NASDAQ · Consumer Cyclical

Expedia Group, Inc.

EXPE · Travel Services

$246.50

▼ -5.34 (-2.12%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Expedia Group, Inc. at $246.50.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 90.1%

Operating Margin 14.7%

Net Income Margin 8.8%

Fin. Health F

Years to Pay Off Debt 5.0 yrs

Working Capital vs Long-Term Debt -$8.9B

Working Capital -$4.5B

Valuation F

Margin of Safety 0.0%

Price-to-Book 21.98x

Cash Flow C

Free Cash Flow $3.1B

CapEx % of Net Income 59.5%

Owner Earnings $3.0B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $29.6B

Enterprise Value $32.9B

P/E (TTM) 25.10

Dividend Yield 0.64%

Exchange NASDAQ

Key Margins

Gross Profit 90.1%

Operating Margin 14.7%

Net Margin 8.8%

Company Info

Sector Consumer Cyclical

Industry Travel Services

Employees 16000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Expedia Group, Inc. at $246.50.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $246.50, the stock trades at a 395% premium to its Graham Number of $49.75. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Expedia Group, Inc.

Expedia Group, Inc. operates as an online travel company in the United States and internationally. The company operates through B2C, B2B, and trivago segments. The B2C segment includes Brand Expedia, a full-service online travel brand offers various travel products and services; Hotels.com for lodging accommodations; Vrbo, an online marketplace for the alternative accommodations; and Orbitz, Travelocity, ebookers, and Wotif Group. The B2B segment provides various travel and non-travel companies including airlines, offline travel agents, online retailers, corporate travel management, and financial institutions who leverage its travel technology and tap into its diverse supply to augment their offerings and market Expedia Group rates and availabilities to its travelers. The trivago segment sends referrals to online travel companies and travel service providers from hotel metasearch websites. In addition, it provides brand advertising through online and offline channels, loyalty programs, mobile apps, and search engine marketing, as well as metasearch, social media, direct and personalized traveler communications on its websites, and through direct e-mail communication with its travelers. The company was formerly known as Expedia, Inc. and changed its name to Expedia Group, Inc. in March 2018. Expedia Group, Inc. was founded in 1996 and is headquartered in Seattle, Washington.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	90.1% ▲	89.5%	87.7%	85.8%	N/A
Operating Margin %	14.7% ▲	12.2%	11.9%	10.2%	N/A
Net Income %	8.8% ▼	9.0%	6.2%	3.0%	N/A
Diluted EPS	9.81 ▲	8.95	5.31	2.17	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$24.5B	$22.4B	$21.6B	$21.6B	N/A
Total Debt	$6.4B ↓	$6.5B	$6.6B	$6.6B	N/A
Working Capital	-$4.5B ▼	-$3.8B	-$2.6B	-$2.0B	N/A
Years to Pay Debt	4.96	5.29	8.24	18.61	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.1B ▲	$2.3B	$1.8B	$2.8B	N/A
Owner Earnings	$3.0B	$2.8B	$2.5B	$1.8B	N/A
CapEx % of Net Income	59.5%	61.3%	106.1%	188.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-92,638	-24,102	-154,872	-157,108
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	3,286,000	2,743,000	2,548,000	2,041,000
Total Unusual Items	-509,000	-117,000	-478,000	-434,000
Total Unusual Items Excluding Goodwill	-509,000	-117,000	-478,000	-434,000
Net Income From Continuing Operation Net Minority Interest	1,294,000	1,234,000	797,000	352,000
Reconciled Depreciation	887,000	838,000	807,000	792,000
Reconciled Cost Of Revenue	1,456,000	1,443,000	1,573,000	1,657,000
EBITDA	2,777,000	2,626,000	2,070,000	1,607,000
EBIT	1,890,000	1,788,000	1,263,000	815,000
Net Interest Income	-44,000	-11,000	-38,000	-217,000
Interest Expense	299,000	246,000	245,000	277,000
Interest Income	255,000	235,000	207,000	60,000
Normalized Income	1,710,362	1,326,898	1,120,128	628,892
Net Income From Continuing And Discontinued Operation	1,294,000	1,234,000	797,000	352,000
Total Expenses	12,570,000	12,021,000	11,305,000	10,478,000
Total Operating Income As Reported	1,871,000	1,319,000	1,033,000	1,085,000
Diluted Average Shares	131,943	137,919	150,228	161,751
Basic Average Shares	125,363	131,432	144,967	156,672
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,294,000	1,234,000	797,000	352,000
Net Income Common Stockholders	1,294,000	1,234,000	797,000	352,000
Otherunder Preferred Stock Dividend			0	0	214,000
Preferred Stock Dividends					67,000
Net Income	1,294,000	1,234,000	797,000	352,000
Minority Interests	-7,000	10,000	109,000	9,000
Net Income Including Noncontrolling Interests	1,301,000	1,224,000	688,000	343,000
Net Income Continuous Operations	1,301,000	1,224,000	688,000	343,000
Tax Provision	290,000	318,000	330,000	195,000
Pretax Income	1,591,000	1,542,000	1,018,000	538,000
Other Income Expense	-528,000	-117,000	-478,000	-434,000
Other Non Operating Income Expenses	-19,000		67,000		19,000
Special Income Charges	-289,000	-340,000	-409,000	-49,000
Gain On Sale Of Business	3,000	5,000	25,000	6,000
Other Special Charges	185,000	118,000	8,000	-26,000
Impairment Of Capital Assets	0	147,000	426,000	81,000
Restructuring And Mergern Acquisition	107,000	80,000	0	0
Gain On Sale Of Security	-220,000	223,000	-69,000	-385,000
Net Non Operating Interest Income Expense	-44,000	-11,000	-38,000	-217,000
Interest Expense Non Operating	299,000	246,000	245,000	277,000
Interest Income Non Operating	255,000	235,000	207,000	60,000
Operating Income	2,163,000	1,670,000	1,534,000	1,189,000
Operating Expense	11,114,000	10,578,000	9,732,000	8,821,000
Other Taxes	0	-6,000	-67,000	0
Depreciation Amortization Depletion Income Statement	887,000	838,000	807,000	792,000
Depreciation And Amortization In Income Statement	887,000	838,000	807,000	792,000
Amortization	40,000	57,000	59,000	88,000
Amortization Of Intangibles Income Statement	40,000	57,000	59,000	88,000
Depreciation Income Statement	847,000	781,000	748,000	704,000
Research And Development	1,277,000	1,314,000	1,358,000	1,181,000
Selling General And Administration	8,950,000	8,432,000	7,634,000	6,848,000
Selling And Marketing Expense	8,185,000	7,627,000	6,863,000	6,100,000
General And Administrative Expense	765,000	805,000	771,000	748,000
Other Gand A	178,000	167,000	153,000	157,000
Salaries And Wages	587,000	638,000	618,000	591,000
Gross Profit	13,277,000	12,248,000	11,266,000	10,010,000
Cost Of Revenue	1,456,000	1,443,000	1,573,000	1,657,000
Total Revenue	14,733,000	13,691,000	12,839,000	11,667,000
Operating Revenue	14,733,000	13,691,000	12,839,000	11,667,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	181,749	171,515	157,877	269,596
Preferred Shares Number					0
Ordinary Shares Number	122,499	128,794	137,045	153,280
Share Issued	296,971	293,032	287,645	291,063
Net Debt	748,000	2,083,000	2,028,000	2,144,000
Total Debt	6,415,000	6,531,000	6,567,000	6,552,000
Tangible Book Value	-6,407,000	-6,104,000	-6,338,000	-6,069,000
Invested Capital	7,445,000	7,823,000	7,787,000	8,523,000
Working Capital	-4,458,000	-3,796,000	-2,553,000	-1,987,000
Net Tangible Assets	-6,407,000	-6,104,000	-6,338,000	-6,069,000
Capital Lease Obligations	254,000	265,000	314,000	312,000
Common Stock Equity	1,284,000	1,557,000	1,534,000	2,283,000
Total Capitalization	5,753,000	6,780,000	7,787,000	8,523,000
Total Equity Gross Minority Interest	2,547,000	2,799,000	2,786,000	3,728,000
Minority Interest	1,263,000	1,242,000	1,252,000	1,445,000
Stockholders Equity	1,284,000	1,557,000	1,534,000	2,283,000
Gains Losses Not Affecting Retained Earnings	-191,000	-232,000	-209,000	-234,000
Other Equity Adjustments	-191,000	-232,000	-209,000	-234,000
Treasury Stock	16,786,000	14,856,000	13,023,000	10,869,000
Retained Earnings	1,696,000	602,000	-632,000	-1,409,000
Additional Paid In Capital	16,565,000	16,043,000	15,398,000	14,795,000
Total Liabilities Net Minority Interest	21,905,000	19,589,000	18,856,000	17,833,000
Total Non Current Liabilities Net Minority Interest	5,248,000	5,978,000	7,073,000	7,055,000
Other Non Current Liabilities	505,000	471,000	473,000	451,000
Non Current Deferred Liabilities	20,000	19,000	33,000	52,000
Non Current Deferred Taxes Liabilities	20,000	19,000	33,000	52,000
Long Term Debt And Capital Lease Obligation	4,723,000	5,488,000	6,567,000	6,552,000
Long Term Capital Lease Obligation	254,000	265,000	314,000	312,000
Long Term Debt	4,469,000	5,223,000	6,253,000	6,240,000
Current Liabilities	16,657,000	13,611,000	11,783,000	10,778,000
Current Deferred Liabilities	10,591,000	8,681,000	7,887,000	7,314,000
Current Deferred Revenue	10,591,000	8,681,000	7,887,000	7,314,000
Current Debt And Capital Lease Obligation	1,692,000	1,043,000			735,000
Current Debt	1,692,000	1,043,000			735,000
Other Current Borrowings	1,692,000	1,043,000			735,000
Payables And Accrued Expenses	4,374,000	3,887,000	3,896,000	3,464,000
Current Accrued Expenses	1,027,000	766,000	752,000	787,000
Payables	3,347,000	3,121,000	3,144,000	2,677,000
Other Payable					688,000
Total Tax Payable	56,000	51,000	26,000	21,000
Income Tax Payable	56,000	51,000	26,000	21,000
Accounts Payable	3,291,000	3,070,000	3,118,000	2,656,000
Total Assets	24,452,000	22,388,000	21,642,000	21,561,000
Total Non Current Assets	12,253,000	12,573,000	12,412,000	12,770,000
Other Non Current Assets	1,387,000	1,698,000	1,238,000	1,184,000
Non Current Deferred Assets	432,000	496,000	586,000	661,000
Non Current Deferred Taxes Assets	432,000	496,000	586,000	661,000
Investments And Advances				1,184,000	1,450,000
Goodwill And Other Intangible Assets	7,691,000	7,661,000	7,872,000	8,352,000
Other Intangible Assets	819,000	817,000	1,023,000	1,209,000
Goodwill	6,872,000	6,844,000	6,849,000	7,143,000
Net PPE	2,743,000	2,718,000	2,716,000	2,573,000
Accumulated Depreciation	-3,069,000	-2,814,000	-2,765,000	-2,744,000
Gross PPE	5,812,000	5,532,000	5,481,000	5,317,000
Construction In Progress	3,831,000	3,569,000	3,441,000	3,170,000
Other Properties	296,000	305,000	357,000	363,000
Machinery Furniture Equipment	295,000	285,000	315,000	455,000
Buildings And Improvements	1,244,000	1,227,000	1,222,000	1,183,000
Land And Improvements	146,000	146,000	146,000	146,000
Current Assets	12,199,000	9,815,000	9,230,000	8,791,000
Other Current Assets	699,000	689,000	708,000	774,000
Restricted Cash	1,563,000	1,391,000	1,436,000	1,755,000
Prepaid Assets					827,000
Receivables	4,204,000	3,252,000	2,833,000	2,118,000
Taxes Receivable	38,000	39,000	47,000	40,000
Accounts Receivable	4,166,000	3,213,000	2,786,000	2,078,000
Allowance For Doubtful Accounts Receivable	-74,000	-55,000	-46,000	-40,000
Gross Accounts Receivable	4,240,000	3,268,000	2,832,000	2,118,000
Cash Cash Equivalents And Short Term Investments	5,733,000	4,483,000	4,253,000	4,144,000
Other Short Term Investments	320,000	300,000	28,000	48,000
Cash And Cash Equivalents	5,413,000	4,183,000	4,225,000	4,096,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,110,000	2,329,000	1,844,000	2,778,000
Repurchase Of Capital Stock	-1,930,000	-1,839,000	-2,137,000	-607,000
Repayment Of Debt	-1,044,000	0	0	-2,141,000
Issuance Of Debt	985,000	0	0	0
Capital Expenditure	-770,000	-756,000	-846,000	-662,000
Interest Paid Supplemental Data	213,000	231,000	231,000	291,000
Income Tax Paid Supplemental Data	218,000	184,000	281,000	102,000
End Cash Position	6,976,000	5,574,000	5,661,000	5,851,000
Beginning Cash Position	5,574,000	5,661,000	5,851,000	5,805,000
Effect Of Exchange Rate Changes	189,000	-165,000	16,000	-190,000
Changes In Cash	1,213,000	78,000	-206,000	236,000
Financing Cash Flow	-2,136,000	-1,745,000	-2,096,000	-2,624,000
Cash Flow From Continuing Financing Activities	-2,136,000	-1,745,000	-2,096,000	-2,624,000
Net Other Financing Charges	3,000	-22,000	-60,000	-7,000
Proceeds From Stock Option Exercised	50,000	116,000	101,000	131,000
Cash Dividends Paid	-200,000	0	0	0
Preferred Stock Dividend Paid			0	0	-67,000
Common Stock Dividend Paid	-200,000	0	0	0
Net Preferred Stock Issuance			0	0	-1,236,000
Preferred Stock Payments			0	0	-1,236,000
Net Common Stock Issuance	-1,930,000	-1,839,000	-2,137,000	-607,000
Common Stock Payments	-1,930,000	-1,839,000	-2,137,000	-607,000
Net Issuance Payments Of Debt	-59,000	0	0	-2,141,000
Net Long Term Debt Issuance	-59,000	0	0	-2,141,000
Long Term Debt Payments	-1,044,000	0	0	-2,141,000
Long Term Debt Issuance	985,000	0	0	0
Investing Cash Flow	-531,000	-1,262,000	-800,000	-580,000
Cash Flow From Continuing Investing Activities	-531,000	-1,262,000	-800,000	-580,000
Net Other Investing Changes	120,000	-35,000	25,000	-63,000
Net Investment Purchase And Sale	119,000	-471,000	21,000	145,000
Sale Of Investment	747,000	78,000	49,000	542,000
Purchase Of Investment	-628,000	-549,000	-28,000	-397,000
Net Business Purchase And Sale			25,000	4,000	-60,000
Sale Of Business			25,000	4,000
Purchase Of Business					-60,000
Capital Expenditure Reported	-770,000	-756,000	-846,000	-662,000
Operating Cash Flow	3,880,000	3,085,000	2,690,000	3,440,000
Cash Flow From Continuing Operating Activities	3,880,000	3,085,000	2,690,000	3,440,000
Change In Working Capital	1,173,000	419,000	271,000	1,261,000
Change In Other Working Capital	1,841,000	840,000	481,000	1,475,000
Change In Payables And Accrued Expense	318,000	-21,000	433,000	569,000
Change In Payable	318,000	-21,000	433,000	569,000
Change In Account Payable	318,000	-21,000	433,000	569,000
Change In Prepaid Assets	-3,000	67,000	98,000	55,000
Change In Receivables	-983,000	-467,000	-741,000	-838,000
Changes In Account Receivables	-983,000	-467,000	-741,000	-838,000
Other Non Cash Items	124,000	79,000	55,000	17,000
Stock Based Compensation	398,000	458,000	413,000	374,000
Provisionand Write Offof Assets				23,000	32,000
Asset Impairment Charge	0	147,000	426,000	81,000
Deferred Tax	78,000	74,000	62,000	70,000
Deferred Income Tax	78,000	74,000	62,000	70,000
Depreciation Amortization Depletion	887,000	838,000	807,000	792,000
Depreciation And Amortization	887,000	838,000	807,000	792,000
Amortization Cash Flow	40,000	57,000	59,000	88,000
Amortization Of Intangibles	40,000	57,000	59,000	88,000
Depreciation	847,000	781,000	748,000	704,000
Operating Gains Losses	-81,000	-154,000	-32,000	502,000
Gain Loss On Investment Securities	39,000	-249,000	-16,000	423,000
Net Foreign Currency Exchange Gain Loss	-120,000	95,000	-16,000	128,000
Gain Loss On Sale Of Business			-25,000	-6,000	-456,000
Net Income From Continuing Operations	1,301,000	1,224,000	688,000	343,000

These metrics estimate what Expedia Group, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$49.75

Margin of Safety

Market Cap ÷ Company Value

2.26

P/B Ratio

21.98

Warren's Owner Earnings

$3.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$14.7B

vs > $1.5B revenue

❌ Strong Financial Condition

0.73x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.64%

vs Uninterrupted dividends

✅ Earnings Growth

+352.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

25.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

21.98x P/B (P/E×P/B: 551.8)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-84.77

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$209.90

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	59.5%	61.3%	106.1%	188.1%	N/A
Repurchase of Capital Stock	-$1.9B	-$1.8B	-$2.1B	-$607M	N/A
Free Cash Flow	$3.1B ▲	$2.3B ▲	$1.8B ▼	$2.8B •	N/A •
Warren's Owner Earnings	$3.0B	$2.8B	$2.5B	$1.8B	N/A

Peers & Industry Comparison

Travel Services — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
EXPE	$246.50	$29.6B	25.10	90.1%	8.8%	$14.7B
BKNG Booking Holdings Inc. Common St	$165.58	$128.3B	21.8	87.0%	22.2%	$27.7B
ABNB Airbnb, Inc.	$138.86	$82.6B	34.5	83.0%	20.5%	$12.2B
TRIP TripAdvisor, Inc.	$11.33	$1.3B	36.5	62.9%	2.1%	$1.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.59%

Low — management has little skin in the game

Return on Equity (ROE)

100.8%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

5.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.9B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-1.8% YoY

Debt is declining — management is deleveraging

Leadership Team

Barry Diller

Executive Chairman of the Board & Senior Executive

Age 83

Pay: $1,139,409

0.088% of net income

Ariane Gorin

CEO & Director

Age 51

Pay: $1,902,784

0.147% of net income

Rob Bevegni

Vice President of Investor Relations

Rob Torres

Senior Vice President of Expedia Group Media Solutions

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.63%	14,784,141
Blackrock Inc.	8.41%	9,836,038
State Street Corporation	4.82%	5,637,388
JPMORGAN CHASE & CO	4.63%	5,420,560
AQR Capital Management, LLC	2.88%	3,369,266
Geode Capital Management, LLC	2.84%	3,320,316
NORGES BANK	2.60%	3,042,531
Invesco Ltd.	2.50%	2,927,388

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.30

Moderate volatility — moves slightly more than market

Short Interest

6.8% of float

Moderate short interest

Debt-to-Equity

2.55x

High leverage — significant financial risk

Current Ratio