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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 78% of sales from accommodation reservations and transportation ticketing in 2020. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international business, which is important to its margin expansion. Most of sales come from its online platform, but the company also maintains offline call centers. 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.
1999
41.1K+
LTM Revenue $7.7B
LTM EBITDA $2.4B
$32.1B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Trip.com Group has a last 12-month revenue of $7.7B and a last 12-month EBITDA of $2.4B.
In the most recent fiscal year, Trip.com Group achieved revenue of $6.9B and an EBITDA of $2.6B.
Trip.com Group expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Trip.com Group valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $5.7B | $6.9B | XXX | XXX | XXX |
| Gross Profit | $2.0B | $4.7B | XXX | XXX | XXX |
| Gross Margin | 35% | 68% | XXX | XXX | XXX |
| EBITDA | $1.8B | $2.6B | XXX | XXX | XXX |
| EBITDA Margin | 31% | 37% | XXX | XXX | XXX |
| Net Profit | $180M | $1.3B | XXX | XXX | XXX |
| Net Margin | 3% | 19% | XXX | XXX | XXX |
| Net Debt | $3.7B | $433M | XXX | XXX | XXX |
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As of April 15, 2025, Trip.com Group's stock price is HKD 441 (or $57).
Trip.com Group has current market cap of HKD 289B (or $37.1B), and EV of HKD 250B (or $32.1B).
See Trip.com Group trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $32.1B | $37.1B | XXX | XXX | XXX | XXX | $3.58 |
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Sign UpAs of April 15, 2025, Trip.com Group has market cap of $37.1B and EV of $32.1B.
Trip.com Group's trades at 4.2x LTM EV/Revenue multiple, and 13.6x LTM EBITDA.
Analysts estimate Trip.com Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for Trip.com Group and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $32.1B | XXX | XXX | XXX |
| EV/Revenue | 4.7x | XXX | XXX | XXX |
| EV/EBITDA | 12.6x | XXX | XXX | XXX |
| P/E | 16.9x | XXX | XXX | XXX |
| P/E/Growth | 1.9x | XXX | XXX | XXX |
| EV/FCF | 13.1x | 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.
Sign UpTrip.com Group's NTM/LTM revenue growth is 15%
Trip.com Group's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.1M for the same period.
Over next 12 months, Trip.com Group's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate Trip.com Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for Trip.com Group and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 20% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 37% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 44% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 52% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.2M | XXX | XXX | XXX | XXX |
| Opex per Employee | $0.1M | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 22% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 8% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | 25% | XXX | XXX | XXX | XXX |
| Opex to Revenue | 53% | XXX | 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 |
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Trip.com Group acquired XXX companies to date.
Last acquisition by Trip.com Group was XXXXXXXX, XXXXX XXXXX XXXXXX . Trip.com Group 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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Sign Up| When was Trip.com Group founded? | Trip.com Group was founded in 1999. |
| Where is Trip.com Group headquartered? | Trip.com Group is headquartered in Hong Kong. |
| How many employees does Trip.com Group have? | As of today, Trip.com Group has 41.1K+ employees. |
| Who is the CEO of Trip.com Group? | Trip.com Group's CEO is Ms. Jie Jane Sun. |
| Is Trip.com Group publicy listed? | Yes, Trip.com Group is a public company listed on HKG. |
| What is the stock symbol of Trip.com Group? | Trip.com Group trades under 09961 ticker. |
| When did Trip.com Group go public? | Trip.com Group went public in 2021. |
| Who are competitors of Trip.com Group? | Similar companies to Trip.com Group include e.g. Corporate Travel Management, Flight Centre, Helloworld Travel, Web Travel Group. |
| What is the current market cap of Trip.com Group? | Trip.com Group's current market cap is $37.1B |
| What is the current revenue of Trip.com Group? | Trip.com Group's last 12-month revenue is $7.7B. |
| What is the current EBITDA of Trip.com Group? | Trip.com Group's last 12-month EBITDA is $2.4B. |
| What is the current EV/Revenue multiple of Trip.com Group? | Current revenue multiple of Trip.com Group is 4.2x. |
| What is the current EV/EBITDA multiple of Trip.com Group? | Current EBITDA multiple of Trip.com Group is 13.6x. |
| What is the current revenue growth of Trip.com Group? | Trip.com Group revenue growth between 2023 and 2024 was 20%. |
| Is Trip.com Group profitable? | Yes, Trip.com Group is EBITDA-positive (as of the last 12 months). |
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