Is the business good?
How good a business is GBTG?
Global Business Travel Group, Inc. earns 2.3% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
2.3%
Return on invested capital · cost of capital 9.0% · 6.7 points below what the capital costs: growth destroys value
- Operating margin
- 2.7%
Operating margin · Travel Services median 16% · 12 months to Q1 2026
- Cash conversion
- 0.29×
Cash conversion · some of the reported profit has not turned into cash yet
- Share count, year on year
- +8.5%
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 Q1 2026
- 2.7%
- Net margin12 months to Q1 2026
- 3.1%
- Free cash flow margin
- 0.89%
- Revenue, trailing twelve months
- $2.94B
- Free cash flow, trailing twelve months
- $26M
- Net income, trailing twelve months
- $90M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 2.3%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.