BKNG vs TCOM: Booking and Trip.com Group Ltd ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Booking is the larger company, worth $123.5B, about 5.4 times Trip.com Group Ltd ADR.
- Trip.com Group Ltd ADR grew revenue faster over the last year (+17.1% vs +8.2%).
- Booking keeps more of each dollar of revenue as operating profit (32.9% vs 25.2%).
- On earnings, Trip.com Group Ltd ADR is the cheaper stock (5.2x vs 21.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BKNG | TCOM |
|---|---|---|
| Market cap | $123.5B | $22.9B |
| Share price | $160.34 | $38.90 |
| Revenue (last fiscal year) | $26.9B | $62.5B |
| Free cash flow (last fiscal year) | $9.1B | $13.6B |
| Revenue growth, last year | +8.2% | +17.1% |
| Revenue growth per year, last 5 fiscal years | +25.2% | +32.9% |
| Operating margin | 32.9% | 25.2% |
| Net margin | 25.5% | 53.3% |
| Return on equity | — | 74.7% |
| P/E (trailing) | 21.0x | 5.20x |
| Price / free cash flow | 13.6x | 1.69x |
| EV / EBITDA | 12.4x | 4.17x |
| FCF growth the price implies | -0.07% | — |
| Dividend yield | 0.99% | — |
| Debt / equity | — | 1.24x |
| Fundamental grade | B | A |
| Superinvestors holding it | 9 | 3 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Booking
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.0B | $2.5B | 22.8% |
| 2022 | $17.1B | $6.2B | 29.9% |
| 2023 | $21.4B | $7.0B | 27.3% |
| 2024 | $23.7B | $7.9B | 31.8% |
| 2025 | $26.9B | $9.1B | 32.8% |
Trip.com Group Ltd ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $20.0B | $1.9B | -7.0% |
| 2022 | $20.1B | $2.1B | 0.44% |
| 2023 | $44.6B | $21.4B | 25.4% |
| 2024 | $53.4B | $19.0B | 26.6% |
| 2025 | $62.5B | $13.6B | 25.2% |
Where the revenue comes from
Booking · by products, 2025
Merchant revenues$17.8B66%
Agency revenues$8.0B30%
Advertising and other revenues$1.2B4%
Trip.com Group Ltd ADR · by products, 2025
Accommodation reservation$26.1B42%
Transportation ticketing$22.5B36%
Other$6.4B10%
Packaged tours$4.7B7%
Corporate travel$2.8B5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BKNG in InvestinglyQuestions
Which is bigger, Booking or Trip.com Group Ltd ADR?
Booking (BKNG), at $123.5B against $22.9B.
Is BKNG or TCOM cheaper?
By trailing P/E, Trip.com Group Ltd ADR (5.20x) is cheaper than Booking (21.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, BKNG or TCOM?
Trip.com Group Ltd ADR: revenue grew +17.1% over the last year, against +8.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.