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China's largest online travel agency, booking flights, hotels, trains and packaged tours worldwide.
China's largest online travel agency, booking flights, hotels, trains and packaged tours worldwide.
Takes commissions from hotels and airlines on each booking, plus service fees and advertising from suppliers, so China's hotel and flight volumes drive it. Trip.com is the brand for customers outside China, built partly on the 2016 purchase of flight-search site Skyscanner. These are Hong Kong-listed shares of the same company as the US-listed ADRs.
In one line: China's Expedia/Booking.com.
Moat: narrow (scale, network effects, brand). Largest China travel-supply network and brand recognition create strong two-sided network effects.
Headquarters: Singapore/Shanghai · Founded: 1999 · Employees: 43,574
Size Trip.com-s (9961.HK) is a Hong Kong Consumer Discretionary company (Other Consumer Services) with a market value of $29.0B, the 55th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$350.40 on 6 Nov 2026.
Performance Over six months the shares fell 16.6%, against +13.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 6 in its peer set.
Growth Revenue grew 18.4% over the last twelve months (peer median +13.0%); the operating margin is 15.9% (peer median 16.6%).
Valuation It trades at 12.6× forward earnings against a peer median of 17.5× (2nd cheapest of 6).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (8.7% WACC).
Credit Trip.com-s has 2 bonds outstanding ($2.00B).
Next results Next results expected around 23 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$73.2B | HK$67.7B | HK$57.8B | HK$49.2B | HK$23.3B |
| Revenue growth | — | +17% | +17% | +111% | — |
| Gross profit | HK$58.6B | HK$54.5B | HK$47.0B | HK$40.2B | HK$18.1B |
| EBITDA | HK$12.6B | HK$18.3B | HK$16.6B | HK$13.7B | HK$1.60B |
| Net income | HK$26.4B | HK$36.1B | HK$18.5B | HK$11.0B | HK$1.63B |
| Free cash flow | n/a | HK$14.7B | HK$20.6B | HK$23.6B | HK$2.49B |
| Capital expenditure | n/a | HK$864M | HK$641M | HK$670M | HK$579M |
| Total debt | HK$31.2B | HK$35.2B | HK$42.9B | HK$50.2B | HK$52.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Trip.com-s 9961.HK | $29.0B | -17% | +18% | 16% | 12.6× | 4.6% |
| Booking BKNG | $119B | -3% | +8% | 34% | 13.6× | 7.0% |
| Expedia EXPE | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% |
| Tongcheng Travel 0780.HK | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% |
| Meituan-w 3690.HK | $63.3B | -5% | +10% | -12% | 303.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9961.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.7% | -4.0% | 2nd highest of 6 |
| 6-month return | -16.6% | +13.0% | lowest of 6 |
| Distance from 52-week high | -42.8% | -16.8% | lowest of 6 |
| Revenue growth (TTM) | +18.4% | +13.0% | 2nd highest of 6 |
| Operating margin | 15.9% | 16.6% | 3rd lowest of 6 |
| Forward P/E | 12.6× | 17.5× | 2nd cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | 4.6% | 1.6% | 2nd most demanding of 5 |
| Growth delivered (Del g) | +26.9% | +11.9% | highest of 5 |
| Hurdle (Req g minus delivered) | -22.3 pp | -11.5 pp | 3rd least demanding of 5 |
| ROIC minus cost of capital | -1.0 pp | +14.6 pp | 2nd lowest of 6 |
| EV / EBITDA | 13.4× | 13.7× | 3rd cheapest of 5 |
| Net debt / EBITDA | -4.8× | 2.7× | least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Trip.com-s 9961.HK | Hong Kong | $29.0B | -17% | +18% | 16% | 12.6× | 4.6% | +26.9% |
| Expedia EXPE | United States | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% | +23.2% |
| Life Time LTH | United States | $10.6B | +48% | +13% | 17% | 26.7× | n/a | n/a |
| Service Corporation International SCI | United States | $10.0B | -5% | +3% | 22% | 17.5× | 3.4% | +4.2% |
| New Oriental Education & Technology 9901.HK | Hong Kong | $7.58B | -3% | +21% | 12% | 12.8× | -16.4% | +5.9% |
| Andersen ANDG | United States | $7.34B | +78% | +18% | 14% | 32.4× | 29.0% | +18.0% |
Trip.com-s has 2 bonds outstanding with $2.00B face value.