Global Business Travel Group, Inc. Financial Ratios — GBTG

Profitability (USD)

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	-0.86	-3.37	-9.26	-12.22	8.2
Return on Assets (%)	- -	- -	- -	-0.67	-1.68	-3.74	2.55
Return on Capital (%)	- -	- -	- -	- -	- -	- -	6.2
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	3.28
Gross Margin (%)	58.47	33.29	37.48	55.05	58.03	60.09	60.08
EBITDA Margin (%)	16.38	-75.54	-53.21	-0.86	8.12	12.09	11.85
Operating Margin (%)	10.29	-68.22	-71.56	-10.86	1.48	5.28	6.7
Incremental Operating Margin (%)	- -	57.24	16.67	31.71	53.53	70.68	18.31
Pretax Margin (%)	9.11	-95.71	-85.58	-15.51	-6.33	-2.93	5.41
Profit Margin (%)	6.32	- -	- -	-1.35	-2.75	-5.7	4.01
Net Income to Common Margin (%)	6.32	- -	-1.31	-1.35	-2.75	-5.7	4.01
Effective Tax Rate (%)	31.09	- -	- -	- -	- -	- -	27.21
Dvd Payout Ratio (%)	40.85	- -	0.94	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	-0.86	-3.37	-9.26	-12.22	8.2

Credit (USD)

Credit Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	702	1,105	1,300	1,434	1,462	1,506
ST Debt	- -	27	24	20	24	34	84
LT Debt	- -	675	1,081	1,280	1,410	1,428	1,422
Total Debt/EBITDA	- -	-1.17	-2.72	-81.25	7.71	4.99	4.68
Net Debt/EBITDA	- -	-0.07	-1.25	-57.44	4.76	2.89	3.06
Total Debt/EBIT	- -	-0.94	-1.97	-6.57	-179.25	12.71	11.58
Net Debt/EBIT	- -	-0.05	-0.91	-4.64	-110.75	7.37	7.57
EBITDA to Interest Expense	23.13	-22.19	-7.66	-0.16	1.32	2.55	3.39
EBITDA-CapEx/Interest Expense	19	-23.93	-8.49	-1.12	0.52	1.62	2.03
EBIT to Interest Expense	14.53	-20.04	-10.3	-2.05	0.24	1.11	1.92
Interest Expense	15	27	53	98	141	115	95
Common Equity/Total Assets	- -	35.57	35.35	4.08	32.2	29	32.71
Long-Term Debt/Equity (%)	- -	68.6	72.36	93.36	116.34	135.1	85.61
Long-Term Debt/Capital (%)	- -	40.04	41.59	47.92	53.29	56.69	44.9
Long-Term Debt/Total Assets (%)	- -	24.47	28.67	34.33	37.59	39.4	28.93
Total Debt/Equity (%)	- -	71.34	73.96	94.82	118.32	138.32	90.67
Total Debt/Capital (%)	- -	41.64	42.52	48.67	54.2	58.04	47.55
Total Debt/Total Assets (%)	- -	25.45	29.3	34.87	38.23	40.34	30.63
Net Debt to Equity	- -	4.07	33.94	67.03	73.1	80.23	59.24
Net Debt/Capital (%)	- -	3.63	24.34	38.81	40.83	42.76	36
EBITDA	347	-599	-406	-16	186	293	322
EBITDA-CapEx	285	-646	-450	-110	73	186	193
Operating Income (Loss)	218	-541	-546	-201	34	128	182

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	1.02	0.72	0.39	0.57	0.69	0.31
Current Ratio	- -	1.52	1.46	1.6	1.64	1.64	1.14
Quick Ratio	- -	1.45	1.37	1.54	1.58	1.56	1.05
CFO/Avg Current Liab	- -	- -	-0.79	-0.53	0.2	0.34	0.22
Common Equity/Total Assets	- -	35.57	35.35	4.08	32.2	29	32.71
Long-Term Debt/Equity (%)	- -	68.6	72.36	93.36	116.34	135.1	85.61
Long-Term Debt/Capital (%)	- -	40.04	41.59	47.92	53.29	56.69	44.9
Long-Term Debt/Total Assets (%)	- -	24.47	28.67	34.33	37.59	39.4	28.93
Total Debt/Equity (%)	- -	71.34	73.96	94.82	118.32	138.32	90.67
Total Debt/Capital (%)	- -	41.64	42.52	48.67	54.2	58.04	47.55
Total Debt/Total Assets (%)	- -	25.45	29.3	34.87	38.23	40.34	30.63
CFO/Total Liabilities	- -	-14.09	-22.49	-16.72	6.38	10.6	7.16
CFO/CapEx	3.66	-5.32	-11.64	-4.19	1.43	2.54	1.81
Altman's Z-Score	- -	-0.86	-1.13	0.9	1.23	1.66	1.36

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	- -	2.91	3.23	3.07	3.74	3.78
Days Sales Outstanding	- -	- -	125.57	112.99	118.82	97.69	96.69
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	593	562	457	3,013	4,370	3,986
- Cash & Cash Equivalents	- -	584	516	303	476	536	434
+ Preferred Equity and Hybrid Capital	- -	- -	160	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	3	1	1,219	4	6	53
+ Total Debt	- -	702	1,105	1,300	1,434	1,462	1,506
Enterprise Value	- -	714	1,312	2,673	3,975	5,302	5,111
Total Capital	- -	1,686	2,599	2,671	2,646	2,519	3,167
Total Debt/Capital (%)	- -	41.64	42.52	48.67	54.2	58.04	47.55
Total Debt / EV	- -	0.98	0.84	0.49	0.36	0.28	0.29
EV/Sales	- -	0.9	1.72	1.44	1.74	2.19	1.88
EV/EBITDA	- -	- -	- -	- -	21.37	18.1	15.87
EV/EBIT	- -	- -	- -	- -	- -	46.1	39.32
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	16.92
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	29.52
Diluted Market Cap	- -	593	562	3,009	2,954	4,294	3,770
Diluted Enterprise Value	- -	714	1,312	5,225	3,916	5,226	4,895
EV per Share	- -	12.53	23.04	39.46	8.51	11.26	9.81
TTM Sales	2,119	793	763	1,851	2,290	2,423	2,718
TTM EBITDA	347	-599	-406	-16	186	293	322
TTM Operating Income	218	-541	-546	-201	34	128	182
TTM Cash Flow to Firm	237	- -	- -	- -	- -	- -	302
TTM Free Cash Flow to Firm	175	- -	- -	- -	- -	- -	173

Multiples (USD)

Valuation Multiples API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	-2	-1.01	-6.17	60.3	26.02	36.25
EV/EBIT	- -	- -	- -	- -	- -	46.1	39.32
Enterprise Value	- -	714	1,312	2,673	3,975	5,302	5,111
Low Price	- -	9.65	9.64	4.26	4.76	4.49	5.78
EV/Sales	- -	0.9	1.72	1.44	1.74	2.19	1.88
EV/EBITDA	- -	- -	- -	- -	21.37	18.1	15.87
Price/Earnings	- -	- -	- -	- -	- -	- -	34.01
Price/Earnings Average	- -	- -	- -	- -	- -	- -	33.34
Price/Earnings High	- -	- -	- -	- -	- -	- -	41.5
Price/Earnings Low	- -	- -	- -	- -	- -	- -	25.69
Price/Book Value	- -	0.6	0.42	3.01	2.49	4.16	2.48
Price/Book Value Average	- -	0.59	0.43	3.43	2.49	3.08	2.43
Price/Book Value High	- -	0.63	0.49	4.46	3.11	4.3	3.03
Price/Book Value Low	- -	0.56	0.41	1.9	1.84	2.01	1.87
Price/Tangible Book Value	- -	-1.5	-0.73	-0.27	-5.42	-6.94	-4.36
Price/Tangible Book Value Average	- -	-1.46	-0.74	-0.31	-5.42	-5.14	-4.28
Price/Tangible Book Value High	- -	-1.57	-0.84	-0.41	-6.76	-7.18	-5.32
Price/Tangible Book Value Low	- -	-1.39	-0.71	-0.17	-4	-3.36	-3.3
Price/Sales	- -	0.75	0.74	0.19	0.71	1.77	1.36
Price/Sales Average	- -	0.73	0.74	0.21	0.71	1.31	1.34
Price/Sales High	- -	0.78	0.85	0.28	0.88	1.83	1.66
Price/Sales Low	- -	0.69	0.72	0.12	0.52	0.86	1.03
Price/Cash Flow	- -	-2.37	-1.1	-0.88	10.02	15.79	15.91
Price/Cash Flow Average	- -	-2.31	-1.11	-1	10.02	11.7	15.6
Price/Cash Flow High	- -	-2.49	-1.27	-1.3	12.5	16.33	19.41
Price/Cash Flow Low	- -	-2.2	-1.07	-0.55	7.39	7.64	12.02
Price/Free Cash Flow Average	- -	-1.95	-1.02	-7.03	60.29	19.29	35.54
Price/Free Cash Flow High	- -	-2.09	-1.17	-9.14	75.25	26.92	44.23
Price/Free Cash Flow Low	- -	-1.85	-0.99	-3.89	44.5	12.59	27.39
EV/Sales Average	- -	0.88	1.73	1.48	1.74	1.72	1.85
EV/Sales High	- -	0.94	1.83	1.56	2.06	2.25	2.2
EV/Sales Low	- -	0.85	1.7	1.35	1.39	1.26	1.52
EV/EBITDA Average	- -	- -	- -	- -	21.37	14.23	15.63
EV/EBITDA High	- -	- -	- -	- -	25.39	18.61	18.6
EV/EBITDA Low	- -	- -	- -	- -	17.13	10.4	12.85
EV/EBIT Average	- -	- -	- -	- -	- -	36.27	38.71
EV/EBIT High	- -	- -	- -	- -	- -	47.41	46.07
EV/EBIT Low	- -	- -	- -	- -	- -	26.49	31.82
Last Price	- -	10.41	9.87	6.75	6.45	9.28	7.65
High Price	- -	10.92	11.4	10.01	8.05	9.6	9.34
Enterprise Value Average	- -	699	1,318	2,738	3,975	4,171	5,033
Enterprise Value High	- -	743	1,399	2,894	4,722	5,453	5,989
Enterprise Value Low	- -	671	1,299	2,505	3,185	3,046	4,137

Per Share Data Items (USD)

Per-Share Data API ChatGPT

	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Shares Outstanding	100	57	57	68	467	471	521
Diluted Weighted Avg Shares	57	57	57	446	458	463	493
Basic Weighted Avg Shares	57	57	57	51	252	463	485
Revenue per Share	37.21	13.93	13.4	36.11	9.1	5.24	5.61
EBITDA per Share	6.09	-10.52	-7.13	-0.31	0.74	0.63	0.66
Operating Income per Share	3.83	-9.5	-9.59	-3.92	0.14	0.28	0.38
Basic EPS, GAAP	2.35	- -	-0.18	-0.49	-0.25	-0.3	0.22
Basic EPS from Cont Ops	2.42	-10.87	-8.34	-4.47	-0.54	-0.29	0.23
Diluted EPS, GAAP	2.35	- -	-0.18	-0.06	-0.14	-0.3	0.22
Diluted EPS from Cont Ops	2.42	-10.87	-8.34	-0.51	-0.3	-0.29	0.23
Dividend per Share	1.02	- -	0.02	- -	- -	- -	- -
Cash Flow per Share	3.99	-4.39	-8.99	-7.69	0.64	0.59	0.48
Free Cash Flow per Basic Share	2.9	-5.22	-9.76	-9.52	0.19	0.36	0.21
Cash & Equivalents per Share	- -	10.26	9.06	4.47	1.02	1.14	0.83
Book Value per Share	- -	17.23	23.41	2.24	2.59	2.23	3.09
Tangible Book Value per Share	- -	-6.94	-13.54	-24.68	-1.19	-1.34	-1.75