Trip.com Group Limited (TCOM)
NEUTRALFundamental
77
Kurs
$45.92
Marktkapitalisierung
$28.98B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Trip.com Group is China's largest online travel agency, operating under the Ctrip, Trip.com, Qunar and Skyscanner brands. It sells hotel rooms, flights, train tickets and packaged tours by aggregating supply from airlines, hotels and tour operators and letting travelers search and book in one place. Domestic China travel remains its core market, alongside a growing international business built through Trip.com and Skyscanner aimed at outbound Chinese travelers and non-Chinese customers.
Wie das Geld verdient wird
Most revenue is commission and margin earned on each booking — a cut of the room rate, ticket price or package cost — plus service fees charged directly to travelers. A smaller and growing slice comes from online advertising sold to travel suppliers and from financial services such as installment payment plans for trips. Because it takes a percentage of transaction value rather than owning hotel rooms or planes, revenue moves closely with how much people spend on travel, not just how many trips they take.
Umsatz nach Segment
Commissions earned booking hotel rooms and other lodging for travelers, the company's largest revenue line.
Commissions and fees on flight, train and other transportation bookings made through the platform.
Mainly online advertising sold to travel suppliers and financial services tied to travel purchases.
Bundled trip packages combining transportation, lodging and guided activities sold as a single product.
Travel booking and management services sold to businesses for their employees' trips.
Wettbewerbsvorteil
Netzwerkeffekte · SchmalMore travel suppliers listing on the platform makes it more useful to travelers, and more travelers using it makes it more valuable for suppliers to list — the classic two-sided marketplace effect, reinforced in China by brand recognition built over two decades. It is narrow rather than wide because domestic rivals such as Meituan and Alibaba's travel arm, plus short-video platforms newly entering travel bookings, compete for the same suppliers and travelers.
Was die Nachfrage antreibt
ZyklischTravel is one of the first expenses households and companies cut when income falls or uncertainty rises, and bookings can collapse almost overnight in the face of a pandemic, natural disaster or geopolitical event — as happened to the whole industry in 2020. Demand recovers with consumer confidence and disposable income rather than following a predictable seasonal pattern alone.
Wichtigste Risiken
- Sensitivity to travel demand shocks — Pandemics, natural disasters and geopolitical disruption can suppress travel bookings suddenly and broadly, as the industry experienced in 2020, and such events are outside the company's control.
- Intense competition in China — Meituan, Alibaba's travel platforms, and short-video apps entering travel bookings all compete for the same Chinese travelers and travel suppliers.
- Chinese regulatory and data risk — As a China-based company with a U.S. listing, Trip.com is exposed to Chinese data-security and overseas-listing rules, as well as the broader legal uncertainty facing U.S.-listed Chinese companies.
- Reliance on supplier relationships — The platform depends on airlines, hotels and tour operators continuing to list competitive inventory and pricing; a shift in those relationships or supplier terms would affect what the platform can offer.
Die Argumente dafür
Buyers argue that Trip.com's dominant position in China's recovering travel market, combined with a fast-growing international business built on the Trip.com and Skyscanner brands, gives it two separate growth engines while its scale and brand recognition make it the default booking choice for Chinese travelers.
Die Argumente dagegen
Sellers fear that travel demand is inherently volatile and hostage to events outside the company's control, that domestic competition from Meituan and Alibaba keeps commission rates under pressure, and that Chinese regulatory risk adds a layer of uncertainty that has nothing to do with how well the travel business itself performs.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilanz & Liquidität
Umsatz
$59.85B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$28.55B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
-
Gesamtes Eigenkapital
$23.73B
Gesamtverbindlichkeiten
$31.37B
Current Ratio
1.53
Zinsdeckungsgrad
-
Schulden/EBITDA
1.85
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$103.76
Aktueller Kurs
$45.92
Sicherheitsmarge
+55.7%
Innerer-Wert-Spanne
$67.44 - $140.07
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
1.01
ROE
20.1%
P/B-Verhältnis
0.18
P/FCF
-
Bruttomarge
80.3%
ROIC
22.6%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
22.6%
WACC
8.7%
ROIC − WACC
+13.9 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamentalanalyse-Kriterien
Bestanden (13)
- ROIC 22.6%
- Gross Margin 80.3%
- P/B Ratio 0.18
- Debt/Equity ratio
- Operating Margin 24.9%
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- ROE 19.3%
- Revenue Growth 5Y 27.8%
- Analyst Consensus 90% Buy
- Earnings Surprise avg 60.7%
- Net Margin Trend 53.3% vs 32.0%
Nicht bestanden (3)
- Price CAGR 1.43%
- DCF valuation (Unknown)
- Piotroski F-Score 0/9
Nicht verfügbar (11)
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Niedrige Qualität: Rechnungslegung prüfen
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Dr. Jianzhang Liang Ph.D. | Co-Founder & Executive Chairman | 55 |
| Ms. Jie Sun CPA | CEO & Director | 56 |
| Mr. Nanpeng Shen | Co-Founder & Independent Director | 58 |
| Ms. Xiaofan Wang CPA | CFO & Executive VP | 50 |
| Mr. Xiong Xing | Chief Operating Officer | 51 |
| Ms. Michelle Qi | Senior IR Director | - |
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for TCOM, sourced from Markets Gazette.
- 29d agoNEGATIVETrip.com struck with $765 million penalty from China over monopoly allegations
China's State Administration for Market Regulation (SAMR) has imposed a hefty $765 million penalty on Trip.com Group for alleged monopolistic practices. The regulator claims the online travel agency abused its dominant market position by preventing hotels from listing on rival platforms and enforcing exclusive partnership agreements. This significant fine underscores China's ongoing crackdown on anti-competitive behavior in the digital economy and could impact Trip.com's future growth and operational flexibility. Investors will be closely watching the company's response and any potential changes to its business model.
- 7/27/2026POSITIVETrip.com Shares Jump in Hong Kong as Regulatory Overhang Clears
Trip.com Group Ltd. shares surged in Hong Kong, marking their largest single-day gain in almost a year. This rally follows the resolution of a significant antitrust investigation, which, despite a substantial fine, concluded with an outcome largely in line with market expectations. The clearing of this regulatory overhang provides much-needed clarity for investors, alleviating a key concern that had been weighing on the stock. The company's ability to navigate these regulatory challenges while continuing operations is a positive sign for its future prospects and investor confidence.
- 7/27/2026NEGATIVETrip.com Fined in China Antitrust Case as Price Wars Continue
Trip.com Group Ltd. has been penalized with a multi-billion yuan fine by Chinese authorities, concluding a months-long antitrust investigation. This regulatory action, while significant, has not alleviated the intense price competition prevalent in China's domestic hotel market. The fine suggests increased regulatory scrutiny on major online travel agencies, potentially impacting future profitability and operational flexibility for Trip.com and its peers. Investors should monitor the company's response and any potential impact on its market share and pricing strategies.
- 5/25/2026POSITIVEHere's How Much $1000 Invested In Trip.com Group 20 Years Ago Would Be Worth Today
An investment of $1000 in Trip.com Group (TCOM) made 20 years ago would have grown to approximately $13,700 today, representing a substantial 1270% return. This impressive growth underscores the company's strong performance and expansion in the online travel sector over the past two decades. The surge in value highlights TCOM's resilience and ability to capitalize on market trends, making it a notable performer for long-term investors.
- 1/22/2026NEUTRALChina Internet: The Late Tuition Bill
China's recent antitrust probe into Trip.com has reignited investor concerns about a potential return to the stringent regulatory environment seen in 2021. However, this development is assessed as likely representing the conclusion of the prior regulatory cycle rather than the initiation of a new one. The "Class of 2021" companies, which faced significant regulatory scrutiny, may see this as a final, albeit delayed, repercussion. Investors are advised that capital is at risk, and this analysis is for informational purposes only.
via Markets Gazette