Tripadvisor, Inc. (TRIP) 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

+1028.1%

$106.49

vs $9.44 price

Levered DCF

$87.70

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.61

Distress zone

Rating

Overall 2 / 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	45.5×	410.28×	300.28×	128.43×	-25.24×	-13.45×	33.38×	65.78×
P/B	2.82×	2.18×	3.45×	2.92×	4.74×	4.38×	3.64×	5.06×
P/S	0.96×	1.12×	1.68×	1.69×	4.15×	6.43×	2.71×	4.61×
EV / EBITDA	9.47×	8.68×	11.12×	11.65×	-136.93×	-19.6×	12.45×	22.98×
Gross margin	62.0%	92.9%	91.7%	92.2%	91.8%	90.9%	94.0%	94.7%
Operating margin	4.2%	5.0%	7.0%	6.8%	-14.5%	-54.5%	12.0%	11.3%
Net margin	2.1%	0.3%	0.6%	1.3%	-16.4%	-47.8%	8.1%	7.0%
Current ratio	1.29×	2.1×	2.27×	2.38×	2.63×	2.37×	1.23×	2.33×
Debt / equity	1.94×	0.96×	1.05×	1.08×	1.21×	0.72×	0.14×	0.06×
Interest coverage	1.27×	2×	2.86×	2.3×	-2.91×	-9.4×	26.71×	15.25×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.6%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	387.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	0.5%	1.1%	2.3%	-18.8%	-32.6%	10.9%	7.7%
Return on invested capital	3.6%	0.3%	0.5%	1.5%	-5.4%	-14.7%	7.7%	6.7%
Return on assets	1.5%	0.2%	0.4%	0.8%	-6.5%	-14.7%	6.4%	5.2%
Free cash flow yield	9.0%	3.4%	5.7%	13.7%	1.4%	-6.4%	8.1%	4.6%
Earnings yield	2.2%	0.2%	0.3%	0.8%	-4.0%	-7.4%	3.0%	1.5%
Enterprise value	$2B	$1.9B	$2.8B	$2.4B	$4B	$4.1B	$4.1B	$6.9B
Net debt / EBITDA	1×	-0.74×	-0.61×	-0.44×	-7.93×	-1.03×	-0.46×	-1.91×
Cash conversion cycle (days)	29	-95	-29	-73	-56	-39	0	-16