Tripadvisor (TRIP)
Market Price (12/21/2025): $13.77 | Market Cap: $1.6 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Tripadvisor (TRIP)
Market Price (12/21/2025): $13.77Market Cap: $1.6 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% | Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -97% | Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% |
| Attractive yieldFCF Yield is 16% | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.91 | Key risksTRIP key risks include [1] declining revenue from its legacy hotel meta offering, Show more. |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, and Travel & Leisure Tech. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Attractive yieldFCF Yield is 16% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, and Travel & Leisure Tech. |
| Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -97% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.91 |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 21% |
| Key risksTRIP key risks include [1] declining revenue from its legacy hotel meta offering, Show more. |
Valuation, Metrics & Events
TRIP Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
**1. Strategic Realignment and Workforce Reduction**
Tripadvisor announced a significant restructuring, including a reduction of approximately 20% of its global workforce (around 450 people), to pivot its focus towards in-destination experiences. This strategic realignment is expected to incur pre-tax restructuring and related reorganization costs of about $35 million to $40 million, primarily in the fourth quarter of 2025, which likely contributed to investor apprehension.
**2. Mixed Q3 2025 Financial Results with Revenue Miss**
For the third quarter of 2025, Tripadvisor reported adjusted earnings per share (EPS) of $0.65, surpassing analyst estimates of $0.58. However, the company's revenue of $553 million fell slightly short of the consensus estimate of $562.92 million. This revenue miss, coupled with an 8% decline in revenue for the core "Brand Tripadvisor" segment, raised concerns about the company's growth trajectory despite strong performance in its Viator segment.
**3. Activist Investor Pressure and Merger Speculation**
During this period, Tripadvisor faced continued pressure from activist investors, including Starboard Value and Palliser Capital, who advocated for exploring strategic options such as a potential sale of the company or a merger of its businesses. Reports emerged in early November 2025 that the company planned to merge its Tripadvisor and Viator businesses, with speculation of "substantial" layoffs among engineering staff, creating market uncertainty.
**4. Negative Analyst Sentiment and Valuation Concerns**
Analysts maintained a cautious outlook on Tripadvisor, with an average rating of "Reduce" as of December 21, 2025, and a consensus one-year price target of $16.25. Market commentators also highlighted concerns about the company's valuation, noting it was trading over 34 times earnings despite its slowing revenue growth. Thin operating margins of 7.6% and a significant debt-to-equity ratio further contributed to a bearish sentiment.
**5. Weakness in the Core "Brand Tripadvisor" Segment**
Despite the company's strategic pivot towards experiences, the traditional "Brand Tripadvisor" segment continued to show weakness, reporting an 8% decline in revenue during the third quarter of 2025. This underperformance in a key segment likely weighed on investor confidence, offsetting some of the growth seen in other areas like Viator.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TRIP Return | -5% | -5% | -34% | 20% | -31% | -4% | -54% |
| Peers Return | � | 7% | -36% | 45% | 11% | 2% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| TRIP Win Rate | 42% | 33% | 33% | 50% | 42% | 25% | |
| Peers Win Rate | � | 54% | 46% | 60% | 56% | 54% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| TRIP Max Drawdown | -52% | -16% | -37% | -21% | -40% | -28% | |
| Peers Max Drawdown | � | -18% | -46% | -13% | -27% | -30% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: BKNG, EXPE, ABNB, SABR. See TRIP Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)
How Low Can It Go
| Event | TRIP | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -76.6% | -25.4% |
| % Gain to Breakeven | 327.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -54.2% | -33.9% |
| % Gain to Breakeven | 118.1% | 51.3% |
| Time to Breakeven | 295 days | 148 days |
| 2018 Correction | ||
| % Loss | -53.9% | -19.8% |
| % Gain to Breakeven | 117.0% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to GOOGL, BKNG, ABNB, EXPE, TZOO
In The Past
Tripadvisor's stock fell -76.6% during the 2022 Inflation Shock from a high on 3/17/2021. A -76.6% loss requires a 327.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
Trade Ideas
Select past ideas related to TRIP. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 13.7% | 13.7% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.8% | 5.8% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.6% | 3.6% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 18.4% | 18.4% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 11.9% | 11.9% | -1.6% |
| 03312020 | TRIP | Tripadvisor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 12.6% | 209.3% | -10.4% |
| 08312019 | TRIP | Tripadvisor | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -30.6% | -27.3% | -57.2% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 13.7% | 13.7% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.8% | 5.8% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.6% | 3.6% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 18.4% | 18.4% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 11.9% | 11.9% | -1.6% |
| 03312020 | TRIP | Tripadvisor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 12.6% | 209.3% | -10.4% |
| 08312019 | TRIP | Tripadvisor | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -30.6% | -27.3% | -57.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Tripadvisor
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 135.28 |
| Mkt Cap | 35.8 |
| Rev LTM | 11,943 |
| Op Inc LTM | 1,977 |
| FCF LTM | 2,998 |
| FCF 3Y Avg | 2,268 |
| CFO LTM | 3,774 |
| CFO 3Y Avg | 3,056 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.8% |
| Rev Chg 3Y Avg | 11.6% |
| Rev Chg Q | 8.7% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Mgn LTM | 13.8% |
| Op Mgn 3Y Avg | 12.2% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 26.3% |
| CFO/Rev 3Y Avg | 22.6% |
| FCF/Rev LTM | 20.9% |
| FCF/Rev 3Y Avg | 16.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 35.8 |
| P/S | 2.5 |
| P/EBIT | 18.7 |
| P/E | 25.8 |
| P/CFO | 9.5 |
| Total Yield | 4.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.0% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 17.9% |
| 3M Rtn | -0.7% |
| 6M Rtn | 2.7% |
| 12M Rtn | 0.8% |
| 3Y Rtn | 55.4% |
| 1M Excs Rtn | 12.3% |
| 3M Excs Rtn | -3.1% |
| 6M Excs Rtn | -9.8% |
| 12M Excs Rtn | -10.1% |
| 3Y Excs Rtn | -27.0% |
Comparison Analyses
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Brand Tripadvisor | 1,031 | 966 | 665 | ||
| Viator | 737 | 493 | 184 | ||
| TheFork | 154 | 126 | 85 | ||
| Corporate & Eliminations | -134 | -93 | -32 | ||
| Experiences & Dining | 186 | 456 | |||
| Hotels, Media & Platform | 361 | 939 | |||
| Other | 57 | 165 | |||
| Total | 1,788 | 1,492 | 902 | 604 | 1,560 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Brand Tripadvisor | 348 | 345 | 177 | ||
| Corporate & Eliminations | 0 | 0 | |||
| Viator | 0 | -11 | -31 | ||
| Transaction related expenses | -3 | -8 | |||
| TheFork | -14 | -39 | -46 | ||
| Restructuring and other related reorganization costs | -22 | -41 | -1 | ||
| Depreciation and amortization | -87 | -97 | -111 | -125 | -126 |
| Stock-based compensation | -96 | -88 | -120 | -109 | -124 |
| Legal reserves, settlements and other | -1 | ||||
| Experiences & Dining | -79 | 5 | |||
| Hotels, Media & Platform | 13 | 378 | |||
| Impairment of goodwill | -3 | ||||
| Other | 15 | 55 | |||
| Total | 126 | 101 | -131 | -329 | 187 |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | -0.1% | 2.7% | -2.9% |
| 8/7/2025 | 11.7% | 12.1% | 8.0% |
| 5/7/2025 | 12.5% | 22.8% | 10.8% |
| 2/20/2025 | -6.8% | -15.8% | -15.4% |
| 11/6/2024 | -11.2% | -17.3% | -17.7% |
| 8/6/2024 | -16.6% | -15.3% | -14.6% |
| 5/8/2024 | -28.7% | -24.5% | -27.6% |
| 2/14/2024 | 9.2% | 6.6% | 8.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 10 |
| # Negative | 16 | 15 | 14 |
| Median Positive | 10.1% | 12.1% | 10.2% |
| Median Negative | -5.6% | -9.6% | -15.0% |
| Max Positive | 18.9% | 29.9% | 56.1% |
| Max Negative | -28.7% | -24.5% | -43.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11062025 | 10-Q 9/30/2025 |
| 6302025 | 8072025 | 10-Q 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 2202025 | 10-K 12/31/2024 |
| 9302024 | 11062024 | 10-Q 9/30/2024 |
| 6302024 | 8062024 | 10-Q 6/30/2024 |
| 3312024 | 5082024 | 10-Q 3/31/2024 |
| 12312023 | 2162024 | 10-K 12/31/2023 |
| 9302023 | 11062023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5032023 | 10-Q 3/31/2023 |
| 12312022 | 2172023 | 10-K 12/31/2022 |
| 9302022 | 11072022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5042022 | 10-Q 3/31/2022 |
| 12312021 | 2182022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |