TCOM vs ZH
Trip.com Group Ltd. and Zhihu Inc., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | TCOM | ZH |
|---|---|---|
| Revenue | CNY 62.5B | CNY 2.7B |
| Net income | CNY 33.3B | CNY -195.2M |
| Gross margin | 80.4% | 59.9% |
| Net margin | 53.4% | −7.1% |
| Return on equity | 21.3% | −4.9% |
| Diluted EPS | · | −CNY 0.80 |
| Dividend / share | · | · |
| Payout ratio | 4.3% | · |
| Free cash flow | CNY 13.6B | CNY -364.9M |
| Equity | CNY 170.8B | CNY 3.8B |
| Net debt / equity | −0.05× | −0.88× |
| Current ratio | 1.55× | 3.73× |
| Revenue CAGR 5y | 27.8% | 15.2% |
| Profit CAGR 5y | · | · |
TCOM bills 22.7× the revenue of ZH, and ZH closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
7 years side by side
| Fiscal year | TCOM | ZH |
|---|---|---|
| FY2025 | CNY 62.5B | CNY 2.7B |
| FY2024 | CNY 53.4B | CNY 3.6B |
| FY2023 | CNY 44.6B | CNY 4.2B |
| FY2022 | CNY 20.1B | CNY 3.6B |
| FY2021 | CNY 20.0B | CNY 3.0B |
| FY2020 | CNY 18.3B | CNY 1.4B |
| FY2019 | CNY 35.7B | CNY 670.5M |
Bottom line
| Fiscal year | TCOM | ZH |
|---|---|---|
| FY2025 | CNY 33.3B | CNY -195.2M |
| FY2024 | CNY 17.1B | CNY -169.0M |
| FY2023 | CNY 9.9B | CNY -839.5M |
| FY2022 | CNY 1.4B | CNY -1.6B |
| FY2021 | CNY -550.0M | CNY -1.3B |
| FY2020 | CNY -3.2B | CNY -517.5M |
| FY2019 | CNY 7.0B | CNY -1.0B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 59,760,996,000 | TCOM |
| FY2024 | +CNY 49,778,095,000 | TCOM |
| FY2023 | +CNY 40,363,111,000 | TCOM |
| FY2022 | +CNY 16,450,081,000 | TCOM |
| FY2021 | +CNY 17,069,676,000 | TCOM |
| FY2020 | +CNY 16,974,804,000 | TCOM |
| FY2019 | +CNY 35,045,489,000 | TCOM |
TCOM has reported the higher revenue in every one of these 7 fiscal years. The gap has widened since the earliest year compared.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +60.5 pp | TCOM |
| FY2024 | +37.0 pp | TCOM |
| FY2023 | +42.4 pp | TCOM |
| FY2022 | +50.6 pp | TCOM |
| FY2021 | +40.7 pp | TCOM |
| FY2020 | +20.4 pp | TCOM |
| FY2019 | +169.4 pp | TCOM |
TCOM has kept the higher net margin in every one of these 7 fiscal years.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
ZH's net margin has been more volatile than TCOM's over the 7 comparable fiscal years — 45.8 percentage points of standard deviation against 21.8.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
TCOM led in net margin in every one of the 7 comparable fiscal years — a structural lead, not a recent swing.
7 of 18 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
ZH's return on equity has been more volatile than TCOM's over the 4 comparable fiscal years — 8.9 percentage points of standard deviation against 7.3.
4 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
TCOM led in return on equity in every one of the 4 comparable fiscal years — a structural lead, not a recent swing.
4 of 18 comparable fiscal years — a year missing data on either side is not counted.