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American Express Global Business Travel, operated by Global Business Travel Group, Inc., a Delaware corporation, ("Amex GBT") is a leading technology and services company for travel, expense, and meetings & events. We are committed to offering companies and their travelers access to the most valuable marketplace in business travel for one simple reason: when people come together, great ideas co…
Operating margin is thin at 4.79%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 12.4%, still solid. Free cash flow declined 37% despite revenue growth, conversion is weakening.
Free cash flow declined 37% versus the prior year, cash generation momentum has weakened. Net debt of $1.07B represents 10.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.93B
▲ +12.4% YoY
Net Income (TTM)
$86M
▲ +179.0% YoY
Op. Margin
2.66%
ROIC
2.05%
▼ -0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$26M
▼ -37.0% YoY
Op. Cash Flow (TTM)
$165M
▼ -14.3% YoY
Net Debt
$1.16B
Cash & Equiv.
$442M
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