Expedia Group, Inc. (EXPE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-30.0%

$207.50

vs $296.48 price

Levered DCF

$362.29

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.57

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.45×	19.84×	27.6×	38.93×	-100.4×	-6.97×	28.16×	41.57×
P/B	27.66×	15.73×	14.34×	6.01×	13.16×	7.39×	4.01×	4.12×
P/S	2.41×	1.79×	1.71×	1.18×	3.15×	3.6×	1.32×	1.51×
EV / EBITDA	15.3×	10.22×	11.76×	10.07×	28.18×	-12.69×	9.73×	10.84×
Gross margin	90.1%	89.5%	87.7%	85.8%	82.3%	67.7%	82.9%	82.5%
Operating margin	12.7%	9.6%	8.0%	9.3%	2.2%	-29.4%	7.5%	6.4%
Net margin	8.8%	9.0%	6.2%	3.0%	0.1%	-50.2%	4.7%	3.6%
Current ratio	0.73×	0.72×	0.78×	0.82×	0.87×	1.04×	0.72×	0.64×
Debt / equity	5.19×	4.19×	4.28×	2.87×	4.28×	3.45×	1.38×	0.91×
Interest coverage	6.26×	5.36×	4.22×	3.92×	0.53×	-4.24×	5.22×	3.76×
Dividend yield	0.6%	0.0%	0.0%	0.0%	0.2%	0.7%	1.2%	1.1%
Payout ratio	15.5%	0.0%	0.0%	0.0%	558.3%	-4.7%	34.5%	45.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	100.8%	79.3%	52.0%	15.4%	0.6%	-103.2%	14.2%	9.9%
Return on invested capital	16.1%	10.7%	7.1%	6.4%	-0.6%	-10.0%	5.8%	5.9%
Return on assets	5.3%	5.5%	3.7%	1.6%	0.1%	-14.0%	2.6%	2.3%
Free cash flow yield	8.8%	9.5%	8.4%	20.2%	11.4%	-24.7%	10.1%	6.5%
Earnings yield	3.6%	5.0%	3.6%	2.6%	0.0%	-14.0%	3.5%	2.4%
Enterprise value	$35.2B	$26.8B	$24.3B	$16.2B	$31.8B	$24.1B	$18.1B	$18.2B
Net debt / EBITDA	-0.13×	0.89×	1.13×	1.53×	4.17×	-2.83×	1.16×	0.76×
Cash conversion cycle (days)	-721	-690	-643	-519	-427	-181	-421	-391