Global Business Travel Ratios (2019-2025) | GBTG

Ratios Dec2019 Sep2020 Dec2020 Mar2021 Jun2021 Sep2021 Dec2021 Mar2022 Jun2022 Sep2022 Dec2022 Mar2023 Jun2023 Sep2023 Dec2023 Mar2024 Jun2024 Sep2024 Dec2024 Mar2025 Jun2025 Sep2025
Profitability
Gross Margin 37.91%35.53%39.72%50.57%59.05%55.33%54.08%58.13%58.95%58.32%56.65%59.84%60.48%60.30%59.73%62.80%61.65%59.94%
EBT Margin -83.01%-69.54%-88.50%-32.86%-1.03%-16.80%-16.13%-6.06%-9.63%-1.75%-7.83%1.31%0.16%-12.40%-1.02%15.46%5.39%-5.93%
EBIT Margin -74.51%-62.94%-67.25%-27.43%-3.91%-9.22%-7.21%-1.56%0.34%-0.70%0.55%2.62%6.72%4.52%5.08%8.86%5.39%1.78%
EBITDA Margin -74.51%-62.94%-67.25%-27.43%-3.91%-9.22%-7.21%-1.56%0.34%-0.70%0.55%2.62%6.72%4.52%5.08%8.86%5.39%1.78%
Operating Margin -74.51%-62.94%-67.25%-27.43%-3.91%-9.22%-7.21%-1.56%0.34%-0.70%0.55%2.62%6.72%4.52%5.08%8.86%5.39%1.78%
Net Margin -1.24%-35.29%4.53%-9.13%-1.22%4.32%-4.10%-4.93%-0.35%-2.36%-8.56%-3.11%4.16%-21.61%-2.71%12.08%2.06%-9.20%
FCF Margin -31.53%-154.02%-59.39%-64.46%-50.00%-36.21%-22.95%-4.74%-18.86%3.21%18.74%5.83%3.93%7.84%9.88%5.58%4.19%4.28%5.64%
Efficiency
Assets Average 0.49M409.67M818.40M818.50M818.67M2,294.88M2,294.55M2,334.55M3,775.50M3,714.00M3,838.50M3,964.50M3,930.00M3,815.50M3,793.00M3,808.50M3,767.00M3,688.00M3,704.50M3,828.00M4,315.50M
Equity Average -0.00M492.00M450.18M-82.99M-76.75M631.41M615.47M581.47M1,217.50M1,270.00M1,361.50M1,345.50M1,297.00M1,233.50M1,193.00M1,196.00M1,162.00M1,081.50M1,092.00M1,167.00M1,370.50M
Invested Capital 0.00M0.35M984.37M-83.64M-82.32M-71.18M2,357.00M-98.80M2,487.00M2,390.00M2,593.00M1,356.00M1,345.00M2,614.00M2,574.00M2,537.00M2,583.00M2,490.00M2,441.00M2,511.00M2,588.00M2,923.00M
Asset Utilization Ratio 0.971.161.400.280.430.570.430.500.540.550.580.600.610.620.630.660.660.640.58
Leverage & Solvency
Interest Coverage Ratio -8.77-9.54-12.06-5.05-0.79-1.73-1.31-0.260.06-0.110.080.481.310.961.362.291.480.50
Debt to Equity -35.590.00-0.01-0.02-0.030.77-0.060.961.040.891.001.011.081.121.161.121.251.311.231.140.91
Debt Ratio 0.370.000.000.000.000.270.010.320.330.330.340.340.350.360.360.360.370.380.370.360.29
Equity Ratio 1.00-0.011.20-0.10-0.10-0.090.35-0.130.330.320.370.340.340.320.320.310.320.290.290.300.310.32
Times Interest Earned -8.77-9.54-12.06-5.05-0.79-1.73-1.31-0.260.06-0.110.080.481.310.961.362.291.480.50
Valuation
Enterprise Value -0.26M-0.33M-0.60M-0.87M-356.00M-0.08M734.00M781.00M906.00M864.00M814.00M-429.00M-472.00M-472.00M-511.00M-519.00M-530.00M-546.00M-594.00M-422.00M
Return Ratios
Return on Sales -0.35%-0.54%-0.68%-0.26%0.00%-0.15%-0.12%-0.05%-0.09%-0.01%-0.08%-0.03%0.04%-0.21%-0.03%0.12%0.02%-0.09%
Return on Capital Employed -0.23%-0.28%-0.12%-0.07%-0.04%-0.03%-0.02%0.00%0.01%0.02%0.03%0.04%0.06%0.05%0.04%
Return on Invested Capital -0.33%-0.28%-0.11%-0.06%-0.04%-0.06%-0.02%0.00%0.01%0.02%0.05%0.09%-0.16%-0.07%0.00%
Return on Assets -0.07%-0.20%-0.15%-0.19%-0.17%-0.09%-0.06%-0.04%-0.05%-0.04%-0.04%-0.03%-0.01%-0.04%-0.04%-0.01%-0.01%0.00%
Return on Equity 0.65%2.08%-0.56%-0.72%-0.67%-0.29%-0.18%-0.12%-0.16%-0.12%-0.11%-0.11%-0.04%-0.14%-0.13%-0.04%-0.05%0.01%