Trip.com Group Limited (TCOM) 10-Year Financial Performance & Capital Metrics

TCOM • • Industrial / General

Consumer CyclicalTravel ServicesOnline Travel Agencies (OTAs)Regional OTAs

AboutTrip.com Group Limited, through its subsidiaries, operates as a travel service provider for accommodation reservation, transportation ticketing, packaged tours and in-destination, corporate travel management, and other travel-related services in China and internationally. The company acts as an agent for hotel-related transactions and selling air tickets, as well as provides train, long-distance bus, and ferry tickets; travel insurance products, such as flight delay, air accident, and baggage loss coverage; and air-ticket delivery, online check-in and seat selection, express security screening, real-time flight status tracker, and airport VIP lounge services. It also provides independent leisure travelers bundled packaged-tour products comprising group, semi-group, and customized and packaged tours with various transportation arrangements, including air, cruise, bus, and car rental services. In addition, the company offers integrated transportation and accommodation services; destination transportation and ticket, activity, insurance, visa, and tour guide services; user support, supplier management, and customer relationship management services; and in-destination products and services. Further, It provides its corporate clients with business visit, incentive trip, meeting and conference, travel data collection and analysis, and industry benchmarking solutions; and Corporate Travel Management System, an online platform that integrates information management, online booking and authorization, online inquiry, and travel reporting systems. Additionally, the company offers online advertising and financial services, such as marketing planning and travel media services. It operates under the Ctrip, Qunar, Trip.com, and Skyscanner brands. The company was formerly known as Ctrip.com International, Ltd. and changed its name to Trip.com Group Limited in October 2019. Trip.com Group Limited was founded in 1999 and is based in Singapore.Show more

Revenue $53.29B +19.7%
EBITDA $15.03B +23.8%
Net Income $17.07B +72.1%
EPS (Diluted) 24.78 +67.7%
Gross Margin 81.25% -0.6%
EBITDA Margin 28.19% +3.4%
Operating Margin 26.6% +4.6%
Net Margin 32.02% +43.7%
ROE 12.81% +52.4%
ROIC 8.11% +28.7%
Debt/Equity 0.28 -24.1%
Interest Coverage 8.17 +49.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 19.5%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 35.7% free cash flow margin
✓Trading at only 0.3x book value

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.92%

5Y8.36%

3Y38.59%

TTM17.45%

Profit (Net Income) CAGR

10Y53%

5Y19.47%

3Y-

TTM92.32%

EPS CAGR

10Y41.14%

5Y17.81%

3Y-

TTM87.91%

ROCE

10Y Avg2.3%

5Y Avg3.01%

3Y Avg5.74%

Latest8.99%

Peer Comparison

Regional OTAs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MMYTMakeMyTrip Limited	6.66B	74.32	89.54	25.02%	7.57%	8.18%	2.61%	0.20
TCOMTrip.com Group Limited	40.07B	61.30	2.47	19.73%	52.16%	18.34%	47.51%	0.28
TOURTuniu Corporation	74.08M	0.67	0.35	16.4%	5.56%	3.11%	100%	0.00
JXGJX Luxventure Limited	8.34M	4.47	0.35	56.53%	6.17%	14.71%	87.47%	0.08
YTRAYatra Online, Inc.	101.63M	1.68	-1.73	89.85%	0.35%	0.45%		0.10

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	10.9B	19.25B	26.8B	30.96B	35.67B	18.32B	20.02B	20.04B	44.51B	53.29B
Revenue Growth %	0.48%	0.77%	0.39%	0.16%	0.15%	-0.49%	0.09%	0%	1.22%	0.2%
Cost of Goods Sold+	3.04B	4.73B	4.68B	6.32B	7.37B	4.03B	4.6B	4.51B	8.12B	9.99B
COGS % of Revenue	0.28%	0.25%	0.17%	0.2%	0.21%	0.22%	0.23%	0.23%	0.18%	0.19%
Gross Profit+	7.85B	14.52B	22.12B	24.64B	28.29B	14.29B	15.43B	15.53B	36.39B	43.3B
Gross Margin %	0.72%	0.75%	0.83%	0.8%	0.79%	0.78%	0.77%	0.77%	0.82%	0.81%
Gross Profit Growth %	0.5%	0.85%	0.52%	0.11%	0.15%	-0.5%	0.08%	0.01%	1.34%	0.19%
Operating Expenses+	7.47B	16.07B	19.18B	22.04B	23.25B	15.71B	16.84B	15.44B	25.07B	29.13B
OpEx % of Revenue	0.69%	0.83%	0.72%	0.71%	0.65%	0.86%	0.84%	0.77%	0.56%	0.55%
Selling, General & Admin	4.18B	8.38B	10.92B	12.42B	12.58B	8.04B	7.84B	7.1B	12.95B	15.99B
SG&A % of Revenue	0.38%	0.44%	0.41%	0.4%	0.35%	0.44%	0.39%	0.35%	0.29%	0.3%
Research & Development	3.3B	7.69B	8.26B	9.62B	10.67B	7.67B	8.99B	8.34B	12.12B	13.14B
R&D % of Revenue	0.3%	0.4%	0.31%	0.31%	0.3%	0.42%	0.45%	0.42%	0.27%	0.25%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	381.04M	-1.55B	2.94B	2.6B	5.04B	-1.42B	-1.41B	88M	11.32B	14.18B
Operating Margin %	0.03%	-0.08%	0.11%	0.08%	0.14%	-0.08%	-0.07%	0%	0.25%	0.27%
Operating Income Growth %	3.53%	-5.07%	2.9%	-0.11%	0.93%	-1.28%	0.01%	1.06%	127.68%	0.25%
EBITDA+	695.26M	-837M	3.82B	3.58B	6.13B	-209M	-393M	960M	12.14B	15.03B
EBITDA Margin %	0.06%	-0.04%	0.14%	0.12%	0.17%	-0.01%	-0.02%	0.05%	0.27%	0.28%
EBITDA Growth %	23.55%	-2.2%	5.57%	-0.06%	0.71%	-1.03%	-0.88%	3.44%	11.64%	0.24%
D&A (Non-Cash Add-back)	314.21M	715M	880M	979M	1.09B	1.21B	1.02B	872M	814M	848M
EBIT	381.04M	-1.55B	2.94B	2.6B	5.04B	-1.42B	-1.41B	88M	11.32B	14.18B
Net Interest Income+	143.34M	-165M	-298M	391M	417M	471M	567M	532M	23M	606M
Interest Income	445.77M	567.14M	987.61M	1.9B	2.09B	2.19B	2.13B	2.05B	2.09B	2.34B
Interest Expense	302.43M	731.92M	1.29B	1.51B	1.68B	1.72B	1.56B	1.51B	2.07B	1.74B
Other Income/Expense	2.49B	410M	516M	-716M	3.7B	-1.49B	1.04B	1.96B	428M	5.65B
Pretax Income+	2.87B	-1.14B	3.46B	1.89B	8.74B	-2.91B	-375M	2.05B	11.75B	19.83B
Pretax Margin %	0.26%	-0.06%	0.13%	0.06%	0.25%	-0.16%	-0.02%	0.1%	0.26%	0.37%
Income Tax+	470.19M	482M	1.28B	793M	1.74B	355M	270M	682M	1.75B	2.6B
Effective Tax Rate %	0.87%	1.24%	0.62%	0.59%	0.8%	1.11%	1.47%	0.68%	0.84%	0.86%
Net Income+	2.51B	-1.42B	2.15B	1.11B	7.01B	-3.25B	-550M	1.4B	9.92B	17.07B
Net Margin %	0.23%	-0.07%	0.08%	0.04%	0.2%	-0.18%	-0.03%	0.07%	0.22%	0.32%
Net Income Growth %	9.33%	-1.57%	2.52%	-0.48%	5.3%	-1.46%	0.83%	3.55%	6.07%	0.72%
Net Income (Continuing)	2.4B	-1.62B	2.17B	1.1B	7B	-3.27B	-645M	1.37B	10B	17.23B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	19.13B	3.98B	1.78B	2.02B	2.26B	1.21B	779M	736M	822M	932M
EPS (Diluted)+	7.11	-3.02	3.82	1.96	10.92	-5.40	-0.87	2.14	14.78	24.78
EPS Growth %	8%	-1.42%	2.26%	-0.49%	4.57%	-1.49%	0.84%	3.46%	5.91%	0.68%
EPS (Basic)	8.29	-3.02	4.04	2.03	12.35	-5.40	-0.87	2.17	15.19	26.10
Diluted Shares Outstanding	379M	473.33M	574.21M	567.4M	641.95M	600.89M	634.11M	634.11M	671.06M	688.71M
Basic Shares Outstanding	302.38M	473.25M	530.41M	547.23M	641.95M	600.89M	632.18M	634.11M	671M	654.03M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	40.6B	45.91B	59.42B	79.39B	67.95B	58.01B	66.11B	61.44B	88.73B	112.12B
Cash & Short-Term Investments	27.45B	32.55B	46.37B	58.28B	42.98B	42.92B	49.38B	42.55B	59.34B	76.91B
Cash Only	19.22B	18.43B	18.24B	21.53B	19.92B	18.1B	19.82B	17B	41.59B	48.44B
Short-Term Investments	8.24B	14.11B	28.13B	36.75B	23.06B	24.82B	29.57B	25.55B	17.75B	28.48B
Accounts Receivable	4.85B	5.8B	5.79B	8.87B	13.42B	8.88B	10.61B	11.4B	18.96B	21.84B
Days Sales Outstanding	162.59	110.01	78.81	104.59	137.31	176.95	193.48	207.57	155.47	149.59
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	2.5B	2.13B	2.33B	4.82B	2.76B	1.98B	1.93B	2.23B	3.35B	3.66B
Total Non-Current Assets+	78.24B	98.5B	102.82B	106.44B	132.21B	129.24B	125.75B	130.26B	130.41B	130.46B
Property, Plant & Equipment	5.56B	5.59B	5.62B	5.87B	7.34B	6.77B	6.32B	6.06B	5.86B	5.9B
Fixed Asset Turnover	1.96x	3.44x	4.77x	5.27x	4.86x	2.71x	3.17x	3.31x	7.60x	9.03x
Goodwill	45.69B	56.02B	56.25B	58.03B	58.31B	59.35B	59.35B	59.34B	59.37B	60.91B
Intangible Assets	11.11B	14.02B	13.85B	13.82B	13.26B	13.34B	13.05B	12.82B	12.64B	12.84B
Long-Term Investments	13.87B	20.53B	25.57B	26.87B	51.28B	47.94B	44.96B	50.18B	49.34B	47.19B
Other Non-Current Assets	1.61B	1.96B	1.08B	997M	1.05B	436M	391M	537M	612M	361M
Total Assets+	118.84B	144.41B	162.24B	185.83B	200.17B	187.25B	191.86B	191.69B	219.14B	242.58B
Asset Turnover	0.09x	0.13x	0.17x	0.17x	0.18x	0.10x	0.10x	0.10x	0.20x	0.22x
Asset Growth %	2.81%	0.22%	0.12%	0.15%	0.08%	-0.06%	0.02%	-0%	0.14%	0.11%
Total Current Liabilities+	33.67B	30.3B	42.16B	68.78B	69.18B	58.37B	66.22B	61.24B	72.41B	74.01B
Accounts Payable	5.94B	7.28B	7.46B	11.71B	12.29B	4.51B	6.02B	7.57B	16.46B	16.58B
Days Payables Outstanding	712.92	561.68	581.99	676.09	608.7	408.01	477.8	612.16	739.75	605.7
Short-Term Debt	12.71B	6.89B	16.32B	36.01B	30.52B	33.66B	39.87B	32.67B	25.86B	19.43B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	92.21M	168.4M	367M	367M	0	0	0	0	0	0
Current Ratio	1.21x	1.52x	1.41x	1.15x	0.98x	0.99x	1.00x	1.00x	1.23x	1.51x
Quick Ratio	1.21x	1.52x	1.41x	1.15x	0.98x	0.99x	1.00x	1.00x	1.23x	1.51x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	21.49B	38.6B	33.46B	28.31B	25.28B	27.31B	15.19B	17.43B	23.72B	25.09B
Long-Term Debt	18.35B	34.65B	29.22B	24.15B	19.54B	22.72B	11.09B	13.18B	19.1B	20.13B
Capital Lease Obligations	0	0	0	0	749M	618M	400M	534M	477M	561M
Deferred Tax Liabilities	3.05B	3.61B	3.9B	3.84B	3.59B	3.57B	3.53B	3.49B	3.83B	4.1B
Other Non-Current Liabilities	91.7M	339.57M	348M	329M	1.41B	403M	165M	235M	319M	296M
Total Liabilities	55.16B	68.89B	75.63B	97.1B	94.47B	85.68B	81.4B	78.67B	96.13B	99.1B
Total Debt+	31.06B	41.54B	45.54B	60.16B	51.24B	57.41B	51.72B	46.66B	45.57B	40.32B
Net Debt	11.85B	23.1B	27.29B	38.63B	31.32B	39.31B	31.9B	29.66B	3.98B	-8.12B
Debt / Equity	0.49x	0.55x	0.53x	0.68x	0.48x	0.57x	0.47x	0.41x	0.37x	0.28x
Debt / EBITDA	44.68x	-	11.91x	16.78x	8.35x	-	-	48.60x	3.75x	2.68x
Net Debt / EBITDA	17.04x	-	7.14x	10.78x	5.11x	-	-	30.89x	0.33x	-0.54x
Interest Coverage	1.26x	-2.12x	2.29x	1.73x	3.01x	-0.83x	-0.90x	0.06x	5.48x	8.17x
Total Equity+	63.68B	75.52B	86.61B	88.73B	105.7B	101.57B	110.46B	113.02B	123.01B	143.48B
Equity Growth %	5.14%	0.19%	0.15%	0.02%	0.19%	-0.04%	0.09%	0.02%	0.09%	0.17%
Book Value per Share	168.03	159.55	150.84	156.39	164.66	169.03	174.19	178.23	183.30	208.34
Total Shareholders' Equity	44.55B	71.54B	84.84B	86.72B	103.44B	100.35B	109.68B	112.28B	122.18B	142.55B
Common Stock	4.12M	4.96M	5M	5M	6M	6M	6M	6M	6M	6M
Retained Earnings	8.2B	6.7B	8.84B	15.94B	22.8B	19.47B	18.82B	20.14B	28.81B	45.25B
Treasury Stock	-2.37B	-2.24B	-2.11B	-2.11B	-2.11B	-2.11B	-2.11B	-2.11B	-3.73B	-5.9B
Accumulated OCI	729.02M	1.25B	6.76B	-998M	-870M	-971M	-870M	-943M	-328M	1.26B
Minority Interest	19.13B	3.98B	1.78B	2.02B	2.26B	1.21B	779M	736M	822M	932M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.05B	5.27B	7.07B	7.12B	7.33B	-3.82B	2.48B	2.64B	22B	19.63B
Operating CF Margin %	0.28%	0.27%	0.26%	0.23%	0.21%	-0.21%	0.12%	0.13%	0.49%	0.37%
Operating CF Growth %	0.56%	0.73%	0.34%	0.01%	0.03%	-1.52%	1.65%	0.07%	7.33%	-0.11%
Net Income	2.4B	-1.64B	2.16B	1.1B	7B	-3.27B	-645M	1.37B	10B	17.23B
Depreciation & Amortization	316.21M	718.84M	883.2M	982M	1.45B	1.57B	1.41B	1.29B	1.05B	1.11B
Stock-Based Compensation	642.6M	3.56B	1.83B	1.71B	1.71B	1.87B	1.68B	1.19B	1.83B	2.04B
Deferred Taxes	86.46M	23.48M	-171.9M	-632M	-176M	-493M	-337M	295M	-761M	-505M
Other Non-Cash Items	-2.09B	-802.65M	165.51M	1.84B	-2.94B	3.43B	186M	-700M	621M	-3.57B
Working Capital Changes	1.7B	3.41B	2.2B	2.12B	282M	-6.93B	177M	-800M	9.26B	3.32B
Change in Receivables	-1B	-1.33B	-34.73M	-704M	-2.04B	3.19B	-468M	-701M	-6.03B	-924M
Change in Inventory	-1.07B	1.14B	2.36B	-2.15B	-428M	1.71B	-799M	0	0	0
Change in Payables	2.1B	1.25B	171.09M	3.69B	540M	-7.76B	1.51B	1.31B	8.98B	-203M
Cash from Investing+	-4.43B	-19.83B	-15.23B	-14.08B	-2.41B	-3.82B	-4.15B	1.14B	5.92B	-6.05B
Capital Expenditures	-658.13M	-689.04M	-494.19M	-708M	-834M	-532M	-571M	-498M	-606M	-591M
CapEx % of Revenue	0.06%	0.04%	0.02%	0.02%	0.02%	0.03%	0.03%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	111.33M	737.47M	-372.01M	-894M	-1.28B	139M	-1.22B	439M	-923M	-1.66B
Cash from Financing+	15.23B	12.29B	8.02B	11.93B	-9.26B	6.03B	3.92B	-6.72B	-2.55B	-6.71B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	725.27M	-5.42B	1.82B	11.64B	1.41B	2.1B	-14M	63M	135M	1.53B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.39B	4.58B	6.57B	6.41B	6.5B	-4.36B	1.9B	2.14B	21.4B	19.03B
FCF Margin %	0.22%	0.24%	0.25%	0.21%	0.18%	-0.24%	0.1%	0.11%	0.48%	0.36%
FCF Growth %	1.84%	0.92%	0.43%	-0.03%	0.01%	-1.67%	1.44%	0.13%	8.99%	-0.11%
FCF per Share	6.31	9.68	11.45	11.29	10.12	-7.25	3.00	3.38	31.89	27.64
FCF Conversion (FCF/Net Income)	1.22x	-3.72x	3.28x	6.40x	1.05x	1.18x	-4.50x	1.88x	2.22x	1.15x
Interest Paid	242.11M	594M	1.22B	1.44B	1.64B	1.64B	1.5B	1.44B	1.89B	1.65B
Taxes Paid	243.83M	412M	1.57B	1.31B	1.5B	1.24B	753M	471M	1.29B	2.7B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.77%	-2.04%	2.66%	1.27%	7.21%	-3.13%	-0.52%	1.26%	8.4%	12.81%
Return on Invested Capital (ROIC)	0.62%	-1.34%	2.08%	1.62%	2.86%	-0.77%	-0.75%	0.05%	6.3%	8.11%
Gross Margin	72.07%	75.42%	82.54%	79.58%	79.33%	77.99%	77.04%	77.48%	81.75%	81.25%
Net Margin	23.01%	-7.37%	8.04%	3.59%	19.66%	-17.73%	-2.75%	7%	22.28%	32.02%
Debt / Equity	0.49x	0.55x	0.53x	0.68x	0.48x	0.57x	0.47x	0.41x	0.37x	0.28x
Interest Coverage	1.26x	-2.12x	2.29x	1.73x	3.01x	-0.83x	-0.90x	0.06x	5.48x	8.17x
FCF Conversion	1.22x	-3.72x	3.28x	6.40x	1.05x	1.18x	-4.50x	1.88x	2.22x	1.15x
Revenue Growth	48.33%	76.6%	39.24%	15.56%	15.18%	-48.65%	9.32%	0.08%	122.12%	19.73%

Revenue by Segment

	2018	2019	2020	2021	2022	2024
Accommodation Reservation Services	11.58B	13.51B	7.13B	8.15B	7.4B	21.61B
Accommodation Reservation Services Growth	-	16.70%	-47.23%	14.25%	-9.18%	192.05%
Transportation Ticketing Services	-	13.95B	7.15B	6.91B	8.25B	20.3B
Transportation Ticketing Services Growth	-	-	-48.78%	-3.37%	19.52%	145.98%
Product and Service, Other	-	2.46B	1.93B	2.52B	2.53B	4.63B
Product and Service, Other Growth	-	-	-21.54%	30.71%	0.08%	83.14%
Packaged Tour	3.77B	4.53B	1.24B	1.1B	797M	4.34B
Packaged Tour Growth	-	20.20%	-72.63%	-10.96%	-27.87%	444.04%
Corporate Travel	-	1.25B	877M	1.35B	1.08B	2.5B
Corporate Travel Growth	-	-	-30.12%	53.59%	-19.90%	131.88%

Revenue by Geography

	2018	2019	2020	2021	2022	2024
CHINA	-	31.26B	17.02B	18.42B	16.33B	45.66B
CHINA Growth	-	-	-45.55%	8.25%	-11.38%	179.65%
Others	-	-	-	-	-	7.72B
Others Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Trip.com Group Limited (TCOM) has a price-to-earnings (P/E) ratio of 2.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Trip.com Group Limited (TCOM) reported $59.76B in revenue for fiscal year 2024. This represents a 1608% increase from $3.50B in 2011.

Trip.com Group Limited (TCOM) grew revenue by 19.7% over the past year. This is strong growth.

Yes, Trip.com Group Limited (TCOM) is profitable, generating $31.17B in net income for fiscal year 2024 (32.0% net margin).

Dividend & Returns

Trip.com Group Limited (TCOM) has a return on equity (ROE) of 12.8%. This is reasonable for most industries.

Trip.com Group Limited (TCOM) generated $19.03B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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