Expedia Group, Inc. (EXPE)
POSITIVEファンダメンタル
72
株価
$336.73
時価総額
$40.70B
パート1 · 企業の価値
概要
Expedia Group runs online travel booking sites — Expedia, Hotels.com, Vrbo, Orbitz, Travelocity and others — where travellers book hotels, flights, car rentals and vacation homes. It owns none of the hotels or planes it sells; it is an intermediary between travel suppliers and travellers, earning a cut of each booking. Alongside its consumer-facing sites it also runs a business-to-business unit that supplies its booking technology and inventory to airlines, banks and other companies who resell travel under their own name.
収益の仕組み
Most revenue is a commission or margin earned on each travel booking, plus advertising revenue from hotels and other suppliers paying for better placement in search results. Some bookings are recorded as the full value the traveller pays (the merchant model, mainly for hotel rooms Expedia buys and resells) and others as just the fee Expedia earns for facilitating a booking made directly between traveller and supplier (the agency model); either way, revenue depends on how many trips people book and how much each trip costs.
セグメント別売上高
Consumer travel booking across Expedia, Hotels.com, Vrbo and other traveller-facing brands — the core of the business.
Booking technology and travel inventory supplied to airlines, banks and other companies that resell travel under their own brand.
Hotel price-comparison advertising revenue from trivago's metasearch websites, a majority-owned separate business.
競争優位性（moat）
ネットワーク効果 · 狭いA large selection of hotels and flights attracts travellers, and a large base of travellers in turn gives Expedia's sites leverage to negotiate inventory and rates from suppliers — the classic two-sided marketplace effect. But Booking.com is comparably large or larger in much of the world, and Google increasingly inserts itself into travel search, so Expedia's network advantage does not translate into pricing power the way a dominant marketplace elsewhere might.
需要を左右する要因
景気循環型Travel spending is discretionary and one of the first things households and businesses cut when money is tight, so bookings and the fees Expedia earns on them fall in an economic downturn or during any event that discourages travel. The B2B unit, which supplies other companies' travel offerings, adds some diversification, but it depends on the same underlying travel demand.
主なリスク
- Discretionary spending sensitive to the economy — Travel is one of the easiest expenses for a household to cut, so bookings and revenue can fall quickly in a downturn, a pandemic, or any event that makes people wary of travelling.
- Dependence on hotel and airline supply relationships — Expedia needs travel suppliers willing to list inventory on its sites at competitive rates; a major hotel chain or airline pulling back availability or favouring a rival platform can directly reduce what Expedia has to sell.
- Competition from Booking.com and Google — Booking Holdings operates a comparably large or larger travel marketplace in much of the world, and Google increasingly surfaces flight and hotel search results directly, both competing for the same traveller before they ever reach an Expedia site.
- Cybersecurity and data protection — Expedia holds large volumes of traveller payment and personal data across many brands and markets, and a significant breach could bring regulatory penalties, litigation and reputational damage.
強気材料
Buyers argue that the B2B segment is growing faster than the core consumer business and diversifies where Expedia's revenue comes from, that high-margin advertising revenue from hotel partners is expanding, and that cost discipline has improved profitability even as gross bookings growth has moderated.
弱気材料
Sellers fear that travel spending is among the first things cut when the economy weakens, that Booking.com's comparable scale and Google's growing role in travel search limit how much pricing power Expedia can exert, and that a shift of bookings toward the lower-margin B2B channel could weigh on overall profitability.
Written by the editors, published on 2026年8月18日
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.
貸借対照表と流動性
売上高
$15.70B
直近12か月（2026/6/30まで）
純利益
$2.04B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$3.11B
自己資本合計
$1.28B
負債合計
$21.91B
流動比率
0.80
利払い倍率
7.06
負債/EBITDA
2.06
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$297.92
現在株価
$336.73
安全マージン
-13.0%
適正価値レンジ
$216.38 - $379.46
推定方法
バリュエーション指標
P/E レシオ
21.20
ROE
100.8%
P/B レシオ
32.11
P/FCF
8.71
粗利益率
-
ROIC
22.8%
収益性レーダー
Value Creation (Economic Moat)
ROIC
22.8%
WACC
11.0%
ROIC − WACC
+11.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（19）
- EPS shows upward trend
- Price CAGR 11.00%
- ROIC 22.7%
- P/FCF 8.71
- Operating Margin 16.0%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 184.8%
- Revenue Growth 5Y 23.2%
- Analyst Consensus 50% Buy
- Earnings Surprise avg 16.6%
- Earnings Quality (OCF/NI) 2.56
- Share Dilution -4.3%
- Net Margin Trend 13.0% vs 7.9%
- Piotroski F-Score 5/9
不合格（5）
- P/B Ratio 32.11
- Debt/Equity ratio
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
データなし（3）
- Gross Margin NaN%
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Barry Diller | Executive Chairman of the Board & Senior Executive | 83 |
| Ms. Ariane Gorin | CEO & Director | 51 |
| Mr. Lance A. Soliday | Senior VP & Chief Accounting Officer | 52 |
| Mr. Robert John Dzielak Esq., J.D. | Chief Legal & People Officer and Corporate Secretary | 54 |
| Mr. Derek Andersen C.F.A. | Chief Financial Officer | 46 |
| Mr. Ramana Thumu | Chief Technology Officer | - |
| Mr. Rob Bevegni | Vice President of Investor Relations | - |
| Mr. Eric Hart | Chief Strategy, Business & Corporate Development Officer | - |
| Mr. Jochen Koedijk | Chief Marketing Officer | 45 |
| Ms. Susanne Svensson | Head Of Brand Marketing EMEA | - |
監査リスク
5
取締役会リスク
10
報酬リスク
9
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for EXPE, sourced from Markets Gazette.
- 20d agoNEUTRALExpedia, Block, Western Digital, & Sandisk All Report Results | Closing Bell
Expedia Group, Inc. (EXPE) is among the companies scheduled to report earnings. While the specific results are not detailed in this announcement, the market will be closely watching key performance indicators such as bookings, revenue growth, and profitability. Investors will also be looking for management's outlook on future travel trends and the company's strategic initiatives. The broader market context, as discussed in the 'Closing Bell' segment, will also influence investor sentiment towards EXPE and its peers.
- 7/24/2026NEUTRALHow to play the Expedia share price
Expedia Group Inc. is positioned to navigate the current travel sector volatility, according to analysis by Matthew Partridge. While the broader travel industry faces headwinds, Expedia's business model and market position suggest resilience. The article explores potential strategies for investors looking to engage with Expedia's share price, offering insights into how to approach the stock amidst sector-wide uncertainties. Investors are advised to consider the company's specific performance metrics and strategic initiatives when evaluating potential trades.
- 5/25/2026POSITIVEIf You Invested $1000 In Expedia Group Stock 20 Years Ago, You Would Have This Much Today
An investment of $1000 in Expedia Group stock 20 years ago would have yielded a substantial return, illustrating the long-term growth potential of the online travel sector. While the exact current value is not provided, the premise of the article highlights significant capital appreciation for early investors. This suggests Expedia has successfully navigated market changes and expanded its offerings, benefiting from the increasing trend of online bookings and travel planning. For potential investors, this historical performance underscores the importance of identifying companies with strong growth trajectories in evolving industries.
- 3/6/2026POSITIVEExpedia Group (EXPE) Stock Is Trending Overnight: What You Should Know
Expedia Group (EXPE) shares climbed in after-hours trading, extending their strong regular session performance. This upward momentum occurred despite an insider selling 8,225 shares for approximately $1.82 million. The stock's positive trajectory, coupled with a historical upgrade from Sell to Neutral by Goldman Sachs in March 2021, suggests renewed investor confidence in Expedia's growth potential within the online travel sector. The stock's rise indicates the market is pricing in positive future prospects for Expedia, potentially linked to operational improvements or a recovery in the tourism industry.
via Markets Gazette