TOURNasdaqTransportation ServicesFiscal year ends December 31
Tuniu Corp
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 20, 2026
$4.82−0.17 (-3.50%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
58.0%+10.6 pts over 5 years
Operating margin
1.9%+299.7 pts over 5 years
Net margin
5.4%+295.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +12.5% | +46.6% | +5.1% | -22.8% | |
| Gross profit | -6.4% | +55.2% | +9.5% | -0.8% | |
| Operating income | -82.2% | – | – | – | |
| Net income | -59.7% | – | – | – | |
| EPS, diluted | -57.1% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -61.6% | -63.9% | 2.9% | |
| Return on assets | -29.4% | -26.7% | 1.8% | |
| Current ratio | 1.66 | 1.31 | 2.04 | |
| Debt to equity | – | 0.06 | – | |
| Interest coverage | – | -41.6× | 5.6× | |
| Capex to revenue | 1.1% | 6.3% | 1.2% | |
| Diluted shares | 373M | 370M | 343M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tuniu generated CN¥807.52M from operations and spent CN¥175.81M on capital expenditure, dividends and share buybacks. 28% of that went back into the business.
Generated
CN¥807.52M
Used
CN¥175.81M
Capital expenditureCN¥49.91M28%DividendsCN¥29.79M17%Share buybacksCN¥96.11M55%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.4%
×Asset turnover0.33×
×Equity multiplier1.66×
=Return on equity, FY20252.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.4% | 0.33× | 1.66× | 2.9% |
| FY2024 | 15.0% | 0.27× | 1.83× | 7.3% |
| FY2023 | -22.5% | 0.23× | 1.79× | -9.3% |
| FY2022 | -105.3% | 0.09× | 1.76× | -16.3% |
| FY2021 | -28.5% | 0.16× | 2.07× | -9.2% |
| FY2020 | -290.5% | 0.09× | 2.39× | -63.9% |
| FY2019 | -30.5% | 0.35× | 2.17× | -22.9% |
| FY2018 | -8.3% | 0.34× | 1.90× | -5.3% |
| FY2017 | -35.0% | 0.28× | 1.96× | -19.0% |
| FY2016 | -22.9% | 1.29× | 2.09× | -61.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥31.13M
- Cash generatingOperating cash flow above zero-CN¥109.07M
- Return on assets improvedROA up on the prior year3.9% → 1.6%
- Earnings backed by cashOperating cash flow above net income-CN¥109.07M vs CN¥31.13M
- Less leverageLong-term debt to assets fell0.0% → –
- Better liquidityCurrent ratio rose1.35 → 2.04
- No dilutionShare count did not rise364M → 343M
- Gross margin improvedGross margin up on the prior year69.71% → 57.96%
- More efficientAsset turnover rose0.26 → 0.30