NASDAQ: EXPE · Hotels, Resorts & Cruise Lines
Expedia Group
Expedia Group calls itself one of the world’s largest online travel companies. Its B2C segment runs consumer brands such as Expedia, Hotels.com and Vrbo; its B2B segment supplies travel inventory to other businesses; it also owns a majority of hotel metasearch site trivago. 2025 gross bookings were $119.6 billion and revenue $14,733 million, 80% of it from lodging. Net income attributable to Expedia was about $1.3 billion. B2B is the growth engine: its gross bookings rose 20% in 2025. Chairman Barry Diller controls significant voting power through Class B shares.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:04 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-1310-Q (quarter ended 2026-09-30) · filed 2026-11-05Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 23.2%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 12.7%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +6.4 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 3.00x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 17.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.11
Higher than 90% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 32% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 62% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 22% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 90% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$318.35close on 2026-11-04
Market cap$37.24B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 17.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 29.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 13.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 8.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.5%
At FY2025 year-end: 28.9x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 25.8x
Book value at FY2025 year-end
At FY2025 year-end: 12.3x
EBITDA for FY2025
At FY2025 year-end: 9.4%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.41B → $4.94B (vs. a year earlier)↑ +11.9%$4.41B → $4.94B (vs. a year earlier)
- Operating margin23.5% → 26.9% (vs. a year earlier)↑ +3.4 pts23.5% → 26.9% (vs. a year earlier)
- Net income$959M → $1.03B (vs. a year earlier)↑ +7.4%$959M → $1.03B (vs. a year earlier)
- Diluted EPS$7.33 → $8.42 (vs. a year earlier)↑ +14.9%$7.33 → $8.42 (vs. a year earlier)
- Cash$6.68B → $5.04B (vs. previous quarter-end)↓ −24.6%$6.68B → $5.04B (vs. previous quarter-end)
- Long-term debt$5.46B → $5.46B (vs. previous quarter-end)→ +0.0%$5.46B → $5.46B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- Expedia Group, Inc.
- Headquarters
- SEATTLE, WA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: EXPE
- Industry
- Hotels, Resorts & Cruise Lines
- CIK
- 1324424
Workforce (as of FY2025 year-end)
Employees
16,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 37–43 days after quarter end (Feb 12, 2026; Feb 6, 2025; Feb 8, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 32–43 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 4, 2026 (+35 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | May 7, 2026 (+37 days) | May 8, 2026 10-Q (+38 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 12, 2026 (+43 days) | Feb 13, 2026 10-K (+44 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 6, 2025 (+37 days) | Nov 7, 2025 10-Q (+38 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 7, 2025 (+38 days) | Aug 8, 2025 10-Q (+39 days) |
| Q1 FY2025 | Mar 31, 2025 | May 8, 2025 (+38 days) | May 9, 2025 10-Q (+39 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 7, 2025 10-K (+38 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 7, 2024 (+38 days) | Nov 8, 2024 10-Q (+39 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 8, 2024 (+39 days) | Aug 9, 2024 10-Q (+40 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 8, 2024 (+39 days) | Feb 9, 2024 10-K (+40 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
B2C
Consumer travel brands
Examples: Expedia, Hotels.com, Vrbo
Full-service online travel and vacation rental booking.
B2B
Expedia Group B2B
Travel inventory and technology for partners; 2025 gross bookings of $35.7B, up 20%.
trivago
Hotel metasearch
Examples: trivago
Majority-owned subsidiary earning advertising revenue.
Advertising
Expedia Group Advertising
Advertising revenue of $758M in 2025, up 19%.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Online travel
Online travel companies worldwide
U.S. share
—
Not disclosedWorldwide share
One of the largest
Company-disclosed“One of the world’s largest online travel companies,” though its gross bookings are a single-digit percentage of worldwide travel spending.
07
Recent strategic focusSite analysis
Recent developments.
H1 2026
Revenue $7,741M versus $6,774M; gross bookings $69.5B, up 12%; net income attributable to Expedia $872M versus $130M.
Source: Form 10-Q Q2 2026
Capital structure
Issued $1.0B of 5.500% senior notes due 2036 in April 2026 and replaced its credit agreement with a $2.5B revolving facility in March 2026.
Source: Forms 8-K 2026-03-30 and 2026-04-10
Shareholder returns
Quarterly dividend raised to $0.48 in February 2026; another $5B repurchase program authorized in May 2026.
Source: Form 10-K FY2025; Form 10-Q Q2 2026
Capex ÷ D&A (FY2025)
0.87x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$770M ÷ $887M = 0.87x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $797M in FY2020 to $770M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$14.73B
As reported in the 10-K
Revenue CAGR (5 years)
+23.2%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($14,733M ÷ $5,199M) ^ (1÷5) − 1 = 23.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
12.7%▲favorable
+65.0pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,871M ÷ $14,733M × 100 = 12.7%
ROE (FY2025)
91.1%▲favorable
6-year average: 9.4%
As reported in the 10-K
P/B (FY2025 end)
25.81x
formulafiscal year-end closing price ÷ book value per share
e.g.$283.31 ÷ $10.98 = 25.81x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
12.3x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($33,140M + $6,161M − $5,413M) ÷ ($1,871M + $887M) = 12.3x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +23.2% a year over 5 years (strong growth)
From $5.2B in FY2020 to $14.73B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -52.3% → 12.7%
How much operating profit is left per $100 of revenue. It moved +65.0 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 5.3% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 9.4% over 6 years (latest: 91.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- trivago N.V.
07 · what it does
Key activities
- Consumer apps and websites (B2C)
- Supplying inventory to partners (B2B)
- Travel advertising and metasearch
06 · what it draws on
Key resources
- About 16,000 employees
- About 3.6M lodging properties, including 2.4M Vrbo alternative accommodations
- Over 500 airlines
02 · why customers buy
Value propositions
- A deep product and supply footprint (about 3.6 million lodging properties) tailored to different travelers through distinct brands.
04 · how it keeps them
Customer relationships
- Loyalty program (One Key) and AI-assisted customer service.
03 · how it reaches them
Channels
- Its own websites and apps (Expedia, Hotels.com, Vrbo); B2B partners.
01 · who it serves
Customer segments
- Travelers worldwide
- Travel agencies, airlines, banks and other partners (B2B)
09 · where money goes
Cost structure
FY2025, share of revenue ($14.73B)
- Cost of revenue9.9%
- Selling, general & administrative5.2%
- Other operating costs72.2%
Operating profit left: 12.7% of revenue. Depreciation & amortization (inside the costs above): $887M. Capital spending: $770M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Merchant $10,256M
- Agency $3,183M
- Advertising, media and other $1,294M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns a margin on bookings of lodging, air, car rental, cruises and activities, either as merchant of record or as an agent, plus advertising revenue.
01 what it draws on
Inputs & resources
- About 16,000 employees
- About 3.6M lodging properties, including 2.4M Vrbo alternative accommodations
- Over 500 airlines
02 what it does
Activities
- Consumer apps and websites (B2C)
- Supplying inventory to partners (B2B)
- Travel advertising and metasearch
03 who it serves
Customers
- Travelers worldwide
- Travel agencies, airlines, banks and other partners (B2B)
04 how money comes in
How it earns
- Merchant $10,256M
- Agency $3,183M
- Advertising, media and other $1,294M (2025)
How the business makes money
- Total revenue margin was 12.3% of gross bookings in 2025.
- Lodging revenue was $11,752M of $14,733M in 2025.
- U.S. revenue was $8,710M (59%) in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Expedia is subject to consumer, payment, sanctions and antitrust regulation.
Regulated prices & reimbursement
Card interchange fees
Pays interchange and other fees on card payments, which may increase.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Approvals & licenses
Consumer and data regulation
Subject to consumer protection, privacy, payments, sanctions, tax and antitrust laws.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
B2C
9,474 (64%)B2B
4,842 (33%)trivago
417 (3%)
Source: Form 10-K (FY2025) — revenue by segment (MD&A) Total revenue $14,733M; trivago is third-party revenue.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 59% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
8,710 (59%)All other countries
6,023 (41%)
Source: Form 10-K (FY2025) — revenue by geography No other single country exceeded 10% of revenue.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
trivago N.V.
Majority-owned subsidiary, consolidated in the trivago segment.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Travelers worldwide and B2B partners.
Named by the company
No customer is named.
What the filings disclose
Suppliers
Hotels, alternative accommodation owners, airlines, car rental companies and cruise lines.
Named by the company
No supplier is named.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Expedia names Booking.com and Airbnb among online travel and alternative-accommodation competitors, alongside metasearch, large online and AI companies, travel suppliers' direct channels and traditional agencies.
Competitors named in the 10-K
Online travel and alternative accommodations
Peer group the company chose
Executive officer compensation peer group (20 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Internet, travel and consumer technology companies used for pay comparisons for executives other than the Chairman.
- Airbnbsite ↗
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- Booking Holdingssite ↗
- Live Nation Entertainmentsite ↗
- Wayfairsite ↗
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- Lyftsite ↗
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 5,199 | 8,598 | 11,667 | 12,839 | 13,691 | 14,733 |
| Operating income | -2,719 | 186 | 1,085 | 1,033 | 1,319 | 1,871 |
| Pretax income | -3,151 | -38 | 538 | 1,018 | 1,542 | 1,591 |
| Net income (attributable) | -2,612 | 12 | 352 | 797 | 1,234 | 1,294 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 65.4% | 35.7% | 10.0% | 6.6% | 7.6% |
| Operating margincalcoperating income ÷ revenue × 100 | -52.3% | 2.2% | 9.3% | 8.0% | 9.6% | 12.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -50.2% | 0.1% | 3.0% | 6.2% | 9.0% | 8.8% |
| Balance sheet ($M) | ||||||
| Total assets | 18,690 | 21,548 | 21,561 | 21,642 | 22,388 | 24,452 |
| Total equity | 3,004 | 3,552 | 3,728 | 2,786 | 2,799 | 2,547 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 8,216 | 8,450 | 6,240 | 6,253 | 6,266 | 6,161 |
| Equity ratio | 8.1% | 9.5% | 10.6% | 7.1% | 7.0% | 5.3% |
| ROE | -173.0% | 0.7% | 16.2% | 41.8% | 79.8% | 91.1% |
| Cash flow ($M) | ||||||
| Operating CF | -3,834 | 3,748 | 3,440 | 2,690 | 3,085 | 3,880 |
| Investing CF | -263 | -931 | -580 | -800 | -1,262 | -531 |
| Financing CF | 4,077 | -973 | -2,624 | -2,096 | -1,745 | -2,136 |
| Free cash flowcalccash flow from operations − capital expenditures | -4,631 | 3,075 | 2,778 | 1,844 | 2,329 | 3,110 |
| Cash and equivalents | 3,363 | 4,111 | 4,096 | 4,225 | 4,183 | 5,413 |
| Per share & other | ||||||
| EPS ($) | -19.00 | -1.80 | 2.17 | 5.31 | 8.95 | 9.81 |
| BVPS ($) | 10.94 | 13.70 | 15.45 | 11.66 | 12.63 | 10.98 |
| Dividend per share ($) | 0.34 | — | — | 0.00 | 0.00 | 1.60 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | — | 0.0% | 0.0% | 16.3% |
| P/E (x) | — | — | 40.4 | 28.6 | 20.8 | 28.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | 31.5 | 8.0 | 12.0 | 11.6 | 12.3 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 12.11 | 13.19 | 5.67 | 13.01 | 14.75 | 25.81 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.94B+11.9% | $1.33B+28.0% | $1.03B+7.4% | $8.42 |
| 2026-06-30 | $4.32B+14.0% | $800M+64.9% | $878M+166.1% | $7.16 |
| 2026-03-31 | $3.43B+14.7% | $251M | −$6M | $-0.05 |
| 2025-12-31 † | $3.55B+11.4% | $420M+94.4% | $205M-31.4% | — |
| 2025-09-30 | $4.41B | $1.04B | $959M | $7.33 |
| 2025-06-30 | $3.79B | $485M | $330M | $2.48 |
| 2025-03-31 | $2.99B | −$70M | −$200M | $-1.56 |
| 2024-12-31 † | $3.18B | $216M | $299M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
16.3%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,871M × (1 − 22.5%) ÷ $8,887M × 100 = 16.3%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.91%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $33.14B ÷ ($33.14B + $6.16B) = 84.3%
e.g.Debt weight: $6.16B ÷ ($33.14B + $6.16B) = 15.7%
e.g.WACC: 11.1% × 84.3% + 4.9% × (1 − 22.5%) × 15.7% = 9.91%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 8.2%–11.9% and ROIC − WACC runs +4.4 to +8.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 9.91% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 1.11 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 11.05%
- Cost of debt
- 4.85%
- Tax rate
- 22.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 84% : 16%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.91%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 1.10 (price-derived adjusted beta. Raw β 1.16, R² 0.15, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 1.156 + 0.33 = 1.105
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 1.11 × 5.5% = 11.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.7%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.9% − 8.3%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+23.2%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $3.11B (operating CF − capex); enterprise value $37.67B = market cap $37.24B (latest close, 2026-11-04) + debt $6.16B − cash and short-term investments $5.73B; r = WACC of 9.9% using this page’s default assumptions (β 1.11, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$37.93B
FCF $3.11B ÷ (9.9% − 1.7%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.9% | 8.9% | 9.9% | 10.9% | 11.9% |
|---|---|---|---|---|---|
| 0% | 1.05x | 0.93x | 0.83x | 0.76x | 0.69x |
| 2% | 1.40x | 1.20x | 1.05x | 0.93x | 0.83x |
| 4% | 2.12x | 1.69x | 1.40x | 1.20x | 1.05x |
| 6% | 4.35x | 2.85x | 2.12x | 1.69x | 1.40x |
| 8% | — | 9.17x | 4.35x | 2.85x | 2.12x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 66.20x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -11.0%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 118%
Most profit comes from core operations.
- !
Days sales outstanding: 49 → 91 days
Receivables are growing faster than revenue — worth checking for looser collection terms or channel stuffing.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$3,880M ÷ $1,294M = 3.00x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,871M ÷ $1,591M × 100 = 118%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($3,213M + $4,166M) ÷ 2 ÷ $14,733M × 365 = 91 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — common shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 5.2%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 33.0%
- Institutional-ownership rank
- 24 of 416
- Beta (adjusted)
- 1.11
Reported total 105.3%
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 6% of covered companies have more
above 1 = swings more than the market
- 120.6M shares reported by 1,127 13F filers ÷ 114.5M common shares outstanding on 2026-07-24. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Only the listed common shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. They hold all Class B shares.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-29 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
20
Strengths & weaknessesSite analysis
Strengths
1. Fast-growing B2B business
B2B gross bookings rose from $24.6B (2023) to $35.7B (2025).
Evidence: Form 10-K FY2025
2. Strong cash generation
Operating cash flow of $3,880M in 2025 versus capital spending of $770M.
Evidence: SEC EDGAR XBRL
3. Large supply
About 3.6M lodging properties and over 500 airlines available at end-2025.
Evidence: Form 10-K FY2025
Weaknesses
1. Thin equity base
Equity ratio of 5% at end-2025 after heavy share repurchases; interest-bearing debt of $6.2B.
Evidence: SEC EDGAR XBRL
2. Slow B2C growth
B2C revenue grew 2% in 2025.
Evidence: Form 10-K FY2025
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
28.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.56%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
16%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
9.4%
(Operating CF − capex) ÷ market cap
1. Share count reduction
Common shares fell from 150M (2021) to 117M (2025).
- What has to hold
- Free cash flow stays strong.
- The other side
- Equity is thin.
Evidence: SEC EDGAR XBRL
2. Dividend reinstated
$1.60 per share paid in 2025; $0.48 per quarter declared in 2026.
- What has to hold
- Earnings keep rising.
- The other side
- Travel demand is cyclical.
Evidence: Form 10-K FY2025
ROE is high because buybacks have reduced equity to about 5% of assets. 2020 reflects the pandemic collapse in travel. No dividends were paid in 2021–2024 (2023–2024 confirmed by the FY2025 10-K).
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
3.4x
$5.73B vs. $1.69B
Interest coverage (operating income ÷ interest expense)
6.3x
$1.87B vs. $299M
Free cash flow ÷ dividends paid
15.6x
$3.11B vs. $200M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -4.8% in FY2023 ($1.09B → $1.03B) | Yes, by FY2024 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
$5.4B of cash at end-2025 and an undrawn $2.5B revolving facility from March 2026.
Source: Form 10-K FY2025; Form 8-K 2026-03-30
Recovery after 2020
Revenue recovered from $5.2B in 2020 to $14.7B in 2025.
Source: SEC EDGAR XBRL
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Expedia faces U.S. occupancy and other tax suits typical of online travel companies, Helms-Burton Act suits over Cuban properties, an Israeli consumer class action, and a Paris City Hall appeal. Management does not expect pending litigation to involve amounts above the SEC’s materiality threshold.
5 open matters · 1 settled or closed
Helms-Burton Act suits
On appealLawsuitPlaintiffs claiming Cuban property rights v. Expedia Group companies (four active cases)
Claims under Title III of the Helms-Burton Act. Expedia won a jury verdict in Central Santa Lucia (July 2025), and the court set aside a verdict and entered judgment for defendants in Echevarria I (September 2025).
- Next step
- Echevarria I is on appeal at the Eleventh Circuit; Echevarria II was stayed on June 18, 2026 pending that appeal.
Source: Form 10-K (FY2025) — Item 3, Legal Proceedings · Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
South Carolina accommodations tax suit
PendingTax disputeSixteen South Carolina local governments (City of Charleston et al.) v. HomeAway.com and other vacation rental companies
Alleges failure to register and remit local accommodations taxes and business license fees; seeks damages and injunctive relief.
- Next step
- No trial date has been set.
Michigan use tax challenge
PendingTax disputeHomeAway.com v. Michigan Department of Treasury
Filed December 18, 2025, challenging use tax and interest assessments.
Israeli putative class action (Ze’ev)
PendingClass actionPutative class v. online travel companies including Expedia and Hotels.com (Lod District Court)
Filed around January 2018, alleging limits on hotel price competition in violation of Israeli consumer laws.
- Next step
- Class certification motion pending.
Paris City Hall booking-data case
On appealRegulatory proceedingParis City Hall v. HomeAway UK
Claims over sharing of supplier booking data in 2019–2020 were dismissed at trial (2022) and on appeal (2024).
- Next step
- Appeal to the French Supreme Court pending.
Jasper County, Texas tax suit
SettledTax disputeJasper County Development District #1 v. Expedia and HomeAway
Filed August 2020; settled, and the court dismissed the action on January 5, 2026.
Company statement: Occupancy-tax reserves were not material at June 30, 2026 and December 31, 2025.
Based on Form 10-K (FY2025) — Item 3, Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Competition and AI-driven platforms
- Company disclosure (summarized from the 10-K)
- Competes with OTAs such as Booking.com, Airbnb, metasearch, large online companies and AI agents; a shift to AI-driven platforms could cost market share.
- Company’s stated mitigation
- Investment in AI capabilities.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Travel demand
- Company disclosure (summarized from the 10-K)
- Results depend on consumer and business travel spending, which falls in downturns or crises.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 3Law & regulation
Occupancy and other tax claims
- Company disclosure (summarized from the 10-K)
- U.S. jurisdictions have sued online travel companies over occupancy and similar taxes; some require payment before contesting.
- Company’s stated mitigation
- Reserves established.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Governance & key people
Controlling shareholder
- Company disclosure (summarized from the 10-K)
- Barry Diller can influence or potentially control significant corporate actions through Class B shares with ten votes each.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Customer/supplier concentration
Supplier relationships
- Company disclosure (summarized from the 10-K)
- Depends on hotels, airlines and other suppliers that may favor their direct channels.
- Company’s stated mitigation
- Large, diverse supply base.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
OTAs such as Booking.com, alternative accommodation providers such as Airbnb, and travel metasearch services;
large online companies, including in search, social media, marketplace, Gen AI, and ride sharing;
travel service suppliers (including hotels, airlines and car rental companies), who may offer favorable rates or other benefits to encourage bookings on their direct channels;
companies offering AI agents powered by Gen AI that can perform or facilitate travel-related services, such as digital assistants; Read more
and
B2B businesses offering competing software solutions and technology services, including those of other online travel agencies and global distribution systems.
Some of our competitors have significant advantages such as greater financial resources or name recognition, more advanced technology systems, more consumers and consumer data, more favorable offerings, including pricing and supply breadth, or may be able to leverage other aspects of their business for competitive advantage. For example, Google has used its search market position to promote its own travel services, potentially disintermediating our platform, and may be able to leverage the data it collects on users to the detriment of us and other OTAs.
The rapid emergence and adoption of generative and agentic AI is likely to further intensify competition for our services from established technology companies and new market entrants who may deploy AI-driven travel search, planning, and booking capabilities more effectively or rapidly than we can. If we are unable to successfully innovate and integrate advanced AI capabilities into our own products, or if consumer behavior shifts toward AI-driven platforms where we lack a significant presence, we may experience a loss of market share, reduced direct-booking rates, and increased marketing expenses as we compete for visibility. Any failure to effectively navigate this "agentic" revolution could have a material adverse effect on our business, financial condition, and results of operations.
• Valuation & Financial Underperformance : Overpaying for acquired assets, failing to realize projected synergies (revenue, cost, scale) or divestiture value, or assuming known or unknown liabilities from acquired companies;
No longer in the text (4)
The market for the services we offer is intensely competitive. Read more
We compete with both established and emerging online and traditional providers of travel-related services, including online travel agencies; alternative accommodation providers; wholesalers and tour operators; travel product suppliers (including hotels, airlines and car rental companies); search engines and large online portal websites; travel metasearch services; corporate travel management service providers; mobile platform travel applications; social media websites; eCommerce and group buying websites; B2B businesses and other participants in the travel industry. In addition, technological developments in generative artificial intelligence ("AI") tools may be increasingly used to create competing offerings such as AI powered digital assistants, which may further increase competition.
Online travel agencies and alternative accommodations providers. Read more
In particular, we face intense competition from other OTAs and alternative accommodation providers in many regions, such as Booking Holdings (through its Booking.com, Priceline.com and Agoda.com brands), Airbnb, and Trip.com, any of which may have more favorable offerings for travelers or suppliers, including pricing and supply breadth. Airbnb, Booking Holdings and other providers of alternative accommodations provide an alternative to hotel rooms and compete with alternative accommodation properties available through Expedia Group brands, including Vrbo. The continued growth of alternative accommodation providers could affect overall travel patterns generally, and the demand for our services specifically, in facilitating reservations at hotels and alternative accommodations. In addition, our competitors are also…
Travel suppliers. Travel suppliers, such as hotels, airlines and rental car companies, may offer products and services on more favorable terms to consumers who transact directly with them. Read more
Many of these competitors have been steadily focusing on increasing online demand on their own websites and mobile applications in lieu of third-party distributors through favorable rates and bonus or loyalty points for direct bookings, surcharges for booking outside of the supplier’s own website or preferred booking technologies, suppliers combining to establish a single search platform and other tactics to drive traffic directly to supplier websites.
Search engines and large online portal websites. We also face intense competition from Google and other search engines. Read more
There could be a material adverse impact on our business and financial performance to the extent that Google continues to use its market position to disintermediate online travel agencies through its own offerings or capabilities, refer customers directly to suppliers or other favored partners, increase the cost of traffic directed to our websites, offer the ability to transact on its own website, or promote its own competing products by placing its own offerings at the top of organic search results.
109 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 13, 2026 ↗ with the 10-K filed Feb 7, 2025 ↗.
26
What to watch going forwardSite analysis
- B2B growth: gross bookings rose 22% in H1 2026.
- CFO change: Derek Andersen succeeded Scott Schenkel on May 11, 2026.
- Use of the additional $5 billion buyback authorized in May 2026.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:04 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-13Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Expedia Group’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.