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Tongcheng Travel HoldingsFRA:TEM -3.62%85 Net Current Asset Value is €0.08 as of Mar. 2026, which is 100% below its 10-year median of 22.53. GuruFocus rates FRA:TEM with a GF Score™ of 85/100 and a GF Value™ of €2.71 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 309 Travel & Leisure companies, Tongcheng Travel Holdings ranks worse than 83.17% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Tongcheng Travel Holdings's net current asset value per share for the quarter that ended in Mar. 2026 was €0.08.
The historical rank and industry rank for Tongcheng Travel Holdings's Net Current Asset Value or its related term are showing as below:
FRA:TEM'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 5.92 Med: 22.53 Max: 142.57
Current: 16.63
During the past 11 years, the highest Price-to-Net-Current-Asset-Value Ratio of Tongcheng Travel Holdings was 142.57. The lowest was 5.92. And the median was 22.53.
FRA:TEM's Price-to-Net-Current-Asset-Value is ranked worse than 83.17% of 309
companies
in the Travel & Leisure industry
Industry Median: 4.05
vs FRA:TEM: 16.63
Tongcheng Travel Holdings (FRA:TEM) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Tongcheng Travel Holdings Net Current Asset Value Related Terms
Tongcheng Travel Holdings Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Tongcheng Travel Holdings's Net Current Asset Value 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.
Tongcheng Travel Holdings Net Current Asset Value Chart
FRA:TEM vs BKNG, ABNB, RCL: Net Current Asset Value Comparison
For the Travel Services subindustry, Tongcheng Travel Holdings's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value 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.
Tongcheng Travel Holdings Price-to-Net-Current-Asset-Value vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Tongcheng Travel Holdings's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Tongcheng Travel Holdings's Price-to-Net-Current-Asset-Value falls into.
* 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.
What does a Net Current Asset Value of €0.08 mean?
Tongcheng Travel Holdings (FRA:TEM) has a Net Current Asset Value of €0.08 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Tongcheng Travel Holdings and its competitors. This is 100% below median its historical median of 22.53. Over the past decade, Tongcheng Travel Holdings' Net Current Asset Value has ranged from 5.92 to 142.57. According to the industry distribution chart, Tongcheng Travel Holdings ranks #257 out of 309 companies in the Travel & Leisure industry, placing it in the top 83.2%.
Is Tongcheng Travel Holdings' Net Current Asset Value too high?
Tongcheng Travel Holdings' current Net Current Asset Value of €0.08 is 100% below median its 10-year median of 22.53. Over the past 10 years, this metric has ranged from a low of 5.92 to a high of 142.57. Based on the distribution chart, Tongcheng Travel Holdings ranks #257 out of 309 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Tongcheng Travel Holdings has a GF Score™ of 85/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Tongcheng Travel Holdings' Net Current Asset Value compare to BKNG and ABNB?
According to the Travel & Leisure industry distribution chart, Tongcheng Travel Holdings ranks #257 out of 309 companies for Net Current Asset Value. This places Tongcheng Travel Holdings in the lower half of its industry. The industry median Net Current Asset Value is 4.05. Historically, Tongcheng Travel Holdings' own Net Current Asset Value has ranged from 5.92 to 142.57 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Travel & Leisure company?
The median Net Current Asset Value among Travel & Leisure companies is 4.05, based on 309 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value 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 Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Tongcheng Travel Holdings and its competitors. For the Travel & Leisure industry, the median Net Current Asset Value is 4.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tongcheng Travel Holdings's current Net Current Asset Value is €0.08, which is 100% below median its own 10-year median of 22.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tongcheng Travel Holdings stock overvalued right now?
Based on GuruFocus' analysis, Tongcheng Travel Holdings (FRA:TEM) is currently considered Possible Value Trap. The stock's GF Value™ is €2.71, compared to a current price of €1.33 — trading 50.9% below its estimated fair value. The current Net Current Asset Value is €0.08, which is 100% below median its 10-year median of 22.53. Tongcheng Travel Holdings' overall GF Score™ is 85/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Tongcheng Travel Holdings (FRA:TEM), the current Net Current Asset Value is €0.08 as of Mar. 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 Tongcheng Travel Holdings (FRA:TEM) Overvalued in 2026?
Based on GuruFocus' analysis, Tongcheng Travel Holdings stock appears to be undervalued.
The current stock price of €1.33 is trading 50.9% below its estimated GF Value™ of €2.71.
GuruFocus considers Tongcheng Travel Holdings to be Possible Value Trap.
Key valuation signals for FRA:TEM:
Net Current Asset Value: €0.08 (100% below median its 10-year median of 22.53)
GF Value™: €2.71 vs. price of €1.33 (50.9% below fair value)
No single metric tells the full story. See the FRA:TEM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tongcheng Travel is an online travel agency platform that provides booking services for hotel and ticketing in China. It generated 84% of its revenue from accommodation reservations and transportation ticketing in 2023. The rest came from advertising and in-house software sales. The platform provides both online and offline services in the form of call centers and travel kiosks. Tongcheng Travel was formed from the merger of Tongcheng Network and eLong in 2018. It is currently 21.38% owned by Tencent and 20.86% by Trip.com. Tongcheng targets lower-tier cities and as of 2021, 86.7% of its users are from non-first-tier cities in China and 61.7% of new paying users on Weixin were from Tier 3 or below cities in China. The company competes with Trip.com, Alibaba's Fliggy, and Meituan.
85GF Score
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