Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin7.7%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-71.7%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt-2.8 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$275M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$539M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
C
Price-to-Book2.25x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
F
Free Cash Flow-$137M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings-$285M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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.
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.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-316,900
-38,000
Reconciled Depreciation
18,900
24,000
Reconciled Cost Of Revenue
37,300
35,700
EBITDA
-311,900
-4,300
EBIT
-330,800
-29,000
Net Interest Income
-9,500
-7,000
Interest Expense
15,300
16,000
Interest Income
5,800
9,000
Normalized Income
22,250
-2,533
Net Income From Continuing And Discontinued Operation
-313,100
-38,000
Total Expenses
402,700
412,700
Total Operating Income As Reported
-336,700
-34,000
Diluted Average Shares
117,500
116,000
Basic Average Shares
117,500
116,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-313,100
-38,000
Average Dilution Earnings
0
Net Income Common Stockholders
-313,100
-38,000
Net Income
-313,100
-38,000
Net Income Including Noncontrolling Interests
-313,100
-38,000
Net Income Discontinuous Operations
3,800
Net Income Continuous Operations
-316,900
-38,000
Tax Provision
-29,200
-7,000
Pretax Income
-346,100
-45,000
Other Income Expense
-370,300
-37,000
Other Non Operating Income Expenses
100
7,000
Special Income Charges
-370,400
-33,000
Impairment Of Capital Assets
369,500
Restructuring And Mergern Acquisition
900
33,000
Net Non Operating Interest Income Expense
-9,500
-7,000
Interest Expense Non Operating
15,300
16,000
Interest Income Non Operating
5,800
9,000
Operating Income
33,700
-1,700
Operating Expense
365,400
377,700
Other Operating Expenses
22,900
26,000
Depreciation Amortization Depletion Income Statement
18,900
24,700
Depreciation And Amortization In Income Statement
18,900
24,700
Amortization
300
600
Amortization Of Intangibles Income Statement
300
600
Depreciation Income Statement
18,600
24,100
Selling General And Administration
323,600
327,000
Selling And Marketing Expense
213,000
174,000
General And Administrative Expense
110,600
153,000
Other Gand A
16,600
20,000
Salaries And Wages
94,000
133,000
Gross Profit
399,100
376,000
Cost Of Revenue
37,300
35,000
Total Revenue
436,400
411,000
Operating Revenue
436,400
411,000
Balance Sheet
2026
2025
Treasury Shares Number
6,105
Ordinary Shares Number
117,108
114,472
Share Issued
117,108
120,577
Net Debt
116,100
137,000
Total Debt
889,000
1,251,000
Tangible Book Value
-21,000
-388,000
Invested Capital
1,189,200
1,817,000
Working Capital
539,100
293,000
Net Tangible Assets
-21,000
-388,000
Capital Lease Obligations
66,100
79,000
Common Stock Equity
366,300
645,000
Total Capitalization
1,180,700
1,464,000
Total Equity Gross Minority Interest
366,300
645,000
Stockholders Equity
366,300
645,000
Gains Losses Not Affecting Retained Earnings
-52,900
-41,000
Other Equity Adjustments
-52,900
Foreign Currency Translation Adjustments
-41,000
Treasury Stock
89,600
90,000
Retained Earnings
-6,500
316,000
Additional Paid In Capital
515,200
460,000
Capital Stock
100
0
Common Stock
100
0
Total Liabilities Net Minority Interest
1,686,200
1,980,000
Total Non Current Liabilities Net Minority Interest
965,200
982,000
Other Non Current Liabilities
96,000
4,000
Tradeand Other Payables Non Current
73,000
Non Current Deferred Liabilities
1,100
21,000
Non Current Deferred Revenue
20,000
Non Current Deferred Taxes Liabilities
1,100
1,000
Long Term Debt And Capital Lease Obligation
868,100
884,000
Long Term Capital Lease Obligation
53,700
65,000
Long Term Debt
814,400
819,000
Current Liabilities
721,000
998,000
Other Current Liabilities
106,400
48,000
Current Deferred Liabilities
62,900
53,000
Current Deferred Revenue
62,900
53,000
Current Debt And Capital Lease Obligation
20,900
367,000
Current Capital Lease Obligation
12,400
14,000
Current Debt
8,500
353,000
Other Current Borrowings
8,500
353,000
Payables And Accrued Expenses
530,800
530,000
Current Accrued Expenses
103,400
158,000
Interest Payable
Payables
427,400
372,000
Other Payable
396,800
308,000
Total Tax Payable
23,400
41,000
Income Tax Payable
23,400
32,000
Accounts Payable
7,200
23,000
Total Assets
2,052,500
2,625,000
Total Non Current Assets
792,400
1,334,000
Other Non Current Assets
32,200
47,000
Non Current Deferred Assets
171,300
137,000
Non Current Deferred Taxes Assets
171,300
137,000
Investments And Advances
27,000
28,000
Goodwill And Other Intangible Assets
387,300
1,033,000
Other Intangible Assets
32,000
189,000
Goodwill
355,300
844,000
Net PPE
174,600
89,000
Accumulated Depreciation
-582,300
-161,000
Gross PPE
756,900
250,000
Leases
28,000
Other Properties
756,900
149,000
Machinery Furniture Equipment
73,000
Current Assets
1,260,100
1,291,000
Other Current Assets
35,400
47,000
Assets Held For Sale Current
290,700
Receivables
227,200
209,000
Other Receivables
36,100
29,000
Accounts Receivable
191,100
180,000
Allowance For Doubtful Accounts Receivable
-27,000
Gross Accounts Receivable
207,000
Cash Cash Equivalents And Short Term Investments
706,800
1,035,000
Cash And Cash Equivalents
706,800
1,035,000
Cash Equivalents
134,300
369,000
Cash Financial
572,500
666,000
Cash Flow
2026
2025
Free Cash Flow
-136,700
-122,000
Repurchase Of Capital Stock
0
-50,000
Repayment Of Debt
-6,000
-5,000
Capital Expenditure
-9,300
-19,000
Interest Paid Supplemental Data
14,500
16,000
Income Tax Paid Supplemental Data
4,300
9,000
End Cash Position
750,100
1,035,000
Beginning Cash Position
895,100
1,218,000
Effect Of Exchange Rate Changes
2,000
-1,000
Changes In Cash
-147,000
-182,000
Financing Cash Flow
-5,300
-60,000
Cash Flow From Continuing Financing Activities
-7,300
-60,000
Net Other Financing Charges
-900
-5,000
Net Common Stock Issuance
0
-50,000
Common Stock Payments
0
-50,000
Net Issuance Payments Of Debt
-6,000
-5,000
Net Long Term Debt Issuance
-6,000
-5,000
Long Term Debt Payments
-6,000
-5,000
Investing Cash Flow
-14,300
-19,000
Cash From Discontinued Investing Activities
-5,000
Cash Flow From Continuing Investing Activities
-9,300
-19,000
Capital Expenditure Reported
-9,300
-19,000
Operating Cash Flow
-127,400
-103,000
Cash From Discontinued Operating Activities
-5,400
Cash Flow From Continuing Operating Activities
-122,000
-103,000
Change In Working Capital
-169,000
-123,000
Change In Other Working Capital
-98,100
-114,000
Change In Payables And Accrued Expense
-77,400
-58,000
Change In Payable
Change In Account Payable
Change In Receivables
6,500
49,000
Changes In Account Receivables
6,500
49,000
Other Non Cash Items
3,100
-1,000
Stock Based Compensation
15,200
23,000
Deferred Tax
4,000
Deferred Income Tax
4,000
Depreciation Amortization Depletion
18,900
24,000
Depreciation And Amortization
18,900
24,000
Net Income From Continuing Operations
-316,900
-38,000
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $491M▼ $436M-11.1%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 92.6%▼ 91.5%-1.2pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 6.9%▼ 7.7%+0.9pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 10.8%▼ -71.7%-82.6pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$436M/qtr (≈$1.7B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.75x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$137M
vs Positive
Operating Cash Flow
-$127M
Latest quarter · Buffett's cash reality check
ROIC
2.0%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
2.3x
Net Assets: $366M
⚠️Net margin compressed 82.6pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
"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
1.37%
Low — management has little skin in the game
Return on Equity (ROE)
-85.5%
Weak — poor returns on equity
Return on Assets (ROA)
-15.3%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$501M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-0.5% YoY
Debt is declining — management is deleveraging
Leadership Team
Matthew Goldberg
President, CEO & Director
Age 54
Pay: $1,886,432
Michael Noonan
Chief Financial Officer
Age 56
Pay: $1,003,893
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
14.88%
17,437,272
Ameriprise Financial, Inc.
9.00%
10,547,286
Nuveen, LLC
6.06%
7,102,901
Vanguard Portfolio Management LLC
5.82%
6,826,393
Dimensional Fund Advisors LP
4.60%
5,388,812
Vanguard Capital Management LLC
4.46%
5,225,885
Starboard Value LP
4.35%
5,096,996
State Street Corporation
4.24%
4,966,046
⚠️Short interest exceeds 20% — heavy bearish bets
Risk Analysis
Short Interest
38.6% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
2.39x
High leverage — significant financial risk
Current Ratio
1.75x
Adequate liquidity
52-Week Price Range
Low: $6.95Current: $7.00High: $16.04
Currently at 1% of 52-week range
Tripadvisor, Inc. (TRIP) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 91.5%. Operating margin: 7.7%. Net margin: -71.7%. Market cap: $825M. Sector: Consumer Cyclical. Industry: Travel Services. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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