TCOM (Trip.com Group) Beneish M-Score: -1.99 (As of Jun. 25, 2026)

What is Trip.com Group Beneish M-Score?

Trip.com Group TCOM +1.79% 79 Beneish M-Score is -1.99 as of Jun. 25, 2026. GuruFocus rates TCOM with a GF Score™ of 79/100 and a GF Value™ of $79.05 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 824 Travel & Leisure companies, Trip.com Group ranks worse than 81.67% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -1.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Trip.com Group's Beneish M-Score or its related term are showing as below:

TCOM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67 Med: -2.17 Max: -1.6
Current: -1.99

During the past 13 years, the highest Beneish M-Score of Trip.com Group was -1.60. The lowest was -2.67. And the median was -2.17.

Trip.com Group Beneish M-Score Related Terms

Trip.com Group Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Trip.com Group's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Trip.com Group Beneish M-Score Chart

Trip.com Group Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.26

-2.45

-1.60

-2.11

-1.99

Trip.com Group Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Beneish M-Score	Get a 7-Day Free Trial															-2.11	-2.27	-2.02	-2.06	-1.99

TCOM vs EXPE, CCL, VIK: Beneish M-Score Comparison

For the Travel Services subindustry, Trip.com Group's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Trip.com Group Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Trip.com Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Trip.com Group's Beneish M-Score falls into.

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79GF Score

Trip.com Group Ltd TCOM

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Trip.com Group Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Trip.com Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0513

0.528 * 1.0086

0.404 * 1.0187

0.892 * 1.1793

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0367

4.679 * 0.049072

0.327 * 0.8639

-1.99

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $3,719 Mil.
Revenue was 2186.222 + 2574.296 + 2067.155 + 1907.77 = $8,735 Mil.
Gross Profit was 1726.204 + 2102.758 + 1674.698 + 1534.631 = $7,038 Mil.
Total Current Assets was $17,187 Mil.
Total Assets was $37,964 Mil.
Property, Plant and Equipment(Net PPE) was $919 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General, & Admin. Expense(SGA) was $2,714 Mil.
Total Current Liabilities was $11,099 Mil.
Long-Term Debt & Capital Lease Obligation was $1,706 Mil.
Net Income was 607.82 + 2792.167 + 674.893 + 589.988 = $4,665 Mil.
Non Operating Income was 98.961 + 2390.96 + 155.145 + 156.843 = $2,802 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.

Total Receivables was $3,000 Mil.
Revenue was 1750.381 + 2243.217 + 1760.514 + 1653.128 = $7,407 Mil.
Gross Profit was 1387.779 + 1847.513 + 1441.824 + 1342.359 = $6,019 Mil.
Total Current Assets was $15,400 Mil.
Total Assets was $33,318 Mil.
Property, Plant and Equipment(Net PPE) was $810 Mil.
Depreciation, Depletion and Amortization(DDA) was $39 Mil.
Selling, General, & Admin. Expense(SGA) was $2,220 Mil.
Total Current Liabilities was $10,165 Mil.
Long-Term Debt & Capital Lease Obligation was $2,842 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(3719.332 / 8735.443)	/	(2999.986 / 7407.24)
	=	0.425775	/	0.405007
	=	1.0513

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(6019.475 / 7407.24)	/	(7038.291 / 8735.443)
	=	0.812647	/	0.805717
	=	1.0086

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (17186.79 + 918.9) / 37963.852)	/	(1 - (15399.618 + 810.499) / 33318.362)
	=	0.523081	/	0.513478
	=	1.0187

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	8735.443	/	7407.24
	=	1.1793

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(38.603 / (38.603 + 810.499))	/	(0 / (0 + 918.9))
	=	0.045463	/	0
	=	1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(2714.493 / 8735.443)	/	(2220.358 / 7407.24)
	=	0.310745	/	0.299755
	=	1.0367

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((1705.901 + 11098.506) / 37963.852)	/	((2842.446 + 10165.231) / 33318.362)
	=	0.337279	/	0.390406
	=	0.8639

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(4664.868 - 2801.909	-	0)	/	37963.852
	=	0.049072

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Trip.com Group has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.99 mean?

Trip.com Group (TCOM) has a Beneish M-Score of -1.99 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Trip.com Group and its competitors. According to the industry distribution chart, Trip.com Group ranks #673 out of 824 companies in the Travel & Leisure industry, placing it in the top 81.7%.

Is Trip.com Group's Beneish M-Score too high?

Trip.com Group's current Beneish M-Score is -1.99. Based on the distribution chart, Trip.com Group ranks #673 out of 824 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Trip.com Group has a GF Score™ of 79/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Trip.com Group's Beneish M-Score compare to EXPE and CCL?

According to the Travel & Leisure industry distribution chart, Trip.com Group ranks #673 out of 824 companies for Beneish M-Score. This places Trip.com Group in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Trip.com Group and its competitors. Trip.com Group's current Beneish M-Score is -1.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Trip.com Group stock overvalued right now?

Based on GuruFocus' analysis, Trip.com Group (TCOM) is currently considered Significantly Undervalued. The stock's GF Value™ is $79.05, compared to a current price of $46.30 — trading 41.4% below its estimated fair value. The current Beneish M-Score is -1.99. Trip.com Group's overall GF Score™ is 79/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Trip.com Group (TCOM), the current Beneish M-Score is -1.99 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Trip.com Group (TCOM) Overvalued in 2026?

Based on GuruFocus' analysis, Trip.com Group stock appears to be undervalued. The current stock price of $46.30 is trading 41.4% below its estimated GF Value™ of $79.05. GuruFocus considers Trip.com Group to be Significantly Undervalued.

Key valuation signals for TCOM:

Beneish M-Score: -1.99
GF Value™: $79.05 vs. price of $46.30 (41.4% below fair value)
GF Score™: 79/100 with 2 warning signs

No single metric tells the full story. See the TCOM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Trip.com Group Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies EXPE CCL VIK NCLH GBTG MMYT TNL LIND TRIP PRSU BKNG ABNB RCL BOM:542830 HKSE:00780 XTER:TUI1 LSE:JET2 XMAD:HBX ASX:FLT SHSE:603099

Other Exchanges TRPCF:USA TCOM N:Mexico 09961:Hong Kong 0I50:UK CLV:Germany CTRP:Austria

Address 30 Raffles Place, No. 29-01, Shanghai, SGP, 048622

Website https://group.trip.com

Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

79GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$46.30

Price

$79.05

GF Value

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