GBTGGlobal Business Travel Group, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (4.7×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
A balanced mix of margins, efficiency, and leverage. ROE 5% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is GBTG?
Global Business Travel Group, Inc. earns 2.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 7.0 points below what the capital costs: growth destroys value
- Operating margin
- 2.1%
Operating margin · Travel Services median 16% · 12 months to Q2 2026
- Cash conversion
- 4.65×
Cash conversion · 2.25× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +9.6%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −94% |
| FY2021 | −73% |
| FY2022 | −11% |
| FY2023 | −0.35% |
| FY2024 | 4.8% |
| FY2025 | 4.8% |
Details›
- Operating margin12 months to Q2 2026
- 2.1%
- Net margin12 months to Q2 2026
- 2.9%
- Free cash flow margin
- 3.2%
- Revenue, trailing twelve months
- $3.18B
- Free cash flow, trailing twelve months
- $102M
- Net income, trailing twelve months
- $92M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 2.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.