Recent News
On February 25, 2026 the company released unaudited fourth-quarter and full-year 2025 results. On February 26, 2026 Trip.com announced that founders Fan Min and Ji Qi resigned from the board and new independent directors joined. On April 14, 2026 the company disclosed receipt of a notice of investigation from China’s State Administration for Market Regulation. Several firms issued shareholder-class-action reminders with May filing deadlines in April 2026.
Technical Analysis
Directional indicators show no clear trend: ADX at 17.12 signals no established trend, limiting conviction for sustained directional moves and favoring sideways action against the current valuation.
Both DI+ and DI- display reversal patterns that imply short-term bullish pressure: DI+ shows a dip-and-reversal (DI+ increasing) while DI- shows a peak-and-reversal (DI- decreasing), a configuration that supports momentary upside attempts but not a strong trending advance.
MACD registered a peak-and-reversal (bearish momentum), though the MACD level (0.21) sits above its signal line (0.10), indicating recent momentum loss after a short-lived bullish phase; expect momentum to remain fragile relative to the WMDST valuation backdrop.
MRO at 5.82 (positive and modest) indicates the price sits modestly above the model target and therefore carries a mild downward bias if momentum fades; the strength is weak, so any mean reversion should be limited in magnitude.
RSI at 46.15 with a peak-and-reversal reads as mild bearish momentum; combined with the 12-day EMA peaking and reversing, short-term pressure likely persists until price reclaims the 20-day average at $53.80.
Price sits at $52.81 near the lower Bollinger band ($52.77) and below the 20-day average, which constrains immediate downside but leaves upside capped by the super-trend upper level at $55.24 and the 200-day average at $64.43. Volume remains roughly in line with recent averages, offering no clear breakout fuel.
Fundamental Analysis
Profitability and margins: EBIT at $5,251,000,000 produces an EBIT margin of 34.10%, above the industry peer mean (13.73%) and median (12.79%) and below the industry peer high (42.40%). QoQ, EBIT margin fell by 73.14%; YoY, EBIT margin improved by 62.11%, indicating volatile near-term margin swings but materially stronger year-over-year operating profitability.
Revenue and growth: Total revenue totaled $15,398,000,000 with reported revenue growth of -16.03% and revenue growth YoY reported at -166.03%. Earnings growth shows a QoQ contraction of 128.99% but a YoY increase of 63.00%, reflecting large sequential variability around a stronger annual comparison.
Liquidity and leverage: Cash stands at $39,848,000,000 and cash and short-term investments at $71,855,000,000, supporting a current ratio of 1.55 and a cash ratio of 0.92. Total debt of $31,614,000,000 produces debt-to-assets of 11.82% and debt-to-EBITDA of 6.02x; interest coverage runs at 45.66x, indicating substantial capacity to service debt.
Market multiples and WMDST valuation: Reported EPS of $4.97 exceeded estimate $4.67, a 6.42% EPS surprise. Trailing P/E stands at 12.89 and P/B at 0.24; forward P/E reads higher at about 61.56 driven by lower forward EPS. WMDST values the stock as under-valued, a view that aligns with conservative multiples versus capital and cash metrics.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-25 |
| NEXT REPORT DATE: | 2026-05-27 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | $ 4.4 B | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -4.28 B | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 15.4 B | |
| Forward Revenue | $ 680.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 3.2 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 4.0 B | |
| Total Operating Expenses | $ 11.5 B | |
| PROFITABILITY | ||
| Gross Profit | $ 12.2 B | |
| EBITDA | $ 5.3 B | |
| EBIT | $ 5.3 B | |
| Operating Income | $ 3.9 B | |
| Interest Income | $ 679.0 M | |
| Interest Expense | $ 115.0 M | |
| Net Interest Income | $ 564.0 M | |
| Income Before Tax | $ 5.1 B | |
| Tax Provision | $ 835.0 M | |
| Tax Rate | 16.258 % | |
| Net Income | $ 4.3 B | |
| Net Income From Continuing Operations | $ 4.3 B | |
| EARNINGS | ||
| EPS Estimate | $ 4.67 | |
| EPS Actual | $ 4.97 | |
| EPS Difference | $ 0.30 | |
| EPS Surprise | 6.424 % | |
| Forward EPS | $ 1.17 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 267.4 B | |
| Intangible Assets | $ 75.3 B | |
| Net Tangible Assets | $ 95.7 B | |
| Total Current Assets | $ 121.0 B | |
| Cash and Short-Term Investments | $ 71.9 B | |
| Cash | $ 39.8 B | |
| Net Receivables | $ 15.2 B | |
| Inventory | — | |
| Long-Term Investments | $ 49.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 19.1 B | |
| Short-Term Debt | $ 19.3 B | |
| Total Current Liabilities | $ 78.2 B | |
| Net Debt | — | |
| Total Debt | $ 31.6 B | |
| Total Liabilities | $ 94.8 B | |
| EQUITY | ||
| Total Equity | $ 170.9 B | |
| Retained Earnings | $ 76.6 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 261.68 | |
| Shares Outstanding | 649.584 M | |
| Revenue Per-Share | $ 23.57 | |
| VALUATION | Market Capitalization | $ 41.9 B |
| Enterprise Value | $ 1.6 B | |
| Enterprise Multiple | 0.307 | |
| Enterprise Multiple QoQ | -382.204 % | |
| Enterprise Multiple YoY | -88.381 % | |
| Enterprise Multiple IPRWA | high: 218.425 mean: 73.821 median: 54.381 TCOM: 0.307 low: -170.05 |
|
| EV/R | 0.105 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.564 | |
| Asset To Liability | 2.821 | |
| Debt To Capital | 0.156 | |
| Debt To Assets | 0.118 | |
| Debt To Assets QoQ | 0.169 % | |
| Debt To Assets YoY | -28.871 % | |
| Debt To Assets IPRWA | high: 1.249 mean: 0.168 median: 0.14 TCOM: 0.118 low: 0.007 |
|
| Debt To Equity | 0.185 | |
| Debt To Equity QoQ | -2.581 % | |
| Debt To Equity YoY | -34.621 % | |
| Debt To Equity IPRWA | high: 2.351 median: 0.253 mean: 0.21 TCOM: 0.185 low: -3.459 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.245 | |
| Price To Book QoQ | -10.454 % | |
| Price To Book YoY | -20.078 % | |
| Price To Book IPRWA | high: 24.873 mean: 4.301 median: 2.768 TCOM: 0.245 low: -14.242 |
|
| Price To Earnings (P/E) | 12.89 | |
| Price To Earnings QoQ | 401.755 % | |
| Price To Earnings YoY | -16.112 % | |
| Price To Earnings IPRWA | high: 224.995 mean: 61.453 median: 21.251 TCOM: 12.89 low: -221.643 |
|
| PE/G Ratio | -0.157 | |
| Price To Sales (P/S) | 2.718 | |
| Price To Sales QoQ | 8.371 % | |
| Price To Sales YoY | -20.675 % | |
| Price To Sales IPRWA | high: 26.155 mean: 10.622 median: 10.103 TCOM: 2.718 low: 0.013 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 61.557 | |
| Forward PE/G | -0.751 | |
| Forward P/S | 61.099 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.831 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.057 | |
| Asset Turnover Ratio QoQ | -18.354 % | |
| Asset Turnover Ratio YoY | 9.36 % | |
| Asset Turnover Ratio IPRWA | high: 1.018 mean: 0.22 median: 0.199 low: 0.107 TCOM: 0.057 |
|
| Receivables Turnover | 0.975 | |
| Receivables Turnover Ratio QoQ | -18.233 % | |
| Receivables Turnover Ratio YoY | 0.6 % | |
| Receivables Turnover Ratio IPRWA | high: 55.301 mean: 7.135 median: 3.311 TCOM: 0.975 low: 0.82 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 93.588 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 152.367 TCOM: 0 mean: -38.879 median: -48.654 low: -234.398 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.359 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 182.4 B | |
| Net Invested Capital | $ 201.7 B | |
| Invested Capital | $ 201.7 B | |
| Net Tangible Assets | $ 95.7 B | |
| Net Working Capital | $ 42.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.919 | |
| Current Ratio | 1.549 | |
| Current Ratio QoQ | 4.312 % | |
| Current Ratio YoY | 2.221 % | |
| Current Ratio IPRWA | high: 4.195 TCOM: 1.549 median: 1.331 mean: 1.319 low: 0.114 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.021 | |
| Cost Of Debt | 0.437 % | |
| Interest Coverage Ratio | 45.661 | |
| Interest Coverage Ratio QoQ | -64.108 % | |
| Interest Coverage Ratio YoY | 450.11 % | |
| Interest Coverage Ratio IPRWA | high: 50.5 TCOM: 45.661 mean: 22.274 median: 10.337 low: -23.347 |
|
| Operating Cash Flow Ratio | 0.056 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 533.795 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.179 % | |
| Revenue Growth | -16.032 % | |
| Revenue Growth QoQ | -168.088 % | |
| Revenue Growth YoY | -166.03 % | |
| Revenue Growth IPRWA | high: 51.954 % median: 14.951 % mean: 14.657 % TCOM: -16.032 % low: -40.64 % |
|
| Earnings Growth | -81.967 % | |
| Earnings Growth QoQ | -128.986 % | |
| Earnings Growth YoY | 63.002 % | |
| Earnings Growth IPRWA | high: 309.709 % median: 42.564 % mean: 40.204 % TCOM: -81.967 % low: -450.0 % |
|
| MARGINS | ||
| Gross Margin | 78.958 % | |
| Gross Margin QoQ | -3.336 % | |
| Gross Margin YoY | -0.411 % | |
| Gross Margin IPRWA | high: 90.408 % TCOM: 78.958 % median: 48.469 % mean: 45.162 % low: 14.291 % |
|
| EBIT Margin | 34.102 % | |
| EBIT Margin QoQ | -73.139 % | |
| EBIT Margin YoY | 62.105 % | |
| EBIT Margin IPRWA | high: 42.403 % TCOM: 34.102 % mean: 13.729 % median: 12.786 % low: -40.164 % |
|
| Return On Sales (ROS) | 25.166 % | |
| Return On Sales QoQ | -17.206 % | |
| Return On Sales YoY | 19.627 % | |
| Return On Sales IPRWA | high: 31.974 % TCOM: 25.166 % median: 11.705 % mean: 10.705 % low: -34.176 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | — | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | — | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | — | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | — | |
| Cash Flow Margin | 28.478 % | |
| Cash Flow To Earnings | 1.024 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.592 % | |
| Return On Assets QoQ | -79.069 % | |
| Return On Assets YoY | 79.684 % | |
| Return On Assets IPRWA | high: 8.14 % median: 2.742 % mean: 1.992 % TCOM: 1.592 % low: -11.211 % |
|
| Return On Capital Employed (ROCE) | 2.775 % | |
| Return On Equity (ROE) | 0.025 | |
| Return On Equity QoQ | -78.821 % | |
| Return On Equity YoY | 65.499 % | |
| Return On Equity IPRWA | high: 0.249 median: 0.042 mean: 0.029 TCOM: 0.025 low: -0.636 |
|
| DuPont ROE | 2.525 % | |
| Return On Invested Capital (ROIC) | 2.18 % | |
| Return On Invested Capital QoQ | -78.145 % | |
| Return On Invested Capital YoY | 90.559 % | |
| Return On Invested Capital IPRWA | high: 13.791 % median: 4.659 % mean: 3.474 % TCOM: 2.18 % low: -27.576 % |
|