TripAdvisor, Inc.
TRIP Consumer Cyclical Travel Services
In the quarter to June 2026, revenue fell 7.16%, EPS fell 34.5%, free cash flow fell 26.2% and total debt fell 29.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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TripAdvisor, Inc. (TRIP) Beneish M-score
TripAdvisor, Inc.'s Beneish M-score for fiscal 2025 is −2.88; 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 | −2.88 | (0.21) |
| FY2024 | −2.67 | 0.26 |
| FY2023 | −2.93 | (0.01) |
| FY2022 | −2.92 | (0.16) |
| FY2021 | −2.75 | 0.00 |
| FY2020 | −2.75 | 0.47 |
| FY2019 | −3.22 | (0.03) |
| FY2018 | −3.19 | (0.43) |
| FY2017 | −2.76 | 0.09 |
| FY2016 | −2.85 | (0.07) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.90 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.05 | — | 0.43 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.02 | — | −0.17 | |
| Total accruals to total assets | (0.08) | — | −0.37 | |
| Leverage index | 1.20 | — | −0.39 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.88 | ||
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× |
| TRIP TripAdvisor, Inc. | −2.9× |
| PRSU Pursuit Attractions and Hospitality, Inc. compare | −2.8× |
| YTRA Yatra Online, Inc. compare | −2.8× |
| TNL Travel + Leisure Co. compare | −2.7× |
| NCLH Norwegian Cruise Line Holdings Ltd. compare | −2.6× |
| TCOM Trip.com Group Limited Sponsored ADR compare | −1.8× |
| TOUR Tuniu Corporation compare | −1.6× |
| LIND Lindblad Expeditions compare | — |
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