Trip.com Group Ltd key statistics and ratios

In fiscal 2025, Trip.com Group Ltd had return on equity of 21.1%, an operating margin of 25.3%, debt equal to 18.0% of equity and a current ratio of 1.55. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Trip.com Group Ltd: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	72.4%	73.6%	72.3%	70.8%	70.0%	67.5%	68.3%	73.3%	82.5%	79.6%	79.3%	78.0%	77.0%	77.5%	81.8%	81.3%	80.6%
Operating margin	32.4%	34.4%	28.6%	14.8%	14.7%	−1.9%	3.3%	−7.8%	11.0%	8.4%	14.1%	−7.8%	−7.0%	0.4%	25.4%	26.6%	25.3%
Net margin	31.0%	34.2%	28.9%	16.2%	17.5%	3.1%	21.8%	−7.2%	8.0%	3.6%	19.7%	−17.7%	−2.7%	7.0%	22.3%	32.0%	53.3%
Free-cash-flow margin	40.1%	45.3%	44.2%	25.2%	31.5%	−36.4%	21.0%	23.2%	24.6%	20.8%	18.3%	−23.8%	9.5%	10.7%	48.1%	35.7%	21.8%
Return on equity	22.5%	22.9%	16.3%	10.5%	13.3%	2.7%	9.5%	−2.5%	2.7%	1.3%	7.4%	−3.1%	−0.5%	1.2%	8.4%	12.9%	21.1%
Return on assets	15.8%	16.8%	12.0%	6.6%	6.1%	0.9%	3.4%	−1.1%	1.4%	0.6%	3.6%	−1.6%	−0.3%	0.7%	4.8%	7.4%	13.0%
Asset turnover	0.51	0.49	0.41	0.41	0.35	0.30	0.16	0.15	0.17	0.18	0.19	0.09	0.11	0.10	0.21	0.23	0.24
Current ratio	1.99	2.43	2.49	1.95	2.26	1.34	1.21	1.52	1.41	1.15	0.98	0.99	1.00	1.00	1.23	1.51	1.55
Debt to equity	0.0%	0.0%	0.0%	24.3%	75.4%	121.2%	69.7%	58.1%	53.7%	69.4%	48.4%	56.2%	46.5%	40.8%	36.8%	27.9%	18.0%
Interest cover (operating income ÷ interest)	—	—	—	57.7x	14.7x	n/m	1.3x	n/m	2.3x	1.7x	3.0x	n/m	n/m	0.1x	5.5x	8.2x	18.6x
Effective tax rate	17.2%	17.2%	20.3%	31.0%	25.7%	—	15.6%	—	36.5%	41.3%	19.2%	—	—	25.9%	16.4%	15.3%	15.0%
R&D as % of revenue	14.5%	14.8%	16.1%	20.7%	21.8%	29.9%	28.7%	38.8%	30.8%	31.1%	29.9%	41.9%	44.9%	41.6%	27.2%	24.7%	24.3%
Capital spending as % of revenue	8.3%	5.3%	5.5%	12.3%	11.4%	61.6%	5.6%	3.4%	1.8%	2.2%	2.3%	2.9%	2.8%	2.5%	1.4%	1.1%	1.3%
Free cash flow ÷ net income	129.2%	132.4%	152.9%	155.5%	180.4%	<−999%	96.1%	—	306.2%	579.3%	92.9%	—	—	152.8%	215.7%	111.5%	40.8%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	4.3%
Dividends and buybacks ÷ free cash flow	0.0%	0.0%	9.6%	156.0%	—	—	36.2%	—	—	—	—	—	—	—	7.6%	11.4%	42.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · December 31, 2025

What it owns · $38.2bn

Short-term assets $17.3bnLonger-term assets $20.9bn

What it owes, and who funded it · $38.0bn

Short-term liabilities $11.2bnLonger-term liabilities $2.4bnShareholders' equity $24.4bn

Short-term assets cover short-term liabilities $17.3bn of assets due within a year against $11.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $17.3bn short-term assets against $2.4bn of longer-dated liabilities.
More cash than debt $5.7bn of cash against $4.4bn of debt.
Debt below 40% of shareholders' equity Debt is 18% of equity.
Debt burden no higher than five years ago Debt to equity moved from 23% to 18% over five years.
A year's operating cash flow covers at least 20% of debt $2.0bn of operating cash flow against $4.4bn of debt.
Operating profit covers interest at least five times over Operating income of $2.2bn against $118m of interest.

From Trip.com Group Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

58 /100

Moderate moat

How hard Trip.com Group's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 5 / 20

Net income has been a median 4.7% of total assets over 5 years.
Pricing power 17 / 20

Gross margin has been a median 77.0%, moving by 4.7 percentage points (standard deviation) across 5 years.
Durability 4 / 20

Operating margin has been a median 14.7%; its worst year was -7.0%.
Cash conversion 20 / 20

Free cash flow was positive in 5 of 5 years, at a median 24.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Trip.com Group Ltd's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Trip.com Group Ltd.