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 Margin9.4%
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 Margin5.1%
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 Debt39.9 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-$311M
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$505M
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
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book1.55x
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
B
Free Cash Flow$138M
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.
CapEx % of Net Income26.8%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$41M
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.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
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.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
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.
Mr. Market is currently offering Tripadvisor, Inc. at $8.80.
The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.
At $8.80, the stock trades at a 78% premium to its Graham Number of $4.93. 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.
Showing Key Metrics
Income Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Gross Profit %
93.0%▲
91.5%•
N/A
Operating Margin %
9.4%▲
-0.4%•
N/A
Net Income %
5.1%▲
-9.2%•
N/A
Diluted EPS
0.19▲
-0.33•
N/A
Balance Sheet Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Total Assets
$2.5B
$2.6B
N/A
Total Debt
$894M▼
$1.3B•
N/A
Working Capital
$505M▲
$293M•
N/A
Years to Pay Debt
39.91
-32.92
N/A
Cash Flow Highlights
Metric
Q2 2026
Q4 2025
Q4 2024
Free Cash Flow
$138M▲
-$122M•
N/A
Owner Earnings
$41M
$5M
N/A
CapEx % of Net Income
26.8%
N/A
N/A
Income Statement
2026
2025
2024
Tax Effect Of Unusual Items
-737
-6,533
Tax Rate For Calcs
0
0
Normalized EBITDA
65,500
37,700
Total Unusual Items
-3,900
-42,000
Total Unusual Items Excluding Goodwill
-3,900
-42,000
Net Income From Continuing Operation Net Minority Interest
22,800
-38,000
Reconciled Depreciation
13,000
24,000
Reconciled Cost Of Revenue
36,500
35,700
EBITDA
61,600
-4,300
EBIT
43,100
-29,000
Net Interest Income
-9,700
-7,000
Interest Expense
15,000
16,000
Interest Income
5,300
9,000
Normalized Income
25,963
-2,533
Net Income From Continuing And Discontinued Operation
22,400
-38,000
Total Expenses
400,200
412,700
Total Operating Income As Reported
37,800
-34,000
Diluted Average Shares
117,900
116,000
Basic Average Shares
116,700
116,000
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
22,400
-38,000
Net Income Common Stockholders
22,400
-38,000
Net Income
22,400
-38,000
Net Income Including Noncontrolling Interests
22,400
-38,000
Net Income Discontinuous Operations
-400
Net Income Continuous Operations
22,800
-38,000
Tax Provision
5,300
-7,000
Pretax Income
28,100
-45,000
Other Income Expense
-3,900
-37,000
Other Non Operating Income Expenses
7,000
6,000
Special Income Charges
-3,900
-33,000
Restructuring And Mergern Acquisition
3,900
33,000
Net Non Operating Interest Income Expense
-9,700
-7,000
Interest Expense Non Operating
15,000
16,000
Interest Income Non Operating
5,300
9,000
Operating Income
41,700
-1,700
Operating Expense
369,200
377,700
Other Operating Expenses
21,600
26,000
Depreciation Amortization Depletion Income Statement
18,500
24,700
Depreciation And Amortization In Income Statement
18,500
24,700
Amortization
600
1,000
Amortization Of Intangibles Income Statement
600
1,000
Depreciation Income Statement
24,100
21,000
Selling General And Administration
329,100
327,000
Selling And Marketing Expense
215,400
174,000
General And Administrative Expense
113,700
153,000
Other Gand A
14,500
20,000
Salaries And Wages
99,200
133,000
Gross Profit
410,900
376,000
Cost Of Revenue
31,000
35,000
Total Revenue
441,900
411,000
Operating Revenue
441,900
411,000
Balance Sheet
2026
2025
2024
Treasury Shares Number
6,105
26,260
Ordinary Shares Number
117,108
114,472
Share Issued
117,108
120,577
Net Debt
137,000
Total Debt
893,900
1,251,000
Tangible Book Value
-93,900
-388,000
Invested Capital
1,486,900
1,817,000
Working Capital
504,600
293,000
Net Tangible Assets
-93,900
-388,000
Capital Lease Obligations
69,500
79,000
Common Stock Equity
662,500
645,000
Total Capitalization
1,478,400
1,464,000
Total Equity Gross Minority Interest
662,500
645,000
Stockholders Equity
662,500
645,000
Gains Losses Not Affecting Retained Earnings
-51,500
-41,000
Other Equity Adjustments
-51,500
Foreign Currency Translation Adjustments
-41,000
-91,000
Treasury Stock
90,200
90,000
Retained Earnings
306,600
316,000
Additional Paid In Capital
497,500
460,000
Capital Stock
100
0
Common Stock
100
0
Total Liabilities Net Minority Interest
1,868,800
1,980,000
Total Non Current Liabilities Net Minority Interest
969,900
982,000
Other Non Current Liabilities
95,900
4,000
Tradeand Other Payables Non Current
73,000
78,000
Non Current Deferred Liabilities
1,100
21,000
Non Current Deferred Revenue
20,000
23,000
Non Current Deferred Taxes Liabilities
1,100
1,000
Long Term Debt And Capital Lease Obligation
872,900
884,000
Long Term Capital Lease Obligation
57,000
65,000
Long Term Debt
815,900
819,000
Current Liabilities
898,900
998,000
Other Current Liabilities
107,700
68,000
Current Deferred Liabilities
85,000
53,000
Current Deferred Revenue
85,000
53,000
Current Debt And Capital Lease Obligation
21,000
367,000
Current Capital Lease Obligation
12,500
14,000
Current Debt
8,500
353,000
Other Current Borrowings
8,500
353,000
Payables And Accrued Expenses
685,200
510,000
Current Accrued Expenses
110,000
138,000
Interest Payable
1,000
Payables
575,200
372,000
Other Payable
484,200
308,000
Total Tax Payable
15,600
41,000
Income Tax Payable
10,100
32,000
Accounts Payable
75,400
23,000
Total Assets
2,531,300
2,625,000
Total Non Current Assets
1,127,800
1,334,000
Other Non Current Assets
33,000
47,000
Non Current Deferred Assets
128,100
137,000
Non Current Deferred Taxes Assets
128,100
137,000
Investments And Advances
27,300
28,000
Goodwill And Other Intangible Assets
756,400
1,033,000
Other Intangible Assets
32,300
189,000
Goodwill
724,100
844,000
Net PPE
183,000
89,000
Accumulated Depreciation
-564,100
-161,000
Gross PPE
747,100
250,000
Leases
28,000
24,000
Other Properties
747,100
149,000
Machinery Furniture Equipment
73,000
71,000
Current Assets
1,403,500
1,291,000
Other Current Assets
45,400
47,000
Assets Held For Sale Current
283,600
Receivables
231,300
209,000
Other Receivables
29,000
Accounts Receivable
231,300
180,000
Allowance For Doubtful Accounts Receivable
-14,100
-27,000
Gross Accounts Receivable
245,400
207,000
Cash Cash Equivalents And Short Term Investments
843,200
1,035,000
Cash And Cash Equivalents
843,200
1,035,000
Cash Equivalents
90,600
369,000
Cash Financial
752,600
666,000
Cash Flow
2026
2025
2024
Free Cash Flow
137,700
-122,000
Repurchase Of Capital Stock
-50,000
0
Repayment Of Debt
-349,200
-5,000
Issuance Of Debt
0
0
Capital Expenditure
-6,000
-19,000
Interest Paid Supplemental Data
14,300
16,000
Income Tax Paid Supplemental Data
9,000
-25,000
End Cash Position
895,100
1,035,000
Beginning Cash Position
1,120,400
1,218,000
Effect Of Exchange Rate Changes
-1,100
-1,000
Changes In Cash
-224,200
-182,000
Financing Cash Flow
-351,200
-60,000
Cash Flow From Continuing Financing Activities
-349,600
-60,000
Net Other Financing Charges
-400
-5,000
Net Common Stock Issuance
-50,000
0
Common Stock Payments
-50,000
0
Net Issuance Payments Of Debt
-349,200
-5,000
Net Long Term Debt Issuance
-349,200
-5,000
Long Term Debt Payments
-349,200
-5,000
Long Term Debt Issuance
0
0
Investing Cash Flow
-16,700
-19,000
Cash Flow From Continuing Investing Activities
-6,000
-19,000
Net Other Investing Changes
0
Capital Expenditure Reported
-6,000
-19,000
Operating Cash Flow
143,700
-103,000
Cash Flow From Continuing Operating Activities
134,600
-103,000
Change In Working Capital
88,800
-123,000
Change In Other Working Capital
85,400
-114,000
Change In Payables And Accrued Expense
31,400
-58,000
Change In Payable
Change In Account Payable
Change In Receivables
-28,000
49,000
Changes In Account Receivables
-28,000
49,000
Other Non Cash Items
-3,400
-1,000
Stock Based Compensation
14,600
23,000
Provisionand Write Offof Assets
3,000
Deferred Tax
4,000
Deferred Income Tax
4,000
Depreciation Amortization Depletion
13,000
24,000
Depreciation And Amortization
13,000
24,000
Amortization Cash Flow
1,000
Amortization Of Intangibles
1,000
Depreciation
21,000
Net Income From Continuing Operations
24,600
-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: $476M▼ $442M-7.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 92.3%▼ 93.0%+0.7pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 8.8%▼ 9.4%+0.7pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 7.6%▼ 5.1%-2.5pp
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.
$442M/qtr (≈$1.8B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
1.56x 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.
$138M
vs Positive
Operating Cash Flow
$144M
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.
"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
1.34%
Low — management has little skin in the game
Return on Equity (ROE)
3.4%
Weak — poor returns on equity
Return on Assets (ROA)
0.9%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$501M
Management is returning capital to shareholders via buybacks
Debt Trend YoY
-28.3% YoY
Debt is declining — management is deleveraging
Leadership Team
Matthew Goldberg
President, CEO & Director
Age 54
Pay: $1,886,432
8.422% of net income
Michael Noonan
Chief Financial Officer
Age 56
Pay: $1,003,893
4.482% of net income
Almir Ambeskovic
Chief Executive Officer & President of TheFork
Age 48
Pay: $997,696
4.454% of net income
Angela White
Vice President of Investor Relations
Age 50
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
Vanguard Capital Management LLC
4.46%
5,225,885
Starboard Value LP
4.35%
5,096,996
Dimensional Fund Advisors LP
4.25%
4,978,278
State Street Corporation
4.24%
4,966,046
⚠️Short interest exceeds 20% — heavy bearish bets
Risk Analysis
Beta (Market Risk)
0.84
Low volatility — more stable than the market
Short Interest
29.9% of float
Heavy short selling — market has significant bearish bets
Debt-to-Equity
1.35x
Moderate leverage
Current Ratio
1.56x
Adequate liquidity
52-Week Price Range
Low: $8.41Current: $8.80High: $19.36
Currently at 4% of 52-week range
Tripadvisor, Inc. (TRIP) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: $4.93. Margin of safety: 0%. Gross profit margin: 93.0%. Operating margin: 9.4%. Net margin: 5.1%. Market cap: $1.0B. Sector: Consumer Cyclical. Industry: Travel Services. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
Disclaimer: 360investing is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. All data is sourced from public third-party providers
and may be delayed, inaccurate, or incomplete. Past performance is not indicative of future results. Analysis, scores, and valuations are algorithmic and do not represent professional investment recommendations. Always conduct your own due
diligence and consult a qualified financial adviser before making any investment decision. Use of this tool constitutes acceptance that 360investing and its operators bear no liability for decisions made based on information presented here.