Tuniu Corp. (TOUR) intrinsic value & 10-year financials
Tuniu Corp. (TOUR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 27.6% a year to CNY 578.0M, with an average return on invested capital of -19.6%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- CNY 578.0M
- Revenue growth (10-yr CAGR)
- -27.6%
- ROIC (10-yr avg)
- -19.6%
- Free cash flow (FY2025)
- -CNY 116.2M
TOUR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | CNY 578.0M | CNY 31.1M | CNY 0.09 | -CNY 116.2M | 1.9% | 1.5% |
| FY2024 | CNY 513.6M | CNY 77.2M | CNY 0.21 | CNY 84.5M | 12.3% | 9.7% |
| FY2023 | CNY 441.3M | -CNY 99.3M | -CNY 0.27 | CNY 223.1M | -23.1% | -12.2% |
| FY2022 | CNY 183.6M | -CNY 193.4M | -CNY 0.52 | -CNY 149.4M | -114.5% | -21.1% |
| FY2021 | CNY 426.3M | -CNY 121.5M | -CNY 0.33 | -CNY 241.1M | -42.6% | -16.0% |
| FY2020 | CNY 450.3M | -CNY 1.3B | -CNY 3.53 | -CNY 1.3B | -297.8% | -67.2% |
| FY2019 | CNY 2.3B | -CNY 694.6M | -CNY 1.89 | -CNY 242.9M | -38.2% | -31.5% |
| FY2018 | CNY 2.2B | -CNY 185.5M | — | CNY 148.6M | -15.6% | -11.7% |
| FY2017 | CNY 2.2B | -CNY 767.3M | — | -CNY 579.1M | -40.3% | -28.4% |
| FY2016 | CNY 10.5B | -CNY 2.4B | — | -CNY 2.4B | -23.9% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in CNY.
Executive summary
Tuniu Corp is facing top-line stagnation, with revenue contracting over the decade.
Tuniu Corp has historically struggled to out-earn its cost of capital, averaging just -19.7% ROIC.
Tuniu Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Tuniu Corp is modeled at -27.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-3.62 per share.