Trip.com Group Limited

NasdaqGS-TCOM

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Stock Price	506	501.1	255.6	237.3	156.5	220.2	233.5	186.1	286.9	277.7	300.8
Total Shares Outstanding	653.3	653.3	644.1	638.1	641.3	599.6	4,741.5	553	540	513.2	409.3
Market Cap	327,960.1	327,390.6	164,178.6	151,429.6	100,356.8	132,126.6	1,107,379.9	102,929.4	154,935.9	142,536	123,151.7
Total Enterprise Value (TEV)	281,324.1	289,625.6	148,702.6	154,518.6	101,732.8	146,105.6	1,116,779.9	102,577.4	154,128.9	148,376.7	122,076.8
Buyback Yield	—	0.1%	0.7%	-0.1%	-8.3%	-0.1%	-0%	-0.7%	-0.5%	-7.6%	0.7%
Debt Paydown Yield	—	1.9%	0.6%	4.5%	4%	-6%	1%	-11.7%	-5.4%	-6.3%	-12.3%
Shareholder Yield	—	2%	1.4%	4.4%	-4.2%	-6.1%	0.9%	-12.4%	-5.9%	-14%	-11.6%
P/S	5.5	6.1	3.7	7.6	5	7.2	31	3.3	5.7	7.2	—
P/Gross Profit	6.8	7.6	4.5	9.8	6.5	9.2	39.1	4.2	7	9.8	318.7
P/E	22	20.2	17.2	110.9	-179.9	-40.8	20.3	95	74.6	-483	42.3
Earnings Yield	4.5%	4.9%	5.8%	0.9%	-0.6%	-2.5%	4.9%	1.1%	1.3%	-0.2%	2.4%
P/OCF	—	16.7	7.5	57.3	40.5	-34.6	151	14.5	21.9	27	40.4
P/FCF	—	17.2	7.7	70.6	52.7	-30.3	170.1	16	23.5	31.1	51.1
FCF Yield	—	5.8%	13%	1.4%	1.9%	-3.3%	0.6%	6.3%	4.3%	3.2%	2%
P/B	2	2.3	1.3	1.3	0.9	1.3	10.7	1.2	1.8	-25.7	120.6
EV/Sales	4.7	5.4	3.3	7.7	5.1	8	31.3	3.3	5.7	7.5	—
EV/Gross Profit	5.8	6.7	4.1	10	6.6	10.2	39.5	4.2	7	10.2	315.9
EV/EBITDA	18.1	9.7	6.2	20.8	15.5	21.1	62.3	6.7	11.1	-177.9	173.7
EV/EBIT	18.1	10	6.4	23.5	18.3	25.6	66.4	7.2	11.8	-95.6	315.9
EV/OCF	—	14.8	6.8	58.5	41.1	-38.2	152.3	14.4	21.8	28.2	40
EV/FCF	—	15.2	6.9	72.1	53.4	-33.5	171.5	15.9	23.4	32.3	50.6

Dividends

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Gross Profit Margin	80.7%	81.1%	81.7%	77.4%	77%	77.9%	79.2%	79.2%	81.9%	73.3%	—
Operating Margin	26%	54.5%	52.3%	32.7%	27.7%	31.2%	47.1%	45.8%	48.3%	-7.8%	—
EBITDA Margin	26%	56.1%	54.1%	37.1%	32.8%	37.8%	50.2%	49%	51.6%	-4.2%	—
Net Profit Margin	1.2%	5.3%	2.4%	-2.9%	0.5%	-9.2%	-1%	-0.1%	-0.2%	3%	—
Effective Tax Rate	15.3%	15.3%	16.4%	25.9%	-57.3%	-29%	19.2%	41.3%	36.5%	-27.6%	-0.5%
Pre-Tax Profit Margin	60.4%	31.9%	24%	13.1%	-2.4%	-6.7%	25.4%	6.2%	13.1%	-8.8%	—
Free Cash Flow Margin	—	35.7%	48%	10.7%	9.5%	-23.8%	18.2%	20.7%	24.4%	23.2%	—
OCF / Sales	—	36.8%	49.4%	13.2%	12.4%	-20.9%	20.5%	22.9%	26.2%	26.6%	—
OCF / Net Income	—	694%	2,052.6%	-450.7%	2,578.1%	226.3%	-2,113.3%	-22,234.4%	-10,875.4%	875.4%	-316.6%
FCF / OCF	—	97%	97.2%	81.2%	77%	113.9%	88.8%	90.5%	93.3%	87%	79.1%
FCF / Net Income	—	673.1%	1,996.1%	-365.9%	1,984.4%	257.8%	-1,876.1%	-20,131.3%	-10,150.8%	762%	-250.3%
FCF / EBITDA	—	63.6%	88.7%	28.8%	29%	-62.9%	36.3%	42.3%	47.4%	-550%	343.1%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Return on Invested Capital	6.3%	13.7%	11.4%	2.8%	5.1%	4.3%	8.3%	6%	12.9%	-380.5%	3.4%
Return on Assets	5.1%	10.7%	9.5%	2.5%	4.6%	3.8%	7%	4.8%	10.1%	-86.8%	2.3%
Return on Equity	0.5%	2.1%	0.9%	-0.5%	0.1%	-1.6%	-0.4%	-0%	-0.2%	-26.9%	-16.9%
Return on Total Capital	38.9%	56%	41.7%	9.8%	15.8%	13.1%	23.4%	15.3%	30.8%	-61.6%	6.3%
Return on Capital Employed	8.4%	18.5%	16.8%	5.1%	4.4%	4.4%	13.6%	12%	21.6%	-161%	4%
Return on Tangible Assets	0.4%	1.8%	0.8%	-0.5%	0.1%	-1.4%	-0.3%	-0%	-0.1%	30.1%	-6.3%
Receivables Turnover	4.1	4	4.1	3	3.3	2.2	4	5	9	29.5	—
Days Sales Outstanding	88	91.3	88	123.3	111.5	162.9	90.7	72.9	40.6	12.4	—
Payables Turnover	0.6	0.6	0.7	0.7	0.9	0.5	0.6	0.7	1.1	6	0.4
Days Payables Outstanding	581.7	603.5	540	549.5	417.7	760.6	594.3	553.3	326.9	61	845.2
Cash Conversion Cycle	-493.8	-512.2	-452	-426.2	-306.3	-597.7	-503.6	-480.4	-286.3	-48.6	—
Asset Turnover	0.2	0.2	0.2	0.1	0.1	0.1	0.2	0.2	0.3	8.7	—
Fixed Asset Turnover	9.8	9.2	7.5	3.3	3.1	2.6	5.4	5.4	9.4	198.2	—
Operating Cycle	88	91.3	88	123.3	111.5	162.9	90.7	72.9	40.6	12.4	—
CapEx to OCF	—	0	0	0.2	0.2	-0.1	0.1	0.1	0.1	0.1	0.2
CapEx to Revenue	—	0	0	0	0	0	0	0	0	0	—
CapEx to Depreciation	—	0.7	0.7	0.6	0.6	0.4	0.8	0.7	0.5	1	2

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Debt	31,935	40,128	45,433	46,385	51,359	57,001	50,802	60,157	45,536	—	—
Net Debt	-48,520	-39,440	-16,298	2,353	597	12,766	5,997	-2,370	-2,586	-563.9	-1,102.4
Current Ratio	1.5	1.5	1.2	1	1	1	1	1.2	1.4	1.2	1.5
Quick Ratio	1.1	1.2	1	0.8	0.9	0.9	0.8	1	1.3	1	1.3
Cash Ratio	1	1.1	0.9	0.7	0.8	0.8	0.6	0.9	1.1	0.4	0.9
Debt Ratio	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	—	—
Assets to Equity	1.6	1.7	1.8	1.7	1.7	1.8	1.9	2.1	1.9	-0.4	2.2
Cash Flow to Debt Ratio	—	0.5	0.5	0.1	0	-0.1	0.1	0.1	0.2	—	—
Long-term Debt to Assets	0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	—	—
Intangibles to Total Assets	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.2	0.1
Net Current Asset Value	22,930	11,346	-8,221	-17,973	-16,074	-28,884	-28,772	-19,721	-17,986	-12,521.1	563.8
Goodwill / Assets	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	—	—
Debt / Equity	0.2	0.3	0.4	0.4	0.5	0.6	0.5	0.7	0.5	—	—
Total Debt / Capitalization	0.9	1	1	1	1	1	0.9	1	1	—	—
Long Term Debt / Capitalization	0.3	0.5	0.4	0.3	0.2	0.4	0.4	0.4	0.6	—	—
Long-Term Debt / Equity	0.1	0.1	0.2	0.1	0.1	0.2	0.2	0.3	0.3	—	—
Net Debt / EBITDA	-3.1	-1.3	-0.7	0.3	0.1	1.8	0.3	-0.2	-0.2	0.7	-1.6
EBIT / Interest Expense	-14.7	-16.8	-11.3	-4.3	-3.5	-3.3	-10	-9.4	-10.1	2.1	—
EBITDA / Interest Expense	-14.7	-17.3	-11.7	-4.9	-4.2	-4	-10.7	-10.1	-10.8	1.1	—
(EBITDA - Capex) / Interest Expense	-14.7	-16.9	-11.4	-4.6	-3.8	-3.7	-10.2	-9.7	-10.5	2.1	—

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Revenue per Share	88	77.5	66.4	30.5	31.6	30.5	55.6	54.8	47	5.3	—
Basic EPS	22.1	26.1	15.2	2.2	-0.9	-5.4	12.4	2	4.1	-0.6	8.3
Diluted EPS	22.8	24.8	14.8	2.1	-0.9	-5.4	11.5	2	3.8	-0.6	7.1
Book Value per Share	247.6	205.9	182.1	170.9	173	167	161.1	152.8	147.7	-1.5	2.7
Tangible Book Value per Share	136.6	98.8	74.8	61.1	58.8	46	49.6	26.2	25.7	-1.6	2.1
Cash per Share	118.5	115.5	92	67	80.1	73.6	69.8	110.2	83.8	0.2	2.9
Operating Cash Flow per Share	—	28.5	32.8	4	3.9	-6.4	11.4	12.5	12.3	1.4	8
Free Cash Flow per Share	—	27.6	31.9	3.3	3	-7.2	10.1	11.4	11.5	1.2	6.4
CapEx per Share	—	0.9	0.9	0.8	0.9	0.9	1.3	1.2	0.8	0.2	1.7
Weighted Avg. Shares Outstanding	667	654	652.9	648.4	634.1	600.9	567.9	547.2	530.4	3,719.8	302.4
Weighted Avg. Shares Outstanding Diluted	678.8	688.7	671.1	657.1	634.1	600.9	642	567.4	574.2	3,719.8	379

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
R&D to Revenue	24.3%	24.6%	27.2%	41.6%	44.9%	41.8%	29.9%	30.9%	30.6%	38.8%	—
SG&A to Revenue	30.4%	2%	2.2%	3.1%	4.4%	5%	2.2%	2.5%	3%	42.3%	—
Stock-based Comp to Revenue	—	3.8%	4.1%	5.9%	8.4%	10.2%	4.8%	5.5%	6.8%	18%	—