Tuniu Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Tuniu Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,519	337	326	328	69	66.9	26.6	62.2	70.4	82.6
Cost of revenue	1,429	157	155	172	36.3	40	13.6	20.8	21.3	34.7
Gross profit	90.3	180	171	155	32.7	26.9	13	41.4	49.1	47.9
Research and development	86.6	83.2	45.8	43.6	15.4	8.57	7.37	8.03	7.22	8.43
Selling and marketing	275	137	113	133	57	23.6	15	16.6	24.7	27.7
General and administrative	94.9	98	70.9	108	170	27.3	15.8	15.9	12	10.3
Operating expenses	453	315	222	280	238	55.4	43.5	55.7	40.4	46.3
Operating income	-363	-136	-50.8	-125	-205	-28.5	-30.5	-14.3	8.67	1.61
Interest expense				4.89	4.95	1.18	0.71	0.5	0.46	0.29
Interest income	12.6	20	22.2	22.5	0.54	7.85	3.94	0.8	2.72	3.69
Other non-operating income	-0.37	-0.02	1.25	2.66	-0.04	0.45	0.89	1	1.38	-0.09
Pre-tax income	-352	-116	-29	-105	-207	-20.3	-29.6	-14	11.4	-4.36
Income tax	-0.25	2.4	0.02	0.14	-1.02	0.02	-0.11	0.2	0.12	0.2
Net income to minority interests	-2.23
Net income	-350	-118	-27	-99.8	-200	-19.1	-28	-14	10.6	4.45
EBITDA	-353	-126	-41	-112	-186	-24.6	-28.3	-12.7	9.52	2.33
EPS, basic	-0.94	-0.31	-0.07	-0.27	-0.54	-0.05	-0.08	-0.04	0.03	0.01
EPS, diluted	-0.94	-0.31	-0.07	-0.27	-0.54	-0.05	-0.08	-0.04	0.03	0.01
Shares, basic (weighted)	373	378	378	369	370	371	371	371	361	341
Shares, diluted (weighted)	373	378	378	369	370	371	371	371	364	343

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	167	74.4	81.5	42.4	32.7	54.8	22.3	53.4	63.7	29.6
Short-term investments	519	474	125	188	207	96.6	105	110	59.3	122
Receivables	31.7	44.1	50.5	76.1	40.5	17.6	4.88	5.86	5.93	9.56
Other current assets	27.8	19.5	22.7	22.6	3.6	2.76	3.01	1.69	2.4	2.21
Total current assets	1,081	782	641	549	350	232	174	212	165	185
Property, plant and equipment	25.6	22.8	27.3	32.1	17.1	15.4	12.4	8.1	4.5	2.7
Lease right-of-use assets			14.7	15.2	6.48	7.55	4.81	1.76	1.27	0.98
Goodwill	22.7	21.5	22.9	35.6	36.4	33.6	16.2	0
Intangible assets	85.3	70.8	46.2	23.9	10.9	8.69	4.45	3.68	3.04	2.81
Long-term investments	8.46	74.5	189	188	40.9	31.7	33.4	29.6	73.2	32.5
Other non-current assets	6.69	24	11.8	12.1	14	14.5	13.2	7.88	2.63	4.4
Total assets	1,319	1,023	954	948	490	361	272	276	262	229
Accounts payable	127	131	190	188	108	60.2	38	44.7	39.7	31.4
Accrued liabilities	27.7	28.8	15.2	16.2	7.28	5.3	3.84	3.01	3.17	2.8
Deferred revenue				160	32	21.9	14.3	38.1	33.9	26.4
Short-term debt			7.17	29.3	9.3	1.57	1.09	1.03	0.01	0.01
Total current liabilities	652	449	451	538	267	154	112	135	122	91
Long-term debt				1.39	3.46	2.25	1.73	1.46
Lease liabilities				7.86	5.27	6.09	3.84	0.75	0.23	0.15
Other non-current liabilities	4.53	3.28	2.99	1.57	0.47
Total liabilities	660	456	457	553	279	164	119	138	123	91.8
Total debt				1.39	3.46	2.25	1.73	1.46
Paid-in capital	1,276	1,385	1,318	1,309	1,399	1,432	1,323	1,287	1,253	1,304
Retained earnings	-685	-846	-828	-917	-1,182	-1,229	-1,164	-1,145	-1,103	-1,189
Treasury stock	-2.84	-28.5	-44.3	-44.7	-46.4	-46.1	-41.8	-40.3	-45.2	-11.8
Other comprehensive income	57.7	41.9	41.3	42.2	42.1	42.7	43.3	43	42.9	44
Shareholders' equity	646	553	487	389	212	199	161	145	148	147
Minority interests	0.06	0.34	-0.85	0.15	-5.31	-6.78	-11.1	-11	-9.82	-10.3
Total equity	646	553	486	390	207	192	150	134	138	137
Total liabilities and equity	1,319	1,023	954	948	490	361	272	276	262	229
Shares outstanding	379	389	389	389	389	389	389	389	351	328

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-352	-119	-29	-105	-206	-20.2	-29.4	-14.2	11.5	4.24
Depreciation and amortization	9.58	10.1	9.73	12.6	19.6	3.88	2.23	1.68	0.85	0.72
Stock-based compensation	13.3	15.2	10	8.87	3.14	1.43	0.73	2.24	1.29	0.8
Deferred income tax	-0.34	-0.36	-0.34	-0.39	-1.35	-0.37	-0.25	-0.11	-0.11	-0.09
Change in receivables	-11.1	-9.88	-8.81	-7.91	31.9	6.25	-5.36	-0.51	-2.36	-3
Change in payables	11.3	-25.7
Cash from operations	-323	-64.3	39	-17.3	-201	-35.5	-20.7	32.8	13.2	-15.6
Capital expenditures	-17	-24.7	-17.4	-17.6	-4.34	-2.31	-0.94	-1.38	-1.62	-1.02
Acquisitions	-2.38	-0.02	-0.39	-4.77	-0.05
Purchases of investments	-8.28	-65.5	-127	-293	-224	-52.8	-67.1	-85.5	-87.2	-100
Sales and maturities of investments	410	503	592
Cash from investing	-362	99.6	22.4	-83	178	110	-7.51	5.77	3.65	0.7
Debt repaid				-40.4	-141	-97.4	-34.9	-56.5	-49.5	-51.5
Stock issued	1.22	10.4	0.67	0.02	0.01	0.06	0.01	0	0
Share buybacks	-2.84	-25.5	-20.2	-1.95	-0.05				-6.15	-7.32
Dividends paid										-4.26
Cash from financing	522	-121	-21.1	69.7	-32.1	-54.1	-0.07	-3.18	-10.1	-22.9
Exchange rate effect			-3.16	0.71	0.8	-0.23	-0.35	-0.59	-0.38	-1.34
Net change in cash	-146	-92.4	37.1	-30	-54.9	20.6	-28.7	34.8	6.33	-39.1
Free cash flow	-340	-89	21.6	-34.9	-206	-37.8	-21.7	31.4	11.6	-16.6
Interest paid	0.22	1.88	0.54	0.33	0.54	1.12	0.73	0.57	0.41	0.23
Income taxes paid						0.47	0.32	0.21	0.17	0.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $5.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.0%	Gross profit / revenue.
Operating margin	1.9%	Operating income / revenue.
EBITDA margin	2.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-5.3%	Pre-tax income / revenue.
Net margin	5.4%	Net income / revenue.
FCF margin	-20.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-18.9%	Cash from operations / revenue.
Return on equity (ROE)	3.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
Return on invested capital (ROIC)	1.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.2%	Research and development expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	0.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	45.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	54.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-81.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-75.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-57.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-66.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-218.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-243.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-7.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-12.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-14.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.04x	Current assets / current liabilities.
Quick ratio	1.77x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.67x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	40.1%	Total liabilities / total assets.
Interest coverage	5.56x	Operating income / interest expense.
Working capital	$94.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$144.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.34x	Revenue / average total assets.
Fixed asset turnover	23.0x	Revenue / average property, plant and equipment.
Receivables turnover	10.7x	Revenue / average receivables.
Days sales outstanding	34 days	365 x average receivables / revenue.
Days payables	374 days	365 x average accounts payable / cost of revenue.
FCF conversion	-373.2%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.01	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.24	Revenue / diluted weighted shares.
FCF per share	-$0.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.05	Cash from operations / diluted weighted shares.
Book value per share	$0.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.44	Tangible book value / shares outstanding.
Cash per share	$0.46	(Cash + short-term investments) / shares outstanding.
Payout ratio	95.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$55.2M	Share price x shares outstanding.
Enterprise value	-$96.5M	Market cap + total debt - cash - short-term investments.
P/E	12.4x	Market cap / net income. Only when net income is positive.
P/S	0.67x	Market cap / revenue.
P/B	0.37x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.38x	Market cap / tangible book value, when positive.
FCF yield	-30.1%	Free cash flow / market cap.
Earnings yield	8.1%	Net income / market cap (the inverse of P/E).
Dividend yield	7.7%	Dividends paid over the period / market cap.
Shareholder yield	21.0%	(Dividends paid + share buybacks) / market cap.

What was Tuniu Corp's revenue in fiscal 2025?

Tuniu Corp reported revenue of $82.6M for fiscal 2025, 17.5% higher than the year before.

Was Tuniu Corp profitable in fiscal 2025?

Yes. Net income was $4.5M, a net margin of 5.4%.

How much free cash flow did Tuniu Corp generate in fiscal 2025?

Cash from operations of $15.6M minus capital expenditures of $1.0M left free cash flow of -$16.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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