Latest Ratios: P/E Ratio 26.4x · EV/EBITDA 9.6x · ROE 48.4%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.7B | $37.4B | $25.7B | $22.8B | $14.2B | $27.1B | $18.7B | $16.2B | $17.2B | $18.7B | $17.5B |
| Enterprise Value | $29.4B | $37.1B | $28.0B | $25.1B | $16.6B | $31.8B | $24.1B | $18.4B | $18.5B | $20.1B | $18.9B |
| P/E Ratio → | 26.41 | 28.88 | 20.82 | 28.59 | 40.18 | — | — | 28.68 | 42.35 | 49.49 | 62.24 |
| P/S Ratio | 2.01 | 2.54 | 1.88 | 1.78 | 1.21 | 3.15 | 3.60 | 1.34 | 1.53 | 1.86 | 2.00 |
| P/B Ratio | 13.42 | 14.68 | 9.18 | 8.18 | 3.80 | 7.62 | 4.65 | 2.93 | 3.03 | 3.05 | 3.07 |
| P/FCF | 9.54 | 12.02 | 11.03 | 12.37 | 5.10 | 8.80 | — | 10.09 | 15.70 | 17.20 | 21.48 |
| P/OCF | 7.64 | 9.63 | 8.33 | 8.48 | 4.12 | 7.22 | — | 5.86 | 8.72 | 10.41 | 11.19 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.52 | 2.05 | 1.96 | 1.42 | 3.69 | 4.63 | 1.52 | 1.65 | 2.00 | 2.15 |
| EV / EBITDA | 9.62 | 12.16 | 13.00 | 13.67 | 8.86 | 31.76 | — | 10.13 | 11.06 | 13.29 | 15.02 |
| EV / EBIT | 13.57 | 19.62 | 15.69 | 19.91 | 20.40 | 101.47 | — | 19.37 | 27.40 | 33.64 | 41.95 |
| EV / FCF | — | 11.92 | 12.04 | 13.64 | 5.98 | 10.33 | — | 11.43 | 16.86 | 18.49 | 23.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.1% | 90.1% | 89.5% | 87.7% | 85.8% | 82.3% | 67.7% | 82.9% | 82.5% | 82.5% | 81.8% |
| Operating Margin | 14.7% | 14.7% | 9.6% | 8.0% | 9.3% | 2.2% | -29.4% | 7.5% | 6.4% | 6.2% | 5.3% |
| Net Profit Margin | 8.8% | 8.8% | 9.0% | 6.2% | 3.0% | 0.1% | -50.2% | 4.7% | 3.6% | 3.8% | 3.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 48.4% | 48.4% | 44.2% | 24.5% | 9.7% | 0.3% | -54.6% | 10.1% | 6.9% | 6.4% | 5.0% |
| ROA | 5.5% | 5.5% | 5.6% | 3.7% | 1.6% | 0.1% | -13.0% | 2.9% | 2.2% | 2.2% | 1.8% |
| ROIC | 43.9% | 43.9% | 19.3% | 13.7% | 11.3% | 1.6% | -13.4% | 9.2% | 7.4% | 6.4% | 4.9% |
| ROCE | 26.1% | 26.1% | 14.2% | 10.0% | 9.5% | 1.5% | -12.7% | 8.7% | 6.9% | 6.2% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.62 | 2.62 | 2.33 | 2.36 | 1.76 | 2.48 | 2.17 | 0.99 | 0.65 | 0.69 | 0.55 |
| Debt / EBITDA | 2.19 | 2.19 | 3.03 | 3.57 | 3.49 | 8.81 | — | 3.02 | 2.22 | 2.81 | 2.52 |
| Net Debt / Equity | — | -0.12 | 0.84 | 0.84 | 0.66 | 1.32 | 1.33 | 0.39 | 0.22 | 0.23 | 0.24 |
| Net Debt / EBITDA | -0.10 | -0.10 | 1.09 | 1.27 | 1.31 | 4.70 | — | 1.19 | 0.76 | 0.93 | 1.08 |
| Debt / FCF | — | -0.10 | 1.01 | 1.27 | 0.88 | 1.53 | — | 1.34 | 1.16 | 1.29 | 1.67 |
| Interest Coverage | 6.32 | 6.32 | 7.27 | 5.16 | 2.94 | 0.89 | -7.75 | 5.48 | 3.55 | 3.29 | 2.60 |
Net cash position: cash ($7.0B) exceeds total debt ($6.7B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.73 | 0.73 | 0.72 | 0.78 | 0.82 | 0.87 | 1.04 | 0.72 | 0.64 | 0.70 | 0.56 |
| Quick Ratio | 0.73 | 0.73 | 0.72 | 0.78 | 0.82 | 0.87 | 1.04 | 0.72 | 0.64 | 0.70 | 0.56 |
| Cash Ratio | 0.44 | 0.44 | 0.33 | 0.36 | 0.38 | 0.46 | 0.63 | 0.36 | 0.31 | 0.42 | 0.31 |
| Asset Turnover | — | 0.60 | 0.61 | 0.59 | 0.54 | 0.40 | 0.28 | 0.56 | 0.62 | 0.54 | 0.56 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 104.15 | 86.70 | 80.54 | 66.26 | 57.27 | 57.64 | 78.46 | 70.74 | 68.45 | 56.69 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.5% | — | — | — | 0.2% | 0.3% | 1.2% | 1.1% | 0.9% | 0.9% |
| Payout Ratio | 15.5% | 15.5% | — | — | — | 558.3% | — | 34.5% | 45.8% | 46.5% | 53.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 3.5% | 4.8% | 3.5% | 2.5% | — | — | 3.5% | 2.4% | 2.0% | 1.6% |
| FCF Yield | 10.5% | 8.3% | 9.1% | 8.1% | 19.6% | 11.4% | — | 9.9% | 6.4% | 5.8% | 4.7% |
| Buyback Yield | 6.5% | 5.2% | 7.2% | 9.4% | 4.3% | 0.6% | 2.3% | 4.6% | 5.4% | 1.7% | 2.6% |
| Total Shareholder Yield | 7.1% | 5.7% | 7.2% | 9.4% | 4.3% | 0.9% | 2.5% | 5.8% | 6.4% | 2.6% | 3.5% |
| Shares Outstanding | — | $132M | $138M | $150M | $162M | $150M | $141M | $150M | $153M | $156M | $155M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying EXPE stock.
Expedia Group, Inc.'s current P/E ratio is 26.4x. The historical average is 28.0x. This places it at the 44th percentile of its historical range.
Expedia Group, Inc.'s current EV/EBITDA is 9.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
Expedia Group, Inc.'s return on equity (ROE) is 48.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 6.5%.
Based on historical data, Expedia Group, Inc. is trading at a P/E of 26.4x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Expedia Group, Inc.'s current dividend yield is 0.59% with a payout ratio of 15.5%.
Expedia Group, Inc. has 90.1% gross margin and 14.7% operating margin. Operating margin between 10-20% is typical for established companies.
Expedia Group, Inc.'s Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
High leverage and EPS volatility
Metrics are mathematically derived from official filings.
Margin Expansion Masks Earnings Volatility
Q2 2026 operating margin hit 23.9%, the highest in the observed period, up from 14.0% a year earlier, according to the income statement, suggesting strong operating leverage despite the reported EPS miss.
The gross margin of 90.7% in Q2 2026 reflects a favorable mix shift toward higher-margin B2B and loyalty-driven bookings, as reported in the income statement. However, the reported EPS of $5.76 versus consensus of $8.44 indicates that below-the-line items, such as the $217M stock-based compensation charge, may be distorting net profitability. Investors should monitor whether the operating margin expansion is sustainable or if it is partly driven by one-off cost controls.
ROIC Volatility Signals Execution Risk
ROIC swung from -2.0% in Q1 2024 to 41.5% in Q3 2025, then fell to 6.8% in Q2 2026, based on reported figures, indicating high sensitivity to seasonal and one-off factors.
The extreme quarterly swings in ROIC, from -2.0% to 41.5%, suggest that the company's return on invested capital is not yet stable, likely due to the ongoing tech consolidation and heavy marketing spend. The Q2 2026 ROIC of 6.8% is well below the 41.5% peak in Q3 2025, which may indicate that the capital base is expanding faster than operating income, or that the quarter included significant non-recurring charges. This volatility warrants close monitoring to determine whether the company is truly compounding returns or merely experiencing seasonal spikes.
Working Capital Leverage Distorts Cash Flow
DSO rose to 116 days in Q2 2026 from 91 days in Q3 2025, while DPO remained elevated at 803 days, as per the balance sheet, indicating significant supplier leverage but also potential collection delays.
The cash conversion cycle is not calculable due to missing DIO data, but the reported DSO of 116 days and DPO of 803 days suggest that EXPE is using its suppliers as a significant source of financing. The increase in DSO from 91 to 116 days over the past year may indicate slower collections from B2B partners, which could pressure working capital. However, the extremely high DPO, likely reflecting deferred merchant payables, provides a substantial float that supports liquidity. Investors should monitor whether the DSO trend is a sign of deteriorating receivables quality or simply a seasonal artifact.
Debt Service Comfortable but Equity Cushion Thin
Interest coverage improved to 21.62x in Q2 2026 from 8.29x a year earlier, according to the balance sheet, but D/E remains high at 2.30 with equity of only $1.2B.
The sharp improvement in interest coverage from 8.29x to 21.62x indicates that operating income is more than sufficient to service debt, based on reported figures. However, the D/E ratio of 2.30 and the thin equity base of $1.2B suggest that the balance sheet is highly leveraged, and any sustained downturn could erode the equity cushion. The company's ability to refinance at favorable terms appears adequate given the coverage, but the negative equity history and high leverage warrant caution.
Liquidity Strained Despite Cash Buffer
Current ratio fell to 0.80 in Q2 2026, down from 0.79 a year earlier, with cash of $6.7B, as per the balance sheet, indicating a tight short-term liquidity position.
A current ratio below 1.0 suggests that current liabilities exceed current assets, which is typical for OTAs due to large deferred merchant payables, but it still indicates a strained liquidity position. The company holds $6.7B in cash, which provides a buffer, but the reliance on short-term liabilities to fund operations could be vulnerable to a sudden tightening in credit markets. The increase in deferred revenue to $15.6B from $8.7B in 2024Q4 indicates strong forward bookings, which may provide some comfort, but the liquidity metrics remain a concern.
Misapplied Metric: EV/EBITDA
EV/EBITDA of 12.22x appears reasonable, but it fails to capture EXPE's heavy working capital swings and stock-based compensation, which can distort true cash earnings, as per the cash flow statement.
The EV/EBITDA multiple is commonly used for OTAs, but for EXPE it can be misleading because EBITDA does not account for the significant stock-based compensation ($217M in Q2 2026) or the large swings in working capital that drive cash flow. A more appropriate metric would be EV/EBITDAR or EV/Adjusted FCF, which adjusts for these items and provides a clearer picture of the company's cash-generating ability. Investors should also consider the seasonality of EXPE's cash flow, as quarterly FCF margins range from -27.6% to 109.4%, making a single multiple less meaningful without context.