NASDAQ · Consumer Cyclical

Tripadvisor, Inc.

TRIP · Travel Services

$11.33

▼ -0.23 (-1.99%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Tripadvisor, Inc. at $11.33.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability D

Gross Profit Margin 92.3%

Operating Margin 6.5%

Net Income Margin 2.1%

Fin. Health D

Years to Pay Off Debt 31.3 yrs

Working Capital vs Long-Term Debt -$526M

Working Capital $293M

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.02x

Cash Flow C

Free Cash Flow $163M

CapEx % of Net Income 205.0%

Owner Earnings $214M

3/7

Graham Score

Speculative

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 $1.3B

Enterprise Value $1.5B

P/E (TTM) 36.55

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 92.3%

Operating Margin 6.5%

Net Margin 2.1%

Company Info

Sector Consumer Cyclical

Industry Travel Services

Employees 2590

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Tripadvisor, Inc. at $11.33.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $11.33, the stock trades at a 81% premium to its Graham Number of $6.26. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Tripadvisor, Inc.

Tripadvisor, Inc., an online travel company, engages in the provision of travel guidance products and services worldwide. The company operates through three segments: Experiences, Hotels and Other, and TheFork. The Experiences segment operates an online travel agency for tours, activities, and attractions, and acts as travel guidance platforms for travelers to discover, generate, and share authentic user-generated content in the form of ratings and reviews and opinions for destinations, points-of-interest, experiences, accommodations, restaurants, and cruises. The Hotels and Other segment primarily consist of the Tripadvisor hotel and restaurant guidance platform, which include hotel metasearch, and related advertising offerings primarily for hotels and restaurants. TheFork segment provides an online marketplace, which enables diners to discover and book online reservations at restaurants. Tripadvisor, Inc. was founded in 2000 and is headquartered in Needham, Massachusetts.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	92.3% ▼	92.9%	93.3%	94.8%	N/A
Operating Margin %	6.5% ▲	6.2%	8.3%	6.8%	N/A
Net Income %	2.1% ▲	0.3%	0.6%	1.3%	N/A
Diluted EPS	0.31 ▲	0.04	0.07	0.14	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$2.6B	$2.6B	$2.5B	$2.6B	N/A
Total Debt	$1.3B ↑	$903M	$912M	$929M	N/A
Working Capital	$293M ▼	$692M	$725M	$737M	N/A
Years to Pay Debt	31.27	180.60	91.20	46.45	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$163M ▲	$70M	$172M	$344M	N/A
Owner Earnings	$214M	$164M	$160M	$173M	N/A
CapEx % of Net Income	205.0%	1,480.0%	630.0%	280.0%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-5,772	-5,250	-5,670	-1,050
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	252,400	243,100	283,000	213,000
Total Unusual Items	-52,000	-25,000	-27,000	-5,000
Total Unusual Items Excluding Goodwill	-52,000	-25,000	-27,000	-5,000
Net Income From Continuing Operation Net Minority Interest	40,000	5,000	10,000	20,000
Reconciled Depreciation	92,000	85,000	87,000	97,000
Reconciled Cost Of Revenue	145,400	131,100	119,000	78,000
EBITDA	200,400	218,100	256,000	208,000
EBIT	108,000	133,000	169,000	111,000
Net Interest Income	-23,000	2,000	3,000	-29,000
Interest Expense	63,000	46,000	44,000	44,000
Interest Income	40,000	48,000	47,000	15,000
Normalized Income	86,228	24,750	31,330	23,950
Net Income From Continuing And Discontinued Operation	40,000	5,000	10,000	20,000
Total Expenses	1,768,400	1,722,100	1,640,000	1,391,000
Total Operating Income As Reported	80,000	92,000	126,000	101,000
Diluted Average Shares	131,000	145,000	145,000	146,000
Basic Average Shares	125,000	139,000	139,000	140,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	40,000	5,000	10,000	20,000
Net Income Common Stockholders	40,000	5,000	10,000	20,000
Net Income	40,000	5,000	10,000	20,000
Net Income Including Noncontrolling Interests	40,000	5,000	10,000	20,000
Net Income Continuous Operations	40,000	5,000	10,000	20,000
Tax Provision	5,000	82,000	115,000	47,000
Pretax Income	45,000	87,000	125,000	67,000
Other Income Expense	-55,000	-28,000	-26,000	-5,000
Other Non Operating Income Expenses	-1,000	-1,000	3,000	2,000
Special Income Charges	-43,000	-23,000	-22,000	0
Other Special Charges		2,000
Restructuring And Mergern Acquisition	43,000	21,000	22,000	0
Earnings From Equity Interest	-2,000	-2,000	-2,000	-2,000
Gain On Sale Of Security	-9,000	-2,000	-5,000	-5,000
Net Non Operating Interest Income Expense	-23,000	2,000	3,000	-29,000
Interest Expense Non Operating	63,000	46,000	44,000	44,000
Interest Income Non Operating	40,000	48,000	47,000	15,000
Operating Income	122,600	112,900	148,000	101,000
Operating Expense	1,623,400	1,591,100	1,521,000	1,313,000
Other Operating Expenses	99,000	91,000	80,000	63,000
Depreciation Amortization Depletion Income Statement	92,400	85,100	87,000	97,000
Depreciation And Amortization In Income Statement	92,400	85,100	87,000	97,000
Amortization	2,800	6,500	8,800	13,000
Amortization Of Intangibles Income Statement	2,800	6,500	8,800	13,000
Depreciation Income Statement	89,600	78,600	78,200	84,000
Selling General And Administration	1,432,000	1,415,000	1,354,000	1,153,000
Selling And Marketing Expense	791,000	729,000	705,000	576,000
General And Administrative Expense	641,000	686,000	649,000	577,000
Other Gand A	68,000	91,000	79,000	74,000
Salaries And Wages	573,000	595,000	570,000	503,000
Gross Profit	1,746,000	1,704,000	1,669,000	1,414,000
Cost Of Revenue	145,000	131,000	119,000	78,000
Total Revenue	1,891,000	1,835,000	1,788,000	1,492,000
Operating Revenue	1,891,000	1,835,000	1,788,000	1,492,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	6,105	26,260	24,894	18,845
Ordinary Shares Number	114,472	140,195	137,681	140,847
Share Issued	120,577	166,455	162,575	159,692
Net Debt	137,000				110,000
Total Debt	1,251,000	903,000	912,000	929,000
Tangible Book Value	-388,000	-22,000	-104,000	-12,000
Invested Capital	1,817,000	1,779,000	1,710,000	1,697,000
Working Capital	293,000	692,000	725,000	737,000
Net Tangible Assets	-388,000	-22,000	-104,000	-12,000
Capital Lease Obligations	79,000	67,000	73,000	93,000
Common Stock Equity	645,000	943,000	871,000	861,000
Total Capitalization	1,464,000	1,774,000	1,710,000	1,697,000
Total Equity Gross Minority Interest	645,000	943,000	871,000	861,000
Stockholders Equity	645,000	943,000	871,000	861,000
Gains Losses Not Affecting Retained Earnings	-41,000	-91,000	-71,000	-82,000
Other Equity Adjustments			-71,000	-82,000	-56,000
Foreign Currency Translation Adjustments	-41,000	-91,000	-71,000
Treasury Stock	90,000	847,000	822,000	722,000
Retained Earnings	316,000	276,000	271,000	261,000
Additional Paid In Capital	460,000	1,605,000	1,493,000	1,404,000
Total Liabilities Net Minority Interest	1,980,000	1,618,000	1,666,000	1,708,000
Total Non Current Liabilities Net Minority Interest	982,000	990,000	1,094,000	1,175,000
Other Non Current Liabilities	4,000	3,000	4,000	6,000
Tradeand Other Payables Non Current	73,000	78,000	168,000	231,000
Non Current Deferred Liabilities	21,000	24,000	26,000	29,000
Non Current Deferred Revenue	20,000	23,000	25,000	28,000
Non Current Deferred Taxes Liabilities	1,000	1,000	1,000	1,000
Long Term Debt And Capital Lease Obligation	884,000	885,000	896,000	909,000
Long Term Capital Lease Obligation	65,000	54,000	57,000	73,000
Long Term Debt	819,000	831,000	839,000	836,000
Current Liabilities	998,000	628,000	572,000	533,000
Other Current Liabilities	68,000	67,000	66,000	54,000
Current Deferred Liabilities	53,000	47,000	49,000	44,000
Current Deferred Revenue	53,000	47,000	49,000	44,000
Current Debt And Capital Lease Obligation	367,000	18,000	16,000	20,000
Current Capital Lease Obligation	14,000	13,000	16,000	20,000
Current Debt	353,000	5,000
Other Current Borrowings	353,000	5,000
Payables And Accrued Expenses	510,000	496,000	441,000	415,000
Current Accrued Expenses	138,000	151,000	154,000	150,000
Interest Payable		1,000	17,000	17,000	16,000
Payables	372,000	345,000	287,000	265,000
Other Payable	308,000	255,000	237,000	203,000
Total Tax Payable	41,000	41,000	22,000	23,000
Income Tax Payable	32,000	23,000	6,000	16,000
Accounts Payable	23,000	49,000	28,000	39,000
Total Assets	2,625,000	2,561,000	2,537,000	2,569,000
Total Non Current Assets	1,334,000	1,241,000	1,240,000	1,299,000
Other Non Current Assets	47,000	43,000	44,000	93,000
Non Current Deferred Assets	137,000	101,000	86,000	78,000
Non Current Deferred Taxes Assets	137,000	101,000	86,000	78,000
Investments And Advances	28,000	30,000	32,000	34,000
Goodwill And Other Intangible Assets	1,033,000	965,000	975,000	873,000
Other Intangible Assets	189,000	151,000	146,000	51,000
Goodwill	844,000	814,000	829,000	822,000
Net PPE	89,000	102,000	103,000	221,000
Accumulated Depreciation	-161,000	-124,000	-144,000	-512,000
Gross PPE	250,000	226,000	247,000	733,000
Leases	28,000	24,000	37,000	46,000
Other Properties	149,000	131,000	129,000	141,000
Machinery Furniture Equipment	73,000	71,000	81,000	546,000
Current Assets	1,291,000	1,320,000	1,297,000	1,270,000
Other Current Assets	47,000	49,000	38,000	44,000
Prepaid Assets					26,000
Receivables	209,000	207,000	192,000	205,000
Other Receivables	29,000	20,000	15,000	32,000
Taxes Receivable				0	49,000
Accounts Receivable	180,000	187,000	177,000	173,000
Allowance For Doubtful Accounts Receivable	-27,000	-25,000	-21,000	-28,000
Gross Accounts Receivable	207,000	212,000	198,000	201,000
Cash Cash Equivalents And Short Term Investments	1,035,000	1,064,000	1,067,000	1,021,000
Cash And Cash Equivalents	1,035,000	1,064,000	1,067,000	1,021,000
Cash Equivalents	369,000	322,000	382,000
Cash Financial	666,000	742,000	685,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	163,000	70,000	172,000	344,000
Repurchase Of Capital Stock	-501,000	-25,000	-100,000	0
Repayment Of Debt	-17,000	-509,000	-7,000	-7,000
Issuance Of Debt	341,000	493,000	0	0
Capital Expenditure	-82,000	-74,000	-63,000	-56,000
Interest Paid Supplemental Data	59,000	58,000	39,000	40,000
Income Tax Paid Supplemental Data	29,000	170,000	140,000		5,000
End Cash Position	1,035,000	1,064,000	1,067,000	1,021,000
Beginning Cash Position	1,064,000	1,067,000	1,021,000	723,000
Effect Of Exchange Rate Changes	7,000	-11,000	1,000	-23,000
Changes In Cash	-36,000	8,000	45,000	321,000
Financing Cash Flow	-197,000	-63,000	-127,000	-27,000
Cash Flow From Continuing Financing Activities	-197,000	-63,000	-127,000	-27,000
Net Other Financing Charges	-20,000	-22,000	-20,000	-20,000
Proceeds From Stock Option Exercised			0	0	8,000
Net Common Stock Issuance	-501,000	-25,000	-100,000	0
Common Stock Payments	-501,000	-25,000	-100,000	0
Net Issuance Payments Of Debt	324,000	-16,000	-7,000	-7,000
Net Long Term Debt Issuance	324,000	-16,000	-7,000	-7,000
Long Term Debt Payments	-17,000	-509,000	-7,000	-7,000
Long Term Debt Issuance	341,000	493,000	0	0
Investing Cash Flow	-84,000	-73,000	-63,000	-52,000
Cash Flow From Continuing Investing Activities	-84,000	-73,000	-63,000	-52,000
Net Other Investing Changes	-2,000	1,000		4,000
Capital Expenditure Reported	-82,000	-74,000	-63,000	-56,000
Operating Cash Flow	245,000	144,000	235,000	400,000
Cash Flow From Continuing Operating Activities	245,000	144,000	235,000	400,000
Change In Working Capital	-19,000	-69,000	52,000	201,000
Change In Other Working Capital	35,000	-58,000	35,000	216,000
Change In Payables And Accrued Expense	-46,000	13,000	11,000	72,000
Change In Payable	-46,000	13,000	11,000	72,000
Change In Account Payable	-46,000	13,000	11,000	72,000
Change In Receivables	-8,000	-24,000	6,000	-87,000
Changes In Account Receivables	-8,000	-24,000	6,000	-87,000
Other Non Cash Items	18,000	9,000	9,000	7,000
Stock Based Compensation	108,000	120,000	96,000	88,000
Provisionand Write Offof Assets	8,000	8,000	6,000	6,000
Deferred Tax	-2,000	-14,000	-25,000	-19,000
Deferred Income Tax	-2,000	-14,000	-25,000	-19,000
Depreciation Amortization Depletion	92,000	85,000	87,000	97,000
Depreciation And Amortization	92,000	85,000	87,000	97,000
Amortization Cash Flow	2,800	6,500	8,800	13,000
Amortization Of Intangibles	2,800	6,500	8,800	13,000
Depreciation	89,600	78,600	78,200	84,000
Net Income From Continuing Operations	40,000	5,000	10,000	20,000

These metrics estimate what Tripadvisor, 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

$6.26

Margin of Safety

Market Cap ÷ Company Value

2.27

P/B Ratio

2.02

Warren's Owner Earnings

$214M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$1.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.29x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

✅ Earnings Growth

+121.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

36.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.02x P/B (P/E×P/B: 73.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-6.00

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

$11.87

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

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	205.0%	1,480.0%	630.0%	280.0%	N/A
Repurchase of Capital Stock	-$501M	-$25M	-$100M	$0M	N/A
Free Cash Flow	$163M ▲	$70M ▼	$172M ▼	$344M •	N/A •
Warren's Owner Earnings	$214M	$164M	$160M	$173M	N/A

Peers & Industry Comparison

Travel Services — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
TRIP	$11.33	$1.3B	36.55	92.3%	2.1%	$1.9B
BKNG Booking Holdings Inc. Common St	$165.58	$128.3B	21.8	87.0%	22.2%	$27.7B
EXPE Expedia Group, Inc.	$246.50	$29.6B	25.1	90.1%	8.8%	$14.7B
ABNB Airbnb, Inc.	$138.86	$82.6B	34.5	83.0%	20.5%	$12.2B

"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

1.38%

Low — management has little skin in the game

Return on Equity (ROE)

6.2%

Weak — poor returns on equity

Return on Assets (ROA)

1.5%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$501M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+38.5% YoY

Debt is growing — management is leveraging up

Leadership Team

Matthew Goldberg

President, CEO & Director

Age 53

Pay: $1,949,083

4.873% of net income

Michael Noonan

Chief Financial Officer

Age 56

Pay: $1,014,089

2.535% of net income

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	14.73%	16,902,989
Vanguard Group Inc	10.95%	12,567,936
Starboard Value LP	8.40%	9,644,996
Ameriprise Financial, Inc.	7.18%	8,240,565
Nuveen, LLC	4.33%	4,968,075
State Street Corporation	4.16%	4,769,667
Dimensional Fund Advisors LP	3.28%	3,762,943
Geode Capital Management, LLC	2.47%	2,831,590

⚠️ Short interest exceeds 20% — heavy bearish bets

Risk Analysis

Beta (Market Risk)

0.91

Low volatility — more stable than the market

Short Interest

37.0% of float

Heavy short selling — market has significant bearish bets

Debt-to-Equity

1.94x

Moderate leverage

Current Ratio