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Tongcheng Travel is an online travel agency platform that provides booking services for hotel and ticketing in China. It generated 84% of its revenue from accommodation reservations and transportation ticketing in 2023. The rest came from advertising and in-house software sales. The platform provides both online and offline services in the form of call centers. Tongcheng Travel was formed from the merger of Tongcheng Network and eLong in 2018. It is currently 21.38% owned by Tencent and 20.86% by Trip.com. Tongcheng targets lower-tier cities and as of 2021, 86.7% of its users are from non-first-tier cities in China and 61.7% of new paying users on Weixin were from Tier 3 or below cities in China. The company competes with Trip.com, Alibaba's Fliggy, and Meituan.
2016
10.1K+
LTM Revenue $2.7B
LTM EBITDA $583M
$5.8B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Tongcheng Travel has a last 12-month revenue (LTM) of $2.7B and a last 12-month EBITDA of $583M.
In the most recent fiscal year, Tongcheng Travel achieved revenue of $2.2B and an EBITDA of $468M.
Tongcheng Travel expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Tongcheng Travel valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $2.7B | XXX | $2.2B | XXX | XXX | XXX |
| Gross Profit | $1.8B | XXX | $1.4B | XXX | XXX | XXX |
| Gross Margin | 65% | XXX | 64% | XXX | XXX | XXX |
| EBITDA | $583M | XXX | $468M | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 21% | XXX | XXX | XXX |
| EBIT | $413M | XXX | $304M | XXX | XXX | XXX |
| EBIT Margin | 15% | XXX | 14% | XXX | XXX | XXX |
| Net Profit | $351M | XXX | $252M | XXX | XXX | XXX |
| Net Margin | 13% | XXX | 11% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | n/a | XXX | XXX | XXX |
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As of May 30, 2025, Tongcheng Travel's stock price is HKD 22 (or $3).
Tongcheng Travel has current market cap of HKD 51.6B (or $6.6B), and EV of HKD 45.1B (or $5.8B).
See Tongcheng Travel trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $5.8B | $6.6B | XXX | XXX | XXX | XXX | $0.18 |
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Start Free TrialAs of May 30, 2025, Tongcheng Travel has market cap of $6.6B and EV of $5.8B.
Tongcheng Travel's trades at 2.6x EV/Revenue multiple, and 12.3x EV/EBITDA.
Equity research analysts estimate Tongcheng Travel's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Tongcheng Travel has a P/E ratio of 20.4x.
See valuation multiples for Tongcheng Travel and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $6.6B | XXX | $6.6B | XXX | XXX | XXX |
| EV (current) | $5.8B | XXX | $5.8B | XXX | XXX | XXX |
| EV/Revenue | 2.3x | XXX | 2.6x | XXX | XXX | XXX |
| EV/EBITDA | 10.7x | XXX | 12.3x | XXX | XXX | XXX |
| EV/EBIT | 15.2x | XXX | 18.9x | XXX | XXX | XXX |
| EV/Gross Profit | 3.5x | XXX | n/a | XXX | XXX | XXX |
| P/E | 20.4x | XXX | 26.1x | XXX | XXX | XXX |
| EV/FCF | 14.3x | XXX | 17.7x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialTongcheng Travel's last 12 month revenue growth is 14%
Tongcheng Travel's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.
Tongcheng Travel's rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Tongcheng Travel's rule of X is 57% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Tongcheng Travel and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 14% | XXX | 18% | XXX | XXX | XXX |
| EBITDA Margin | 21% | XXX | 21% | XXX | XXX | XXX |
| EBITDA Growth | 20% | XXX | 28% | XXX | XXX | XXX |
| Rule of 40 | 39% | XXX | 35% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 57% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.2M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | 32% | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | 12% | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 50% | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Corporate Travel Management | XXX | XXX | XXX | XXX | XXX | XXX |
| Flight Centre | XXX | XXX | XXX | XXX | XXX | XXX |
| Helloworld Travel | XXX | XXX | XXX | XXX | XXX | XXX |
| Web Travel Group | XXX | XXX | XXX | XXX | XXX | XXX |
| EaseMyTrip | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Tongcheng Travel acquired XXX companies to date.
Last acquisition by Tongcheng Travel was XXXXXXXX, XXXXX XXXXX XXXXXX . Tongcheng Travel acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was Tongcheng Travel founded? | Tongcheng Travel was founded in 2016. |
| Where is Tongcheng Travel headquartered? | Tongcheng Travel is headquartered in Hong Kong. |
| How many employees does Tongcheng Travel have? | As of today, Tongcheng Travel has 10.1K+ employees. |
| Who is the CEO of Tongcheng Travel? | Tongcheng Travel's CEO is Mr. Heping Ma. |
| Is Tongcheng Travel publicy listed? | Yes, Tongcheng Travel is a public company listed on HKG. |
| What is the stock symbol of Tongcheng Travel? | Tongcheng Travel trades under 00780 ticker. |
| When did Tongcheng Travel go public? | Tongcheng Travel went public in 2018. |
| Who are competitors of Tongcheng Travel? | Similar companies to Tongcheng Travel include e.g. Corporate Travel Management, Flight Centre, Helloworld Travel, Web Travel Group. |
| What is the current market cap of Tongcheng Travel? | Tongcheng Travel's current market cap is $6.6B |
| What is the current revenue of Tongcheng Travel? | Tongcheng Travel's last 12 months revenue is $2.7B. |
| What is the current revenue growth of Tongcheng Travel? | Tongcheng Travel revenue growth (NTM/LTM) is 14%. |
| What is the current EV/Revenue multiple of Tongcheng Travel? | Current revenue multiple of Tongcheng Travel is 2.3x. |
| Is Tongcheng Travel profitable? | Yes, Tongcheng Travel is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Tongcheng Travel? | Tongcheng Travel's last 12 months EBITDA is $583M. |
| What is Tongcheng Travel's EBITDA margin? | Tongcheng Travel's last 12 months EBITDA margin is 21%. |
| What is the current EV/EBITDA multiple of Tongcheng Travel? | Current EBITDA multiple of Tongcheng Travel is 10.7x. |
| What is the current FCF of Tongcheng Travel? | Tongcheng Travel's last 12 months FCF is $439M. |
| What is Tongcheng Travel's FCF margin? | Tongcheng Travel's last 12 months FCF margin is 16%. |
| What is the current EV/FCF multiple of Tongcheng Travel? | Current FCF multiple of Tongcheng Travel is 14.3x. |
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