Trip.com Group Limited Sponsored ADR
TCOM Consumer Cyclical Travel Services
Trip.com Group Limited Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $8.9 billion, up 22.2% from fiscal 2024. In the quarter to June 2026, revenue grew 11.4%, EPS fell 155.9%, free cash flow grew 531.8% and total debt fell 28.8%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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Trip.com Group Limited Sponsored ADR (TCOM) Beneish M-score
Trip.com Group Limited Sponsored ADR's Beneish M-score for fiscal 2025 is −1.85; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.85 | 0.64 |
| FY2024 | −2.49 | (0.68) |
| FY2023 | −1.81 | 0.55 |
| FY2022 | −2.37 | 0.02 |
| FY2021 | −2.39 | 0.46 |
| FY2020 | −2.84 | (0.73) |
| FY2019 | −2.11 | 0.44 |
| FY2018 | −2.55 | (0.01) |
| FY2017 | −2.53 | (0.15) |
| FY2016 | −2.38 | (0.93) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.04 | — | 0.96 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 1.22 | — | 1.09 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | 0.07 | — | 0.33 | |
| Leverage index | 0.86 | — | −0.28 | |
| Beneish M-score | Elevated | −1.85 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| MMYT MakeMyTrip Limited compare | −3.4× |
| VIK Viking Holdings Ltd. compare | −3.3× |
| BKNG Booking Holdings Inc. compare | −3.0× |
| RCL Royal Caribbean Cruises Ltd. compare | −2.9× |
| ABNB Airbnb, Inc. compare | −2.8× |
| EXPE Expedia Group, Inc. compare | −2.8× |
| CCL Carnival Corporation compare | −2.7× |
| NCLH Norwegian Cruise Line Holdings Ltd. compare | −2.6× |
| TCOM Trip.com Group Limited Sponsored ADR | −1.8× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI