Latest Ratios: P/E Ratio 5.9x · EV/EBITDA 9.7x · ROE 20.5%. (2002–2025 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 | $25.6B | $50.2B | $47.3B | $24.2B | $21.8B | $15.6B | $20.3B | $21.5B | $15.4B | $25.3B | $18.9B |
| Enterprise Value | $23.3B | $35.1B | $39.2B | $28.1B | $51.5B | $47.5B | $59.6B | $52.8B | $54.0B | $52.6B | $42.0B |
| P/E Ratio → | 5.89 | 1.55 | 2.77 | 2.44 | 16.07 | — | — | 3.07 | 13.81 | 11.54 | — |
| P/S Ratio | 2.83 | 0.83 | 0.89 | 0.54 | 1.09 | 0.78 | 1.11 | 0.60 | 0.50 | 0.95 | 0.98 |
| P/B Ratio | 1.10 | 0.29 | 0.33 | 0.20 | 0.19 | 0.14 | 0.20 | 0.20 | 0.17 | 0.29 | 0.25 |
| P/FCF | 12.65 | 3.70 | 2.48 | 1.13 | 10.18 | 8.20 | — | 3.31 | 2.40 | 3.85 | 4.13 |
| P/OCF | 11.95 | 3.49 | 2.41 | 1.10 | 8.26 | 6.31 | — | 2.94 | 2.16 | 3.58 | 3.59 |
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 | — | 0.58 | 0.73 | 0.63 | 2.57 | 2.37 | 3.25 | 1.48 | 1.74 | 1.96 | 2.18 |
| EV / EBITDA | 9.70 | 2.17 | 2.61 | 2.32 | 53.62 | — | — | 8.62 | 15.06 | 13.76 | — |
| EV / EBIT | 10.22 | 0.90 | 1.82 | 2.04 | 14.45 | 39.93 | — | 10.49 | 20.72 | 17.88 | — |
| EV / FCF | — | 2.59 | 2.06 | 1.32 | 24.02 | 24.96 | — | 8.13 | 8.43 | 8.00 | 9.17 |
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 | 80.6% | 80.6% | 81.3% | 81.8% | 77.5% | 77.0% | 78.0% | 79.3% | 79.6% | 82.5% | 75.4% |
| Operating Margin | 25.3% | 25.3% | 26.6% | 25.4% | 0.4% | -7.0% | -7.8% | 14.1% | 8.4% | 11.0% | -8.1% |
| Net Profit Margin | 53.3% | 53.3% | 32.0% | 22.3% | 7.0% | -2.7% | -17.7% | 19.7% | 3.6% | 8.0% | -7.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.5% | 20.5% | 12.8% | 8.4% | 1.3% | -0.5% | -3.1% | 7.2% | 1.3% | 2.7% | -2.0% |
| ROA | 12.7% | 12.7% | 7.4% | 4.8% | 0.7% | -0.3% | -1.7% | 3.6% | 0.6% | 1.4% | -1.1% |
| ROIC | 7.9% | 7.9% | 8.1% | 6.3% | 0.0% | -0.7% | -0.8% | 2.9% | 1.6% | 2.1% | -1.3% |
| ROCE | 8.6% | 8.6% | 9.0% | 8.2% | 0.1% | -1.1% | -1.1% | 4.1% | 2.2% | 2.5% | -1.6% |
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 | 0.18 | 0.18 | 0.28 | 0.37 | 0.41 | 0.47 | 0.57 | 0.48 | 0.68 | 0.53 | 0.55 |
| Debt / EBITDA | 1.94 | 1.94 | 2.68 | 3.75 | 48.60 | — | — | 8.35 | 16.78 | 11.91 | — |
| Net Debt / Equity | — | -0.09 | -0.06 | 0.03 | 0.26 | 0.29 | 0.39 | 0.30 | 0.44 | 0.32 | 0.31 |
| Net Debt / EBITDA | -0.93 | -0.93 | -0.54 | 0.33 | 30.89 | — | — | 5.11 | 10.78 | 7.14 | — |
| Debt / FCF | — | -1.11 | -0.43 | 0.19 | 13.84 | 16.76 | — | 4.82 | 6.03 | 4.15 | 5.04 |
| Interest Coverage | 47.17 | 47.17 | 12.43 | 6.69 | 2.35 | 0.76 | -0.83 | 3.01 | 1.73 | 2.29 | -2.12 |
Net cash position: cash ($46.5B) exceeds total debt ($31.4B)
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 | 1.55 | 1.55 | 1.51 | 1.23 | 1.00 | 1.00 | 0.99 | 0.98 | 1.15 | 1.41 | 1.52 |
| Quick Ratio | 1.55 | 1.55 | 1.51 | 1.23 | 1.00 | 1.00 | 0.99 | 0.98 | 1.15 | 1.41 | 1.52 |
| Cash Ratio | 1.00 | 1.00 | 1.04 | 0.82 | 0.69 | 0.75 | 0.74 | 0.62 | 0.85 | 1.10 | 1.07 |
| Asset Turnover | — | 0.23 | 0.22 | 0.20 | 0.10 | 0.10 | 0.10 | 0.18 | 0.17 | 0.17 | 0.13 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 91.69 | 149.59 | 155.47 | 207.57 | 193.48 | 176.95 | 137.31 | 104.59 | 78.81 | 110.01 |
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 | 0.7% | 2.8% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 4.4% | 4.4% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 17.0% | 64.5% | 36.1% | 41.0% | 6.2% | — | — | 32.6% | 7.2% | 8.7% | — |
| FCF Yield | 7.9% | 27.0% | 40.3% | 88.5% | 9.8% | 12.2% | — | 30.2% | 41.7% | 26.0% | 24.2% |
| Buyback Yield | 2.6% | 8.8% | 4.6% | 6.7% | 0.0% | 0.0% | 0.0% | 0.0% | 7.8% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.3% | 11.6% | 4.6% | 6.7% | 0.0% | 0.0% | 0.0% | 0.0% | 7.8% | 0.0% | 0.0% |
| Shares Outstanding | — | $698M | $689M | $671M | $634M | $634M | $601M | $642M | $567M | $574M | $473M |
Includes 30+ ratios · 24 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying TCOM stock.
Trip.com Group Limited's current P/E ratio is 5.9x. The historical average is 15.1x. This places it at the 50th percentile of its historical range.
Trip.com Group Limited's current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
Trip.com Group Limited's return on equity (ROE) is 20.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 13.6%.
Based on historical data, Trip.com Group Limited is trading at a P/E of 5.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Trip.com Group Limited's current dividend yield is 0.75% with a payout ratio of 4.4%.
Trip.com Group Limited has 80.6% gross margin and 25.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Trip.com Group Limited's Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Earnings volatility from non-operating items
Deep Value Pricing Amidst Earnings Volatility
Trip.com trades at a profound discount to peers with a forward P/E of 1.85, suggesting the market is pricing in severe earnings contraction or significant non-operational risks not reflected in the current valuation multiples.
The current P/E TTM of 6.35 and forward P/E of 1.85 are dramatically lower than peers like Booking (29.56) and Expedia (31.01), indicating the market is either skeptical of the sustainability of recent earnings or is heavily discounting the company's asset base. This extreme discount appears to be a reaction to the volatile net income profile, where quarters like 2025Q3 showed a 108.5% net margin, likely driven by non-operating gains. The valuation implies a significant de-rating or a belief that the current earnings power is not representative of the long-term normalized run-rate.
Structural Margin Strength vs. Earnings Noise
Trip.com's gross margin consistently exceeds 79%, a structural advantage, but the true earning power is obscured by volatile net margins that swung from 12.6% to 108.5% over the last ten quarters, as reported in financial statements.
The company's gross margin, consistently around 80%, is a core strength that provides a high floor for profitability. However, the net margin is highly erratic, driven by significant non-operating items, making it an unreliable indicator of core operational performance. The operating margin, which peaked at 31.5% in 2024Q3 and compressed to 24.3% in 2026Q1, is a more meaningful metric for assessing the underlying business, though its recent decline warrants monitoring for cost pressures.
Low and Volatile Returns on Invested Capital
Return on Invested Capital (ROIC) has been volatile and low, ranging from 1.2% to 3.1% over the past ten quarters, suggesting the company's significant asset base is not generating commensurate returns relative to its cost of capital.
The ROIC trend, which hit a low of 1.2% in 2024Q4 and 2025Q4, indicates that the company's capital allocation is not consistently creating value. This is likely driven by the large asset base, including substantial goodwill and intangibles, which dilutes returns. The volatility in ROIC mirrors the volatile net income, further complicating the assessment of sustainable, long-term compounding ability.
Conservative Leverage with Ample Coverage
Trip.com maintains a conservative capital structure with a debt-to-equity ratio of 0.19 and interest coverage of 34.3x in 2026Q1, indicating minimal financial risk and significant capacity for strategic investments or shareholder returns.
The D/E ratio has declined from 0.46 in 2024Q2 to 0.19, reflecting a deliberate deleveraging trend. The interest coverage ratio, while volatile, remains extremely high, with the lowest reading of 4.50x in 2023Q4 still representing comfortable coverage. This financial flexibility appears to be a strategic choice, positioning the company to weather downturns or pursue growth without financing constraints.
Robust Liquidity Buffer with Strong Cash Position
The current ratio has improved from 1.15 in 2024Q1 to 1.53 in 2026Q1, supported by a substantial cash position, indicating a strong ability to meet short-term obligations and absorb operational shocks.
The consistent improvement in the current ratio, coupled with the high cash holdings noted in prior analysis, suggests a strengthening liquidity profile. The quick ratio mirrors the current ratio, indicating minimal dependence on inventory, which is consistent with an asset-light travel services model. This strong liquidity position provides a safety net and supports the company's capacity for strategic deployment of capital.
The Misleading Power of the P/E Ratio
The P/E ratio is the most commonly misapplied metric for Trip.com, as it is heavily distorted by volatile non-operating items, making the forward P/E of 1.85 appear artificially low and potentially misleading about core valuation.
For a company like Trip.com, where net income can swing dramatically due to non-operational gains or losses (e.g., 108.5% net margin in 2025Q3), the P/E ratio becomes an unreliable valuation tool. It obscures the underlying operational profitability and can lead to misinterpretations of value. A more appropriate metric would be EV/EBITDA, which focuses on operating performance and is less affected by capital structure and non-cash items, though even this must be viewed with caution given the company's volatile earnings profile.