Latest Ratios: P/E Ratio 6.0x · EV/EBITDA 10.0x · 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 | $25.9B | $50.2B | $47.3B | $24.2B | $21.8B | $15.6B | $20.3B | $21.5B | $15.4B | $25.3B | $18.9B |
| Enterprise Value | $23.6B | $35.1B | $39.2B | $28.1B | $51.5B | $47.5B | $59.6B | $52.8B | $54.0B | $52.6B | $42.0B |
| P/E Ratio → | 6.03 | 1.55 | 2.77 | 2.44 | 16.07 | — | — | 3.07 | 13.81 | 11.54 | — |
| P/S Ratio | 2.90 | 0.83 | 0.89 | 0.54 | 1.09 | 0.78 | 1.11 | 0.60 | 0.50 | 0.95 | 0.98 |
| P/B Ratio | 1.13 | 0.29 | 0.33 | 0.20 | 0.19 | 0.14 | 0.20 | 0.20 | 0.17 | 0.29 | 0.25 |
| P/FCF | 12.96 | 3.70 | 2.48 | 1.13 | 10.18 | 8.20 | — | 3.31 | 2.40 | 3.85 | 4.13 |
| P/OCF | 12.24 | 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 | 9.95 | 2.17 | 2.61 | 2.32 | 53.62 | — | — | 8.62 | 15.06 | 13.76 | — |
| EV / EBIT | 10.48 | 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 | 16.6% | 64.5% | 36.1% | 41.0% | 6.2% | — | — | 32.6% | 7.2% | 8.7% | — |
| FCF Yield | 7.7% | 27.0% | 40.3% | 88.5% | 9.8% | 12.2% | — | 30.2% | 41.7% | 26.0% | 24.2% |
| Buyback Yield | 2.5% | 8.8% | 4.6% | 6.7% | 0.0% | 0.0% | 0.0% | 0.0% | 7.8% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.2% | 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 |
Geopolitical and regulatory exposure
Based on reported figures, TCOM trades at a trailing P/E of 5.99 and a forward P/E of 1.48, suggesting that the market is heavily discounting the company's earnings potential compared to global peers like Booking Holdings, which command significantly higher multiples in the current market environment.
The stark divergence between TCOM's valuation and its global counterparts suggests that investors are applying a substantial risk premium for its concentration in the Greater China market. While the low forward P/E may imply an expectation of earnings contraction, it could also indicate that the market is failing to fully value the company's international growth via Skyscanner.
According to recent financial statements, TCOM's ROIC has fluctuated between 1.2% and 3.1% over the last ten quarters, a performance that appears underwhelming when compared to the double-digit returns typically generated by more mature, capital-light digital travel platforms operating in Western markets.
The persistent gap between TCOM's high gross margins and its modest ROIC suggests that the company's heavy investment in customer service infrastructure and R&D acts as a significant drag on capital efficiency. Investors should monitor whether future AI-driven automation can improve these returns by reducing the intensity of human-capital requirements.
As reported in quarterly filings, TCOM's DPO remains exceptionally high, often exceeding 500 days, which indicates that the company exerts significant leverage over its suppliers by retaining cash from bookings for extended periods before settling obligations, effectively utilizing its platform scale to optimize internal liquidity.
This extended DPO cycle is a hallmark of a dominant travel intermediary that effectively acts as a float-generating engine. While this provides a structural liquidity advantage, it also warrants investigation into whether such aggressive payment terms could eventually strain relationships with smaller hotel partners or invite regulatory scrutiny.
Based on the latest financial data, TCOM maintains a current ratio of 1.55 and a debt-to-equity ratio of 0.18, signaling a fortress-like balance sheet that provides the company with substantial flexibility to navigate cyclical downturns or fund strategic acquisitions without relying on external capital markets.
The company's ability to maintain such low leverage while holding massive cash reserves suggests a conservative capital allocation strategy that prioritizes stability over aggressive financial engineering. This liquidity buffer is essential given the company's high sensitivity to geopolitical shocks and sudden shifts in international travel demand.
As disclosed in recent financial reports, the commonly cited net margin of 53.35% is a misleading metric for TCOM, as it is heavily inflated by non-operating investment gains rather than reflecting the core profitability of the company's travel booking and service operations.
Analysts should prioritize operating margins and FCF conversion over net income to gauge the true earning power of the business. Relying on net margins obscures the volatility inherent in the company's investment portfolio and may lead to an overestimation of the platform's underlying operational efficiency.
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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 6.0x. 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 10.0x. 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 6.0x. 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 0.73% 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.