Latest Ratios: P/E Ratio 44.7x · EV/EBITDA 16.0x · ROE 8.0%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $4.0B | $4.3B | $3.0B | $2.8B | $4.1B | $4.4B | — |
| Enterprise Value | $6.0B | $5.1B | $5.2B | $3.9B | $3.8B | $4.7B | $4.5B | — |
| P/E Ratio → | 44.71 | 36.43 | — | — | — | — | — | — |
| P/S Ratio | 1.80 | 1.47 | 1.77 | 1.29 | 1.53 | 5.42 | 5.50 | — |
| P/B Ratio | 2.96 | 2.41 | 4.06 | 2.44 | 2.06 | 2.77 | 4.43 | — |
| P/FCF | 47.08 | 38.51 | 26.02 | 60.30 | — | — | — | — |
| P/OCF | 21.01 | 17.19 | 15.79 | 18.24 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.87 | 2.15 | 1.72 | 2.07 | 6.19 | 5.65 | — |
| EV / EBITDA | 15.96 | 13.58 | 17.82 | 21.13 | — | — | — | — |
| EV / EBIT | 32.79 | 20.98 | 118.63 | — | — | — | — | — |
| EV / FCF | — | 48.82 | 31.64 | 80.19 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.1% | 60.1% | 60.1% | 58.2% | 55.1% | 37.5% | 33.3% | 58.5% |
| Operating Margin | 6.7% | 6.7% | 4.7% | -0.3% | -10.7% | -73.4% | -94.2% | 9.7% |
| Net Profit Margin | 4.0% | 4.0% | -5.7% | -2.8% | -1.4% | — | -77.4% | 6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 8.0% | 8.0% | -12.2% | -4.9% | -1.7% | — | -46.1% | 8.0% |
| ROA | 2.6% | 2.6% | -3.7% | -1.6% | -0.6% | — | -21.0% | 4.3% |
| ROIC | 5.8% | 5.8% | 4.1% | -0.3% | -6.7% | -26.4% | -44.4% | 10.9% |
| ROCE | 5.7% | 5.7% | 4.0% | -0.3% | -5.9% | -20.4% | -32.7% | 8.6% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.91 | 0.91 | 1.38 | 1.20 | 0.95 | 0.74 | 0.71 | 0.14 |
| Debt / EBITDA | 4.03 | 4.03 | 4.99 | 7.80 | — | — | — | 0.68 |
| Net Debt / Equity | — | 0.65 | 0.88 | 0.80 | 0.73 | 0.39 | 0.12 | -0.15 |
| Net Debt / EBITDA | 2.87 | 2.87 | 3.16 | 5.24 | — | — | — | -0.75 |
| Debt / FCF | — | 10.31 | 5.61 | 19.90 | — | — | — | -1.57 |
| Interest Coverage | 2.55 | 2.55 | 0.38 | -0.03 | -1.93 | -11.32 | -27.11 | 13.87 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 1.64 | 1.64 | 1.60 | 1.43 | 1.52 | 1.81 |
| Quick Ratio | 1.14 | 1.14 | 1.64 | 1.64 | 1.60 | 1.43 | 1.52 | 1.81 |
| Cash Ratio | 0.31 | 0.31 | 0.69 | 0.57 | 0.39 | 0.72 | 1.02 | 0.70 |
| Asset Turnover | — | 0.55 | 0.67 | 0.61 | 0.44 | 0.19 | 0.29 | 0.68 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 136.17 | 95.66 | 125.92 | 165.25 | 211.44 | 66.28 | 114.55 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.0% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 43.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.7% | — | — | — | — | — | — |
| FCF Yield | 2.1% | 2.6% | 3.8% | 1.7% | — | — | — | — |
| Buyback Yield | 1.5% | 1.8% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 1.5% | 1.8% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $524M | $463M | $458M | $419M | $419M | $419M | $129M |
NDC-driven margin compression
Based on current market data, GBTG trades at a forward P/E of 53.10, which appears to price in aggressive future margin expansion that contrasts sharply with the volatility observed in recent quarterly earnings reports and the firm's historical inability to maintain consistent GAAP profitability.
The current valuation suggests investors are assigning a technology-platform premium to the stock, yet the P/FCF of 47.28 indicates that this pricing is not currently supported by cash generation. This disconnect warrants caution, as the market may be overestimating the scalability of the Egencia integration relative to the persistent overhead costs of the legacy business.
As reported in financial statements, GBTG's ROIC has struggled to gain traction, hovering at a meager 1.3% in 2026Q1, which suggests that the company is currently failing to generate returns on invested capital that exceed its likely cost of capital in the current interest rate environment.
The persistent low ROIC indicates that the capital deployed for acquisitions and platform development has yet to yield the expected operational efficiencies. Investors should monitor whether the company can improve its asset turnover, which remains stagnant at 0.17, to drive better capital productivity in future periods.
According to recent SEC filings, GBTG's DSO has fluctuated significantly, reaching 111 days in 2026Q1, which highlights a structural challenge in collecting receivables that places ongoing pressure on the company's cash conversion cycle and overall operational liquidity compared to industry peers.
The extended collection period suggests that the company may be granting generous payment terms to maintain its large enterprise client base, which effectively subsidizes customer operations at the expense of its own cash flow. This reliance on working capital to support growth appears to be a primary factor in the recent deterioration of the firm's liquidity position.
Based on reported figures, GBTG maintains a debt-to-equity ratio of 0.97 as of 2026Q1, a level that remains elevated and suggests that the company's capital structure is heavily reliant on debt financing to sustain its global operations and ongoing integration of acquired technology assets.
With interest coverage ratios showing significant volatility, dropping to 1.74 in the most recent quarter, the company's ability to service its debt appears increasingly sensitive to operational downturns. This leverage profile limits management's capacity for aggressive capital allocation, such as share repurchases, until more consistent cash flow generation is established.
The P/E ratio is frequently misapplied to GBTG, as it obscures the significant impact of non-cash charges and stock-based compensation that distort GAAP earnings, making the company appear more profitable than its underlying cash-generating capability would suggest to a fundamental analyst.
Investors should instead focus on EV/EBITDA or free cash flow yield to better understand the firm's operational performance, as these metrics strip away the accounting noise inherent in the company's complex capital structure. Relying on P/E in this context may lead to a fundamental misunderstanding of the company's true economic earning power.
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Quick answers to the most common questions about buying GBTG stock.
Global Business Travel Group, Inc.'s current P/E ratio is 44.7x. The historical average is 36.4x. This places it at the 100th percentile of its historical range.
Global Business Travel Group, Inc.'s current EV/EBITDA is 16.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
Global Business Travel Group, Inc.'s return on equity (ROE) is 8.0%. The historical average is -8.1%.
Based on historical data, Global Business Travel Group, Inc. is trading at a P/E of 44.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Global Business Travel Group, Inc. has 60.1% gross margin and 6.7% operating margin.
Global Business Travel Group, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.