公司概述
Expedia Group, Inc. functions as a prominent online travel enterprise serving markets both within the United States and internationally, utilizing a diversified operational model that encompasses B2C, B2B, and the trivago segments. This business structure allows the firm to offer various travel products and services through its B2C brand, including the full-service online travel brand Expedia and the lodging-focused Hotels.com. The company operates within the Consumer Cyclical sector and specifically targets the Travel Services industry, positioning it as a beneficiary of discretionary consumer spending on leisure and business travel. With a total market capitalization of $28.21 billion and an annual revenue of $14.73 billion, the entity demonstrates significant scale supported by a workforce of 16,000 employees. These valuation and revenue figures indicate that Expedia Group holds a substantial position in the global travel technology landscape, reflecting strong brand recognition and a robust infrastructure capable of handling complex transaction volumes across multiple geographic regions.
财务健康
Expedia Group reported a trailing twelve-month revenue of $14.73 billion, generating a net income of $1.29 billion and an EBITDA of $2.30 billion during the same period. The substantial gap between the total revenue figure and the net income reveals a high-cost structure typical of the travel industry, where operating expenses significantly reduce the bottom line despite strong top-line performance. The company generated free cash flow of $2.93 billion, which indicates a strong ability to generate liquidity from operations independent of financing activities, thereby providing financial flexibility for capital allocation. Profitability metrics show a gross margin of 90.1%, reflecting the asset-light nature of the online travel business model where the primary cost is transaction-based rather than inventory-heavy. Operating margin stands at 15.4%, while profit margin is 8.8%, indicating that after covering all operating expenses, the company retains a significant portion of revenue as profit relative to the total sales volume. Regarding liquidity and solvency, the company holds cash of $5.73 billion against total debt of $6.49 billion, resulting in a debt-to-equity ratio of 254.69, which characterizes a highly leveraged balance sheet given the magnitude of debt relative to equity. The current ratio is 0.73, suggesting that current assets do not fully cover current liabilities, pointing to a reliance on external financing or long-term asset conversion to meet short-term obligations. Return on Equity is 48.7%, demonstrating highly effective utilization of shareholder equity to generate profits, whereas Return on Assets is 5.8%, indicating moderate efficiency in generating earnings from the total asset base.
估值评估
The stock carries 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 relative to current profitability levels. The price-to-book ratio is 21.97, which suggests a substantial market premium over the company's book value, reflecting the intangible assets and network effects inherent in the online travel sector. Alternative valuation metrics include a price-to-sales ratio of 1.92 and an EV/EBITDA of 13.14, indicating that investors are willing to pay a premium for the company's revenue and earnings power despite the high debt levels. The 52-week high is recorded at $303.80 and the low at $134.25, providing a historical range within which the current stock price must be evaluated to determine its relative positioning. The beta value is 1.33, meaning the stock exhibits 33% higher volatility than the broader market, making it more sensitive to macroeconomic shifts and travel industry fluctuations.
Growth & Income
Revenue growth year-over-year is 11.4%, while earnings growth year-over-year is -27.3%, indicating that earnings are currently declining at a much faster rate than revenue, which may suggest temporary headwinds affecting profitability such as increased marketing spend or operational inefficiencies. The company pays a dividend with a yield of 0.7% and maintains a payout ratio of 16.3%, a low level that suggests the dividend is highly sustainable even in the face of recent earnings contraction. The modest payout ratio allows the company to retain the majority of its earnings to fund growth initiatives and deleverage the balance sheet rather than distributing cash to shareholders. Overall, the growth and income profile is characterized by strong revenue expansion coupled with a depressed earnings growth rate and a conservative dividend policy designed to preserve capital.