| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 67 | 7.1x | 17.3x | Top tier | |
Growth | 83 | 14.0% | 7.1% | Top tier | |
Quality | 80 | 2.5% | 4.5% | Top tier | |
Safety | 83 | — | 2.6x | Top tier | |
Capital Return | 93 | 0.81% | 0.06% | Top tier | |
Momentum | 11 | -43.4% | -1.6% | Bottom tier | |
Sentiment | 80 | 13 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
28% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Trip.com Group operates a digital travel ecosystem that combines accommodation bookings, transportation tickets, package tours, and corporate travel services, generating revenue by connecting travelers with inventory, pricing, payments, and booking fulfillment services. Its operating drivers include international travel platforms, inbound travel to China, domestic and outbound travel, and expansion in customized tours, events, and entertainment. The group bases its strategy on global expansion and higher service quality, leveraging travel data, real-time inventory, and supplier relationships.
In Q2 FY2026 ended 2026-06-30, revenue reached 15.7 billion yuan, representing 5.5% year-over-year growth from 14.8 billion yuan in Q2 FY2025. The company recorded a net loss of 2.5 billion yuan and negative diluted earnings per share of 3.89, while gross margin was 79.8% and operating margin was -9.3%. Gross margin declined by 1.2 percentage points year over year, while operating margin fell by 37.0 percentage points, revealing a substantial gap between revenue resilience and quarterly profitability.
The business spans accommodation, transportation, package tours, and corporate travel, with a clear shift in the growth mix toward international operations, inbound travel, and more highly customized products. Revenue from the international Trip.com platform increased by more than 50% year over year during Q2 FY2026, first-class and business-class bookings grew by more than 70% in H1 FY2026, while customized tour bookings increased by 600%. At the balance-sheet level in Q2 FY2026, the group held 56.0 billion yuan in cash and investments against 27.0 billion yuan in total debt.
Q2 FY2026
Last 12 months to 2026-06-30
When: 2026-11-16
Q3 FY2026 revenue growth at the 5.5% threshold
Q3 FY2026 operating margin at the -9.3% threshold
Revenue growth of the international Trip.com platform in Q3 FY2026 at the 50% threshold
The price targets of 15 analysts place the median at 60 dollars within a range of 48 dollars to 63 dollars, a method that prices expected growth, while the average analyst consensus is 56.64 dollars. The industry-multiple value is 32 dollars within a range of 13 dollars to 66 dollars, based on sales and a median multiple of 2.1 for twenty companies, a method that values Trip.com Group similarly to its peers. The no-growth value is 28 dollars at a discount rate of 8.8%, and measures what remains if current after-tax operating profit remains constant forever; it therefore converges with the industry-multiple value, while both differ from analyst targets that incorporate higher growth expectations. Analyst targets are inherently inclined toward optimism, while cash-flow models are inherently inclined toward conservatism, and the Jefferies and BofA Securities reductions in July 2026 were consistent with a narrowing of the expectations ceiling.
Figures in the text are as of 2026-09-27; the live price is shown at the top of the page.
Year-over-year revenue growth reached 5.5% in Q2 FY2026 ended 2026-06-30, after 16.5% in Q1 FY2026. In contrast, revenue from the international Trip.com platform increased by more than 50% year over year during Q2, and inbound travel was among the fastest-growing businesses at a high double-digit rate. First-class and business-class bookings also increased by more than 70%, while customized tours surged by 600% in H1 FY2026, showing that growth is concentrated in international and higher-value products.
Trip.com Group recorded a net loss of 2.5 billion yuan in Q2 FY2026 ended 2026-06-30, and diluted earnings per share were -3.89. Operating margin declined to -9.3% from 27.6% in Q2 FY2025, while gross margin fell to 79.8% from 81.0%. These results coincided with the impact of the Chinese regulatory decision, higher employee and marketing expenses, and pressure from fuel prices and airfares on transportation activity.
Automated analysis for informational purposes only — not investment advice.
Orders supported by TripGenie increased by approximately 400% year over year in Q2 FY2026 ended 2026-06-30. Nearly 60% of the product's interactions became linked to hotel, flight, and attraction bookings, indicating that it is being used to execute decisions rather than only explore destinations. The company also launched a fully artificial intelligence-powered search product during the same quarter, with investment focused on applications and post-training model improvements rather than building large foundation models.
In July 2026, the group received an administrative decision from China's State Administration for Market Regulation and began implementing its requirements. It discontinued the first-tier distribution program and the second-tier distribution program, and moved partners to a multi-tier framework that gives them greater flexibility in commercial decisions. Management expects domestic performance to fluctuate during the transition, while hotel-ranking algorithms redirect weighting toward service quality, guest satisfaction, and product competitiveness.
Cash and investments reached 56.0 billion yuan in Q2 FY2026 ended 2026-06-30, compared with total debt of 27.0 billion yuan. Debt declined by 32.1% from 39.7 billion yuan in Q2 FY2025, strengthening financial flexibility. However, management expects higher capital expenditure related to artificial intelligence computing infrastructure, alongside spending on local suppliers and international brand building.
The next earnings announcement is expected on 2026-11-16, and a recovery in revenue growth from the 5.5% level recorded in Q2 FY2026 will be an important indicator. The operating margin will also reveal whether the company has begun recovering from the -9.3% level recorded in the same quarter. The continued growth of the international Trip.com platform after exceeding 50% year over year should also be monitored, alongside the expected volatility in domestic operations during the implementation of the new partnership framework.