Tuniu Corporation
TOUR Consumer Cyclical Travel Services
Tuniu Corporation’s revenue for fiscal 2025 (year ended December 2025) was $82.6 million, up 17.5% from fiscal 2024. In the quarter to June 2026, revenue grew 8.76%, EPS fell 94.2%, free cash flow grew 56.1% and total debt was flat, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
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Tuniu Corporation (TOUR) Altman Z-score
Tuniu Corporation's Altman Z-score for fiscal 2025 is −5.94, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −5.94 | (1.21) |
| FY2024 | −4.73 | 0.33 |
| FY2023 | −5.06 | 0.01 |
| FY2022 | −5.07 | (0.91) |
| FY2021 | −4.16 | (0.20) |
| FY2020 | −3.96 | (2.86) |
| FY2019 | −1.10 | (1.07) |
| FY2018 | −0.02 | (0.38) |
| FY2017 | 0.36 | (0.52) |
| FY2016 | 0.88 | (0.69) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.50 | |
| Retained earnings / total assets | (5.20) | — | −7.28 | |
| EBIT / total assets | 0.01 | — | 0.02 | |
| Market value of equity / total liabilities | 0.77 | — | 0.46 | |
| Sales / total assets | 0.36 | — | 0.36 | |
| Altman Z-score | Distress zone | −5.94 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −12.62 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AHMA Ambitions Enterprise Management Co. L.L.C compare | 35.8× |
| PRSU Pursuit Attractions and Hospitality, Inc. compare | 2.6× |
| TNL Travel + Leisure Co. compare | 2.3× |
| TRIP TripAdvisor, Inc. compare | 1.7× |
| LIND Lindblad Expeditions compare | 0.6× |
| YTRA Yatra Online, Inc. compare | −0.2× |
| MOND Mondee Holdings, Inc. compare | −0.4× |
| TOUR Tuniu Corporation | −5.9× |
| NTRP NextTrip, Inc. compare | −7.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets