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German-British tourism group selling package holidays, running hotels, cruise ships and airlines across Europe.
German-British tourism group selling package holidays, running hotels, cruise ships and airlines across Europe.
Sells package holidays through its own shops, website and app in Germany, the UK and other European markets, with customers paying deposits months ahead, which helps fund its working capital. Its hotels, cruise lines and airlines mostly serve its own holidaymakers. It restructured heavily after COVID, with state-backed support.
In one line: A German/British Expedia plus Royal Caribbean combined into one vertically integrated trav.
Moat: narrow (scale, brand, distribution). Vertically integrated travel model captures margin across hotels/airlines/cruises, but travel demand is highly cyclical and exposed to shocks.
Headquarters: Hanover, Germany · Founded: 1923 · Employees: 66,854
Size Tui (TUI1.DE) is a Germany Consumer Discretionary company (Other Consumer Services) with a market value of $4.31B, the 79th largest of 205 Germany companies the cockpit tracks. Shares closed at €7.57 on 6 Nov 2026.
Performance Over six months the shares gained 17.3%, against -1.8% for the median peer and +2.6% for the Germany market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 1.7% over the last twelve months (peer median +11.2%); the operating margin is 3.5% (peer median 13.3%).
Valuation It trades at 7.4× forward earnings against a peer median of 16.4× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points above its cost of capital (7.3% WACC).
Credit Tui has 4 bonds outstanding ($1.91B), rated B+ by the agencies and trading like BB at a weighted spread of 199 bp.
Next results Next results expected around 9 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €23.8B | €24.2B | €23.2B | €20.7B | €16.5B |
| Revenue growth | — | +4% | +12% | +25% | — |
| Gross profit | €1.95B | €2.22B | €1.91B | €1.60B | €824M |
| EBITDA | €1.74B | €2.07B | €1.79B | €1.51B | €1.12B |
| Net income | €601M | €636M | €507M | €306M | -€277M |
| Free cash flow | €410M | €990M | €814M | €536M | €1.18B |
| Capital expenditure | €879M | €775M | €797M | €750M | €518M |
| Total debt | €4.58B | €4.44B | €4.54B | €4.22B | €5.17B |
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 |
|---|---|---|---|---|---|---|
| Tui TUI1.DE | $4.31B | +17% | -2% | 4% | 7.4× | -2.0% |
| Booking BKNG | $119B | -3% | +8% | 34% | 13.6× | 7.0% |
| Expedia EXPE | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% |
| Royal Caribbean RCL | $87.5B | +19% | +10% | 27% | 16.4× | 23.2% |
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 | TUI1.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.2% | +4.6% | 6th highest of 21 |
| 6-month return | +17.3% | -1.8% | 8th highest of 21 |
| Distance from 52-week high | -20.8% | -20.1% | 11th highest of 21 |
| Revenue growth (TTM) | -1.7% | +11.2% | 3rd lowest of 21 |
| Operating margin | 3.5% | 13.3% | lowest of 21 |
| Forward P/E | 7.4× | 16.4× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -2.0% | 5.6% | 7th least demanding of 19 |
| Growth delivered (Del g) | +24.9% | +14.3% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | -26.9 pp | -15.7 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +2.1 pp | +8.5 pp | 7th lowest of 20 |
| EV / EBITDA | 4.1× | 10.5× | 3rd cheapest of 19 |
| Net debt / EBITDA | 1.4× | 1.4× | 10th least indebted of 19 |
| Bond spread | 199 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tui TUI1.DE | Germany | $4.31B | +17% | -2% | 4% | 7.4× | -2.0% | +24.9% |
| Valvoline VVV | United States | $4.44B | -2% | +16% | 18% | 19.4× | 10.3% | -6.2% |
| Planet Fitness PLNT | United States | $4.56B | +31% | +13% | 31% | 17.3× | 4.8% | +26.6% |
| Kakaku.com 2371.T | Japan | $4.63B | +42% | +17% | 27% | 31.3× | 4.6% | +13.0% |
| Indian Railway Catering & Tourism IRCTC.NS | India | $3.87B | -20% | +15% | 30% | 24.2× | 28.7% | +46.4% |
| Marriott Vacations Worldwide VAC | United States | $3.80B | +43% | +5% | 11% | 11.4× | 7.7% | +11.8% |
| Graham GHC | United States | $5.05B | +7% | +4% | 6% | 16.4× | 8.6% | +11.2% |
| Covista CVSA | United States | $3.67B | -18% | +9% | 20% | 12.0× | -3.7% | +16.6% |
| Jet2 JET2.L | United Kingdom | $3.61B | +34% | +4% | 6% | 11.1× | n/a | n/a |
| Tongcheng Travel 0780.HK | Hong Kong | $3.38B | -37% | +15% | 17% | 6.1× | -15.0% | +25.8% |
| Ferrotec (An Hui) Technology Development 301297.SZ | China | $3.21B | -30% | +37% | 10% | n/a | n/a | n/a |
| Stride LRN | United States | $3.15B | -15% | +2% | 19% | 9.5× | -19.1% | +10.4% |
| OneSpaWorld OSW | United States | $3.12B | +25% | +10% | 10% | 24.5× | 19.5% | +51.4% |
| H&R Block HRB | United States | $6.45B | +43% | +5% | 24% | 8.4× | -15.4% | +2.9% |
| Andersen ANDG | United States | $7.34B | +78% | +18% | 14% | 32.4× | 29.0% | +18.0% |
| Peloton Interactive PTON | United States | $2.50B | -1% | -2% | 9% | 18.7× | 7.2% | -9.5% |
| Boyd Group Services BYD.TO | Canada | $2.48B | -24% | +16% | 5% | 22.1× | 9.4% | +16.0% |
| New Oriental Education & Technology 9901.HK | Hong Kong | $7.58B | -3% | +21% | 12% | 12.8× | -16.4% | +5.9% |
| Basic-Fit BFIT.AS | Netherlands | $2.23B | +2% | +18% | 12% | 22.0× | 6.5% | +30.4% |
| Driven Brands DRVN | United States | $1.96B | -11% | -11% | 15% | 9.6× | 3.3% | +15.5% |
| Park24 4666.T | Japan | $1.93B | -2% | +4% | 10% | 6.8× | -5.2% | +8.6% |
Tui has 4 bonds outstanding with $1.91B face value. The agencies rate it B+; its bonds trade like BB. Weighted yield 4.94%, a spread of 199 bp over government bonds.