| 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 |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 7.65B | 10.55B | 2.19B | 2.24B | 2.28B | 450.26M | 426.35M | 183.62M | 441.27M | 513.62M |
| Revenue Growth % | 1.16% | 0.38% | -0.79% | 0.02% | 0.02% | -0.8% | -0.05% | -0.57% | 1.4% | 0.16% |
| Cost of Goods Sold | 7.27B | 9.92B | 1.02B | 1.07B | 1.2B | 237.06M | 254.81M | 94.07M | 147.58M | 155.59M |
| COGS % of Revenue | 0.95% | 0.94% | 0.47% | 0.48% | 0.53% | 0.53% | 0.6% | 0.51% | 0.33% | 0.3% |
| Gross Profit | 370.58M | 626.97M | 1.17B | 1.18B | 1.08B | 213.19M | 171.53M | 89.55M | 293.69M | 358.03M |
| Gross Margin % | 0.05% | 0.06% | 0.53% | 0.52% | 0.47% | 0.47% | 0.4% | 0.49% | 0.67% | 0.7% |
| Gross Profit Growth % | 0.64% | 0.69% | 0.86% | 0.01% | -0.08% | -0.8% | -0.2% | -0.48% | 2.28% | 0.22% |
| Operating Expenses | 1.83B | 3.15B | 2.05B | 1.52B | 1.95B | 1.55B | 353.07M | 299.77M | 395.55M | 294.77M |
| OpEx % of Revenue | 0.24% | 0.3% | 0.94% | 0.68% | 0.86% | 3.45% | 0.83% | 1.63% | 0.9% | 0.57% |
| Selling, General & Admin | 1.54B | 2.57B | 1.53B | 1.27B | 1.67B | 1.48B | 324.51M | 212.55M | 230.93M | 267.98M |
| SG&A % of Revenue | 0.2% | 0.24% | 0.7% | 0.56% | 0.73% | 3.29% | 0.76% | 1.16% | 0.52% | 0.52% |
| Research & Development | 298.2M | 601.4M | 541.13M | 315.22M | 303.56M | 100.51M | 54.62M | 50.8M | 56.97M | 52.68M |
| R&D % of Revenue | 0.04% | 0.06% | 0.25% | 0.14% | 0.13% | 0.22% | 0.13% | 0.28% | 0.13% | 0.1% |
| Other Operating Expenses | -1.33M | -2.55M | -121K | 8.58M | -24.42M | -27.85M | -26.06M | 36.42M | 107.65M | -25.89M |
| Operating Income | -1.46B | -2.52B | -883.43M | -348.99M | -870.84M | -1.34B | -181.54M | -210.21M | -101.86M | 63.26M |
| Operating Margin % | -0.19% | -0.24% | -0.4% | -0.16% | -0.38% | -2.98% | -0.43% | -1.14% | -0.23% | 0.12% |
| Operating Income Growth % | -2.08% | -0.73% | 0.65% | 0.6% | -1.5% | -0.54% | 0.86% | -0.16% | 0.52% | 1.62% |
| EBITDA | -1.37B | -2.31B | -667.63M | -128.83M | -548.27M | -1.24B | -117.73M | -191.85M | -72.18M | 72.45M |
| EBITDA Margin % | -0.18% | -0.22% | -0.3% | -0.06% | -0.24% | -2.75% | -0.28% | -1.04% | -0.16% | 0.14% |
| EBITDA Growth % | -1.97% | -0.69% | 0.71% | 0.81% | -3.26% | -1.26% | 0.9% | -0.63% | 0.62% | 2% |
| D&A (Non-Cash Add-back) | 85.85M | 211.57M | 215.8M | 220.16M | 322.57M | 103.75M | 63.81M | 18.37M | 29.68M | 9.2M |
| EBIT | -1.46B | -2.5B | -755.69M | -191.3M | -696.6M | -1.35B | -121.57M | -166.12M | -95.55M | 71.84M |
| Net Interest Income | 76.52M | 87.31M | 130.25M | 145.01M | 122.81M | -28.74M | 42.55M | 22.27M | 2.16M | 16.55M |
| Interest Income | 76.52M | 87.31M | 130.25M | 152.93M | 156.86M | 3.53M | 50.04M | 27.18M | 5.69M | 19.87M |
| Interest Expense | 0 | 0 | 0 | 7.92M | 34.05M | 32.27M | 7.49M | 4.91M | 3.52M | 3.32M |
| Other Income/Expense | -7.94M | 75.02M | 127.73M | 149.78M | 140.19M | -9.48M | 53.2M | 6.49M | 2.21M | 21.28M |
| Pretax Income | -1.46B | -2.44B | -755.69M | -199.22M | -730.66M | -1.35B | -128.34M | -203.73M | -99.66M | 84.54M |
| Pretax Margin % | -0.19% | -0.23% | -0.34% | -0.09% | -0.32% | -3% | -0.3% | -1.11% | -0.23% | 0.16% |
| Income Tax | -589.48K | -1.71M | 15.63M | 153K | 949K | -6.64M | 130K | -731K | 1.44M | 837K |
| Effective Tax Rate % | 1% | 0.99% | 1.02% | 0.94% | 1% | 0.97% | 0.95% | 0.95% | 1% | 0.91% |
| Net Income | -1.46B | -2.43B | -773.03M | -187.93M | -731.61M | -1.31B | -121.52M | -193.38M | -99.29M | 77.17M |
| Net Margin % | -0.19% | -0.23% | -0.35% | -0.08% | -0.32% | -2.9% | -0.29% | -1.05% | -0.23% | 0.15% |
| Net Income Growth % | -2.26% | -0.66% | 0.68% | 0.76% | -2.89% | -0.79% | 0.91% | -0.59% | 0.49% | 1.78% |
| Net Income (Continuing) | -1.47B | -2.42B | -771.32M | -199.37M | -729.38M | -1.34B | -128.47M | -203M | -101.1M | 83.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 16.3M | 90.5M | 98.92M | 63.49M | 38.21M | -7.46M | -16M | -49.68M | -51.02M | -71.64M |
| EPS (Diluted) | -17.61 | -19.48 | -6.12 | -1.49 | -5.94 | -10.89 | -1.05 | -1.65 | -0.81 | 1.92 |
| EPS Growth % | -0.39% | -0.11% | 0.69% | 0.76% | -2.99% | -0.83% | 0.9% | -0.57% | 0.51% | 3.37% |
| EPS (Basic) | -17.61 | -19.49 | -6.12 | -1.49 | -5.94 | -10.89 | -1.05 | -1.65 | -0.81 | 1.89 |
| Diluted Shares Outstanding | 82.79M | 124.45M | 126.08M | 125.91M | 123.16M | 123.41M | 123.62M | 123.74M | 123.82M | 40.41M |
| Basic Shares Outstanding | 82.79M | 124.41M | 126.08M | 125.91M | 123.16M | 123.41M | 123.62M | 123.74M | 123.82M | 40.83M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 5.54B | 7.51B | 5.09B | 4.41B | 3.82B | 2.28B | 1.48B | 1.2B | 1.51B | 1.2B |
| Cash & Short-Term Investments | 3.33B | 5.14B | 3.6B | 1.42B | 1.6B | 1.57B | 964.98M | 878.25M | 1.16B | 897.83M |
| Cash Only | 2.1B | 1.09B | 484.1M | 560.36M | 295.46M | 213.54M | 349.08M | 153.84M | 378.99M | 465M |
| Short-Term Investments | 1.23B | 4.05B | 3.12B | 859.21M | 1.31B | 1.35B | 615.9M | 724.41M | 777.89M | 432.82M |
| Accounts Receivable | 172.39M | 626M | 538.72M | 1.37B | 800.04M | 288.05M | 126.91M | 34.67M | 51.15M | 116.5M |
| Days Sales Outstanding | 8.23 | 21.66 | 89.7 | 223 | 128.02 | 233.5 | 108.65 | 68.92 | 42.31 | 82.79 |
| Inventory | 339M | 124.56M | 91.81M | 270.67M | 327.05M | 50.57M | 122.56M | 44.05M | 0 | 0 |
| Days Inventory Outstanding | 17.01 | 4.58 | 32.72 | 92.76 | 99.48 | 77.85 | 175.56 | 170.93 | - | - |
| Other Current Assets | 1.95B | 2.17B | 973.9M | 1.61B | 1.09B | 144.28M | 259.28M | 197.38M | 299.08M | 43.6M |
| Total Non-Current Assets | 1.65B | 1.65B | 1.57B | 2.15B | 2.77B | 912.12M | 822.37M | 677.96M | 452.36M | 706.04M |
| Property, Plant & Equipment | 145.19M | 177.82M | 148.28M | 187.36M | 329.18M | 153.99M | 146.27M | 118.39M | 69.96M | 42.12M |
| Fixed Asset Turnover | 52.66x | 59.32x | 14.78x | 11.96x | 6.93x | 2.92x | 2.91x | 1.55x | 6.31x | 12.20x |
| Goodwill | 136.57M | 147.64M | 147.64M | 159.41M | 232.01M | 232.01M | 232.01M | 114.66M | 0 | 0 |
| Intangible Assets | 715.55M | 592.27M | 460.63M | 418.72M | 265.04M | 168.07M | 150.03M | 123.26M | 116.62M | 110.68M |
| Long-Term Investments | 0 | 58.76M | 484.99M | 1.3B | 1.31B | 266.87M | 201.95M | 230.56M | 209.82M | 534.04M |
| Other Non-Current Assets | 649.48M | 609.11M | 326.96M | 81.04M | 83.92M | 91.18M | 113K | 91.09M | 55.96M | 19.21M |
| Total Assets | 7.19B | 9.16B | 6.66B | 6.56B | 6.6B | 3.2B | 2.3B | 1.88B | 1.96B | 1.91B |
| Asset Turnover | 1.06x | 1.15x | 0.33x | 0.34x | 0.35x | 0.14x | 0.19x | 0.10x | 0.23x | 0.27x |
| Asset Growth % | 1.72% | 0.27% | -0.27% | -0.02% | 0.01% | -0.52% | -0.28% | -0.18% | 0.04% | -0.03% |
| Total Current Liabilities | 3.79B | 4.53B | 2.92B | 3.1B | 3.75B | 1.74B | 979.01M | 774.3M | 958.88M | 893.66M |
| Accounts Payable | 767.31M | 1.02B | 852.5M | 1.38B | 1.34B | 724.94M | 387.49M | 265.76M | 317.1M | 290.11M |
| Days Payables Outstanding | 38.5 | 37.62 | 303.81 | 473.9 | 408.1 | 1.12K | 555.04 | 1.03K | 784.27 | 680.58 |
| Short-Term Debt | 91.58M | 11.01M | 18.75M | 206.88M | 740.85M | 542.68M | 221.81M | 207.52M | 200.36M | 36K |
| Deferred Revenue (Current) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Liabilities | 2.68B | 2.87B | 1.72B | 1.3B | 293.06M | 51.47M | 38.3M | 41.25M | 26.5M | 255.33M |
| Current Ratio | 1.46x | 1.66x | 1.74x | 1.42x | 1.02x | 1.31x | 1.51x | 1.55x | 1.57x | 1.35x |
| Quick Ratio | 1.37x | 1.63x | 1.71x | 1.33x | 0.93x | 1.28x | 1.38x | 1.49x | 1.57x | 1.35x |
| Cash Conversion Cycle | -13.26 | -11.38 | -181.39 | -158.13 | -180.6 | -804.8 | -270.83 | -791.38 | - | - |
| Total Non-Current Liabilities | 57.78M | 54.93M | 42.48M | 40.42M | 99.01M | 74.86M | 65.66M | 45.28M | 21.77M | 6.83M |
| Long-Term Debt | 0 | 0 | 0 | 4.49M | 9.69M | 22.58M | 14.34M | 11.96M | 10.39M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 54.72M | 34.37M | 38.83M | 26.48M | 5.35M | 1.68M |
| Deferred Tax Liabilities | 0 | 23.46M | 21.14M | 19.86M | 23.66M | 14.86M | 12.48M | 6.84M | 6.03M | 5.15M |
| Other Non-Current Liabilities | 57.78M | 31.47M | 21.34M | 16.07M | 10.95M | 3.05M | 0 | 0 | 0 | 0 |
| Total Liabilities | 3.85B | 4.58B | 2.96B | 3.14B | 3.85B | 1.82B | 1.04B | 819.58M | 980.65M | 900.49M |
| Total Debt | 91.58M | 11.01M | 18.75M | 206.88M | 862.74M | 617.89M | 291.54M | 258.4M | 218.81M | 4.71M |
| Net Debt | -2.01B | -1.07B | -465.35M | -353.48M | 567.28M | 404.35M | -57.54M | 104.56M | -160.18M | -460.29M |
| Debt / Equity | 0.03x | 0.00x | 0.01x | 0.06x | 0.31x | 0.45x | 0.23x | 0.24x | 0.22x | 0.00x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | 0.07x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | -6.35x |
| Interest Coverage | - | - | - | -44.08x | -25.57x | -41.55x | -24.23x | -42.80x | -28.90x | 19.05x |
| Total Equity | 3.34B | 4.57B | 3.69B | 3.41B | 2.75B | 1.38B | 1.25B | 1.06B | 979.83M | 1.01B |
| Equity Growth % | 1.37% | 0.37% | -0.19% | -0.08% | -0.19% | -0.5% | -0.09% | -0.16% | -0.07% | 0.03% |
| Book Value per Share | 40.32 | 36.74 | 29.30 | 27.11 | 22.32 | 11.16 | 10.14 | 8.55 | 7.91 | 24.97 |
| Total Shareholders' Equity | 3.32B | 4.48B | 3.6B | 3.35B | 2.71B | 1.38B | 1.27B | 1.11B | 1.03B | 1.08B |
| Common Stock | 181.34K | 242K | 248K | 249K | 249K | 249K | 249K | 249K | 249K | 249K |
| Retained Earnings | -2.33B | -4.76B | -5.51B | -5.69B | -6.39B | -7.71B | -7.83B | -8.03B | -8.13B | -8.05B |
| Treasury Stock | 0 | -19.71M | -185.42M | -304.54M | -310.94M | -302.92M | -293.8M | -288.6M | -285.98M | -329.67M |
| Accumulated OCI | 167.02M | 400.93M | 272.39M | 284.08M | 293.78M | 275.01M | 271.82M | 298.98M | 305.42M | 313.46M |
| Minority Interest | 16.3M | 90.5M | 98.92M | 63.49M | 38.21M | -7.46M | -16M | -49.68M | -51.02M | -71.64M |
| Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -514.74M | -2.24B | -418.65M | 268.09M | -120.46M | -1.31B | -226.34M | -142.99M | 232.84M | 96.28M |
| Operating CF Margin % | -0.07% | -0.21% | -0.19% | 0.12% | -0.05% | -2.92% | -0.53% | -0.78% | 0.53% | 0.19% |
| Operating CF Growth % | -0.9% | -3.35% | 0.81% | 1.64% | -1.45% | -9.9% | 0.83% | 0.37% | 2.63% | -0.59% |
| Net Income | -1.46B | -2.44B | -771.32M | -199.37M | -729.38M | -1.34B | -128.47M | -203M | -99.29M | 83.7M |
| Depreciation & Amortization | 85.85M | 211.57M | 215.8M | 220.16M | 322.57M | 223.38M | 63.81M | 38.16M | 29.68M | 17.14M |
| Stock-Based Compensation | 65.14M | 92.42M | 98.67M | 68.74M | 61.74M | 20.46M | 9.13M | 5.05M | 15.93M | 9.41M |
| Deferred Taxes | -1.06M | -2.32M | -2.31M | -2.36M | -2.73M | -8.8M | -2.38M | -1.74M | -812K | 0 |
| Other Non-Cash Items | 106.48M | 38.15M | 52.62M | -9.61M | 180.33M | 841.28M | -33.68M | 4.33M | 131.07M | -36.26M |
| Working Capital Changes | 691.23M | -136.67M | -12.11M | 190.53M | 47.01M | -1.05B | -134.75M | 14.21M | 156.26M | 22.3M |
| Change in Receivables | -74.47M | -76.81M | -64.29M | -60.58M | -55.04M | 208.18M | 39.83M | -37M | -3.6M | -8.49M |
| Change in Inventory | -87.13M | -867.16M | 815.32M | -119.54M | 93.81M | 143.78M | 116.78M | 0 | 0 | 0 |
| Change in Payables | 320.5M | 78.77M | -167.26M | 553.45M | -36.25M | -492.66M | -222.38M | 16.77M | 53.13M | 6.74M |
| Cash from Investing | -1.92B | -2.51B | 648.31M | 153.99M | -578.13M | 1.16B | 703.83M | -51.83M | 40.93M | 26.66M |
| Capital Expenditures | -155.48M | -117.89M | -160.5M | -119.44M | -122.48M | -28.33M | -14.74M | -6.45M | -9.79M | 0 |
| CapEx % of Revenue | 0.02% | 0.01% | 0.07% | 0.05% | 0.05% | 0.06% | 0.03% | 0.04% | 0.02% | 0.02% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1B | -72.33M | 451.29M | -1.15B | -16.58M | 241M | -134.26M | 51.44M | 79.29M | 26.66M |
| Cash from Financing | 3.01B | 3.63B | -784.77M | -145.21M | 485.11M | -209.55M | -344.56M | -486K | -22.58M | -73.98M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | - | - | - | - | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | - | - | - | - | - | - | - | - | - | - |
| Other Financing | 575.62M | 370.93M | -618.62M | -201.51M | -53.46M | -23.96M | -1.53M | 46K | 224K | -27.12M |
| Net Change in Cash | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | -670.21M | -2.36B | -579.15M | 148.65M | -242.94M | -1.34B | -241.08M | -149.44M | 223.05M | 84.47M |
| FCF Margin % | -0.09% | -0.22% | -0.26% | 0.07% | -0.11% | -2.98% | -0.57% | -0.81% | 0.51% | 0.16% |
| FCF Growth % | -1.08% | -2.52% | 0.75% | 1.26% | -2.63% | -4.52% | 0.82% | 0.38% | 2.49% | -0.62% |
| FCF per Share | -8.10 | -18.94 | -4.59 | 1.18 | -1.97 | -10.87 | -1.95 | -1.21 | 1.80 | 2.09 |
| FCF Conversion (FCF/Net Income) | 0.35x | 0.92x | 0.54x | -1.43x | 0.16x | 1.00x | 1.86x | 0.74x | -2.35x | 1.25x |
| Interest Paid | 0 | 0 | 0 | 0 | 20.98M | 24.6M | 7.11M | 5.05M | 4.06M | 2.98M |
| Taxes Paid | 0 | 1.51M | 12.2M | 3.74M | 2.29M | 3.52M | 3.01M | 2.2M | 1.48M | 1.24M |
| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -61.49% | -61.37% | -18.7% | -5.29% | -23.74% | -63.4% | -9.24% | -16.73% | -9.74% | 7.76% |
| Return on Invested Capital (ROIC) | -170.63% | -78.3% | -19.7% | -8.32% | -20.49% | -39.45% | -9.15% | -13.37% | -7.71% | 6.93% |
| Gross Margin | 4.85% | 5.94% | 53.28% | 52.46% | 47.39% | 47.35% | 40.23% | 48.77% | 66.56% | 69.71% |
| Net Margin | -19.09% | -23.01% | -35.26% | -8.39% | -32.07% | -290.49% | -28.5% | -105.32% | -22.5% | 15.03% |
| Debt / Equity | 0.03x | 0.00x | 0.01x | 0.06x | 0.31x | 0.45x | 0.23x | 0.24x | 0.22x | 0.00x |
| Interest Coverage | - | - | - | -44.08x | -25.57x | -41.55x | -24.23x | -42.80x | -28.90x | 19.05x |
| FCF Conversion | 0.35x | 0.92x | 0.54x | -1.43x | 0.16x | 1.00x | 1.86x | 0.74x | -2.35x | 1.25x |
| Revenue Growth | 116.28% | 37.97% | -79.22% | 2.19% | 1.82% | -80.26% | -5.31% | -56.93% | 140.32% | 16.4% |
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|
| Self Operator Package | 509.74M | - | - | 169.38M | 32.31M | 100.08M | 107.97M |
| Self Operator Package Growth | - | - | - | - | -80.93% | 209.76% | 7.89% |
| Advertising Service | - | - | - | 20.97M | 12.19M | 27.57M | 31.3M |
| Advertising Service Growth | - | - | - | - | -41.87% | 126.16% | 13.53% |
| Financial Services | - | - | - | 20.31M | 19.21M | 6.92M | 2.29M |
| Financial Services Growth | - | - | - | - | -5.38% | -63.97% | -66.95% |
| Package Tours Services | - | - | - | 305.33M | 70.31M | - | - |
| Package Tours Services Growth | - | - | - | - | -76.97% | - | - |
| Other Services | - | 394.17M | 147.9M | - | - | - | - |
| Other Services Growth | - | - | -62.48% | - | - | - | - |
Tuniu Corporation (TOUR) has a price-to-earnings (P/E) ratio of 0.3x. This may indicate the stock is undervalued or faces growth challenges.
Tuniu Corporation (TOUR) reported $541.1M in revenue for fiscal year 2024. This represents a 29% decrease from $765.5M in 2011.
Tuniu Corporation (TOUR) grew revenue by 16.4% over the past year. This is strong growth.
Yes, Tuniu Corporation (TOUR) is profitable, generating $30.1M in net income for fiscal year 2024 (15.0% net margin).
Tuniu Corporation (TOUR) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.
Tuniu Corporation (TOUR) generated $84.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.