企業概要
Expedia Group, Inc. operates as a prominent online travel company serving both domestic and international markets, primarily through its B2C, B2B, and trivago business segments. The firm functions within the Consumer Cyclical sector, specifically the Travel Services industry, positioning it as a key provider of travel products and services ranging from hotel bookings to broader travel experiences. As of the latest data, the company commands a market capitalization of $28.21B and generates an annual revenue of $14.73B, while employing approximately 16,000 individuals across its global operations. These valuation and revenue figures indicate that Expedia Group maintains a significant footprint in the digital travel ecosystem, reflecting its established role as a major intermediary connecting travelers with lodging and tourism infrastructure.
財務健全性
The company reported a trailing twelve-month revenue of $14.73B with a corresponding net income of $1.29B and an EBITDA of $2.30B, illustrating a substantial gap between top-line generation and bottom-line profit that highlights a cost structure heavily reliant on operational efficiencies and scale. Free cash flow stands at $2.93B, a figure that suggests the company possesses considerable financial flexibility to fund capital expenditures, pursue strategic acquisitions, or manage working capital requirements without immediate reliance on external financing. Profitability analysis reveals a gross margin of 90.1%, an operating margin of 15.4%, and a profit margin of 8.8%, indicating that while the business model generates high revenue relative to direct costs, significant operating expenses are required to deliver the final net earnings. The balance sheet shows $5.73B in cash against $6.49B in debt, resulting in a debt-to-equity ratio of 254.69%, which points to a highly leveraged capital structure where debt obligations substantially exceed equity capitalization. Liquidity is assessed via a current ratio of 0.73, signaling that current assets may be insufficient to cover current liabilities without asset liquidation or new financing, suggesting a need for careful short-term cash management. Return on equity is calculated at 48.7% while return on assets sits at 5.8%, demonstrating that the company utilizes shareholder equity very efficiently to generate profits, even though asset utilization relative to total assets is moderate.
バリュエーション評価
Valuation metrics show a trailing P/E ratio of 23.47 compared to a forward P/E of 10.03, a disparity that implies the market anticipates a significant improvement in earnings trajectory over the coming year to justify the current stock price. The price-to-book ratio is recorded at 21.97, suggesting that the market prices the company at a substantial premium relative to its tangible book value, likely reflecting intangible assets such as brand equity and proprietary technology. Alternative valuation measures include a price-to-sales ratio of 1.92 and an EV/EBITDA of 13.14, which provide context on how revenue and operating cash generation are valued relative to peer groups and historical norms. The stock has traded within a 52-week range bounded by a high of $303.80 and a low of $134.25, with the current share price trading significantly below the 52-week high, indicating recent price compression from peak levels. The beta value of 1.33 reveals that the stock exhibits higher volatility than the broader market, meaning price swings are expected to be more pronounced during periods of market stress or rally.
Growth & Income
Growth dynamics are characterized by a revenue growth rate of 11.4% year-over-year contrasted with an earnings growth rate of -27.3% year-over-year, indicating that profit margins are currently contracting faster than the top line expands, potentially due to rising cost of goods sold or increased operating expenses. Although the company pays a dividend with a yield of 0.7% and a payout ratio of 16.3%, the low payout ratio combined with negative earnings growth suggests that dividend sustainability depends heavily on non-cash earnings components or prior cash reserves rather than current profitability. The divergence between robust revenue expansion and declining earnings growth signals a transitional period where operational leverage has not yet fully materialized or where one-time charges impacted the income statement. Overall, the financial profile presents a mix of strong top-line momentum and margin compression, offering income via a modest dividend but with earnings that have temporarily weakened relative to sales growth.