Trip.com Group - Public Comps and Valuation Multiples

Trip.com Group Overview

About Trip.com Group

Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

Founded

1999

HQ

Employees

41.1K+

Website

group.trip.com

Sectors

Online Travel

Financials

LTM Revenue $1.2B

LTM EBITDA $364M

EV

$41.1B

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Trip.com Group Financials

As of September 2025, Trip.com Group reported last 12-month revenue of $1.2B and EBITDA of $364M.

In the same period, Trip.com Group generated $943M in LTM gross profit and $494M in net income.

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Trip.com Group P&L

In the most recent fiscal year, Trip.com Group reported revenue of $53.3B and EBITDA of $19.8B.

Trip.com Group expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.2B	XXX	$53.3B	XXX	XXX	XXX
Gross Profit	$943M	XXX	$43.3B	XXX	XXX	XXX
Gross Margin	81%	XXX	81%	XXX	XXX	XXX
EBITDA	$364M	XXX	$19.8B	XXX	XXX	XXX
EBITDA Margin	31%	XXX	37%	XXX	XXX	XXX
EBIT	$342M	XXX	$15.0B	XXX	XXX	XXX
EBIT Margin	29%	XXX	28%	XXX	XXX	XXX
Net Profit	$494M	XXX	$17.1B	XXX	XXX	XXX
Net Margin	42%	XXX	32%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Trip.com Group including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.2B. EBITDA for the last twelve months was $364M. In the most recent fiscal year, Trip.com Group achieved $53.3B in revenue and $19.8B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.2B	Analyst estimates available to subscribers	$53.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$943M	Analyst estimates available to subscribers	$43.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	80.7% gross margin	Analyst estimates available to subscribers	81.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$364M	Analyst estimates available to subscribers	$19.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	31.2% EBITDA margin	Analyst estimates available to subscribers	37.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$342M	Analyst estimates available to subscribers	$15.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	29.3% EBIT margin	Analyst estimates available to subscribers	28.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$494M	Analyst estimates available to subscribers	$17.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	42.3% net profit margin	Analyst estimates available to subscribers	32.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Trip.com Group

This financial data table provides comprehensive performance metrics for Trip.com Group, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Trip.com Group generated $1.2B in revenue over the last twelve months.
The company achieved $364M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $943M.
Net income over the last twelve months reached $494M.

Fiscal Year Performance

In the most recent fiscal year, Trip.com Group reported $53.3B in total revenue.
Fiscal year EBITDA was $19.8B.
The company maintained a gross profit margin of 81.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 37.2%.
Net profit margin reached 32.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Trip.com Group. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Trip.com Group Stock Performance

Trip.com Group has current market cap of $46.8B, and EV of $41.1B.

Market Cap Evolution

Trip.com Group Stock Data

As of October 14, 2025, Trip.com Group's stock price is $72.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$41.1B	$46.8B	XXX	XXX	XXX	XXX	$3.65

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Trip.com Group Valuation Multiples

Trip.com Group's trades at 0.8x EV/Revenue multiple, and 2.1x EV/EBITDA.

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Trip.com Group Financial Valuation Multiples

As of October 14, 2025, Trip.com Group has market cap of $46.8B and EV of $41.1B.

Equity research analysts estimate Trip.com Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Trip.com Group has a P/E ratio of 13.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$46.8B	XXX	$46.8B	XXX	XXX	XXX
EV (current)	$41.1B	XXX	$41.1B	XXX	XXX	XXX
EV/Revenue	4.9x	XXX	0.8x	XXX	XXX	XXX
EV/EBITDA	15.8x	XXX	2.1x	XXX	XXX	XXX
EV/EBIT	16.9x	XXX	2.7x	XXX	XXX	XXX
EV/Gross Profit	6.1x	XXX	n/a	XXX	XXX	XXX
P/E	13.3x	XXX	2.7x	XXX	XXX	XXX
EV/FCF	15.3x	XXX	2.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Trip.com Group Margins & Growth Rates

Trip.com Group's last 12 month revenue growth is 14%

Trip.com Group's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.7M for the same period.

Trip.com Group's rule of 40 is 45% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Trip.com Group's rule of X is 67% (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).

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Trip.com Group Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	14%	XXX	-57%	XXX	XXX	XXX
EBITDA Margin	31%	XXX	37%	XXX	XXX	XXX
EBITDA Growth	12%	XXX	-56%	XXX	XXX	XXX
Rule of 40	45%	XXX	52%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	67%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	22%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	25%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	53%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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