회사 개요
Expedia Group, Inc. operates as a prominent online travel company serving both the United States and international markets, delivering a comprehensive suite of travel products and services through its distinct B2C, B2B, and trivago segments. Within the Consumer Cyclical sector and specifically the Travel Services industry, the company functions as a critical infrastructure provider for global mobility, connecting consumers with lodging, transportation, and vacation rental options. The enterprise holds a market capitalization of $28.21 billion and reported annual revenue of $14.73 billion, supported by a workforce of 16,000 employees. These valuation and revenue figures indicate that the company maintains a substantial market presence, positioning it as a significant player capable of influencing consumer behavior in the global travel landscape while managing complex operational scales.
재무 건전성
The company generated revenue of $14.73 billion over the trailing twelve months, resulting in a net income of $1.29 billion and an EBITDA of $2.30 billion. The substantial gap between the $14.73 billion revenue and the $1.29 billion net income reveals a cost structure where operating expenses, including commissions to travel partners and technology infrastructure costs, consume a significant portion of top-line growth before reaching the bottom line. Despite the lower net income, the company demonstrated robust free cash flow of $2.93 billion, which provides ample financial flexibility to fund strategic initiatives, manage capital expenditures, or address liquidity needs without immediate reliance on external financing. The gross margin stands at 90.1%, reflecting the high-margin nature of its platform model, while the operating margin of 15.4% and profit margin of 8.8% indicate the efficiency of its management in converting gross profits into net earnings. On the liability side, the company holds $5.73 billion in cash against $6.49 billion in debt, resulting in a debt-to-equity ratio of 254.69% that suggests a highly leveraged balance sheet rather than a conservative one. Liquidity is further characterized by a current ratio of 0.73, which indicates that the company's short-term assets are insufficient to cover its short-term liabilities at a glance, pointing to a reliance on operational cash generation to meet obligations. Furthermore, the return on equity of 48.7% and return on assets of 5.8% reveal that management is highly effective at generating returns for shareholders relative to the equity base, though asset utilization is moderate given the capital-intensive nature of the travel technology sector.
밸류에이션 평가
Valuation metrics for Expedia Group, Inc. show a trailing P/E ratio of 23.47 compared to a forward P/E of 10.03, implying that the market expects a significant recovery or acceleration in earnings growth to bridge the wide gap between current profitability and future expectations. The price-to-book ratio of 21.97 suggests that the market prices the company at a substantial premium over its book value, reflecting the intangible value of its brand, user data, and proprietary technology assets. Alternative valuation measures such as a price-to-sales ratio of 1.92 and an EV/EBITDA of 13.14 provide additional context, indicating that the company is valued based on its revenue generation capability and enterprise earnings power rather than solely on historical earnings per share. The stock's trading range over the last year spans from a low of $134.25 to a high of $303.80, meaning the current price sits at a level that reflects recent market volatility and investor sentiment regarding the travel recovery. With a beta of 1.33, the stock exhibits higher price volatility relative to the broader market, indicating that it is more sensitive to macroeconomic shifts and changes in consumer discretionary spending patterns than the general equity index.
Growth & Income
Expedia Group, Inc. reported a revenue growth rate of 11.4% year-over-year, while earnings growth registered at -27.3% year-over-year, indicating that earnings are currently growing significantly slower than revenue due to the leverage effect of fixed costs and the specific impact of recent operational headwinds on profitability. As a non-dividend payer, the company retains its earnings and reinvests them into growth initiatives rather than distributing cash to shareholders, evidenced by a dividend yield of 0.7% and a payout ratio of 16.3% which suggests a minimal distribution policy relative to earnings potential. This growth and income profile characterizes the company as a reinvesting growth stock where capital allocation is focused on expanding market share and technological innovation rather than providing immediate income to investors. The overall financial picture presents a mix of strong top-line expansion and profitability challenges, with the company leveraging its cash position to navigate the leveraged balance sheet while awaiting the full realization of earnings growth to align with revenue trends.