Latest Ratios: P/E Ratio 25.9x · EV/EBITDA 6.7x · ROE 5.0%. (2009–2025 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 | $936M | $1.9B | $2.1B | $3.0B | $2.6B | $3.7B | $3.9B | $4.3B | $7.6B | $4.8B | $6.8B |
| Enterprise Value | $1.2B | $2.1B | $2.0B | $2.8B | $2.5B | $4.0B | $4.1B | $4.1B | $7.0B | $4.4B | $6.4B |
| P/E Ratio → | 25.94 | 46.97 | 428.12 | 300.28 | 128.43 | — | — | 33.76 | 66.59 | — | 56.55 |
| P/S Ratio | 0.49 | 1.01 | 1.17 | 1.68 | 1.76 | 4.15 | 6.43 | 2.74 | 4.68 | 3.10 | 4.61 |
| P/B Ratio | 1.63 | 2.96 | 2.27 | 3.45 | 3.04 | 4.74 | 4.38 | 3.68 | 5.13 | 3.54 | 4.54 |
| P/FCF | 5.74 | 11.70 | 30.59 | 17.45 | 7.61 | 69.28 | — | 12.53 | 21.95 | 27.73 | 27.38 |
| P/OCF | 3.82 | 7.79 | 14.87 | 12.77 | 6.55 | 34.64 | — | 10.08 | 18.65 | 20.27 | 21.23 |
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 | — | 1.12 | 1.08 | 1.59 | 1.69 | 4.40 | 6.78 | 2.64 | 4.32 | 2.82 | 4.31 |
| EV / EBITDA | 6.70 | 12.35 | 11.19 | 13.36 | 12.76 | — | — | 13.17 | 23.34 | 18.67 | 23.88 |
| EV / EBIT | 14.39 | 17.26 | 14.89 | 16.84 | 22.77 | — | — | 20.50 | 38.14 | 35.39 | 38.41 |
| EV / FCF | — | 13.03 | 28.30 | 16.55 | 7.35 | 73.54 | — | 12.09 | 20.29 | 25.22 | 25.60 |
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 | 62.0% | 62.0% | 92.9% | 91.7% | 92.2% | 91.8% | 90.9% | 94.0% | 94.7% | 95.4% | 95.2% |
| Operating Margin | 4.2% | 4.2% | 5.0% | 7.0% | 6.8% | -14.5% | -54.5% | 12.0% | 11.3% | 8.0% | 11.2% |
| Net Profit Margin | 2.1% | 2.1% | 0.3% | 0.6% | 1.3% | -16.4% | -47.8% | 8.1% | 7.0% | -1.2% | 8.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.0% | 5.0% | 0.6% | 1.2% | 2.4% | -17.7% | -28.2% | 9.6% | 8.0% | -1.3% | 8.2% |
| ROA | 1.5% | 1.5% | 0.2% | 0.4% | 0.8% | -7.0% | -14.6% | 6.1% | 5.1% | -0.8% | 5.5% |
| ROIC | 7.3% | 7.3% | 9.2% | 12.7% | 8.5% | -9.3% | -23.4% | 14.7% | 15.0% | 9.4% | 12.1% |
| ROCE | 4.5% | 4.5% | 4.7% | 6.3% | 5.1% | -7.2% | -20.1% | 11.3% | 10.0% | 6.7% | 9.1% |
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 | 1.94 | 1.94 | 0.96 | 1.05 | 1.08 | 1.21 | 0.72 | 0.14 | 0.06 | 0.17 | 0.11 |
| Debt / EBITDA | 7.27 | 7.27 | 5.10 | 4.28 | 4.69 | — | — | 0.53 | 0.28 | 1.01 | 0.64 |
| Net Debt / Equity | — | 0.33 | -0.17 | -0.18 | -0.11 | 0.29 | 0.24 | -0.13 | -0.39 | -0.32 | -0.29 |
| Net Debt / EBITDA | 1.26 | 1.26 | -0.91 | -0.73 | -0.46 | — | — | -0.49 | -1.91 | -1.86 | -1.65 |
| Debt / FCF | — | 1.33 | -2.30 | -0.90 | -0.27 | 4.26 | — | -0.45 | -1.66 | -2.51 | -1.77 |
| Interest Coverage | 1.95 | 1.95 | 2.89 | 3.84 | 2.52 | -3.11 | -9.54 | 28.71 | 15.25 | 8.27 | 13.83 |
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 | 1.29 | 1.29 | 2.10 | 2.27 | 2.38 | 2.63 | 2.37 | 1.23 | 2.33 | 2.67 | 2.25 |
| Quick Ratio | 1.29 | 1.29 | 2.10 | 2.27 | 2.38 | 2.63 | 2.37 | 1.23 | 2.33 | 2.67 | 2.25 |
| Cash Ratio | 1.04 | 1.04 | 1.69 | 1.87 | 1.92 | 2.03 | 1.73 | 0.73 | 1.70 | 1.90 | 1.73 |
| Asset Turnover | — | 0.72 | 0.72 | 0.70 | 0.58 | 0.39 | 0.31 | 0.79 | 0.75 | 0.68 | 0.66 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 40.34 | 41.17 | 39.19 | 50.15 | 77.29 | 80.37 | 42.82 | 47.91 | 60.99 | 46.61 |
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 | — | — | — | — | — | — | — | 11.4% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 387.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 2.1% | 0.2% | 0.3% | 0.8% | — | — | 3.0% | 1.5% | — | 1.8% |
| FCF Yield | 17.4% | 8.5% | 3.3% | 5.7% | 13.1% | 1.4% | — | 8.0% | 4.6% | 3.6% | 3.7% |
| Buyback Yield | 55.7% | 27.3% | 1.2% | 3.3% | 0.8% | 0.0% | 3.0% | 1.4% | 1.3% | 5.2% | 1.5% |
| Total Shareholder Yield | 55.7% | 27.3% | 1.2% | 3.3% | 0.8% | 0.0% | 3.0% | 12.8% | 1.3% | 5.2% | 1.5% |
| Shares Outstanding | — | $131M | $145M | $139M | $146M | $137M | $135M | $141M | $140M | $140M | $147M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying TRIP stock.
Tripadvisor, Inc.'s current P/E ratio is 25.9x. The historical average is 55.2x. This places it at the 10th percentile of its historical range.
Tripadvisor, Inc.'s current EV/EBITDA is 6.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.0x.
Tripadvisor, Inc.'s return on equity (ROE) is 5.0%. The historical average is 11.1%.
Based on historical data, Tripadvisor, Inc. is trading at a P/E of 25.9x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tripadvisor, Inc. has 62.0% gross margin and 4.2% operating margin.
Tripadvisor, Inc.'s Debt/EBITDA ratio is 7.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Google SGE traffic disruption
Metrics are mathematically derived from official filings.
Margin Volatility Masks Structural Shift
Gross margin swung from 93.0% in 2026Q2 to 51.1% in 2026Q1, per reported figures, reflecting the growing mix of lower-margin transaction revenue from Viator and TheFork, which may indicate a permanent margin compression.
The dramatic quarterly swings in gross margin, from 99.3% in 2024Q4 to 51.1% in 2026Q1, suggest the business is transitioning from a high-margin advertising model to a lower-margin transaction-based model. Operating margin has been consistently thin, averaging around 4.23% over the period, with negative quarters in 2025Q4 and 2026Q1, indicating that the company's earning power is increasingly dependent on Viator's scale. Investors should monitor whether the gross margin stabilizes near the 90% level or continues to erode as transaction revenue grows, as this will determine the sustainability of the current valuation.
Return on Capital Decays Amid Transition
ROIC fell from 7.9% in 2024Q3 to 3.9% in 2026Q2, per reported data, indicating a declining return on invested capital as the company invests heavily in Viator's growth, which may not yet be generating adequate returns.
The trend in ROIC, which has been volatile but generally declining from a peak of 7.9% in 2024Q3 to 3.9% in 2026Q2, suggests that the capital deployed into the experiences segment is not yet yielding the same returns as the core advertising business. ROE has also been erratic, with negative quarters in 2025Q1 and 2026Q1, reflecting the impact of buybacks and net losses on a shrinking equity base. The company appears to be in a period of capital reallocation, where the returns on new investments are uncertain and may not justify the current valuation if the trend persists.
Working Capital Efficiency Distorted by Seasonality
DSO improved to 47 days in 2026Q2 from 56 days in 2024Q1, per reported figures, but DPO swung wildly from 20 to 201 days, indicating that the cash conversion cycle is heavily influenced by seasonal payment terms.
The efficiency metrics reveal a business with significant seasonal volatility, as DPO ranged from 20 days in 2026Q1 to 201 days in 2026Q2, suggesting that the company's payment terms with suppliers and partners are not stable. The asset turnover ratio has remained consistently low at around 0.15-0.19, reflecting the asset-light nature of the business but also indicating that revenue generation per dollar of assets is modest. The cash conversion cycle is not calculable due to missing DIO data, but the extreme swings in DPO suggest that working capital management is not a reliable source of cash flow stability.
Leverage Spikes Threaten Financial Flexibility
Debt-to-equity rose to 2.01 in 2025Q2 from 0.96 in 2024Q4, per reported figures, while interest coverage turned negative in 2026Q1, indicating that the company's debt service is becoming less comfortable.
The leverage metrics show a concerning trend, with D/E peaking at 2.01 in 2025Q2 before easing to 1.35 in 2026Q2, but the interest coverage ratio has been negative in several quarters, including -1.01 in 2026Q1, suggesting that operating income is insufficient to cover interest expenses. The D/EBITDA ratio spiked to 429.69 in 2026Q1, though this is distorted by near-zero EBITDA, but even the more normalized 15.88 in 2026Q2 is elevated compared to the 9.99 in 2024Q3. This indicates that the company's debt load is increasing relative to its earnings power, which may constrain its ability to invest in growth or return capital to shareholders.
Liquidity Buffer Thins Despite Adequate Ratios
Current ratio improved to 1.56 in 2026Q2 from 1.24 in 2025Q2, per reported data, but cash dropped to $843 million from $1.2 billion, reducing the absolute buffer against seasonal downturns.
While the current and quick ratios have remained above 1.0, indicating that short-term assets cover short-term liabilities, the absolute cash position has declined significantly, from $1.2 billion in 2025Q2 to $843 million in 2026Q2. This reduction in cash, combined with the increase in debt, suggests that the company's liquidity position is more vulnerable to a demand shock than the ratios alone would indicate. The company's ability to withstand a prolonged downturn in travel demand may be limited, especially if it needs to continue investing in Viator's growth.
Misapplied P/E Obscures Transition Value
The trailing P/E of 33.55 is misleading given the company's transition to a transaction-based model, per reported figures, as it fails to capture the potential of Viator's growth and the declining core business.
The most commonly misapplied ratio for Tripadvisor is the P/E multiple, which is distorted by the company's volatile earnings and the mix of high-margin advertising and low-margin transaction revenue. The forward P/E of 7.93 suggests that the market is pricing in a significant earnings recovery, but this may be overly optimistic given the ongoing margin pressure and the competitive threat from Google. Instead, investors should focus on EV/EBITDA, which at 8.29 is more reflective of the company's operating performance, or consider a sum-of-the-parts valuation that separates the core hotel business from Viator to better assess the true value of each segment.