<p>Expedia Group (EXPE) 在第三季度表现强劲，超出预期的收益和需求使其重新引起投资者的关注，过去一个月股价上涨了 17.6%。</p>
<p>查看我们对 Expedia Group 的最新分析。</p>
<p>这一激增标志着强劲的表现，过去 30 天股价回报约为 16%，而 1 年总股东回报约为 62%，这表明随着投资者重新评估 Expedia Group 的增长前景和潜在风险，势头显然在增强。</p>
<p>如果这次旅游复苏让你重新考虑你的观察名单，现在可能是探索汽车制造商的好时机，以发现消费者需求的下一个转变。</p>
<p>随着收益超出预期，需求加速，股价已经带来超额回报，Expedia Group 仍然以低于其内在价值的价格交易，还是市场已经将下一个增长阶段的预期纳入了价格？</p>
<h2>最受欢迎的叙述：高估 4.7%</h2>
<p>Expedia Group 最近收盘价为 282.82 美元，而叙述的公允价值约为 270 美元，当前价格略高于长期预期。</p>
<p><em>统一的全球技术平台和更高的自动化（包括人工智能驱动的开发工具和个性化保险产品）已经带来了更快的功能交付、改善的客户体验和降低的运营成本，预计将在未来几年进一步扩大 EBITDA 利润率并提升收益。</em></p>
<p>阅读完整叙述。</p>
<p>好奇温和的收入增长、上升的利润率和更精简的股份数量如何仍能证明高价标签的合理性？完整叙述逐步解析了这一数学问题。</p>
<p><strong>结果：公允价值为 270.24 美元（高估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，执行并非没有风险，较低的美国旅游需求和日益激烈的人工智能竞争都可能对支撑当前估值的增长假设施加压力。</p>
<p>了解 Expedia Group 叙述的关键风险。</p>
<h2>价值的另一种视角</h2>
<p>虽然共识叙述认为 Expedia Group 相对于 270 美元的公允价值高估约 4.7%，但我们的 SWS DCF 模型描绘了截然不同的图景，暗示内在价值接近 519 美元，约比今天的价格高出 46%。市场是否低估了现金流的故事？</p>
<p>深入了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/de89779d-a8df-42cd-986c-ae7c88575f36/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1706" height="760" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/de89779d-a8df-42cd-986c-ae7c88575f36/chart/dcf"/></p>
<p>截至 2025 年 12 月的 EXPE 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 Expedia Group）。我们展示了完整的计算过程。您可以在观察名单或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 913 只基于现金流的低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的 Expedia Group 叙述</h2>
<p>如果您对这个故事有不同的看法，或者只是更喜欢自己深入数字，您可以在几分钟内使用 “按您自己的方式” 来构建完整的视图。</p>
<p>您对 Expedia Group 研究的一个很好的起点是我们的分析，强调 3 个关键奖励和 1 个可能影响您投资决策的重要警示信号。</p>
<h2>准备好您的下一步行动了吗？</h2>
<p>使用 Simply Wall Street 筛选器在机会进入主流之前精准定位新机会，这样您就不会被迫旁观。</p>
<ul>
<li>通过针对这些 913 只基于现金流的低估股票，捕捉新兴价值。</li>
<li>通过关注在机器学习和自动化前沿的领导者，利用快速创新，投资这 26 只人工智能便士股票。</li>
<li>通过筛选提供吸引人收益的可靠支付者，提升您的收入策略，投资这 13 只收益率超过 3% 的股息股票。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人机器人，而是能够在 30 分钟内提供 5G、ISR 和雷达的完全自主塔。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>代表 CiTech 赞助</p>

EXPE

<p>Expedia Group 第三季度的收益超出预期，导致过去一个月股价上涨 17.6%。尽管如此，该股票在 282.82 美元的价格上被认为高估了 4.7%，而其公允价值为 270 美元。然而，DCF 模型显示其内在价值更高，达到 519 美元。该公司受益于统一的全球技术平台和自动化，改善了利润率和客户体验。风险包括美国旅游需求减弱和日益激烈的人工智能竞争。Simply Wall St 提供了详细分析，但提醒这并非财务建议</p>

<p>Expedia Group (EXPE) is back on investors radar after a stronger than expected third quarter, where earnings and demand outpaced forecasts and helped drive a 17.6% jump in the stock over the past month.</p>
<div class="lb-trans"><p>Expedia Group (EXPE) 在第三季度表现强劲，超出预期的收益和需求使其重新引起投资者的关注，过去一个月股价上涨了 17.6%。</p>
</div><p>See our latest analysis for Expedia Group.</p>
<div class="lb-trans"><p>查看我们对 Expedia Group 的最新分析。</p>
</div><p>That surge has capped a strong run, with a roughly 16% 30 day share price return and a robust 1 year total shareholder return of about 62%, suggesting momentum is clearly building as investors reassess Expedia Group’s growth prospects and perceived risks.</p>
<div class="lb-trans"><p>这一激增标志着强劲的表现，过去 30 天股价回报约为 16%，而 1 年总股东回报约为 62%，这表明随着投资者重新评估 Expedia Group 的增长前景和潜在风险，势头显然在增强。</p>
</div><p>If this travel rebound has you rethinking your watchlist, it could be a good moment to explore auto manufacturers as another way to spot where consumer demand is shifting next.</p>
<div class="lb-trans"><p>如果这次旅游复苏让你重新考虑你的观察名单，现在可能是探索汽车制造商的好时机，以发现消费者需求的下一个转变。</p>
</div><p>With earnings beating expectations, demand accelerating, and the stock already delivering outsized returns, is Expedia Group still trading at a discount to its intrinsic value, or are markets already pricing in the next leg of growth?</p>
<div class="lb-trans"><p>随着收益超出预期，需求加速，股价已经带来超额回报，Expedia Group 仍然以低于其内在价值的价格交易，还是市场已经将下一个增长阶段的预期纳入了价格？</p>
</div><h2>Most Popular Narrative: 4.7% Overvalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：高估 4.7%</h2>
</div><p>With Expedia Group last closing at $282.82 against a narrative fair value of about $270, the current price sits slightly ahead of long run expectations.</p>
<div class="lb-trans"><p>Expedia Group 最近收盘价为 282.82 美元，而叙述的公允价值约为 270 美元，当前价格略高于长期预期。</p>
</div><p><em>Unified global technology platform and greater automation (including AI powered developer tools and personalized insurance products) are already producing faster feature delivery, improved customer experience, and reduced operating costs, which are expected to further expand EBITDA margins and benefit earnings over the next several years.</em></p>
<div class="lb-trans"><p><em>统一的全球技术平台和更高的自动化（包括人工智能驱动的开发工具和个性化保险产品）已经带来了更快的功能交付、改善的客户体验和降低的运营成本，预计将在未来几年进一步扩大 EBITDA 利润率并提升收益。</em></p>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Curious how modest revenue growth, rising margins, and a leaner share count can still justify a premium price tag? The full narrative unpacks the math, step by step.</p>
<div class="lb-trans"><p>好奇温和的收入增长、上升的利润率和更精简的股份数量如何仍能证明高价标签的合理性？完整叙述逐步解析了这一数学问题。</p>
</div><p><strong>Result: Fair Value of $270.24 (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 270.24 美元（高估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, execution is not risk free, with softer US travel demand and rising AI enabled competition both capable of pressuring growth assumptions that underpin today’s valuation.</p>
<div class="lb-trans"><p>然而，执行并非没有风险，较低的美国旅游需求和日益激烈的人工智能竞争都可能对支撑当前估值的增长假设施加压力。</p>
</div><p>Find out about the key risks to this Expedia Group narrative.</p>
<div class="lb-trans"><p>了解 Expedia Group 叙述的关键风险。</p>
</div><h2>Another Lens on Value</h2>
<div class="lb-trans"><h2>价值的另一种视角</h2>
</div><p>While consensus narratives see Expedia Group as about 4.7% overvalued versus a $270 fair value, our SWS DCF model paints a very different picture, suggesting intrinsic value closer to $519, or roughly 46% above today’s price. Is the market underestimating the cash flow story?</p>
<div class="lb-trans"><p>虽然共识叙述认为 Expedia Group 相对于 270 美元的公允价值高估约 4.7%，但我们的 SWS DCF 模型描绘了截然不同的图景，暗示内在价值接近 519 美元，约比今天的价格高出 46%。市场是否低估了现金流的故事？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>深入了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/de89779d-a8df-42cd-986c-ae7c88575f36/chart/dcf" alt="" original-src="https://images.simplywall.st/company/de89779d-a8df-42cd-986c-ae7c88575f36/chart/dcf"/></p>
<p>EXPE Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 EXPE 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Expedia Group for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 913 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 Expedia Group）。我们展示了完整的计算过程。您可以在观察名单或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 913 只基于现金流的低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own Expedia Group Narrative</h2>
<div class="lb-trans"><h2>构建您自己的 Expedia Group 叙述</h2>
</div><p>If you see the story differently or simply prefer digging into the numbers yourself, you can craft a complete view in minutes with Do it your way.</p>
<div class="lb-trans"><p>如果您对这个故事有不同的看法，或者只是更喜欢自己深入数字，您可以在几分钟内使用 “按您自己的方式” 来构建完整的视图。</p>
</div><p>A great starting point for your Expedia Group research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>您对 Expedia Group 研究的一个很好的起点是我们的分析，强调 3 个关键奖励和 1 个可能影响您投资决策的重要警示信号。</p>
</div><h2>Ready for your next move?</h2>
<div class="lb-trans"><h2>准备好您的下一步行动了吗？</h2>
</div><p>Use the Simply Wall Street Screener to pinpoint fresh opportunities before they hit the mainstream, so you are not left watching from the sidelines.</p>
<div class="lb-trans"><p>使用 Simply Wall Street 筛选器在机会进入主流之前精准定位新机会，这样您就不会被迫旁观。</p>
</div><ul>
<li>Capture emerging value by targeting companies trading below their cash flow potential with these 913 undervalued stocks based on cash flows.</li>
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<li>Boost your income strategy by filtering for reliable payers offering attractive yields via these 13 dividend stocks with yields &gt; 3%.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过针对这些 913 只基于现金流的低估股票，捕捉新兴价值。</li>
<li>通过关注在机器学习和自动化前沿的领导者，利用快速创新，投资这 26 只人工智能便士股票。</li>
<li>通过筛选提供吸引人收益的可靠支付者，提升您的收入策略，投资这 13 只收益率超过 3% 的股息股票。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人机器人，而是能够在 30 分钟内提供 5G、ISR 和雷达的完全自主塔。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 赞助</p>
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Expedia 集团（EXPE）：在第三季度盈利大幅超预期和增长前景改善后重新评估其估值