MakeMyTrip Limited (MMYT) vs Trip.com Group Limited Sponsored ADR (TCOM)

MakeMyTrip Limited and Trip.com Group Limited Sponsored ADR are both Travel Services companies. Trip.com Group Limited Sponsored ADR is the larger, with a market value of $28.5B against $4.8B — 5.9× the size. Trip.com Group Limited Sponsored ADR trades at the lower P/E: 8.2× against 120×. Trip.com Group Limited Sponsored ADR grew revenue faster over the last twelve months: 22.0% against 5.49%. Trip.com Group Limited Sponsored ADR has the higher net margin (36.4% vs 3.91%) and the lower return on invested capital (6.10% vs 17.6%). Across the 20 metrics below, Trip.com Group Limited Sponsored ADR leads on 15 and MakeMyTrip Limited on 5.

Valuation

Metric MMYT TCOM Travel Services median
P/E 119.75 8.23 19.05
P/S 4.66 2.88 2.64
P/B n/m 1.12 2.71
Price to free cash flow 42.90 3.51 13.14
EV/EBITDA 34.80 12.83 13.28
EV/Sales 5.27 2.07 3.26
Earnings yield 0.84% 12.15% 4.29%
Free cash flow yield 2.33% 28.46% 4.65%

Profitability

Metric MMYT TCOM Travel Services median
Gross margin 77.26% 80.05% 52.17%
Operating margin 15.15% 16.12% 15.57%
Net margin 3.91% 36.39% 8.07%
Free cash flow margin 15.87% 0.00% 7.89%
Return on equity (162.39%) 0.00% 1.26%
Return on assets 2.26% 9.52% 3.81%
Return on invested capital 17.58% 6.10% 5.65%

Growth

Metric MMYT TCOM Travel Services median
Revenue growth (TTM) 5.49% 21.96% 11.33%
EPS growth (last fiscal year) (56.63%) 101.18% 5.97%
Revenue growth, 5-year CAGR 44.90% 26.03% 29.37%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MMYT TCOM Travel Services median
Debt to equity (18.05) 0.16 0.21
Current ratio 2.94 1.33 1.33
Net debt to EBITDA 3.48 (2.81) 1.01

Dividend

Metric MMYT TCOM Travel Services median
Dividend yield — 0.00% 1.52%
Payout ratio — 0.00 0.20

Size

Metric MMYT TCOM Travel Services median
Market cap 4.82b 28.46b 4.77b

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