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olivLaw · US equity research

Trip.com Group Limited TCOM

Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)

42.69USD+3.17% · 1 dayClose 04 Nov 2026

Trip.com Group Limited is a global one-stop travel service provider that combines accommodation reservations, transportation tickets, packaged tours and corporate travel management. For 2025 the company reported 26.1 billion RMB of accommodation reservation revenue, making it a central player in travel distribution across Asia and beyond.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Trip.com Group Limited (TCOM) stock was 42.69 USD (+3.17% on the day), with market capitalisation 27.7 bn USD, P/E 10.1 on diluted EPS of 4.23 USD over the last 12 months, dividend yield 0.74%, beta 0.69, 52-week range 37.96–78.96 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
27.7 bn USD
shares as of 31 Dec 2025
P/E (TTM)
10.1
Diluted EPS TTM 4.23 · TTM to 31 Dec 2010
E/P (TTM)
9.91%
TTM to 31 Dec 2010
Dividend yield
0.74%
DPS 12m 0.31
Beta (2y)
0.69
Volatility (1y) 36%
52-week range
37.9678.96

Price history

Loading chart…

Technical reading

RSI (14)
67.2
strong (55–70)
Bollinger (20, 2)
37.51 – 41.79
above the upper band · %B 1.21 · band width 10.8%
SMA 50 / 200
40.22 / 47.59
mixed trend
MACD (12, 26, 9)
0.27 / -0.13
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+10.1%−1.1%+11.2 pp—
3 months−7.1%−0.5%−6.7 pp—
6 months−21.6%+4.4%−26.0 pp—
Year to date−40.6%+12.3%−53.0 pp—
1 year−39.0%+13.5%−52.6 pp−4.0%
3 years+27.1%+76.4%−49.3 pp−6.4%
5 years+41.3%+63.7%−22.4 pp—
Max drawdown (1y)
−51.9%
12 Jan 2026 → 08 Oct 2026
Max drawdown (5y)
−51.9%
12 Jan 2026 → 08 Oct 2026
Compound annual growth (5y)
+7.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue4.5 bn5.1 bn2.8 bn3.1 bn2.9 bn6.3 bn7.3 bn8.9 bn
Revenue YoY+9.1%+13.2%−45.2%+11.9%−7.5%+115.7%+16.5%+22.2%
Net income162.0 m1.0 bn-497.0 m-86.0 m206.0 m1.4 bn2.3 bn4.8 bn
Net income YoY−50.8%+521.0%−149.4%unavailableunavailable+578.2%+67.4%+103.7%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %3.6%19.6%-17.7%-2.7%7.1%22.3%32.0%53.4%
Free cash flow938.0 m937.0 m-669.0 m299.0 m308.0 m3.0 bn2.6 bn1.9 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.7 bn USD
Financial debt
4.4 bn USD
Net debt
-1.3 bn USD
Equity
24.7 bn USD
Total assets
38.2 bn USD
Debt / equity
0.18x
Current ratio
1.55x
ROE
21.5%
ROA
13.3%
FCF margin
21.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
6.3 bn
2024
7.3 bn
2025
8.9 bn

SEC (XBRL)· 28 Apr 2026verified

Cost of revenue
2023
1.1 bn
2024
1.4 bn
2025
1.7 bn

SEC (XBRL)· 28 Apr 2026verified

Gross profit
2023
5.1 bn
2024
5.9 bn
2025
7.2 bn

SEC (XBRL)· 28 Apr 2026verified

Research & development
2023
1.7 bn
2024
1.8 bn
2025
2.2 bn

SEC (XBRL)· 28 Apr 2026verified

Operating income
2023
1.6 bn
2024
1.9 bn
2025
2.3 bn

SEC (XBRL)· 28 Apr 2026verified

Interest expense
2023
291.0 m
2024
238.0 m
2025
121.0 m

SEC (XBRL)· 28 Apr 2026verified

Pre-tax income
2023
1.5 bn
2024
2.3 bn
2025
5.6 bn

SEC (XBRL)· 28 Apr 2026verified

Income tax
2023
246.0 m
2024
357.0 m
2025
832.0 m

SEC (XBRL)· 28 Apr 2026verified

Net income
2023
1.4 bn
2024
2.3 bn
2025
4.8 bn

SEC (XBRL)· 28 Apr 2026verified

Weighted average diluted shares
2023
671.1 m
2024
688.7 m
2025
698.4 m

SEC (XBRL)· 28 Apr 2026verified

Dividend per share
2023
—
2024
—
2025
0.31

SEC (XBRL)· 28 Apr 2026derived

Balance sheet · USD

Cash
2023
5.9 bn
2024
6.6 bn
2025
5.7 bn

SEC (XBRL)· 28 Apr 2026verified

Receivables
2023
1.6 bn
2024
1.7 bn
2025
2.2 bn

SEC (XBRL)· 28 Apr 2026verified

Current assets
2023
12.5 bn
2024
15.4 bn
2025
17.3 bn

SEC (XBRL)· 28 Apr 2026verified

Property, plant & equipment, net
2023
724.0 m
2024
692.0 m
2025
779.0 m

SEC (XBRL)· 28 Apr 2026verified

Goodwill
2023
8.4 bn
2024
8.3 bn
2025
8.9 bn

SEC (XBRL)· 28 Apr 2026verified

Total assets
2023
30.9 bn
2024
33.2 bn
2025
38.2 bn

SEC (XBRL)· 28 Apr 2026verified

Accounts payable
2023
2.3 bn
2024
2.3 bn
2025
2.7 bn

SEC (XBRL)· 28 Apr 2026verified

Short-term debt
2023
3.6 bn
2024
2.7 bn
2025
2.8 bn

SEC (XBRL)· 28 Apr 2026verified

Long-term debt
2023
2.7 bn
2024
2.8 bn
2025
1.6 bn

SEC (XBRL)· 28 Apr 2026verified

Current liabilities
2023
10.2 bn
2024
10.1 bn
2025
11.2 bn

SEC (XBRL)· 28 Apr 2026verified

Total liabilities
2023
13.5 bn
2024
13.6 bn
2025
13.6 bn

SEC (XBRL)· 28 Apr 2026verified

Equity
2023
17.3 bn
2024
19.6 bn
2025
24.7 bn

SEC (XBRL)· 28 Apr 2026verified

Shares outstanding at year end
2023
644.1 m
2024
653.3 m
2025
649.6 m

SEC (XBRL)· 28 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
3.1 bn
2024
2.7 bn
2025
2.1 bn

SEC (XBRL)· 28 Apr 2026verified

Capex
2023
85.0 m
2024
81.0 m
2025
114.0 m

SEC (XBRL)· 28 Apr 2026verified

Free cash flow
2023
3.0 bn ≈
2024
2.6 bn ≈
2025
1.9 bn ≈

SEC (XBRL)· 28 Apr 2026derived

Investing cash flow
2023
835.0 m
2024
-828.0 m
2025
-598.0 m

SEC (XBRL)· 28 Apr 2026verified

Financing cash flow
2023
-360.0 m
2024
-921.0 m
2025
-2.1 bn

SEC (XBRL)· 28 Apr 2026verified

Dividends paid
2023
—
2024
—
2025
204.0 m

SEC (XBRL)· 28 Apr 2026verified

Share repurchases
2023
228.0 m
2024
298.0 m
2025
629.0 m

SEC (XBRL)· 28 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
22.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
45.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
26.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
16.2%
computed by olivLawFY 2025
Net income growth (YoY)
103.7%
computed by olivLawFY 2025
Net income CAGR 3Y
184.9%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-25.5%
computed by olivLawFY 2025

Profitability

Gross margin
80.6%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
25.3%
computed by olivLawFY 2025
Net margin
53.4%
computed by olivLawFY 2025
FCF margin
21.8%
computed by olivLawFY 2025

Returns

ROE
21.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
13.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
9.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
8.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
10.5%
computed by olivLawFY 2025

Balance sheet

Net debt
-1.3 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
18.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
unavailable
input data missing
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
2.1 bn USD
computed by olivLawFY 2025
Capital expenditure
114.0 m USD
computed by olivLawFY 2025
Free cash flow
1.9 bn USD
computed by olivLawFY 2025
FCF conversion
40.8%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
79 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
527 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
27.7 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
26.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
5.8x
computed by olivLawFY 2025
P/E (TTM)
5.8x
computed by olivLawFY 2025
Earnings yield
17.2%
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
3.1x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
11.7x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
3.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
14.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
7.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.7%
computed by olivLawFY 2025
Shareholder yield (distributions)
3.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 75 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

42.69 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 27.7 bn USD

Key indicators

Market capitalisation
27.7 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
5.8x
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
21.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
53.4%
computed by olivLawFY 2025
Revenue growth (YoY)
22.2%
computed by olivLawFY 2025
Dividend yield
0.7%
computed by olivLawFY 2025

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 28 Apr 2026
verified 455derived 1

Score by group

  • Balance sheet85
  • Valuation88
  • Quality54
  • Growth100
  • Returns66

Estimated value range

Low
57.87
USD per share
Mid
70.43
USD per share
High
90.90
USD per share
Price: 42.69 USD
The price is below the range
Potential to the central value: 65.0% (value / price − 1)
Margin of safety: 39.4% (1 − price / value)
Agreement between methods: low · 3 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.13 – 264.00 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)57.87 – 90.90 (Mid 70.43)
    WACC 8.7% · starting FCFF 2.0 bn USD · terminal value share of EV 76%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -7.7%
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E91.00 – 264.00 (Mid 186.53)
    23 companies used · median multiple 25.4x · quartiles 12.4x – 36.0x
    ACN, AKAM, BR, CART, CASS, CPAY, EBAY, FICO, FIS, FLYW, GRAB, IMXI, LYFT, MA, MELI, MSCI, NUTX, PAYO, PRTH, PYPL, RBA, UBER, WSE
  • Dividend discount (DDM)4.13 – 5.55 (Mid 4.73)
Multiple comparisons use the SIC vertical: Services-Business Services, NEC (SIC 7389)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 75/100

FactorValueScoreWeight used
ROIC · Quality9.2%50 (vs peers)15%
Net margin · Quality53.4%100 (vs peers)9%
FCF conversion · Quality40.8%15 (on a fixed band)9%
Revenue CAGR 3Y · Growth45.3%100 (on a fixed band)12%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet18.7x100 (on a fixed band)9%
Current ratio · Balance sheet1.5x62 (on a fixed band)6%
P/E (TTM) · Valuation5.8x88 (vs peers)15%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation7.0%88 (on a fixed band)12%
Shareholder yield (distributions) · Returns3.0%43 (on a fixed band)9%
Payout ratio (FCF) · Returns10.5%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet85/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality54/100 · 3/3 factors with a value
  • Returns66/100 · 2/2 factors with a value
  • Valuation88/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Trip.com Group Limited (TCOM). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 8.9 bn USD in 2025; YoY growth 22.2%; net margin 53.4%; ROE 21.7%.

The estimated value range is 57.87–90.90 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 70.43 USD, the price of 42.69 USD leaves a potential of 65.0% (value / price − 1) and a margin of safety of 39.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 75/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 53.4%
  • Revenue CAGR 3Y: 45.3%
  • Interest coverage: 18.7x
  • P/E (TTM): 5.8x
  • FCF yield: 7.0%
  • Payout ratio (FCF): 10.5%
  • The price is below the estimated value range

What contradicts it

  • FCF conversion: 40.8%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.

Versus the vertical median

Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
5.8x
vertical median 26.3x
below median (−77.9%)
EV/EBITDA
—
vertical median 15.5x
P/S
3.1x
vertical median 2.4x
above median (+31.4%)
P/B
1.1x
vertical median 2.8x
below median (−59.2%)
ROE
21.7%
vertical median 9.1%
above median (+139.1%)
Net margin
53.4%
vertical median 8.0%
above median (+570.9%)
EBIT margin
25.3%
vertical median 11.5%
above median (+120.4%)
Revenue YoY
22.2%
vertical median 8.5%
above median (+160.5%)
Net debt/EBITDA
—
vertical median 0.9x
Dividend yield
0.7%
vertical median 1.0%
below median (−27.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
UBERUber Technologies, Inc.142.7 bn41.312.4%6.1%+18.3%−20% / +24%
MELIMercadoLibre, Inc.88.2 bn47.327.5%5.3%+39.1%−16% / +7%
EBAYeBay Inc.54.9 bn27.246.6%16.9%+7.9%+51% / +205%
PYPLPayPal Holdings, Inc.50.0 bn11.523.8%13.8%+4.3%−4% / +4%
MSCIMsci Inc.48.2 bn35.7—40.3%+9.7%+20% / +29%
FISVFiserv, Inc.33.0 bn—-17.0%-18.9%+3.6%+1% / −52%
TCOMTrip.com Group Limited27.7 bn5.821.7%53.4%+22.2%−39% / +27%
CPAYCorpay, Inc27.5 bn25.430.5%22.7%+13.9%+42% / +74%
GPNGlobal Payments Inc.25.4 bn—-4.1%-9.1%−0.4%+27% / −17%
BRBroadridge Financial Solutions, Inc.21.4 bn20.940.2%13.9%+8.5%−17% / −2%
RBARB Global, Inc17.6 bn39.98.8%10.0%+7.2%−3% / +49%
FISFidelity National Information Services, Inc.15.3 bn4.423.0%26.8%+5.4%−55% / −49%
FICOFair Isaac Corp15.1 bn20.3—34.1%+15.9%−61% / −36%
CARTMaplebear Inc.13.7 bn32.417.1%12.0%+10.8%+41% / +145%
CSGPCoStar Group, Inc.13.1 bn74.32.2%4.9%+18.7%−53% / −61%
AKAMAkamai Technologies, Inc12.3 bn30.98.9%9.5%+5.4%−4% / −26%
LYFTLyft, Inc.7.1 bn2.7152.6%42.3%+9.2%−11% / +60%
ALITAlight, Inc.5.7 bn—-67.9%-46.0%−3.0%−72% / −92%
FLYWFlywire Corporation2.7 bn36.39.1%10.3%+26.6%+56% / −6%
PAYOPayoneer Global Inc.2.4 bn49.17.1%4.6%+7.7%+24% / +38%
ACVACopart Inc1.8 bn—-15.1%-7.9%+19.2%+16% / −21%
NUTXNutex Health Inc.1.4 bn8.157.2%21.2%+82.4%+78% / +620%
CASSCass Information Systems, Inc.704.1 m18.916.3%18.9%+5.3%+31% / +33%
PRTHPriority Technology Holdings, Inc.652.9 m11.6—5.6%+8.3%+35% / +164%
IMXIInternational Money Express, Inc.251.1 m13.311.9%3.4%−7.7%−45% / −60%

1- and 3-year price returns: for TCOM from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
27.90
Total return -35% · Per year -35%
49.09
Total return 15% · Per year 15%
73.64
Total return 73% · Per year 73%
3 years
33.09
Total return -22% · Per year -8%
64.93
Total return 52% · Per year 15%
106.04
Total return 148% · Per year 35%
5 years
39.25
Total return -8% · Per year -2%
85.86
Total return 101% · Per year 15%
152.70
Total return 258% · Per year 29%
What moves the 3-year price the most
  • Exit P/E± 16.23
  • Net margin± 11.36
  • Annual revenue growth± 8.47
  • Annual dilution± 0.95

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (16 Sept 2026), 6-K (02 Sept 2026), 6-K (27 Jul 2026), 6-K (30 Jun 2026), 6-K (25 Jun 2026).

In brief

Trip.com Group Limited is a global one-stop travel service provider that combines accommodation reservations, transportation tickets, packaged tours and corporate travel management. For 2025 the company reported 26.1 billion RMB of accommodation reservation revenue, making it a central player in travel distribution across Asia and beyond.

SWOT

Strengths

  • A portfolio of recognised brands in Asia and globally, backed by a very broad ecosystem of partners.
  • A high share of mobile channels and sustained investment in technology and AI support operating efficiency.
  • An agent model in most transactions, which limits loss exposure from cancellations.

Weaknesses

  • Heavy dependence on the Chinese market, where most of the company's activity is based.
  • The transportation segment has low take rates and its share of revenue is declining.
  • Seasonal activity makes quarterly revenue variable.

Opportunities

  • Expanding global travel offerings and strategic partnerships could raise revenue in new markets.
  • Growth in business travel services and live streaming content could deepen user engagement.
  • Higher cross-selling driven by AI could generate extra revenue from the existing user base.

Threats

  • An economic slowdown or lower spending could reduce demand for travel.
  • Pressure from local and global competitors could erode market share.
  • Regulatory and audit restrictions in China could affect access for foreign investors.

Risks

  • Managing development and strategymedium

    If new business initiatives do not perform as expected, financial condition and results could be adversely affected.

  • Downturns in the travel industryhigh

    Geopolitical events, epidemics or natural disasters could abruptly reduce travel volumes and revenue.

  • Relationships with ecosystem partnersmedium

    Losing partners or renewing agreements on weaker terms could affect market share.

  • Regulation and the VIE structurehigh

    Foreign investment restrictions and the contractual risks of the VIE structure could disrupt operations in China.

  • Audit and US listingmedium

    If audit inspections are not possible, the ADSs could be prohibited from trading in the United States, affecting investors.

Investment thesis

What would need to be true (bull case)

  • A leading position in accommodation reservations and a growing digital share could support revenue over the medium term if middle-class demand keeps rising.
  • A broad ecosystem of partners and AI investment could lift cross-selling and cost efficiency.
  • Expansion into international markets and corporate travel could diversify revenue sources.

What would break the thesis

  • Dependence on the Chinese market and local regulation could limit growth and raise operating risk.
  • Intense competition and thin margins in ticketing could pressure profitability.
  • The industry's sensitivity to the economy and to external events could produce high revenue volatility.

What to watch

  • Change in accommodation and transportation revenue versus the prior year2026
  • Growth rate of investment in products and technology2026
  • Status of audit inspections and US listing requirementsnext 10-K
  • Evolution of market share relative to competitors in ChinaQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (16 Sept 2026), 6-K (02 Sept 2026), 6-K (27 Jul 2026), 6-K (30 Jun 2026), 6-K (25 Jun 2026).

The business

Trip.com Group Limited runs an integrated travel platform that combines its own products with offerings from ecosystem partners, including hotels, airlines, transport operators and travel agencies. Its main brands are Ctrip, Qunar, Trip.com and Skyscanner, each covering different segments or markets. Commissions are the main revenue source, because the company acts as an agent in most transactions rather than owning the product 1.

Segments

Accommodation reservation

This is the largest segment, representing 42% of total revenues in 2025, with revenue of 26.1 billion RMB. Revenue comes mainly from commissions paid by hotel partners, recognized when the reservation becomes non-cancelable 1.

Transportation ticketing

Its share fell from 41% in 2023 to 36% in 2025, although revenue rose to 22.5 billion RMB. Air, train, bus and ferry tickets are sold as an agent, with lower take rates than accommodation 1.

Packaged tours, corporate travel and other

Packaged tours generated 4.7 billion RMB, corporate travel 2.8 billion RMB, and other revenue, including online advertising and financial services, 6.4 billion RMB in 2025 1.

Market context

Demand for travel services depends mainly on economic growth, a growing middle class and the shift from offline to online and mobile booking, which is especially strong in Asia-Pacific. The company reports that over 90% of its transaction orders in 2025 were executed through mobile channels, underlining how digital the market has become 1.

The travel industry is sensitive to discretionary spending and to events such as conflict, pandemics or natural disasters, which can reduce travel volumes. The company also notes seasonality, with the third quarter contributing the largest share of annual revenue in China 1.

Trends

  • Growing middle-class consumptiontailwind

    Rising demand for high-quality and diverse travel options is cited as a favourable factor for booking volumes in the annual report.

  • Digitalisation and artificial intelligencetailwind

    The shift from offline to online channels and the use of AI for recommendations and marketing could reduce costs and improve cross-selling, if the investments deliver the expected results.

  • Sensitivity to discretionary spendingheadwind

    An economic slowdown or lower travel budgets could reduce booking volumes, particularly in higher take-rate segments.

  • Regulation and geopolitical tensionsmixed

    Policy changes in China and cross-border audit requirements could affect operations and investor access, so the effect is mixed.

Competitive position

The company competes with other online travel platforms and flight search engines in China, Asia and globally. The report highlights that competitive pressure could lead to a loss of market share if the company does not sustain its brand and ecosystem advantages.

Its main advantage is a broad partner network, including more than 60,000 other ecosystem partners and flights from over 680 airlines, together with well-known regional brands 1.

  • Booking HoldingsBKNG

    Global accommodation and travel booking platform competing directly in the lodging segment.

  • Expedia GroupEXPE

    International travel aggregator active in lodging, flights and packages, with a strong presence in North America.

  • Meituan

    Chinese platform offering local services and travel bookings, competing for users in China.

  • Alibaba Group (Fliggy)

    Chinese e-commerce ecosystem with travel services that can influence users' purchasing behaviour.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Trip.com Group Limited · 28 Apr 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.