Expedia Group, Inc. (EXPE) intrinsic value & 10-year financials
Expedia Group, Inc. (EXPE) has a Graham intrinsic value of $325.85 per share. At $288.95 on Oct 17, 2026, the stock trades 11% below that value. Over the last 10 fiscal years revenue grew 5.9% a year to $14.7B, with an average return on invested capital of 11.1%.
- Graham intrinsic value
- $325.85
- Share price (Oct 17, 2026)
- $288.95
- Price vs Graham value
- 11% below
- Market cap
- $38.1B
- Revenue (FY2025)
- $14.7B
- Revenue growth (10-yr CAGR)
- 5.9%
- ROIC (10-yr avg)
- 11.1%
- Free cash flow (FY2025)
- $3.1B
EXPE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $14.7B | $1.3B | $9.81 | $3.1B | 12.7% | 49.4% |
| FY2024 | $13.7B | $1.2B | $8.95 | $2.3B | 9.6% | 27.0% |
| FY2023 | $12.8B | $797.0M | $5.31 | $1.8B | 8.0% | 17.0% |
| FY2022 | $11.7B | $352.0M | $2.17 | $2.8B | 9.3% | 12.1% |
| FY2021 | $8.6B | $12.0M | -$1.80 | $3.1B | 2.2% | 1.4% |
| FY2020 | $5.2B | -$2.6B | -$19.00 | -$4.6B | -52.3% | -36.0% |
| FY2019 | $12.1B | $565.0M | $3.77 | $1.6B | 7.5% | 11.6% |
| FY2018 | $11.2B | $406.0M | $2.65 | $1.1B | 6.4% | 10.4% |
| FY2017 | $10.1B | $378.0M | $2.42 | $1.1B | 6.2% | 9.8% |
| FY2016 | $8.8B | $281.8M | $1.82 | $815.0M | 5.3% | 8.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Expedia Group has demonstrated mature, steady growth, with revenue compounding at 5.9% annually over the past decade.
Expedia Group returns on capital have been average, hovering around 11.1% ROIC over the decade.
Over the decade, Expedia Group shows that management has aggressively returned capital to shareholders by retiring 14.6% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Expedia Group is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $325.85 per share.