GBTG
Global Business Travel Group, Inc.
Next earnings Aug 3, 2026 · consensus $0.05 EPS, $827M rev
Last earnings +0.3% on 2026-03-09
$9.40
▲ +0.11%$9.40▲ +49.21%
over 1Y
L $4.97H $9.51
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.1%
1W+0.1%
1M+0.3%
3M+69.1%
YTD+25.0%
1Y+49.2%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 9 analysts
Buy
Corporate-travel leader hit its first profit on 12% growth, but thin 4.8% margins, 2x leverage and a 42.5x P/E leave it fairly valued.
Revenue $2.72B · FY2025
The read
Middling fundamentals and a rich price (~17% above fair value) leave little margin of safety — a wait-and-see.
Global Business Travel (Amex GBT) is the leading managed business-travel platform, and FY2025 was a milestone: the company turned its first net profit ($111M, +182.8%) after four straight years of losses (from -$475M in FY2021), as revenue grew 12.2% to $2.72B on continued corporate-travel recovery. Operating income rose 13.0% to $130M. The swing to profitability and improving equity (+53.0%) validate the post-COVID, post-SPAC recovery.
The quality of that profit is still modest, however. Operating margin is just 4.8% and net margin 4.1% — typical for a travel-services intermediary but leaving little buffer. Operating cash flow actually declined 14.3% to $233M while capex rose 20.6%, and the balance sheet carries meaningful leverage: $1.36B long-term debt, liabilities/equity of 2.02x, and a still-negative accumulated deficit of -$1.47B. Total assets jumped 35.7% and current liabilities surged 77.1%, consistent with M&A-related consolidation (the company has pursued the CWT combination), which adds integration and working-capital considerations.
Is GBTG a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~9.40
- Short call 10 @ ~0.00 est
debit $940max +$60max −$939BE 9.40
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $763M | $1.85B | $2.29B | $2.42B | $2.72B |
| Gross profit | — | — | — | — | — |
| Operating income | -$560M | -$198M | -$8.00M | $115M | $130M |
| Net income | -$475M | -$229M | -$136M | -$134M | $111M |
| Diluted EPS | — | -$0.51 | -$0.30 | -$0.30 | $0.22 |
| Net margin | -62.3% | -12.4% | -5.9% | -5.5% | 4.1% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$5.89B
EV / EBITDA18.3
EV / Sales2.2
EV / FCF56.6
P / FCF47.1
PEG (trailing)0.23
Earnings yield2.3%
FCF yield2.1%
Quality & risk
ROIC (est.)3.4%
Free cash flow$104M
Total debt$1.42B
Net cash-$984M
Altman Z-Score1.17 distress
Piotroski F-Score5/8
Capital returns
Buyback yield1.5%
Dividend yield (est.)—
Shareholder yield1.5%
Shares Δ YoY+9.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗4Period ending 2026-07-012026-07-02open ↗SCHEDULE 13D/AFiling2026-06-29open ↗4Period ending 2026-06-112026-06-15open ↗4Period ending 2026-06-112026-06-15open ↗144Filing2026-06-12open ↗144Filing2026-06-11open ↗144Filing2026-06-11open ↗4Period ending 2026-06-092026-06-11open ↗4Period ending 2026-06-092026-06-11open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗144Filing2026-06-10open ↗
Frequently asked
- Is Global Business Travel Group, Inc. (GBTG) a buy?
- GBTG currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Corporate-travel leader hit its first profit on 12% growth, but thin 4.8% margins, 2x leverage and a 42.5x P/E leave it fairly valued.
- What is GBTG's fair value?
- A Modified-Graham model based on GBTG's SEC fundamentals estimates a fair value of about $7.81. It is an estimate from reported earnings, not a price target.
- Is GBTG overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, GBTG currently appears overvalued relative to its SEC-grounded earnings power.
- What is Global Business Travel Group, Inc.'s quality score?
- GBTG scores 71.04490248788429/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001820872, latest 10-Q filed 2026-05-11) · EODHD · Proprietary analysis · as of 6/21/2026, 8:58:46 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:58 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.