Tearsheet

Global Business Travel (GBTG)

Market Price (12/28/2025): $7.79 | Market Cap: $3.8 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Global Business Travel (GBTG)

Market Price (12/28/2025): $7.79
Market Cap: $3.8 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Low stock price volatility Vol 12M is 37%	Weak multi-year price returns 2Y Excs Rtn is -19%, 3Y Excs Rtn is -56%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 378x
1	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Corporate Travel Technology.		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9%
2			Key risks GBTG 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.

0	Low stock price volatility Vol 12M is 37%
1	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization. Themes include Corporate Travel Technology.
2	Weak multi-year price returns 2Y Excs Rtn is -19%, 3Y Excs Rtn is -56%
3	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 378x
4	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.9%
5	Key risks GBTG 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, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$7.79	$9.28	$6.45	$6.75	$9.87
Market Cap CYE ($ Bil)	3.8	4.3	3.0	0.4	0.6
Total Debt ($ Bil)	1.5	1.5	1.4	1.3	1.1
Total Cash ($ Bil)	0.4	0.5	0.5	0.3	0.5
Enterprise Value ($ Bil)	4.8	5.8	4.4	1.7	1.7
Valuation Ratios
P/S TTM	1.5	1.8	0.7	0.2	0.7
P/EBIT TTM	21.4	97.6	-405.8	-1.8	-0.9
P/E TTM	378.5	-31.1	-25.8	-13.8	-
P/FCF TTM	30.5	26.0	33.1	-0.7	-1.0
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8	1.4
P/EBIT TTM (Sector)	7.8	8.3	7.8	6.5	8.4
P/E TTM (Sector)	10.5	11.1	10.4	8.4	10.7
P/FCF TTM (Sector)	11.2	12.4	9.6	7.3	10.5

	12/28/25	2024	2023
Share Price CYE	$7.79	$9.28	$6.45
Market Cap CYE ($ Bil)	3.8	4.3	3.0
Total Debt ($ Bil)	1.5	1.5	1.4
Total Cash ($ Bil)	0.4	0.5	0.5
Enterprise Value ($ Bil)	4.8	5.8	4.4
Valuation Ratios
P/S TTM	1.5	1.8	0.7
P/EBIT TTM	21.4	97.6	-405.8
P/E TTM	378.5	-31.1	-25.8
P/FCF TTM	30.5	26.0	33.1
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9
P/EBIT TTM (Sector)	7.8	8.3	7.8
P/E TTM (Sector)	10.5	11.1	10.4
P/FCF TTM (Sector)	11.2	12.4	9.6

	GBTG	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	2.5
Rev Chg Q	12.9%	7.3%
Rev Chg LTM	5.7%	6.1%
Rev Chg 3Y Avg	17.2%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	7.1%	18.8%
CFO/Rev LTM	9.8%	20.4%
Net Inc Mgn	0.4%	13.1%
VALUATION	MODERATE
P/S	1.5	3.3
P/CFO	15.4	15.8
P/FCF	30.5	20.7
P/E	378.5	23.7
STABILITY	GOOD
Debt/Equity	0.39	0.21
Cash/Assets	0.09	0.07

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Metric	Value	Date	Source
Customer Retention Rate	97%	12312024	Link
Total New Wins Value	$2.8 billion	12312024	Link
SME New Wins Value	$2.2 billion	12312024	Link
Transaction Growth	5%	12312024	Link
Leverage Ratio	1.8x	12312024	Link
LTM Total New Wins Value	$3.2 billion	6302025	Link
LTM Customer Retention Rate	95%	6302025	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

GBTG Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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The requested time period from August 31, 2025, to December 28, 2025, is in the future. Therefore, I cannot provide an analysis of Global Business Travel (GBTG) stock movement for this specific timeframe, as actual stock performance and the reasons behind it for a future period are not available.

However, based on the most recent available information, American Express Global Business Travel (Amex GBT) (NYSE: GBTG) reported its third-quarter 2025 financial results on November 10, 2025. The company announced a 13% increase in revenue and a 9% rise in Adjusted EBITDA compared to the prior year. Despite beating analyst expectations for EPS and revenue in Q3 2025, the stock price reportedly fell by 3.52% on November 10, 2025. The decline may reflect broader market trends or investor caution regarding future growth prospects.

Key highlights from the Q3 2025 earnings report include:

1. Increased Revenue and Adjusted EBITDA. Total revenue for Q3 2025 rose 13% to $674 million, and Adjusted EBITDA increased 9% to $128 million.

2. Strong Earnings Per Share Beat. Amex GBT reported earnings per share of $0.0514, surpassing the consensus estimate of $0.0426 by over 20%.

3. Acquisition of CWT. The company completed the acquisition of CWT on September 2, 2025, which contributed to revenue growth and is expected to deliver $155 million in annual synergies.

4. Increased Operating Expenses and Margin Contraction. Operating expenses rose by 16%, primarily due to integration costs and restructuring initiatives related to the CWT acquisition. This led to a contraction in Adjusted EBITDA margin from 20% in Q3 2024 to 19% in Q3 2025.

5. Raised Full-Year 2025 Guidance. Amex GBT raised its full-year 2025 guidance, projecting revenue of $2.705 billion to $2.725 billion and adjusted EBITDA of $523 million to $533 million.

Stock Movement Drivers

Fundamental Drivers

The -4.3% change in GBTG stock from 9/27/2025 to 12/27/2025 was primarily driven by a -4.3% change in the company's P/S Multiple.

	9272025	12272025	Change
Stock Price ($)	8.14	7.79	-4.30%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2440.00	2517.00	3.16%
P/S Multiple	1.57	1.50	-4.28%
Shares Outstanding (Mil)	470.88	485.82	-3.17%
Cumulative Contribution			-4.40%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
GBTG	-4.3%
Market (SPY)	4.3%	35.9%
Sector (XLY)	1.8%	53.3%

Fundamental Drivers

The 20.8% change in GBTG stock from 6/28/2025 to 12/27/2025 was primarily driven by a 21.8% change in the company's P/S Multiple.

	6282025	12272025	Change
Stock Price ($)	6.45	7.79	20.78%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2434.00	2517.00	3.41%
P/S Multiple	1.23	1.50	21.79%
Shares Outstanding (Mil)	465.87	485.82	-4.28%
Cumulative Contribution			20.55%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
GBTG	20.8%
Market (SPY)	12.6%	42.1%
Sector (XLY)	11.9%	55.8%

Fundamental Drivers

The -16.9% change in GBTG stock from 12/27/2024 to 12/27/2025 was primarily driven by a -17.4% change in the company's P/S Multiple.

	12272024	12272025	Change
Stock Price ($)	9.37	7.79	-16.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2381.00	2517.00	5.71%
P/S Multiple	1.82	1.50	-17.35%
Shares Outstanding (Mil)	462.29	485.82	-5.09%
Cumulative Contribution			-17.08%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
GBTG	-16.9%
Market (SPY)	17.0%	53.6%
Sector (XLY)	7.0%	58.7%

Fundamental Drivers

The 19.3% change in GBTG stock from 12/28/2022 to 12/27/2025 was primarily driven by a 0.0% change in the company's P/E Multiple.

	12282022	12272025	Change
Stock Price ($)	6.53	7.79	19.30%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	�	2517.00	�
Net Income Margin (%)	�	0.40%	�
P/E Multiple	�	378.46	�
Shares Outstanding (Mil)	56.95	485.82	-753.15%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
GBTG	19.8%
Market (SPY)	48.0%	46.0%
Sector (XLY)	37.7%	51.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
GBTG Return	8%	-5%	-32%	-4%	44%	-17%	-20%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
GBTG Win Rate	100%	58%	58%	50%	75%	33%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
GBTG Max Drawdown	0%	-7%	-55%	-28%	-15%	-37%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[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] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	GBTG	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-60.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	150.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-3.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	3.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	13 days	148 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

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)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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:

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.
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.
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.

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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.
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.
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.
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).
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.

Better Bets than Global Business Travel (GBTG)

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Higher Total Yield (Value for GBTG: 0.3%)

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META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for GBTG: 4.9%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for GBTG: 0.3%)

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

		Best Bets In Consumer Discretionary Sector
	GBTG	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	378.5	31.8	34.9	21.6	26.3	30.4	22.1	12.1	25.2	21.6	17.3
P/EBIT	21.4	30.9	21.0	78.7	18.1	13.4	14.7	8.9	22.2	18.8	10.2
What You Get
Rev Chg Q	12.9%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	5.7%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	17.2%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	3.8%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Global Business Travel Earnings Notes
2	Global Business Travel Earnings Notes
3	Global Business Travel Earnings Notes
4	Can Global Business Travel Stock Hold Up When Markets Turn?	Return
5	After GBTG's 22% Climb in a Month, TMUS Looks Like the Stronger Long-Term Play	Counter-Intuitive Comparisons
6	After GBTG's 22% Climb in a Month, GM Looks Like the Stronger Long-Term Play	Counter-Intuitive Comparisons
7	As GBTG Surges 22% in a Month, EXPE's Story Stands Out	Counter-Intuitive Comparisons
8	How Does Global Business Travel Stock Stack Up Against Its Peers?	Peer Comparison
9	Better Bet Than GBTG Stock: Pay Less Than Global Business Travel To Get More From CALM
10	Global Business Travel (GBTG) Operating Cash Flow Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to GBTG. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BBWI_11302025_Dip_Buyer_1M_Insider_Buying_GTE_1Mil_EBITp+DE	11302025	BBWI	Bath & Body Works	Dip Buy	DB \| Insider Buys \| Low D/EDip Buy with Strong Insider Buying Buying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	13.7%	13.7%	0.0%
HRB_11262025_Dip_Buyer_FCFYield	11262025	HRB	H&R Block	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.0%	6.0%	-0.1%
LRN_11262025_Dip_Buyer_FCFYield	11262025	LRN	Stride	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.8%	3.8%	-4.4%
ABNB_11212025_Dip_Buyer_FCFYield	11212025	ABNB	Airbnb	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.7%	19.7%	0.0%
MTN_11212025_Dip_Buyer_FCFYield	11212025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.6%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Global Business Travel

Peers to compare with:

Financials

	GBTG	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Global B.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	7.79	23.26	24.49	305.09	78.16	273.40	51.32
Mkt Cap	3.8	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	2,517	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	179	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	124	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	93	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	246	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	204	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	GBTG	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Global B.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	5.7%	3.2%	13.8%	4.5%	8.9%	6.0%	5.8%
Rev Chg 3Y Avg	17.2%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	12.9%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	3.2%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	7.1%	6.6%	4.8%	17.7%	22.5%	31.9%	12.4%
Op Mgn 3Y Avg	3.7%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	0.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.1%
CFO/Rev LTM	9.8%	6.7%	8.5%	20.6%	23.8%	26.6%	15.2%
CFO/Rev 3Y Avg	8.4%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	4.9%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	3.8%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	GBTG	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Global B.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	3.8	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	1.5	0.4	1.0	4.4	5.4	10.0	2.9
P/EBIT	21.4	6.8	19.9	25.1	22.5	31.3	21.9
P/E	378.5	8.6	572.7	36.0	29.9	41.0	38.5
P/CFO	15.4	5.9	11.2	21.1	22.5	37.5	18.3
Total Yield	0.3%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	2.5%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.4	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.3	0.3	0.6	0.2	0.0	0.0	0.2

Returns

	GBTG	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Global B.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	1.2%	-1.8%	14.4%	0.6%	2.7%	-1.5%	0.9%
3M Rtn	-4.3%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	20.8%	-4.0%	34.5%	6.6%	15.2%	36.3%	18.0%
12M Rtn	-16.9%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	19.3%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-1.8%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-2.0%
3M Excs Rtn	-8.6%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	8.5%	-16.3%	22.3%	-5.7%	3.0%	24.0%	5.7%
12M Excs Rtn	-32.7%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-55.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does Global Business Travel Stock Stack Up Against Its Peers?

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for More

					Post-Approval Fwd Returns
FDA App #	Brand Name	Generic Name	Dosage Form	FDA Approval	3M Rtn	6M Rtn	1Y Rtn	2Y Rtn	Total Rtn
NDA216157	OXBRYTA	voxelotor	tablet, for suspension	12172021	0.3%	-31.2%	-36.4%	-38.2%	-21.1%
NDA213137	OXBRYTA	voxelotor	tablet	11252019

	Post-Approval Fwd Returns
NDA216157	OXBRYTA	voxelotor	tablet, for suspension	12172021	0.3%	-31.2%	-36.4%	-38.2%	-21.1%
NDA213137	OXBRYTA	voxelotor	tablet	11252019

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/10/2025	3/7/2025	3/13/2024	3/21/2023	5/5/2022	3/21/2023	5/5/2022
Key Financials
Total Revenue	2,517	2,423	2,290	1,851	763	793	2,119
EBITDA	349	222	190	-7	-446	-584	349
Operating Income	179	128	34	-201	-546	-541	218
Net Income	10	-138	-63	-25	0	0	134
EPS	0.02	-0.30	-0.25	-0.50	0.00	0.00	2.35
Growth Rates
Total Revenue Growth	5.7%	5.8%	23.7%	142.6%	-3.8%	-62.6%	-
EBITDA Growth	67.8%	16.8%	2814.3%	98.4%	23.6%	-267.3%	-
Operating Income Growth	82.7%	276.5%	116.9%	63.2%	-0.9%	-348.2%	-
Net Income Growth	105.9%	-119.0%	-152.0%	-∞%	-	-100.0%	-
Margins
EBITDA Margin	13.9%	9.2%	8.3%	-0.4%	-58.5%	-73.6%	16.5%
Operating Income Margin	7.1%	5.3%	1.5%	-10.9%	-71.6%	-68.2%	10.3%
Net Income Margin	0.4%	-5.7%	-2.8%	-1.4%	0.0%	0.0%	6.3%
Cash & Debt
Total Cash	427	536	476	303	516	584	�
Total Debt	1,475	1,462	1,434	1,300	1,105	702	0
Net Debt / (Cash)	1,048	926	958	997	589	118	�
Cash Flows
Net Cash from Operations	246	272	162	-394	-512	-250	227
Free Cash from Operations	124	165	49	-488	-556	-297	165
Returns to Shareholders
Dividends	0	-0	-0	-0	1	-0	58
Share Repurchases	34	55	-0	168	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/10/2025	8/5/2025	5/6/2025	3/7/2025	11/5/2024	8/6/2024	5/7/2024	3/13/2024	11/7/2023	8/10/2023	5/9/2023	3/21/2023
Key Financials Quarterly
Total Revenue	674	631	621	591	597	625	610	549	571	592	578	527
Ebitda	33	100	160	56	-3	81	88	42	76	27	45	-8
Operating Income	41	46	59	33	31	39	25	3	8	9	14	-36
Net Income	-62	13	75	-16	-129	26	-19	-47	0	-14	-2	-26
EPS	-0.13	0.03	0.16	-0.04	-0.28	0.06	-0.04	-0.10	0.00	-0.23	-0.03	-0.52
Key Financials TTM
Total Revenue TTM	2,517	2,440	2,434	2,423	2,381	2,355	2,322	2,290	2,268	2,185	2,079	1,851
Ebitda TTM	349	313	294	222	208	287	233	190	140	53	90	-7
Operating Income TTM	179	169	162	128	98	75	45	34	-5	-60	-93	-201
Net Income TTM	10	-57	-44	-138	-169	-40	-80	-63	-42	-62	-27	-25
Growth Rates Quarterly
Total Revenue Growth	12.9%	1.0%	1.8%	7.7%	4.6%	5.6%	5.5%	4.2%	17.0%	21.8%	65.1%	83.6%
EBITDA Growth	1200.0%	23.5%	81.8%	33.3%	-103.9%	200.0%	95.6%	625.0%	790.9%	-57.8%	186.5%	95.7%
Operating Income Growth	32.3%	17.9%	136.0%	1000.0%	287.5%	333.3%	78.6%	108.3%	117.0%	137.5%	114.9%	79.3%
Net Income Growth	51.9%	-50.0%	494.7%	66.0%	-	285.7%	-850.0%	-80.8%	100.0%	-166.7%	-	-
Margins Quarterly
EBITDA Margin	4.9%	15.8%	25.8%	9.5%	-0.5%	13.0%	14.4%	7.7%	13.3%	4.6%	7.8%	-1.5%
Operating Income Margin	6.1%	7.3%	9.5%	5.6%	5.2%	6.2%	4.1%	0.5%	1.4%	1.5%	2.4%	-6.8%
Net Income Margin	-9.2%	2.1%	12.1%	-2.7%	-21.6%	4.2%	-3.1%	-8.6%	0.0%	-2.4%	-0.3%	-4.9%
Cash & Debt
Total Cash	427	601	552	536	524	515	475	476	432	335	320	303
Total Debt	1,475	1,454	1,458	1,462	1,465	1,431	1,437	1,434	1,433	1,434	1,434	1,300
Net Debt / (Cash)	1,048	853	906	926	941	916	962	958	1,001	1,099	1,114	997
Cash Flows Quarterly
FCF from Operations	71	57	53	65	85	73	49	58	135	46	-77	-4
Cash Flows TTM
FCF from Operations TTM	246	260	276	272	265	315	288	162	100	-116	-317	-394
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	33	-0	1	-0	55	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	4.1%	2.0%	5.3%	3.8%	3.5%	4.4%	2.8%	0.3%	0.7%	2.4%	3.0%	-8.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	0.4%	4.9%	4.7%	3.7%	2.8%	2.1%	1.3%	0.9%	-0.1%	-3.4%	-5.0%	-12.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022
Travel revenue	1,827	1,444	446
Product and professional services revenue	463	407	317
Total	2,290	1,851	763

Price Behavior

Price Behavior

Market Price	$7.79
Market Cap ($ Bil)	3.7
First Trading Date	11/23/2020
Distance from 52W High	-16.9%
	50 Days	200 Days
DMA Price	$7.73	$7.22
DMA Trend	down	down
Distance from DMA	0.8%	7.9%
	3M	1YR
Volatility	36.2%	36.9%
Downside Capture	115.14	139.16
Upside Capture	70.66	99.13
Correlation (SPY)	36.5%	53.6%

GBTG Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.15	1.07	1.14	1.57	0.98	0.90
Up Beta	1.32	1.53	1.87	2.19	0.86	0.94
Down Beta	1.23	1.11	1.01	1.36	0.93	0.72
Up Capture	84%	62%	58%	159%	92%	87%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	7	19	29	64	119	366
Down Capture	118%	110%	128%	137%	117%	100%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	20	31	54	116	353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of GBTG With Other Asset Classes (Last 1Y)
	GBTG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-17.4%	7.5%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	36.7%	24.3%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-0.45	0.24	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		58.8%	53.7%	-11.2%	5.3%	46.5%	13.4%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of GBTG With Other Asset Classes (Last 5Y)
	GBTG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-5.5%	9.6%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	40.4%	23.8%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	-0.02	0.36	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		29.5%	25.2%	-0.4%	-0.1%	20.7%	10.8%

Based On 10-Year Data

		Comparison of GBTG With Other Asset Classes (Last 10Y)
	GBTG	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-4.1%	13.2%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	40.2%	21.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.01	0.55	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		29.5%	25.2%	-0.4%	0.0%	20.6%	10.7%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	8,194,852
Short Interest: % Change Since 11302025	-2.7%
Average Daily Volume	1,960,856
Days-to-Cover Short Interest	4.18
Basic Shares Quantity	485,823,844
Short % of Basic Shares	1.7%

Returns Analyses

	Title
0	Can Global Business Travel Stock Hold Up When Markets Turn?

Earnings Returns History

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	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%

	Forward 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%
3/9/2023	-2.4%	-14.0%	-4.3%
11/10/2022	-0.2%	-17.3%	-0.2%
8/11/2022	1.5%	-3.3%	-0.5%
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

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Report Date	Filing Date	Filing
9302025	11102025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	3072025	10-K 12/31/2024
9302024	11052024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	3132024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8102023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	3212023	10-K 12/31/2022
9302022	11102022	10-Q 9/30/2022
6302022	8112022	10-Q 6/30/2022
12312021	5052022	424B3 12/31/2021

Insider Activity

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Global Business Travel (GBTG)

Market Price (12/28/2025): $7.79 | Market Cap: $3.8 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Global Business Travel (GBTG)

Market Price (12/28/2025): $7.79Market Cap: $3.8 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

GBTG Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

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Market Drivers

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How Low Can It Go

In The Past

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About Global Business Travel (GBTG)

Interactive Breakdown

Better Bets than Global Business Travel (GBTG)

INDUSTRY: Hotels, Resorts & Cruise Lines

Higher Rev Chg 3Y Avg | Lower P/S (Values for GBTG: 17.2% | 1.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GBTG: 17.2% | 21.1x)

Higher Rev Chg LTM (Value for GBTG: 5.7%)

Higher Rev Chg 3Y Avg (Value for GBTG: 17.2%)

Higher Op Mgn LTM (Value for GBTG: 7.1%)

Higher CFO/Rev LTM (Value for GBTG: 9.8%)

Higher FCF/Rev LTM (Value for GBTG: 4.9%)

Higher Total Yield (Value for GBTG: 0.3%)

SECTOR: Consumer Discretionary

Higher Rev Chg 3Y Avg | Lower P/S (Values for GBTG: 17.2% | 1.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GBTG: 17.2% | 21.1x)

Higher Rev Chg LTM (Value for GBTG: 5.7%)

Higher Rev Chg 3Y Avg (Value for GBTG: 17.2%)

Higher Op Mgn LTM (Value for GBTG: 7.1%)

Higher CFO/Rev LTM (Value for GBTG: 9.8%)

Higher FCF/Rev LTM (Value for GBTG: 4.9%)

Higher Total Yield (Value for GBTG: 0.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for GBTG: 17.2% | 1.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for GBTG: 17.2% | 21.1x)

Higher Rev Chg LTM (Value for GBTG: 5.7%)

Higher Rev Chg 3Y Avg (Value for GBTG: 17.2%)

Higher Op Mgn LTM (Value for GBTG: 7.1%)

Higher CFO/Rev LTM (Value for GBTG: 9.8%)

Higher FCF/Rev LTM (Value for GBTG: 4.9%)

Higher Total Yield (Value for GBTG: 0.3%)

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Market Price (12/28/2025): $7.79 | Market Cap: $3.8 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Market Price (12/28/2025): $7.79
Market Cap: $3.8 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines