Morningstar

Expedia Group Inc EXPE

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Stock XNAS Rating as of
$241.27 +1.70 (0.71%)
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As of Cboe BZX Real-Time Price Open

Company Report

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Expedia's Network Advantage Intact Amid Temporary Middle East Headwinds

Dan Wasiolek

While geopolitical conflict is presenting some near-term headwinds to travel demand in the Middle East, Expedia's migration during 2020-24 to a unified platform, which shares marketing, data, supply, and loyalty (One Key) across its brands, versus the previous siloed structure, has supported its network advantage, the source of our narrow moat rating. This investment was funded in part by cost efficiencies during 2020-21, where Expedia achieved the removal of $700 million-$750 million in annualized run-rate fixed costs, as well as $200 million in variable costs.

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Price vs Fair Value

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EXPE is trading at a 424% premium.
Price
$239.47
Fair Value
$800.00
Uncertainty
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1-Star Price
$183.26
5-Star Price
$384.85
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 enjoy, and recent investments to unify its platform and acquisitions stand to add to its platform advantage.

Bears

Google and agentic AI models continue to siphon free organic traffic in favor of their own platforms, causing incremental marketing costs for Expedia.

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News

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Trading Information

Previous Close Price
$239.47
Day Range
$238.88–242.27
52-Week Range
$160.28–303.30
Bid/Ask
$240.91 / $242.07
Shares Outstanding
120.02M
Market Cap
$28.89B
Volume/Avg
125,171 / 2M

Key Statistics

Price/Earnings (Normalized)
12.81
Price/Sales
1.93
Dividend Yield (Trailing)
0.78%
Dividend Yield (Forward)
0.78%
Total Yield
9.43%

Company Profile

Expedia is the world's second-largest online travel agency by bookings, offering services for lodging (80% of total 2025 sales), air tickets (3%), rental cars, cruises, in-destination, and other (9%), and advertising revenue (8%). Expedia operates a number of branded travel booking sites, but its three core online travel agency brands are Expedia, Hotels.com, and alternative accommodations brand 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
16,000
Website
https://www.expediagroup.com

Competitors

Valuation

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Metric
EXPE
TRIP
ABNB
Price/Earnings (Normalized)
 12.8112.2931.61
Price/Book Value
 46.852.3110.31
Price/Sales
 1.930.826.45
Price/Cash Flow
 9.286.5416.67
Price/Earnings
EXPE
TRIP
ABNB

Financial Strength

Metric
EXPE
TRIP
ABNB
Quick Ratio
 0.571.191.39
Current Ratio
 0.731.251.44
Interest Coverage
 5.470.95—
Quick Ratio
EXPE
TRIP
ABNB

Profitability

Metric
EXPE
TRIP
ABNB
Return on Assets (Normalized)
 8.64%4.62%15.27%
Return on Equity (Normalized)
 218.51%19.66%47.21%
Return on Invested Capital (Normalized)
 27.48%7.89%31.58%
Return on Assets
EXPE
TRIP
ABNB

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