TCOM
Trip.com Group Ltd
Next earnings Aug 25, 2026 (after close) · consensus $7.10 EPS, $17.1B rev
$41.00
▲ +2.60%$41.00▼ -30.12%
over 1Y
L $39.96H $78.96
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.6%
1W+1.3%
1M-15.4%
3M-18.8%
YTD-45.0%
1Y-30.1%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 31 analysts
Strong Buy
China's dominant OTA compounding 20%+ revenue growth, debt-light, at just 10.7x earnings — quality on sale.
Revenue $8.93B · FY2025
The read
Quality fundamentals and an attractive price line up (~292% below fair value) — the rarer case where both the business and the entry look good.
Trip.com has executed a textbook post-pandemic recovery, with revenue climbing from $3.14B in FY2021 to $8.93B in FY2025 (+22.2% YoY) and the business swinging from a -$86M loss in FY2021 to $4.76B of net income in FY2025. The economics are those of a high-quality, asset-light online travel platform: 80.6% gross margin, 25.3% operating margin, and a 19.5% return on equity, with capex of just $114M against $2.06B of operating cash flow. The balance sheet is a genuine strength — $24.4B of equity against $13.6B of total liabilities (0.55x liabilities/equity), $5.70B of cash, and long-term debt cut 40.8% to $1.63B — while management is returning capital, doubling buybacks to $629M and paying $204M in dividends.
Valuation is the clincher. At $45.10 the stock trades at 10.7x FY diluted EPS of $4.23 and 3.3x sales for a franchise still growing the top line north of 20%; that is a low-teens multiple on a structurally advantaged grower with net cash and a recovering Chinese and outbound-travel end market. For a long-horizon investor, paying ~11x earnings for a category leader compounding revenue at this rate, with rising shareholder returns, skews the risk/reward favorably.
Is TCOM a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread (wide)~90d expiry
- Long call 41 @ ~4.04 est
- Short call 47 @ ~1.92 est
debit $212max +$388max −$212BE 43.12
High-conviction BUY: a wider spread keeps more of the upside while the short call still cuts cost and decay.
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 | $3.14B | $2.91B | $6.27B | $7.30B | $8.93B |
| Gross profit | $2.42B | $2.25B | $5.13B | $5.93B | $7.19B |
| Operating income | -$221M | $15.0M | $1.59B | $1.94B | $2.26B |
| Net income | -$86.0M | $206M | $1.40B | $2.34B | $4.76B |
| Diluted EPS | — | — | — | — | — |
| Net margin | -2.7% | 7.1% | 22.3% | 32.0% | 53.4% |
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$24.5B
EV / EBITDA—
EV / Sales2.7
EV / FCF12.6
P / FCF13.3
PEG (trailing)0.09
Earnings yield18.4%
FCF yield7.5%
Quality & risk
ROIC (est.)6.2%
Free cash flow$1.95B
Total debt$4.40B
Net cash$1.30B
Altman Z-Score1.78 distress
Piotroski F-Score7/9
Capital returns
Buyback yield2.4%
Dividend yield (est.)0.8%
Shareholder yield3.2%
Shares Δ YoY-0.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Recent filings
all on EDGAR ↗6-KPeriod ending 2026-06-302026-06-30open ↗6-KPeriod ending 2026-06-252026-06-25open ↗6-KPeriod ending 2026-06-112026-06-11open ↗6-KPeriod ending 2026-05-272026-05-27open ↗SCHEDULE 13G/AFiling2026-05-14open ↗6-KPeriod ending 2026-04-282026-04-28open ↗SCHEDULE 13G/AFiling2026-04-28open ↗4Period ending 2026-03-182026-04-28open ↗20-FPeriod ending 2025-12-312026-04-28open ↗3Period ending 2026-03-182026-03-18open ↗3Period ending 2026-03-182026-03-18open ↗3Period ending 2026-03-182026-03-18open ↗
Frequently asked
- Is Trip.com Group Ltd (TCOM) a buy?
- TCOM currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. China's dominant OTA compounding 20%+ revenue growth, debt-light, at just 10.7x earnings — quality on sale.
- What is TCOM's fair value?
- A Modified-Graham model based on TCOM's SEC fundamentals estimates a fair value of about $160.74. It is an estimate from reported earnings, not a price target.
- Is TCOM overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, TCOM currently appears undervalued relative to its SEC-grounded earnings power.
- What is Trip.com Group Ltd's quality score?
- TCOM scores 78.11840675030858/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001269238, latest 6-K filed 2026-06-30) · EODHD · Proprietary analysis · as of 6/21/2026, 7:04:16 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, 3:04 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.