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1. Company Snapshot

1.a. Company Description

TripAdvisor, Inc.operates as an online travel company.It operates in two segments, Hotels, Media & Platform; and Experiences & Dining.


The company operates TripAdvisor-branded websites, including tripadvisor.com in the United States; and localized versions of the website in 40 markets and 20 languages.It also manages and operates other travel media brands that provide users the comprehensive travel-planning and trip-taking resources in the travel industry, such as bokun.io, cruisecritic.com, flipkey.com, thefork.com, helloreco.com, holidaylettings.co.uk, holidaywatchdog.com, housetrip.com, jetsetter.com, niumba.com, seatguru.com, singleplatform.com, vacationhomerentals.com, and viator.com.In addition, the company provides information and services for consumers to research and book restaurants reservation in travel destinations; and vacation and short-term rental properties, including full home, condominiums, villas, beach properties, cabins, and cottages.


As of December 31, 2020, it featured 1 billion reviews and opinions on 1 billion hotels and other accommodations, restaurants, experiences, airlines, and cruises.TripAdvisor, Inc.was founded in 2000 and is headquartered in Needham, Massachusetts.

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1.b. Last Insights on TRIP

Tripadvisor's recent performance was negatively impacted by macroeconomic volatility. Despite this, the company reported Q3 earnings of $0.65 per share, beating estimates. A robust balance sheet and diversified business model provide resilience. Institutional investors, such as 13D Management, have taken notice, with 13D opening a new $5 million position. Additionally, Y Intercept Hong Kong Ltd increased its stake by 136.4%. The company's CFO will participate in the UBS 2025 Global Tech & AI Conference.

1.c. Company Highlights

2. Tripadvisor's Q3 2025 Earnings: A Strategic Shift Towards Experiences

Tripadvisor's third-quarter 2025 revenue grew 4% to $553 million, with adjusted EBITDA of $123 million or 22% of revenue. The company's earnings per share (EPS) came out at $0.65, beating analysts' estimates of $0.58. The revenue breakdown shows that Brand Tripadvisor revenue declined 8% to $235 million, while Viator and TheFork segments grew 17% and 28%, respectively. The company's adjusted EBITDA margin expanded to 22%, driven by the growth in experiences revenue, which has surpassed revenue from legacy business lines.

Publication Date: Nov -09

📋 Highlights
  • Revenue Growth & EBITDA: Tripadvisor's Q3 2025 revenue rose 4% to $553 million, with adjusted EBITDA at $123 million (22% of revenue).
  • Operational Cost Savings: $85 million in annualized gross cost savings targeted by 2026 via headcount reductions (~20%) across segments.
  • Experiences Leadership: $4.6 billion in experiences GBV (17% growth), with experiences revenue now exceeding legacy business lines.
  • TheFork Performance: TheFork revenue grew 28% to $63 million, maintaining a 22% adjusted EBITDA margin.
  • AI & Strategic Reorganization: $1.2 billion in cash reserves and AI investments to unify Viator/Brand Tripadvisor operations, aiming for 100 bps EBITDA margin improvement by 2026.

Operational Efficiencies and Cost Savings

The company has initiated a set of changes to its operating model to support a more focused set of strategic priorities, which include extending its leadership position in experiences and leveraging its assets for an AI-enabled future. These priorities are expected to drive significant operational efficiencies of at least $85 million of annualized gross cost savings. The company expects to achieve this through a simplified organization and reductions in headcount spanning Brand Tripadvisor, corporate G&A, and Viator by approximately 20%.

Experiences Revenue Growth and AI Enablement

The company is positioning itself for an AI-enabled future, with unique insights about how people make travel decisions and a proprietary knowledge graph across experiences, hotels, and restaurants. Tripadvisor has signed valuable licensing deals with leading AI companies and is experimenting with use cases like Agentic and multimodal AI. The company's experiences revenue has grown significantly, with $4.6 billion in gross booking value (GBV), driven by 17% items growth.

Valuation and Outlook

Using the current valuation metrics, Tripadvisor's P/E Ratio stands at 22.64, and its EV/EBITDA ratio is 5.53. The company's strong capital structure, with approximately $1.2 billion in cash and cash equivalents, supports its growth plans. Analysts estimate next year's revenue growth at 6.0%. The company's guidance for Q4 consolidated revenue is expected to be approximately flat to last year, and consolidated adjusted EBITDA margin of approximately 11% to 13%. With a focus on experiences and AI enablement, Tripadvisor is well-positioned to drive growth and innovation.

3. NewsRoom

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Holland America Line Named 'Best Service' by Cruise Critic for Record Fourth Consecutive Year

Dec -03

Source: prnewswire.com

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Cruise Critic Releases the 2025 'Best in Cruise Awards,' Naming the Best Cruises of the Year

Dec -03

Source: prnewswire.com

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Blueshift Asset Management LLC Sells 9,081 Shares of TripAdvisor, Inc. $TRIP

Dec -02

Source: defenseworld.net

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Commonwealth of Pennsylvania Public School Empls Retrmt SYS Boosts Stake in TripAdvisor, Inc. $TRIP

Nov -27

Source: defenseworld.net

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24,275 Shares in TripAdvisor, Inc. $TRIP Purchased by AXQ Capital LP

Nov -25

Source: defenseworld.net

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Tripadvisor Winter Travel Index Report Shows Travelers are Hitting the Road this Winter with 60% Planning Trips

Nov -25

Source: prnewswire.com

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Should Investors Consider Tripadvisor After 13D Management Opens New $5 Million Position in the Stock?

Nov -19

Source: fool.com

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Tripadvisor Announces Participation at Upcoming Conference

Nov -18

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.67%)

6. Segments

Brand Tripadvisor

Expected Growth: 6%

Tripadvisor's 6% growth is driven by increasing user engagement, expansion into new markets, and strategic partnerships. The brand's strong online presence, user-generated content, and personalized travel recommendations attract more users. Additionally, its growing hotel inventory, improved mobile app experience, and targeted advertising efforts contribute to the growth.

Viator

Expected Growth: 5%

Viator's 5% growth driven by increasing online travel bookings, expansion into new markets, and strategic partnerships. Growing demand for experiences over material goods, and TripAdvisor's established user base also contribute to growth. Additionally, investments in mobile optimization and user experience enhancements improve conversion rates, further fueling growth.

TheFork

Expected Growth: 7%

TheFork's 7% growth is driven by increasing online reservations, expansion into new markets, and strategic partnerships with restaurants. Additionally, Tripadvisor's strong brand recognition and investment in digital marketing contribute to TheFork's growth. Furthermore, the rise of mobile bookings and the increasing popularity of online food delivery also support TheFork's expansion.

7. Detailed Products

TripAdvisor Hotel Listings

A platform that allows hotels to list their properties and reach a vast audience of potential customers.

Business Listings

A service that enables businesses to manage their online presence, respond to reviews, and showcase their offerings.

TripAdvisor Experiences

A platform that allows tour operators and activity providers to sell their experiences to travelers.

TripAdvisor Rentals

A platform that allows property managers and homeowners to list their vacation rentals.

Viator

A platform that allows travelers to book tours, activities, and attractions in destinations around the world.

Display Advertising

A platform that allows businesses to advertise on TripAdvisor's website and mobile app.

8. Tripadvisor, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

TripAdvisor's services are unique, but users can substitute them with other travel websites and apps. However, TripAdvisor's strong brand recognition and user-generated content make it difficult for users to switch.

Bargaining Power Of Customers

Individual customers have low bargaining power due to TripAdvisor's large user base and diversified revenue streams. Customers are not dependent on TripAdvisor, and the company can maintain its pricing power.

Bargaining Power Of Suppliers

TripAdvisor's suppliers, such as hotels and travel agencies, have low bargaining power due to the company's strong brand and large user base. TripAdvisor can negotiate favorable terms with its suppliers.

Threat Of New Entrants

While there are barriers to entry in the online travel industry, new entrants can still disrupt the market. However, TripAdvisor's strong brand recognition, large user base, and established partnerships make it challenging for new entrants to gain traction.

Intensity Of Rivalry

The online travel industry is highly competitive, with many established players and new entrants vying for market share. TripAdvisor faces intense competition from companies like Expedia, Booking.com, and Airbnb, which can lead to pricing pressure and marketing expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.54%
Debt Cost 11.65%
Equity Weight 50.46%
Equity Cost 11.65%
WACC 11.65%
Leverage 98.16%

11. Quality Control: Tripadvisor, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Travel + Leisure

A-Score: 6.6/10

Value: 8.0

Growth: 4.7

Quality: 6.0

Yield: 7.0

Momentum: 8.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Texas Roadhouse

A-Score: 5.5/10

Value: 2.6

Growth: 8.2

Quality: 5.7

Yield: 4.0

Momentum: 4.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Expedia

A-Score: 5.3/10

Value: 4.2

Growth: 6.6

Quality: 6.9

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Carnival

A-Score: 4.6/10

Value: 5.3

Growth: 4.7

Quality: 5.1

Yield: 0.0

Momentum: 8.0

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Norwegian Cruise Line

A-Score: 4.2/10

Value: 6.0

Growth: 5.0

Quality: 4.5

Yield: 0.0

Momentum: 5.5

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Tripadvisor

A-Score: 4.0/10

Value: 5.2

Growth: 4.2

Quality: 5.7

Yield: 0.0

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.32$

Current Price

15.32$

Potential

-0.00%

Expected Cash-Flows