Global Business Travel Group, Inc. (GBTG)
NYSE:GBTG
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Global Business Travel Group
(NYSE:GBTG)
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Rating:63Neutral
Price Target:
$6.00
▲(7.91% Upside)
Action:ReiteratedDate:03/10/26
The score is driven primarily by improving fundamentals and cash generation, reinforced by upbeat 2026 guidance and identifiable CWT synergy upside. This is tempered by weak technical trends (price below key moving averages with negative MACD) and only moderate valuation support (P/E ~12 with no dividend).
Positive Factors
Strong cash generation
Sustained positive operating cash flow and materially growing free cash flow provide durable funding for integration costs, buybacks and productivity investments. This cash generation supports capital allocation flexibility even if earnings oscillate seasonally or during CWT integration.
Negative Factors
Remaining leverage and sensitivity
Although leverage has improved from peak stress, retained leverage near 1x D/E and ~1.9x net leverage post‑acquisition leaves the company sensitive to earnings volatility or cash‑flow hiccups. This constrains strategic flexibility and raises refinancing risk if travel demand softens.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained positive operating cash flow and materially growing free cash flow provide durable funding for integration costs, buybacks and productivity investments. This cash generation supports capital allocation flexibility even if earnings oscillate seasonally or during CWT integration.
Read all positive factors
Global Business Travel Group (GBTG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.91B
Dividend YieldN/A
Average Volume (3M)1.67M
Price to Earnings (P/E)36.7
Beta (1Y)1.18
Revenue Growth5.71%
EPS GrowthN/A
CountryUS
Employees19,000
SectorConsumer Cyclical
Sector Strength84
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.16
Shares Outstanding523,999,700
10 Day Avg. Volume1,338,796
30 Day Avg. Volume1,667,042
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)2.49
Price to Sales (P/S)1.47
P/FCF Ratio38.51
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue1.47
Enterprise Value/Gross Profit2.44
Enterprise Value/Ebitda9.14
Forecast
1Y Price Target
$8.64Price Target Upside55.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.19
Revenue Forecast (FY)$3.26B
Global Business Travel Group Business Overview & Revenue Model
Company Description
Global Business Travel Group, Inc. provides business-to-business (B2B) travel platform. The company's platform offers a suite of technology-enabled solutions to business travelers and corporate clients, travel content suppliers, and third-party tr...
How the Company Makes Money
GBTG primarily makes money by providing managed corporate travel services and related technology/consulting solutions to business clients. Key revenue streams generally include: (1) Travel management service fees: fees charged to corporate custome...
Global Business Travel Group Earnings Call Summary
Earnings Call Date:Mar 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a positive and constructive outlook: the company reported strong full-year and Q4 growth (material revenue, TTV, and adjusted EBITDA increases), outlined clear AI-driven productivity and margin expansion opportunities, and provided explicit guidance and pro forma uplift from CWT synergies. Near-term challenges include integration-related margin dilution and one-time cash costs, seasonality changes, and geopolitical uncertainty (notably the Middle East), but management presented concrete synergy targets, demonstrated balance sheet strength, and doubled buyback authorization, supporting confidence in execution.Positive Updates
AI and Digital Adoption Driving Productivity
Digital transactions rose from ~60% to over 80% (cited ~83%), Egencia average booking time under three minutes, 57% of chats resolved without human intervention (deflection); management expects adjusted gross profit margin to expand 150–200 basis points per year over the next five years (targeting high sixties by 2030) driven largely by AI and automation.
Negative Updates
CWT Integration Margin Drag and Near-Term Noise
Consolidation of CWT into results caused a year‑over‑year reduction in reported margins (reported adjusted EBITDA margin modestly down), and the combined business exhibits different seasonality; pre-synergy CWT operations run at lower margins (temporary margin impact until synergies realized).
Read all updates
Q4-2025 Updates
Positive
Negative
AI and Digital Adoption Driving Productivity
Digital transactions rose from ~60% to over 80% (cited ~83%), Egencia average booking time under three minutes, 57% of chats resolved without human intervention (deflection); management expects adjusted gross profit margin to expand 150–200 basis points per year over the next five years (targeting high sixties by 2030) driven largely by AI and automation.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 guidance for revenue of $3.235–$3.295 billion (up 19–21% YoY) and adjusted EBITDA of $615–$645 million (up 16–21% YoY), or pro forma $715–$745 million including the full $155 million of CWT synergies; free cash flow is expected to be $125–$155 million (or $235–$265 million excluding cash restructuring/CWT integration impacts), with ~40% FCF conversion at the midpoint; they expect $55 million of in‑year CWT synergies in 2026 ( $45 million already actioned) toward a $155 million total, project adjusted gross profit margin to expand 150–200 bps per year to the high‑60s by 2030, maintain net leverage at 1.9x (target range 1.5x–2.5x) after CWT, plan CapEx of ~4% of revenue, doubled buyback authorization to $600 million ( $103 million returned to date), and outlined seasonality of ~51% of revenue and ~53% of adjusted EBITDA in H1 ( ~25% of revenue and ~24% of adjusted EBITDA in Q1) with Q1 FCF largely breakeven and acceleration in Q2; guidance excludes any prolonged Middle East impact (the region ≈5% of revenue).Global Business Travel Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.72B | 2.42B | 2.29B | 1.85B | 763.00M |
| Gross Profit | 1.63B | 1.46B | 1.33B | 1.02B | 286.00M |
| EBITDA | 434.00M | 222.00M | 190.00M | -7.00M | -446.00M |
| Net Income | 109.00M | -138.00M | -63.00M | -25.00M | 0.00 |
Balance Sheet | |||||
| Total Assets | 4.92B | 3.62B | 3.75B | 4.18B | 4.01B |
| Cash, Cash Equivalents and Short-Term Investments | 434.00M | 536.00M | 476.00M | 303.00M | 516.00M |
| Total Debt | 1.51B | 1.46B | 1.45B | 1.30B | 1.10B |
| Total Liabilities | 3.25B | 2.57B | 2.54B | 2.81B | 2.52B |
| Stockholders Equity | 1.61B | 1.05B | 1.21B | 152.00M | 1.49B |
Cash Flow | |||||
| Free Cash Flow | 104.00M | 165.00M | 49.00M | -488.00M | -556.00M |
| Operating Cash Flow | 233.00M | 272.00M | 162.00M | -394.00M | -512.00M |
| Investing Cash Flow | -206.00M | -102.00M | -119.00M | -95.00M | -27.00M |
| Financing Cash Flow | -128.00M | -85.00M | 120.00M | 292.00M | 478.00M |
Global Business Travel Group Technical Analysis
Neutral
5.56
Price Trends
5.75
Negative
6.72
Negative
7.08
Negative
Market Momentum
-0.08
Negative
48.98
Neutral
76.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GBTG, the sentiment is Neutral. The current price of 5.56 is above the 20-day moving average (MA) of 5.53, below the 50-day MA of 5.75, and below the 200-day MA of 7.08, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 48.98 is Neutral, neither overbought nor oversold. The STOCH value of 76.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GBTG.
Global Business Travel Group Risk Analysis
Global Business Travel Group disclosed 52 risk factors in its most recent earnings report. Global Business Travel Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Global Business Travel Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.36B | 19.41 | 18.70% | ― | 18.18% | 70.94% | |
66 Neutral | $1.77B | 26.41 | 7.96% | ― | 1.47% | 1077.70% | |
63 Neutral | $2.91B | 36.75 | 7.99% | ― | 5.71% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $4.12B | -21.74 | -13.37% | ― | 24.26% | 55.58% | |
57 Neutral | $1.52B | -12.84 | -94.12% | ― | 9.47% | 16.97% | |
56 Neutral | $1.92B | 399.40 | 2.97% | ― | 13.83% | -273.23% |
* Consumer Cyclical Sector Average
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Global Business Travel Group Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Global Business Travel Group Secures Amended Term Loan Financing
Positive
Jan 22, 2026
On January 21, 2026, Global Business Travel Group, Inc. and certain subsidiaries amended their senior secured credit agreement to reduce the interest rate margin on their term loans by 0.50% and increase the aggregate principal amount of those ter...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.