Global Business Travel Group

GBTG

Software - Application · Technology

Price

$9.41

+0.01 (+0.11%)

Market Cap

$4.91B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+24.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 419.2M (2021) → 523.6M (2025)

Global Business Travel Group (also known as American Express Global Business Travel, or Amex GBT) helps companies manage their employees' work trips. It books flights, hotels, and rental cars for business travelers and gives companies tools to track spending and follow travel policies. It is one of the largest corporate travel management companies in the world.

The company earns money by charging fees for each booking it processes and by selling software subscriptions that help businesses manage travel programs. It operates globally, with a strong presence in North America and Europe, and serves large multinational corporations as its core customers. Its main competitive advantage is its scale and its long-term contracts with big companies, which makes it hard for clients to switch. The key risk is that corporate travel budgets are sensitive to economic slowdowns — when companies cut costs, business travel is often one of the first things reduced.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+35.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-37.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$527M/ year

↑ Rising (+19% vs prior year)

19.4% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

62.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$442M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$442M cash & investments at current burn rate

Revenue accelerating

Global Business Travel Group grew revenue 35% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

51.2%

Healthy — 51.2% gross margin

Operating Margin

5.6%

Thin — 5.6% operating margin

ROCE

1.5%

Weak — 1.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+20.7%

Fast-growing sales (20.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

192%

Turns 192% of profit into real cash

FCF Margin

0.9%

Thin free cash flow (0.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.96

Moderate — manageable debt (0.96)

Interest Cover

1.32x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

59.7x

Expensive — P/E 59.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+36.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (59.7 → 23.0)

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Dividends

Not applicable for this business.

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