Hong Kong · HKEX · 09961
Trip.com (09961) stock analysis: valuation and financials
旅游及消闲设施
HK$306.60 +1.1% Price as of Oct 13, 2026
Net-cash OTA: FY2025 revenue CNY62.4B +17.1%, 80.6% gross margin, but net income inflated by non-operating gains and FCF down to CNY13.6B; 5.7x PE and 7.2% FCF yield look undemanding.
- Market cap
- HK$219.5B
- P/E
- 5.7x
- EV/Sales
- 2.3x
- FCF yield
- 7.2%
- 52-week range
- HK$296.00 – HK$609.00
Research as of Oct 14, 2026
Business quality scorecard
- Growth88
- Profitability70
- Cash flow74
- Balance sheet87
- Capital allocation57
- Innovation80
- Valuation97
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Leisure travellers, corporate clients and non-China users pay booking commissions and fees for accommodation, flights/tickets and packaged tours, with accommodation reservation the primary profit engine even though segment profit is not disclosed (FY2025 group operating margin 25.3%, revenue CNY 62.4B, +17.1% yoy).
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥20.0B | ¥20.0B | ¥44.5B | ¥53.3B | ¥62.4B |
| Revenue growth | +9.3% | +0.1% | +122.1% | +19.7% | +17.1% |
| Gross margin | 77.0% | 77.5% | 81.8% | 81.3% | 80.6% |
| Operating margin | -7.0% | 0.4% | 25.4% | 26.6% | 25.3% |
| Net income | -¥550.0M | ¥1.4B | ¥9.9B | ¥17.1B | ¥33.3B |
| Free cash flow | ¥1.9B | ¥2.1B | ¥21.4B | ¥19.0B | ¥13.6B |
| FCF margin | 9.5% | 10.7% | 48.1% | 35.7% | 21.8% |
Amounts in CNY · What is free cash flow?
Margins FY2025 gross margin 80.58% (from 81.25%, -68bp) and operating margin 25.27% (from 26.60%, -133bp); SG&A +21.2% to CNY19.38B against revenue +17.1% to CNY62.41B is the main drag. Net margin 53.35% is non-operating.
- Cash flow HealthyFY2025 operating cash flow CNY14.38B versus net income CNY33.29B; the gap is the non-operating gain (pretax CNY39.2B vs operating income CNY15.77B), not a collections problem. Cash conversion 92.9%.
- Debt LowNet cash position: cash CNY46.45B plus short-term investments CNY32.01B against total debt CNY30.77B, giving net debt of -CNY47.69B and net debt/EBITDA of -2.81x. Leverage classified as net cash.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥78.5B
- Total debt
- ¥30.8B
- Net cash
- ¥47.7B
- Interest coverage
- 18.6x
- Current ratio
- 1.5x
As of Dec 31, 2025 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateExecution: revenue grew from CNY 18.3B FY2020 to CNY 62.4B FY2025 (5y CAGR 27.8%); FY2025 net margin 53.4% and ROIC 10.9% versus -1.0% in FY2020.
Valuation range
Implied value per share · Price when researched: HK$306.60
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.