operational efficiency despite a slight decline, showing that any margin compression is attributed to reinvestment strategies rather than inefficiencies.
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