Cash flow visibility is severely limited by the absence of reported operating cash flow for seven consecutive quarters, while stock-based compensation as high as $5.6 million in 2023Q3 continues to obscure true economic performance.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 0 | -109.07M | 96.28M | 232.84M | -142.99M | -226.34M | -1.31B | -120.46M | 268.09M | -418.65M | -2.24B | -514.74M | -271.1M | 116.74M | 14.66M | 36.27M |
| Operating CF Margin % | - | -19.4% | 18.75% | 52.77% | -77.87% | -53.09% | -291.64% | -5.28% | 11.97% | -19.1% | -21.23% | -6.73% | -7.67% | 5.99% | 1.32% | 4.74% |
| Operating CF Growth % | -100% | -213.28% | -58.65% | 262.83% | 36.83% | 82.76% | -990.07% | -144.93% | 164.04% | 81.31% | -335.07% | -89.87% | -332.23% | 696.11% | -59.57% | - |
| Net Income | 30.07M | 29.66M | 83.7M | -99.29M | -203M | -128.47M | -1.34B | -729.38M | -199.37M | -771.32M | -2.44B | -1.46B | -447.86M | -79.63M | -107.19M | -91.95M |
| Depreciation & Amortization | 0 | 14.99M | 17.14M | 29.68M | 38.16M | 63.81M | 223.38M | 322.57M | 220.16M | 215.8M | 211.57M | 85.85M | 11.85M | 9.25M | 10.72M | 6.74M |
| Stock-Based Compensation | 5.61M | 5.61M | 9.41M | 15.93M | 5.05M | 9.13M | 20.46M | 61.74M | 68.74M | 98.67M | 92.42M | 65.14M | 39.17M | 0 | 0 | 0 |
| Deferred Taxes | 0 | -617K | 0 | -812K | -1.74M | -2.38M | -8.8M | -2.73M | -2.36M | -2.31M | -2.32M | -1.06M | -36.38M | 0 | 0 | 0 |
| Other Non-Cash Items | -35.68M | -14.21M | -36.26M | 131.07M | 4.33M | -33.68M | 841.28M | 180.33M | -9.61M | 52.62M | 38.15M | 106.48M | 39.17M | -1.17M | 1.1M | -6.53M |
| Working Capital Changes | 0 | -144.49M | 22.3M | 156.26M | 14.21M | -134.75M | -1.05B | 47.01M | 190.53M | -12.11M | -136.67M | 691.23M | 122.94M | 188.29M | 110.03M | 128.01M |
| Change in Receivables | 0 | -21.51M | -8.49M | -3.6M | -37M | 39.83M | 208.18M | -55.04M | -60.58M | -64.29M | -76.81M | -74.47M | -6.99M | 4.57M | -4.57M | -1.28M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 116.78M | 143.78M | 93.81M | -119.54M | 815.32M | -867.16M | -87.13M | -196.55M | -130.41M | -46.68M | -27.27M |
| Change in Payables | 0 | -70.68M | 6.74M | 53.13M | 16.77M | -222.38M | -492.66M | -36.25M | 553.45M | -167.26M | 78.77M | 320.5M | 84.39M | 161.61M | 74.99M | 38.07M |
| Cash from Investing | 0 | 4.88M | 26.66M | 40.93M | -51.83M | 703.83M | 1.16B | -578.13M | 153.99M | 648.31M | -2.51B | -1.92B | -227.92M | -304.22M | -46.79M | -20.69M |
| Capital Expenditures | 0 | -7.12M | 0 | -9.79M | -6.45M | -14.74M | -28.33M | -122.48M | -119.44M | -160.5M | -117.89M | -155.48M | -50.62M | -4.84M | -21.44M | -15.41M |
| CapEx % of Revenue | 0% | 1.27% | 2.3% | 2.22% | 3.51% | 3.46% | 6.29% | 5.37% | 5.33% | 7.32% | 1.12% | 2.03% | 1.43% | 0.25% | 1.93% | 2.01% |
| Acquisitions | 0 | 1.14M | 0 | 0 | -16.07M | 5.98M | 56.26M | -33.22M | 454K | -111K | -16.5M | -60.15M | 53.98K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 131.06M | 26.66M | 79.29M | 51.44M | -134.26M | 241M | -16.58M | -1.15B | 451.29M | -72.33M | -1B | -34.78M | -2.38M | 4.66M | -5.28M |
| Cash from Financing | 0 | -160.09M | -73.98M | -22.58M | -486K | -344.56M | -209.55M | 485.11M | -145.21M | -784.77M | 3.63B | 3.01B | 1.54B | 306.36M | 0 | 257.45M |
| Debt Issued (Net) | 0 | -80M | -1.97M | -22.8M | -532K | -343.03M | -185.28M | 552.12M | 195.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | -51.21M | -44.89M | 0 | 0 | 0 | -308K | -13.55M | -139.07M | -166.15M | 3.26B | 2.43B | 1.54B | 306.36M | 0 | 257.45M |
| Dividends Paid | 0 | -29.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.61B | 0 | 0 | 0 |
| Share Repurchases | 0 | -51.21M | -44.89M | 0 | 0 | 0 | -308K | -13.55M | -139.07M | -166.15M | -19.71M | 0 | 0 | 0 | 0 | -32.81M |
| Other Financing | 0 | 920K | -27.12M | 224K | 46K | -1.53M | -23.96M | -53.46M | -201.51M | -618.62M | 370.93M | 575.62M | 15.61B | 473 | 0 | 0 |
| Net Change in Cash | 0 | -273.62M | 46.17M | 247M | -197.71M | 131.49M | -358.41M | -208.51M | 255.12M | -601.13M | -1.02B | 643.5M | 1.04B | 120.17M | -32.86M | 279.56M |
| Free Cash Flow | 0 | -116.19M | 84.47M | 223.05M | -149.44M | -241.08M | -1.34B | -242.94M | 148.65M | -579.15M | -2.36B | -670.21M | -321.72M | 111.89M | -6.78M | 20.86M |
| FCF Margin % | 0% | -20.67% | 16.45% | 50.55% | -81.39% | -56.55% | -297.93% | -10.65% | 6.64% | -26.42% | -22.35% | -8.77% | -9.1% | 5.74% | -0.61% | 2.73% |
| FCF Growth % | -100% | -237.55% | -62.13% | 249.26% | 38.01% | 82.03% | -452.17% | -263.43% | 125.67% | 75.43% | -251.73% | -108.32% | -387.53% | 1750.93% | -132.48% | - |
| FCF per Share | 0.00 | -30.49 | 20.90 | 18.01 | -12.08 | -19.50 | -108.70 | -19.73 | 11.81 | -45.94 | -189.42 | -80.96 | -91.27 | 129.11 | -7.82 | 24.07 |
| FCF Conversion (FCF/Net Income) | 0.00x | -3.60x | 1.25x | -2.35x | 0.74x | 1.86x | 1.00x | 0.16x | -1.43x | 0.54x | 0.92x | 0.35x | 0.61x | -1.47x | -0.14x | -0.39x |
| Interest Paid | 0 | 1.63M | 2.98M | 4.06M | 5.05M | 7.11M | 24.6M | 20.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1.39M | 1.24M | 1.48M | 2.2M | 3.01M | 3.52M | 2.29M | 3.74M | 12.2M | 1.51M | 0 | 0 | 0 | 0 | 0 |
High customer acquisition costs
Based on reported financial statements, Tuniu's cash flow reporting has become increasingly opaque, with operating cash flow figures appearing as zero for the last seven consecutive quarters despite fluctuating net income, which complicates any assessment of the company's ability to convert accounting profits into actual liquidity.
The persistent absence of reported operating cash flow data suggests a significant disconnect between the company's accrual-based net income and its actual cash generation capabilities. Investors should monitor this lack of transparency, as it prevents a clear understanding of whether the reported profitability is supported by tangible cash inflows or merely accounting adjustments.
As indicated by recent filings, Tuniu's free cash flow trajectory has effectively stalled, with the company reporting zero free cash flow since late 2023, a sharp departure from the modest positive cash generation observed in the first three quarters of that year.
The inability to maintain positive free cash flow suggests that the business model may be struggling to generate surplus capital after accounting for its operational requirements. This trend warrants further investigation into whether the company is prioritizing market share preservation over the generation of sustainable, self-funding cash flows.
According to historical data, Tuniu has consistently utilized stock-based compensation, with figures reaching as high as $5.6 million in 2023Q3, which serves to mask the true economic cost of operations and potentially inflates the company's reported net income relative to its actual cash-based performance.
The reliance on stock-based compensation as a significant component of the cost structure suggests that the company's reported profitability may be overstated from a cash-flow perspective. Analysts should adjust for these non-cash expenses to determine the true underlying operational efficiency of the travel services platform.
Based on the provided figures, Tuniu has refrained from dividends or share repurchases, instead maintaining a cash-heavy balance sheet that appears designed to provide a buffer against the inherent volatility of the Chinese travel market rather than returning capital to shareholders.
This conservative approach to capital deployment suggests that management is prioritizing liquidity preservation over aggressive growth or shareholder returns. While this strategy may mitigate immediate insolvency risks, it also highlights the lack of high-return investment opportunities currently available to the firm.
Quick answers to the most common questions about buying TOUR stock.
Tuniu Corporation (TOUR) generated $-109.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tuniu Corporation (TOUR) reported negative free cash flow of $116.2M in 2025, indicating capital requirements exceeded cash from operations.
Tuniu Corporation (TOUR) spent $7.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Tuniu Corporation (TOUR) returned $29.8M to shareholders via cash dividends and spent $51.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.