Global Business Travel (GBTG)
Market Price (2/22/2026): $5.42 | Market Cap: $2.6 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Global Business Travel (GBTG)
Market Price (2/22/2026): $5.42Market Cap: $2.6 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33% | Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -92% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 264x |
| Low stock price volatilityVol 12M is 42% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9% | |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Corporate Travel Technology. | Key risksGBTG key risks include [1] execution and margin pressure from integrating its CWT acquisition and [2] significant indebtedness with restrictive covenants that limit its operational flexibility. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Corporate Travel Technology. |
| Weak multi-year price returns2Y Excs Rtn is -47%, 3Y Excs Rtn is -92% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 264x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9% |
| Key risksGBTG key risks include [1] execution and margin pressure from integrating its CWT acquisition and [2] significant indebtedness with restrictive covenants that limit its operational flexibility. |
Qualitative Assessment
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Global Business Travel (GBTG) stock has lost about 30% since 10/31/2025 because of the following key factors:
1. Weaker-than-expected Q3 2025 Earnings Per Share (EPS) negatively impacted investor sentiment. Global Business Travel Group reported its Q3 2025 financial results on November 10, 2025, announcing an EPS of -$0.07. This figure notably missed the consensus analyst estimate of $0.02, representing a miss of $0.09. Although revenue exceeded expectations, the EPS miss likely contributed to investor concerns regarding profitability.
2. Broader macroeconomic uncertainty and cautious business travel spending dampened demand. The period since October 2025 saw increased economic uncertainty and financial pessimism, leading to more frugal travel planning among consumers, including high-income individuals. This environment prompted more cautious budgeting from businesses, directly impacting the corporate travel sector. Stubbornly high inflation and delayed interest rate cuts by central banks further eroded spending power, emphasizing value-seeking behavior in travel decisions.
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1. Weaker-than-expected Q3 2025 Earnings Per Share (EPS) negatively impacted investor sentiment. Global Business Travel Group reported its Q3 2025 financial results on November 10, 2025, announcing an EPS of -$0.07. This figure notably missed the consensus analyst estimate of $0.02, representing a miss of $0.09. Although revenue exceeded expectations, the EPS miss likely contributed to investor concerns regarding profitability.
2. Broader macroeconomic uncertainty and cautious business travel spending dampened demand. The period since October 2025 saw increased economic uncertainty and financial pessimism, leading to more frugal travel planning among consumers, including high-income individuals. This environment prompted more cautious budgeting from businesses, directly impacting the corporate travel sector. Stubbornly high inflation and delayed interest rate cuts by central banks further eroded spending power, emphasizing value-seeking behavior in travel decisions.
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Stock Movement Drivers
Fundamental Drivers
The -30.9% change in GBTG stock from 10/31/2025 to 2/21/2026 was primarily driven by a -30.9% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2212026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.86 | 5.43 | -30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,440 | 2,517 | 3.2% |
| P/S Multiple | 1.5 | 1.0 | -30.9% |
| Shares Outstanding (Mil) | 471 | 486 | -3.1% |
| Cumulative Contribution | -30.9% |
Market Drivers
10/31/2025 to 2/21/2026| Return | Correlation | |
|---|---|---|
| GBTG | -30.9% | |
| Market (SPY) | 1.1% | 33.4% |
| Sector (XLY) | -2.1% | 51.9% |
Fundamental Drivers
The -15.6% change in GBTG stock from 7/31/2025 to 2/21/2026 was primarily driven by a -14.8% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 2212026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.43 | 5.43 | -15.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,434 | 2,517 | 3.4% |
| P/S Multiple | 1.2 | 1.0 | -14.8% |
| Shares Outstanding (Mil) | 466 | 486 | -4.1% |
| Cumulative Contribution | -15.6% |
Market Drivers
7/31/2025 to 2/21/2026| Return | Correlation | |
|---|---|---|
| GBTG | -15.6% | |
| Market (SPY) | 9.4% | 39.0% |
| Sector (XLY) | 6.3% | 54.0% |
Fundamental Drivers
The -38.4% change in GBTG stock from 1/31/2025 to 2/21/2026 was primarily driven by a -38.8% change in the company's P/S Multiple.| (LTM values as of) | 1312025 | 2212026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.82 | 5.43 | -38.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,381 | 2,517 | 5.7% |
| P/S Multiple | 1.7 | 1.0 | -38.8% |
| Shares Outstanding (Mil) | 462 | 486 | -4.8% |
| Cumulative Contribution | -38.4% |
Market Drivers
1/31/2025 to 2/21/2026| Return | Correlation | |
|---|---|---|
| GBTG | -38.4% | |
| Market (SPY) | 15.6% | 49.5% |
| Sector (XLY) | 1.8% | 56.4% |
Fundamental Drivers
The -23.2% change in GBTG stock from 1/31/2023 to 2/21/2026 was primarily driven by a -88.3% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312023 | 2212026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.07 | 5.43 | -23.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 2,517 | 0.0% |
| Net Income Margin (%) | � | 0.4% | 0.0% |
| P/E Multiple | � | 263.8 | 0.0% |
| Shares Outstanding (Mil) | 57 | 486 | -88.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2023 to 2/21/2026| Return | Correlation | |
|---|---|---|
| GBTG | -23.2% | |
| Market (SPY) | 75.9% | 37.7% |
| Sector (XLY) | 61.7% | 42.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GBTG Return | -5% | -32% | -4% | 44% | -18% | -30% | -48% |
| Peers Return | 23% | -19% | 74% | 42% | 3% | 15% | 194% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 0% | 83% |
Monthly Win Rates [3] | |||||||
| GBTG Win Rate | 58% | 58% | 50% | 75% | 25% | 0% | |
| Peers Win Rate | 54% | 46% | 67% | 58% | 53% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GBTG Max Drawdown | -7% | -55% | -28% | -15% | -37% | -34% | |
| Peers Max Drawdown | -11% | -38% | -3% | -9% | -22% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: H, WH, AHMA, BKNG, RCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/20/2026 (YTD)
How Low Can It Go
| Event | GBTG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -60.1% | -25.4% |
| % Gain to Breakeven | 150.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -3.3% | -33.9% |
| % Gain to Breakeven | 3.4% | 51.3% |
| Time to Breakeven | 13 days | 148 days |
Compare to H, WH, AHMA, BKNG, RCL
In The Past
Global Business Travel's stock fell -60.1% during the 2022 Inflation Shock from a high on 2/3/2021. A -60.1% loss requires a 150.5% gain to breakeven.
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About Global Business Travel (GBTG)
Global Business Travel Group, Inc. provides business-to-business (B2B) travel platform in the United States and internationally. The company's platform offers a suite of technology-enabled solutions to business travelers and clients; travel content suppliers including airlines, hotels, ground transportation, and aggregators; and third-party travel agencies. It also provides consulting, and meetings and events planning services. The company is based in New York, New York.
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Here are 1-3 brief analogies to describe Global Business Travel (GBTG):
- Expedia for business travel.
- Booking.com for corporate travel programs.
- Salesforce for managing a company's travel needs.
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- Business Travel Management: Manages corporate travel programs, including booking, itinerary management, expense integration, and traveler support, to optimize costs and enhance traveler experience.
- Meetings & Events Management: Plans, organizes, and executes corporate meetings, conferences, incentives, and other group events globally.
- Travel Technology & Platforms: Provides a suite of proprietary software and digital tools for online booking, expense management, data analytics, and mobile access for travelers and travel managers.
- Travel Consulting & Advisory: Offers strategic guidance and expert advice on travel policy development, cost optimization, sustainability initiatives, and risk management for corporate clients.
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Global Business Travel (symbol: GBTG) primarily sells its services to other companies (B2B) rather than individuals. As a leading business travel management company, GBTG provides comprehensive travel and expense management solutions, meetings & events management, and advisory services to a wide array of organizations.
Due to client confidentiality and the nature of B2B service contracts, GBTG does not publicly disclose a list of its specific major customer companies or their stock symbols. However, their customer base can be broadly categorized by the types of organizations they serve:
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Large Multinational Corporations: GBTG serves many of the world's largest companies with complex global travel needs, managing extensive business travel programs across multiple regions and countries.
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Small and Medium-sized Enterprises (SMEs): The company also caters to smaller businesses that require professional travel management services but may lack the internal resources to manage travel efficiently on their own.
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Organizations Across Diverse Industries: GBTG's client portfolio spans a wide range of sectors, including technology, finance, professional services, manufacturing, pharmaceuticals, and more, reflecting the universal need for managed business travel across various industries.
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- Amadeus IT Group S.A. (AMS.MC)
- Sabre Corporation (SABR)
- Travelport
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Paul Abbott, Chief Executive Officer Paul Abbott began his career at British Airways, spending nine years with the company, and then worked for 24 years at American Express in various senior roles, including Chief Commercial Officer, Global Commercial Payments, and Executive Vice President, International and Global Clients at American Express UK. During his tenure, he led the expansion of American Express Company's Business-to-Business Payments and its card-issuing partnerships. He joined American Express Global Business Travel (Amex GBT) as CEO in October 2019 and has since led the company through several strategic acquisitions, including HRG in 2018, Egencia in 2021, and the planned acquisition of CWT in 2024. Abbott also oversaw Amex GBT's transition from a private equity-backed joint venture to a publicly traded company on the New York Stock Exchange in May 2022. Karen Williams, Chief Financial Officer Karen Williams is the Chief Financial Officer for American Express Global Business Travel, a role she assumed in July 2023 after joining the company as Deputy Chief Financial Officer in May 2022. Prior to her time at Amex GBT, she served as Senior Vice President, Global Head of Strategy and Planning at InterContinental Hotels Group. Her previous experience includes serving as CFO at International Airlines Group Loyalty and holding numerous divisional CFO roles during her 15 years at American Express. Andrew Crawley, President Andrew Crawley serves as the President of American Express Global Business Travel (Amex GBT). Eric J. Bock, Chief Legal Officer, Corporate Secretary and Global Head of Mergers and Acquisitions Eric J. Bock holds the titles of Chief Legal Officer, Corporate Secretary, and Global Head of Mergers and Acquisitions for American Express Global Business Travel. David Thompson, Chief Information Technology Officer David Thompson is the Chief Information Technology Officer at American Express Global Business Travel, bringing over 30 years of experience to his role.AI Analysis | Feedback
The key risks to Global Business Travel (symbol: GBTG) are:
- Dependence on the Global Travel Industry and Susceptibility to Disruptions: GBTG's business is highly vulnerable to external factors impacting global business travel. These include pandemics, geopolitical tensions, natural disasters, and adverse macroeconomic conditions such as economic downturns and inflation. The increasing adoption of teleconference technologies also poses a threat to the demand for in-person business travel.
- Highly Competitive Industry and Integration Risks: The company operates in a intensely competitive travel industry, facing challenges from both established players and new entrants, including direct distribution models from travel suppliers. Additionally, the integration of acquisitions, such as CWT, introduces risks related to execution, margin pressure, and cost discipline.
- Indebtedness and Financial Flexibility: GBTG's significant indebtedness and the restrictive covenants associated with its credit agreements can limit its operational flexibility and ability to adapt to market changes. The company is also exposed to market risks, including fluctuations in foreign currency exchange rates and interest rate risks, which could impact its financial results. An increase in net debt was observed in 2022.
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The rapid emergence of highly sophisticated, AI-powered direct travel management and booking platforms or intelligent agents. These solutions, potentially integrated into broader enterprise software ecosystems (e.g., by major tech companies like Microsoft or Google) or offered as standalone services, could automate and consolidate many of the functions currently provided by Traditional Management Companies (TMCs) like GBTG, including policy adherence, expense integration, supplier negotiation, and duty of care, thereby disintermediating the need for a human-intensive intermediary model.
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Global Business Travel (GBTG) operates primarily in the business travel and corporate travel management sector, offering software and services for travel, expense, and meetings & events. The addressable markets for their main products and services are sized as follows:Global Business Travel Market:
- The global business travel market size was estimated at USD 1,372.80 billion in 2023 and is projected to reach USD 2,749.46 billion by 2030, growing at a CAGR of 9.1% from 2024 to 2030.
- Another estimate valued the global business travel market at USD 1,380.00 billion in 2023, with a projection to grow from USD 1,483.09 billion in 2024 to USD 2,765.34 billion by 2032, exhibiting a CAGR of 8.10% during the forecast period.
- In 2024, the global business travel market size reached USD 1.1 trillion, with an expectation to reach USD 2.0 trillion by 2033, exhibiting a CAGR of 6.3% during 2025-2033.
- The global business travel market was estimated at $689.7 billion in 2021 and is projected to reach $2,095.4 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.
Global Corporate Travel Market / Corporate Travel Management Service Market:
- The global Corporate Travel Market size was estimated at USD 251.1 billion in 2022 and is expected to reach approximately USD 330.2 billion by 2032, poised to grow at a CAGR of 13.1% from 2022 to 2032.
- The business travel management service market size is projected to grow from $8.05 billion in 2024 to $8.53 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. It is expected to grow to $10.68 billion in 2029 at a CAGR of 5.8%.
Corporate Travel Management (CTM) Software Market:
- The global Corporate Travel Management (CTM) Software market size was valued at approximately USD 1.3 billion in 2023, and it is projected to reach around USD 4.5 billion by 2032, growing at a robust CAGR of 14.8% over the forecast period.
- Another source indicates the global Corporate Travel Management - CTM Software market size was recorded at $991.861 million in 2021 and is expected to reach $1.687 billion by the end of 2025, and $4.880.27 billion by 2033, growing at a CAGR of 14.2% during 2025 to 2033.
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Global Business Travel (GBTG) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
-
Acquisition and Synergies from CWT: The completed acquisition of CWT, expected to close in Q3 2025, is a significant driver. This acquisition is projected to accelerate strategic ambitions, generate material earnings and margin growth, and yield approximately $155 million in net synergies over three years.
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Growth in Business Travel Transactions: GBTG's revenue model is significantly influenced by transaction volume. The company reported a 5% increase in transactions in Q3 2024, driven by a rising demand for business travel and market share gains. While some economic uncertainties have led to more modest forecasts, sustained recovery in business travel volumes remains a fundamental growth driver.
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Expansion of Products and Professional Services: Increased demand for GBTG's diverse portfolio of products and professional services is contributing to revenue growth. This segment is an integral part of the company's revenue model.
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Customer Acquisition and Retention, particularly in Global Multinational Segment: GBTG has demonstrated consistent share gains and a high customer retention rate (95% LTM). The company has shown strong growth with global multinational customers, with an 8% increase in Q3 2024, and reported $3.2 billion in new wins over the last twelve months, including $2.2 billion from small and medium-sized enterprises (SME).
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Performance of Meetings & Events Business: The Meetings & Events segment is performing well and serves as a forward-looking indicator for the company. A 5% year-over-year increase in the number of meetings is anticipated for the second half of 2025, signaling continued growth in this area.
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Share Repurchases
- Global Business Travel Group (GBTG) authorized a $300 million share repurchase program.
- In Q3 2024, the company repurchased 8,000,000 shares of its Class A common stock from a stockholder for approximately $55 million in a privately negotiated transaction.
- As of Q2 2025, GBTG was positioned to execute its $300 million share repurchase authorization and planned to implement a 10b5-1 stock repurchase plan for further repurchases.
Share Issuance
- GBTG became a publicly traded company on May 31, 2022, through a SPAC merger with Apollo Strategic Growth Capital, a transaction that was expected to generate up to $1.2 billion in gross proceeds, including a $335 million private investment in public equity (PIPE).
- In Q3 2025, in connection with the acquisition of CWT, GBTG issued approximately 50 million shares of Class A common stock at $7.50 per share.
Inbound Investments
- The company's transition to a public entity in May 2022 involved significant investments from strategic partners such as Zoom and Sabre, alongside new investors including Apollo, Ares, and HG Vora.
- Boundary Creek Advisors LP reported a new stake in Global Business Travel Group, holding 2,735,449 shares valued at $22.91 million as of September 30, 2025.
Outbound Investments
- In January 2021, GBTG acquired Ovation Travel Group.
- GBTG acquired Expedia Group's corporate travel division, Egencia, in 2021.
- The company completed the acquisition of CWT, a global business travel solutions provider, for $540 million in Q3 2025.
Capital Expenditures
- For Q1 2025, Global Business Travel Group allocated an additional €50 million for investment in technology and AI.
- The company forecasts Free Cash Flow between $140 million and $160 million for the full year 2025, which supports organic growth and investments.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 128.06 |
| Mkt Cap | 16.3 |
| Rev LTM | 7,101 |
| Op Inc LTM | 593 |
| FCF LTM | 294 |
| FCF 3Y Avg | 408 |
| CFO LTM | 379 |
| CFO 3Y Avg | 604 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 17.2% |
| Rev Chg Q | 12.7% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Mgn LTM | 27.4% |
| Op Mgn 3Y Avg | 24.3% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 24.3% |
| CFO/Rev 3Y Avg | 22.0% |
| FCF/Rev LTM | 6.9% |
| FCF/Rev 3Y Avg | 7.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.3 |
| P/S | 4.5 |
| P/EBIT | 15.7 |
| P/E | 20.0 |
| P/CFO | 15.3 |
| Total Yield | 4.8% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -8.5% |
| 3M Rtn | 12.5% |
| 6M Rtn | -6.2% |
| 12M Rtn | 2.8% |
| 3Y Rtn | 60.6% |
| 1M Excs Rtn | -8.5% |
| 3M Excs Rtn | 12.4% |
| 6M Excs Rtn | -10.6% |
| 12M Excs Rtn | -13.5% |
| 3Y Excs Rtn | -8.7% |
Price Behavior
Price Behavior
| Market Price | $5.43 | |
| Market Cap ($ Bil) | 2.6 | |
| First Trading Date | 11/23/2020 | |
| Distance from 52W High | -37.0% | |
| 50 Days | 200 Days | |
| DMA Price | $7.11 | $7.19 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -23.6% | -24.4% |
| 3M | 1YR | |
| Volatility | 49.3% | 41.9% |
| Downside Capture | 319.40 | 171.50 |
| Upside Capture | 85.28 | 99.43 |
| Correlation (SPY) | 38.9% | 49.6% |
GBTG Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.35 | 1.86 | 1.43 | 1.46 | 1.06 | 1.04 |
| Up Beta | 5.27 | 3.79 | 2.06 | 2.56 | 0.91 | 1.03 |
| Down Beta | 1.62 | 1.28 | 1.04 | 1.03 | 0.98 | 0.90 |
| Up Capture | 68% | 95% | 92% | 135% | 102% | 93% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 8 | 19 | 28 | 63 | 122 | 361 |
| Down Capture | 375% | 258% | 177% | 129% | 127% | 105% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 12 | 21 | 31 | 57 | 118 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GBTG | |
|---|---|---|---|---|
| GBTG | -39.4% | 41.8% | -1.09 | - |
| Sector ETF (XLY) | 4.5% | 24.2% | 0.13 | 57.2% |
| Equity (SPY) | 13.5% | 19.4% | 0.53 | 49.9% |
| Gold (GLD) | 74.5% | 25.6% | 2.15 | -12.6% |
| Commodities (DBC) | 7.2% | 16.9% | 0.25 | 4.2% |
| Real Estate (VNQ) | 7.1% | 16.7% | 0.24 | 42.3% |
| Bitcoin (BTCUSD) | -29.7% | 44.9% | -0.65 | 22.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GBTG | |
|---|---|---|---|---|
| GBTG | -13.0% | 41.4% | -0.21 | - |
| Sector ETF (XLY) | 7.5% | 23.7% | 0.28 | 29.9% |
| Equity (SPY) | 13.4% | 17.0% | 0.62 | 25.3% |
| Gold (GLD) | 22.6% | 17.1% | 1.08 | -1.9% |
| Commodities (DBC) | 10.9% | 19.0% | 0.46 | -0.5% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 20.6% |
| Bitcoin (BTCUSD) | 7.4% | 57.1% | 0.35 | 14.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GBTG | |
|---|---|---|---|---|
| GBTG | -5.6% | 40.7% | -0.15 | - |
| Sector ETF (XLY) | 14.3% | 21.9% | 0.60 | 29.9% |
| Equity (SPY) | 16.1% | 17.9% | 0.77 | 25.3% |
| Gold (GLD) | 14.8% | 15.6% | 0.79 | -2.0% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | -0.2% |
| Real Estate (VNQ) | 7.0% | 20.7% | 0.30 | 20.5% |
| Bitcoin (BTCUSD) | 68.0% | 66.7% | 1.07 | 13.6% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/10/2025 | -3.9% | -9.8% | -1.0% |
| 8/5/2025 | 4.2% | 19.7% | 29.8% |
| 2/27/2025 | -5.9% | -5.3% | -11.9% |
| 11/5/2024 | 0.7% | 13.8% | 23.0% |
| 8/6/2024 | 16.7% | 8.5% | 17.9% |
| 3/5/2024 | -0.5% | -2.8% | 5.8% |
| 11/7/2023 | 2.4% | -4.2% | 12.5% |
| 8/10/2023 | 7.5% | 2.8% | -13.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 4 | 5 |
| # Negative | 5 | 7 | 6 |
| Median Positive | 3.3% | 11.1% | 17.9% |
| Median Negative | -2.4% | -5.3% | -2.6% |
| Max Positive | 16.7% | 19.7% | 29.8% |
| Max Negative | -5.9% | -17.3% | -13.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/07/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/21/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 12/31/2021 | 05/05/2022 | 424B3 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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