Morningstar

Expedia Group Inc EXPE

Morningstar Rating
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Stock XNAS Rating as of
$149.09 +0.61 (0.41%)
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As of Delayed Price Closed

Company Report

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Expedia Seeing Early Signs of Financial Benefit From Investments Behind Its Platform

Dan Wasiolek

Expedia's migration to a unified platform during 2020-23, which shares data, supply and loyalty (OneKey) across its brands, versus having it in a siloed structure previously, stands to support its network advantage, the source of its narrow moat. Evidence of this was the 500-basis-point improvement in mobile app direct booking mix in the second quarter, showing that the platform is resonating with travelers.

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Price vs Fair Value

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EXPE is trading at a 383% premium.
Price
$149.09
Fair Value
$568.00
Uncertainty
High
1-Star Price
$523.00
5-Star Price
$348.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Expedia has a network effect that we think only a few can enjoy, and recent investments to unify its platform and acquisitions stand to add to the company's platform advantage.

Bears

Google continues to siphon free organic traffic in favor of its own platform, causing incremental marketing costs for Expedia.

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News

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Trading Information

Previous Close Price
$148.48
Day Range
$147.70–150.90
52-Week Range
$92.48–160.05
Bid/Ask
$149.00 / $149.09
Market Cap
$19.41 Bil
Volume/Avg
948,825 / 1.8 Mil

Key Statistics

Price/Earnings (Normalized)
13.74
Price/Sales
1.61
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield
11.58%

Company Profile

Expedia is the world's second-largest online travel agency by bookings, offering services for lodging (80% of total 2023 sales), air tickets (3%), rental cars, cruises, in-destination, and other (11%), and advertising revenue (6%). Expedia operates a number of branded travel booking sites, but its three core online travel agency brands are Expedia, Hotels.com, and Vrbo. It also has a metasearch brand, Trivago. Transaction fees for online bookings account for the bulk of sales and profits.
Sector
Consumer Cyclical
Industry
Travel Services
Stock Style Box
Mid Core
Total Number of Employees
17,100
Website
https://www.expediagroup.com

Competitors

Valuation

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Metric
EXPE
ABNB
BKNG
Price/Earnings (Normalized)
 13.7427.9529.04
Price/Book Value
 21.9410.16—
Price/Sales
 1.617.986.65
Price/Cash Flow
 8.0723.9623.01
Price/Earnings
EXPE
ABNB
BKNG

Financial Strength

Metric
EXPE
ABNB
BKNG
Quick Ratio
 0.591.381.11
Current Ratio
 0.761.411.17
Interest Coverage
 3.96—6.67
Quick Ratio
EXPE
ABNB
BKNG

Profitability

Metric
EXPE
ABNB
BKNG
Return on Assets (Normalized)
 6.30%25.56%22.12%
Return on Equity (Normalized)
 112.53%76.27%—
Return on Invested Capital (Normalized)
 16.73%53.05%43.73%
Return on Assets
EXPE
ABNB
BKNG

Travel Services Industry Comparables

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Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Booking Holdings Inc
BKNG
GkzkltwdTcvdqch$142.4 Bil
 Airbnb Inc Ordinary Shares - Class A
ABNB
TydmcxmvqPxwdkq$81.1 Bil
 Royal Caribbean Group
RCL
RtrfqhlmkWtkqj$45.7 Bil
 Trip.com Group Ltd
TRPCF
—Nkzzwc$39.7 Bil
 Trip.com Group Ltd ADR
TCOM
PjrmgqxBsxkfq$39.7 Bil
 Carnival Corp
CCL
ZzdcdpsfZxqwqsj$24.3 Bil
 Viking Holdings Ltd
VIK
—Yww$15.1 Bil
 Norwegian Cruise Line Holdings Ltd
NCLH
ZxpmqxmccVvhwxg$9.2 Bil
 Tripadvisor Inc
TRIP
ThbhmjdqVclx$2.0 Bil

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