Trip.com Group Ltd

TCOM

Trip.com Group Limited, through its subsidiaries, operates as a travel service provider for accommodation reservation, transportation ticketing, packaged tours, in-destination, corporate travel management, and other travel-related services in China and internationally.

About the company

Country: SingaporePrice: $43.58Market Cap: $27.4B

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

5 / 9

NEUTRAL / FAIL

Median fair value

$55.74

+27.9% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Marks and Asness object

Key risk

12 of 13 flag TCOM's valuation — Graham, Lynch, Greenblatt +9 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	NEUTRAL	BUY · Rank #264 (Top 8.5%)	NEUTRAL	NEUTRAL	PASS	FAIL	FAIL	FAIL	PASS	FAIL	NEUTRAL	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A		N/A	N/A		N/A		N/A		N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	-85.7%	N/A	N/A	+34.9%	N/A	+2.2%	N/A	+59.3%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-04-28 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-04-28 Score computed: 2026-11-14

Where It Passes

Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Marks and Asness object
LT Debt vs Net Current AssetsLT Debt $1.6B vs NCA $6.1B
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.18, IC: 18.6x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.18
✓Lynch< 0.33
Cash - Long-term Debt$4.1B
✓LynchPositive preferred
LT Debt / Total Assets Change8.30% -> 4.27%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities1.55
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.18
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.18
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=18.6x, D/EBITDA=N/A (D&A unavailable)
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.18
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.1801; #1610/4210 (top 38.2%)
✗AsnessTop 30% of eligible cross-section
Valuation models75% pass✓ 3✗ 1▾
Models split on TCOM at $43.58 — fair values range $23.47–$107.07
Greenblatt fair value$23.47
✗Greenblatt-85.7% margin vs $43.58
Munger fair value$66.91
✓Munger+34.9% margin vs $43.58
Akre fair value$44.58
✓Akre+2.2% margin vs $43.58
Ackman fair value$107.07
✓Ackman+59.3% margin vs $43.58

Where It Falls Short

Valuation8% pass✓ 4✗ 24▾
12 of 13 flag TCOM's valuation — Graham, Lynch, Greenblatt +9 more
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value8.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=8.6%, ROC=56.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)
✗Dreman< 8x
Price / Book Value per Share
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=7.1%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical Average
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low113% of trailing low ($38.64)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+17.34%; #317/6340 (top 5.0%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.8897; #1701/6449 (top 26.4%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.3251; #3210/5247 (top 61.2%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+7.07%; #1151/4519 (top 25.5%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-8.12%; #3318/6202 (top 53.5%)
✗OshaughnessyTop 10% of eligible cross-section
Profitability25% pass✓ 13✗ 22▾
12 of 16 flag TCOM's profitability — Graham, Buffett, Lynch +9 more
Positive EPS (10 years)3/18 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)15/18 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)8.1%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)25.3% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR49.3%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE19.5%
✓Lynch> 15%
EBIT / Enterprise Value8.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=8.6%, ROC=56.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets12.45%
✓PiotroskiROA > 0
ROA Change YoY7.04% -> 12.45% (delta: +5.42%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=5.38%, ROA=12.45%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY81.3% -> 80.6%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue62.2%
✓Dreman>= 8%
Net Income / Shareholders' Equity19.5%
✓Dreman> 12%
Margin of Safety
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity13.2% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency15/18 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue25.3%
✓Ackman>= 15%
Net Income / Shareholders Equity19.5%
✓Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend25.4% (2023) -> 25.3% (2025)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 81.8% -> 80.6%, operating margin 25.4% -> 25.3%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+17.34%; #317/6340 (top 5.0%)
✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+18.81%; #2132/3702 (top 57.6%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+19.49%; #814/5226 (top 15.6%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0460; #2469/5884 (top 42.0%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts25% pass✓ 3✗ 9▾
Split decision: 9 FAIL · 5 NEUTRAL · 2 PASS
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)•LynchNEUTRAL (5/7)✓GreenblattRank #264•PiotroskiNEUTRAL (F-Score 6)•DremanNEUTRAL (7/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)•SleepNEUTRAL (4/6)✗AsnessFAIL (Rank #794/2370 (Top 33.5%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Cash Flow30% pass✓ 4✗ 8▾
7 of 10 flag TCOM's cash flow — Buffett, Lynch, Piotroski +4 more
Free Cash Flow Proxy
✗BuffettPositive and growing
FCF Positive and Growing$1.9B
✗LynchPositive and growing
Operating Cash Flow$2.1B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=5.38%, ROA=12.45%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=7.1%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive16/18 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency17/18 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$1.9B
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+7.07%; #1151/4519 (top 25.5%)
✗OshaughnessyTop 10% of eligible cross-section
Growth38% pass✓ 8✗ 5▾
5 of 8 flag TCOM's growth — Graham, Lynch, Ackman +2 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR49.3%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction$1.89 (2008) -> $4.22 (2010)
✓DremanPositive over recent years
EPS CAGR49.3% CAGR over 2 years
✓Dreman> 5% annualized
Positive Net Income Frequency15/18 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth22.2%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 81.8% -> 80.6%, operating margin 25.4% -> 25.3%
✓SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR26.0%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag TCOM's efficiency — Graham, Buffett, Munger +2 more
Current Ratio1.55
✗Graham>= 2.0
ROIC (3-5 yr avg)4.5%
✗Buffett> 10%
ROIC - WACC-5.5%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)56.7%
✓Greenblatt> 25%
Current Ratio Change YoY1.51 -> 1.55
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.22x -> 0.23x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities1.55
✓Dreman> 1.5
Return on Invested Capital6.2%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=5.4%; FY2024: ROIC=6.2%; FY2025: ROIC=6.2%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC5.9% (RR=96% x ROIC=6.2%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 6.2%)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services

Size: Large Cap($27.4B)

Revenue: $8.9B+22.2% YoY

Net Income: $4.8B+103.5% YoY

Financial Snapshot

Operating Margin25.3%

Return on Equity19.5%

Debt / Equity0.18

Current Ratio1.55

Buybacks (1y)$628.4M

Buybacks (2y)$926.0M

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Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks: $628.4M
Dividends: $203.4M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-04-28	FY 2024 Sources 20-F · 2025-04-11	FY 2023 Sources 20-F · 2024-04-29	FY 2022 Sources 20-F · 2023-03-27	FY 2021 Sources 20-F · 2022-04-27
Market Cap	$27.4Bcurrent	--	--	--	--
Revenue	$8.9B↑22%	$7.3B↑17%	$6.3B↑118%	$2.9B↓8%	$3.1B
Operating Income	$2.3B↑16%	$1.9B↑22%	$1.6B↑12508%	$12.6M↑106%	-$221.4M
Net Income	$4.8B↑103%	$2.3B↑68%	$1.4B↑593%	$201.5M↑333%	-$86.3M
EPS (Diluted)	--	--	--	--	--
Gross Margin	80.6%↓1%	81.3%↓1%	81.8%↑6%	77.5%↑1%	77.0%
Operating Margin	25.3%↓5%	26.6%↑5%	25.4%↑5693%	0.4%↑106%	-7.0%
ROE	19.5%↑62%	12.0%↑48%	8.1%↑550%	1.2%↑349%	-0.5%
Total Debt	$4.4B↓19%	$5.4B↓14%	$6.3B↓4%	$6.6B↓18%	$8.0B
Shareholders' Equity	$24.4B↑26%	$19.4B↑13%	$17.2B↑7%	$16.1B↓6%	$17.2B
Current Ratio	1.55↑2%	1.51↑24%	1.23↑22%	1.00	1.00
Debt / Equity	0.18↓35%	0.28↓24%	0.37↓10%	0.41↓12%	0.46
Operating Cash Flow	$2.1B↓24%	$2.7B↓13%	$3.1B↑716%	$379.3M↓2%	$388.4M
Free Cash Flow	$1.9B↓26%	$2.6B↓13%	$3.0B↑878%	$307.9M↑3%	$299.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

TCOM vs Peers — Financial Grading

Revenue$8.9BMedian

Net Income$4.8BTop 25%

ROE19.5%Median

D/E0.18Top 25%

Op. Margin25.3%Top 25%

Curr. Ratio1.55Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
AUTOMATIC DATA PROCESSING INCADP	$122.3B	$309.93	$21.9B	$4.4B	73.2%	0.82	24.2%	1.05	4/9	5/9	3/7	0/3	F-Score 6	5/11
ELECTRONIC ARTS INC.EA	$52.9B	$209.70	$7.5B	$887.0M	13.1%	0.22	15.4%	1.05	1/9	4/9	4/7	0/3	F-Score 6	6/11
Rubrik, Inc.RBRK	$22.6B	$109.88	$1.3B	$348.8M	67.1%	—	-26.2%	1.69	1/9	0/9	2/7	0/3	F-Score 6	2/11
AECOMACM	$9.1B	$70.50	$16.1B	$561.8M	22.5%	1.09	6.4%	1.14	1/9	3/9	3/7	1/3	F-Score 8	2/11
COMMVAULT SYSTEMS INCCVLT	$6.2B	$152.07	$1.2B	$70.7M	942.8%	—	6.3%	1.95	1/9	2/9	4/7	0/3	F-Score 6	6/11
WPP plcWPP	$6.0B	$27.79	$18.2B	$289.5M	-8.5%	1.94	2.8%	0.89	1/9	2/9	1/7	0/3	F-Score 3	2/11
VARONIS SYSTEMS INCVRNS	$5.6B	$48.94	$623.5M	$129.3M	-21.6%	0.76	-23.5%	1.97	1/9	0/9	1/7	0/3	F-Score 5	1/11
ROBERT HALF INC.RHI	$4.3B	$42.00	$5.4B	$133.0M	10.4%	—	1.4%	1.53	2/9	5/9	1/7	0/3	F-Score 5	2/11