Trip.com Group Limited (TCOM)
NEUTRAL基本面
77
价格
$45.92
市值
$28.98B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
网络效应 · 狭窄More 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.
需求驱动因素
周期性Travel 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.
主要风险
- 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.
看多理由
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.
看空理由
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 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.
资产负债表与流动性
营收
$59.85B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$28.55B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
-
股东权益合计
$23.73B
负债合计
$31.37B
流动比率
1.53
利息覆盖率
-
债务/EBITDA
1.85
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$103.76
当前价格
$45.92
安全边际
+55.7%
公允价值区间
$67.44 - $140.07
估算方法
估值指标
市盈率（P/E）
1.01
ROE
20.1%
市净率（P/B）
0.18
P/FCF
-
毛利率
80.3%
ROIC
22.6%
盈利能力雷达图
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.
基本面分析标准
通过（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%
未通过（3）
- Price CAGR 1.43%
- DCF valuation (Unknown)
- Piotroski F-Score 0/9
不可用（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-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
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