Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Expedia Group Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss) attributable to Expedia Group, Inc.	12)	(2,612)	565)	406)	378)
Add: Net income attributable to noncontrolling interest	3)	(116)	7)	(8)	(7)
Add: Income tax expense	(53)	(423)	203)	87)	45)
Earnings before tax (EBT)	(38)	(3,151)	775)	485)	417)
Add: Interest expense	351)	360)	173)	190)	182)
Earnings before interest and tax (EBIT)	313)	(2,791)	948)	675)	598)
Add: Depreciation of property and equipment, including internal-use software and website development	715)	739)	712)	676)	614)
Add: Amortization of intangible assets	99)	329)	198)	325)	275)
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,127)	(1,723)	1,858)	1,676)	1,488)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Expedia Group Inc. EBITDA decreased from 2019 to 2020 but then increased from 2020 to 2021 not reaching 2019 level.

Enterprise Value to EBITDA Ratio, Current

Expedia Group Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	27,553)
Earnings before interest, tax, depreciation and amortization (EBITDA)	1,127)
Valuation Ratio
EV/EBITDA	24.45
Benchmarks
EV/EBITDA, Competitors¹
Amazon.com Inc.	24.27
Home Depot Inc.	16.97
Lowe’s Cos. Inc.	13.49
TJX Cos. Inc.	18.21
EV/EBITDA, Sector
Consumer Discretionary Distribution & Retail	26.85
EV/EBITDA, Industry
Consumer Discretionary	23.81

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Expedia Group Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	33,864)	27,651)	19,078)	21,786)	18,262)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	1,127)	(1,723)	1,858)	1,676)	1,488)
Valuation Ratio
EV/EBITDA³	30.05	—	10.27	13.00	12.27
Benchmarks
EV/EBITDA, Competitors⁴
Amazon.com Inc.	21.27	32.24	26.57	—	—
Home Depot Inc.	16.53	12.34	13.36	—	—
Lowe’s Cos. Inc.	14.41	8.98	18.22	—	—
TJX Cos. Inc.	65.35	10.33	12.61	—	—
EV/EBITDA, Sector
Consumer Discretionary Distribution & Retail	20.16	24.23	21.23	—	—
EV/EBITDA, Industry
Consumer Discretionary	21.16	29.01	17.75	—	—