Latest Ratios: P/E Ratio 4.2x · EV/EBITDA 0.7x · ROE 3.1%. (2011–2025 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 | $18M | $24M | $41M | $83M | $187M | $120M | $217M | $310M | $612M | $967M | $1.1B |
| Enterprise Value | $3M | $-82532339 | $-419072403 | $-77093310 | $291M | $62M | $622M | $878M | $258M | $502M | $15M |
| P/E Ratio → | 4.21 | 0.78 | 0.53 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.22 | 0.04 | 0.08 | 0.19 | 1.02 | 0.28 | 0.48 | 0.14 | 0.27 | 0.44 | 0.10 |
| P/B Ratio | 0.13 | 0.02 | 0.04 | 0.08 | 0.18 | 0.10 | 0.16 | 0.11 | 0.18 | 0.26 | 0.24 |
| P/FCF | — | — | 0.49 | 0.37 | — | — | — | — | 4.12 | — | — |
| P/OCF | — | — | 0.43 | 0.36 | — | — | — | — | 2.28 | — | — |
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 | — | -0.15 | -0.82 | -0.17 | 1.59 | 0.15 | 1.38 | 0.38 | 0.12 | 0.23 | 0.00 |
| EV / EBITDA | 0.74 | -3.30 | -5.78 | — | — | — | — | — | — | — | — |
| EV / EBIT | 1.85 | -8.26 | -5.83 | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | -4.96 | -0.35 | — | — | — | — | 1.74 | — | — |
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 | 58.0% | 58.0% | 69.7% | 66.6% | 48.8% | 40.2% | 47.3% | 47.4% | 52.5% | 53.3% | 5.9% |
| Operating Margin | 1.8% | 1.8% | 12.3% | -23.1% | -114.5% | -42.6% | -297.8% | -38.2% | -15.6% | -40.3% | -23.9% |
| Net Profit Margin | 5.4% | 5.4% | 15.0% | -22.5% | -105.3% | -28.5% | -290.5% | -32.1% | -8.4% | -35.3% | -23.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.1% | 3.1% | 7.8% | -9.7% | -16.7% | -9.2% | -63.4% | -23.7% | -5.3% | -18.7% | -61.4% |
| ROA | 1.7% | 1.7% | 4.0% | -5.2% | -9.3% | -4.4% | -26.7% | -11.1% | -2.8% | -9.8% | -29.7% |
| ROIC | 1.1% | 1.1% | 6.9% | -7.7% | -13.4% | -9.1% | -39.5% | -20.5% | -8.3% | -19.7% | -78.3% |
| ROCE | 1.0% | 1.0% | 6.3% | -9.7% | -17.4% | -13.1% | -62.4% | -27.6% | -9.7% | -21.1% | -62.8% |
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 | 0.12 | 0.12 | 0.00 | 0.22 | 0.24 | 0.23 | 0.45 | 0.31 | 0.06 | 0.01 | 0.00 |
| Debt / EBITDA | 4.46 | 4.46 | 0.07 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.46 | -0.16 | 0.10 | -0.05 | 0.29 | 0.21 | -0.10 | -0.13 | -0.23 |
| Net Debt / EBITDA | -4.25 | -4.25 | -6.35 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | -5.45 | -0.72 | — | — | — | — | -2.38 | — | — |
| Interest Coverage | 5.08 | 5.08 | 21.64 | -27.11 | -33.82 | -16.23 | -41.72 | -20.46 | -24.16 | — | — |
Net cash position: cash ($218M) exceeds total debt ($111M)
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 | 2.04 | 2.04 | 1.35 | 1.57 | 1.55 | 1.51 | 1.31 | 1.02 | 1.42 | 1.74 | 1.66 |
| Quick Ratio | 2.04 | 2.04 | 1.35 | 1.57 | 1.49 | 1.38 | 1.28 | 0.93 | 1.33 | 1.71 | 1.63 |
| Cash Ratio | 1.68 | 1.68 | 1.00 | 1.21 | 1.13 | 0.99 | 0.90 | 0.43 | 0.46 | 1.23 | 1.13 |
| Asset Turnover | — | 0.35 | 0.27 | 0.23 | 0.10 | 0.19 | 0.14 | 0.35 | 0.34 | 0.33 | 1.15 |
| Inventory Turnover | — | — | — | — | 2.14 | 2.08 | 4.69 | 3.67 | 3.93 | 11.16 | 79.65 |
| Days Sales Outstanding | — | 71.69 | 82.79 | 42.31 | 68.92 | 108.65 | 233.50 | 128.02 | 223.00 | 89.70 | 21.66 |
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 | 23.3% | 100.0% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 98.4% | 98.4% | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 23.7% | 128.7% | 188.2% | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 204.9% | 268.5% | — | — | — | — | 24.3% | — | — |
| Buyback Yield | 41.1% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.1% | 4.4% | 22.7% | 17.2% | 1.8% |
| Total Shareholder Yield | 64.4% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.1% | 4.4% | 22.7% | 17.2% | 1.8% |
| Shares Outstanding | — | $4M | $4M | $12M | $12M | $12M | $12M | $12M | $13M | $13M | $12M |
High customer acquisition costs
Based on recent market data, Tuniu trades at a P/S ratio of 0.21 and an EV/EBITDA of 0.44, suggesting that investors are pricing the company as a distressed asset rather than a growth-oriented travel platform compared to the broader Chinese OTA sector.
The current valuation multiples appear to reflect significant skepticism regarding the company's ability to achieve sustainable, long-term profitability. This deep discount relative to peers like Trip.com suggests that the market is discounting the company's niche focus on packaged tours as a potential liability in an era favoring independent travel.
As reported in financial statements, Tuniu's ROIC has oscillated between a high of 5.6% in 2024Q2 and negative territory in several quarters, indicating that the company struggles to consistently generate returns above its cost of capital in its current operational configuration.
The volatility in ROIC highlights the difficulty of maintaining efficiency within a high-friction, service-heavy business model. Investors should monitor whether management can stabilize these returns, as the current trend suggests that capital is being deployed into a business that lacks a clear path to compounding value.
According to recent quarterly filings, Tuniu's asset turnover remains exceptionally low at 0.07, which, when combined with highly variable DSO figures, suggests that the company's ability to efficiently convert its asset base into revenue is significantly constrained by its operational model.
The low asset turnover ratio implies that the company is carrying a heavy asset base relative to its revenue generation capacity. This inefficiency warrants further investigation into whether the offline retail and call center infrastructure provides sufficient incremental value to justify the ongoing maintenance costs.
Based on reported figures, Tuniu has maintained a debt-to-equity ratio of 0.00 as of 2025Q2, providing a fortress-like balance sheet that effectively eliminates immediate refinancing risk in a volatile macroeconomic environment for Chinese consumer discretionary services.
The absence of meaningful debt is a critical strength that allows the company to survive periods of low demand without the pressure of interest obligations. While this conservative capital structure limits potential equity returns, it appears to be a necessary trade-off given the inherent seasonality and unpredictability of the travel industry.
As indicated by historical data, the P/E ratio is a misleading metric for Tuniu because it ignores the company's reliance on non-recurring items and the significant impact of stock-based compensation on reported net income, which obscures the true underlying cash-generating capability of the business.
Investors should prioritize analyzing net revenue and gross profit per order rather than relying on P/E multiples, which are often distorted by the company's accounting treatment of packaged tour inventory. The P/E ratio fails to account for the structural volatility of the business, potentially leading to an overestimation of the company's earnings stability.
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Quick answers to the most common questions about buying TOUR stock.
Tuniu Corporation's current P/E ratio is 4.2x. The historical average is 0.7x. This places it at the 100th percentile of its historical range.
Tuniu Corporation's current EV/EBITDA is 0.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Tuniu Corporation's return on equity (ROE) is 3.1%. The historical average is -33.0%.
Based on historical data, Tuniu Corporation is trading at a P/E of 4.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tuniu Corporation's current dividend yield is 23.27% with a payout ratio of 98.4%.
Tuniu Corporation has 58.0% gross margin and 1.8% operating margin.
Tuniu Corporation's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.