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Global Business Travel Group

GBTG on NYSE. Global Business Travel Group sells travel management services to businesses. Market value $5.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.1%low

For every $100 of what the whole company costs, it produced $2.06 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
87.6×full

You pay 87.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
-0.3%five-year median

Each dollar kept in the business earns 0 cents a year. Above 10 is good.

Quality score: 52 of 100. Price score: 21 of 100. Our list needs 70 on quality and 60 on price.

$9.50 a share, at its 1-year low

Over the past year the price has ranged from $9.49 to $9.51.

Pays no dividend

Price from Tuesday’s close (29 September).

Five years of cash, in billions

-0.6
-0.5
0.0
0.2
0.1
0.1
2021202220232024202512 monthsto Jun '26
Revenue
$763m$1.9bn$2.3bn$2.4bn$2.7bn
Operating margin
-73.4%-10.7%-0.3%4.7%4.8%
Debt to equity
0.778.051.131.320.88
Shares outstanding
n/a0.47bn0.47bn0.52bn0.52bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.88× equity
  • Revenue growth, five yearsStrong, 27.9% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $870 million last quarter, up 38% on a year ago.
  • Profit: $15 million, up 15% on a year ago.
  • It keeps 2 cents of each $1 of sales as operating profit, down from 6 cents a year earlier.
  • Spare cash over the past 12 months: $102 million, down from $145 million.
  • 10% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $994 million more than cash, up from $780 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$597m
December 2024$591m
March 2025$621m
June 2025$631m
September 2025$674m
December 2025$792m
March 2026$840m
June 2026$870m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$129m
December 2024-$16m
March 2025$75m
June 2025$13m
September 2025-$62m
December 2025$83m
March 2026$52m
June 2026$15m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
9 March 2026
Next quarterly (estimated, 10-Q)
3 November 2026

Who owns it

1 long-term investor we follow owns it, up from 0 last quarter. 191 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Expedia Group, Inc.
    Strategic holder
    14.3%
    Since 2 May 2026
    What they said

    EXPLANATORY NOTE: This Amendment No. 3 (the "Amendment") amends and supplements the Schedule 13D filed by the Reporting Person on June 6, 2022, as amended by Amendment No. 1 thereto filed on July 12, 2023 and Amendment No. 2 thereto filed on January 16, 2024, with respect to the…

    Read the filing
  • BlackRock Portfolio Management LLC
    Passive investor
    7.5%−0.7 pts
    Since 2 May 2026
    What they said

    All of the Class A Common Stock of the Issuer reported on this Schedule 13D was acquired in the ordinary course of business for investment purposes by the Reporting Business Units. On May 2, 2026, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement")…

    Read the filing
  • Apollo Principal Holdings A GP, Ltd.
    Passive investor
    at least 4.4%
    (filed with 3 related holders)
    Since 31 December 2025
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 31 January 2025
  • American Express Company
    Strategic holder
    Sold down below 5%
    Since 29 September 2026
    What they said

    Item 4 of the Schedule 13D is hereby amended by adding the following: On September 29, 2026, the transactions contemplated by the Merger Agreement were consummated (the "Closing"), and Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving the…

    Read the filing
  • Qatar Investment Authority
    Sold down below 5%
    Since 29 September 2026
    What they said

    Item 4 of the Schedule 13D is hereby supplemented and amended to add the following information: On September 29, 2026, the Issuer, Gaia Purchaser, Inc., a Delaware corporation ("Parent"), and Gaia Merger Sub, Inc., a Delaware corporation ("Merger Sub"), completed the previously…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $33m, $2m of it under preset trading plans.

  • Bock Eric J.
    See remarks
    Sold
    Date
    21 August 2026
    Shares
    64,780
    Price
    $9.46
    Value
    $612,819
  • Bock Eric J.
    See remarks
    Sold
    Date
    20 August 2026
    Shares
    10,000
    Price
    $9.46
    Value
    $94,600
  • Crawley Andrew George
    President
    Sold
    Date
    6 August 2026
    Shares
    332,662
    Price
    $9.43
    Value
    $3m
  • Williams Karen A
    Chief Financial Officer
    Sold
    Date
    5 August 2026
    Shares
    20,000
    Price
    $9.43
    Value
    $188,600
  • Crawley Andrew George
    President
    Sold
    Date
    5 August 2026
    Shares
    350,000
    Price
    $9.43
    Value
    $3m
  • Bock Eric J.
    See remarks
    Sold
    Date
    12 June 2026
    Shares
    90,886
    Price
    $9.35
    Value
    $849,784
  • Abbott Paul G
    Chief Executive Officer, Director
    Sold
    Date
    11 June 2026
    Shares
    574,317
    Price
    $9.35
    Value
    $5m
  • Bock Eric J.
    See remarks
    Sold
    Date
    11 June 2026
    Shares
    125,030
    Price
    $9.36
    Value
    $1m
  • Konwiser Evan
    See remarks
    Sold
    Date
    9 June 2026
    Shares
    356,222
    Price
    $9.34
    Value
    $3m
  • Bock Eric J.
    See remarks
    Sold
    Date
    9 June 2026
    Shares
    200,000
    Price
    $9.34
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 4 Aug 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 87.6× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.