# Tui Ag (TUI1.XETRA)

Canonical: https://gigainvestors.com/s/TUI1.XETRA

Analysis as of: 2026-10-16T07:38:24.552Z. Financial observations: FY2003–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 6.69 per share; close as of 2026-10-15.

Estimated value: low EUR 3.69 per share, central EUR 3.84 per share, high EUR 4.04 per share. Buy at or below the central value EUR 3.84 per share. Valuation as of 2026-10-16T07:38:24.552Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 3.58×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.06×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: -0.38×

- FY2021: -0.48×

- FY2022: 0.02×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 61.6%

- ROIC, second-lowest year: -84.5%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 8.6%

- Recent gross margin (lower of latest and 3-year median): 8.4%

- Years with nonpositive capital: 2

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.3%

- FY2017: 20.8%

- FY2018: 90.4%

- FY2019: 42.7%

- FY2020: -84.5%

- FY2021: -132.6%

- FY2022: 80.5%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -2.4B

- Net income, five-year total: EUR -1.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: -10.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -2.5B

- FY2022: EUR -486M

- FY2023: EUR 44M

- FY2024: EUR 231M

- FY2025: EUR 372M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.8% vs 256.0%

- Per-share earnings: 6.20 to 1.01 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 17.4%

- Ordinary dilution, 5-year annual growth: 37.1%

- Market cap gain: EUR -291M

- Cumulative retained earnings: EUR -3.8B

- Diluted shares, 10-year annual growth: 17.4%

- Diluted shares, 5-year annual growth: 37.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -20.3%

- Per-share value change: EUR -5.19

- Per-share value, starting three-year median: EUR 6.20

- Per-share value, ending three-year median: EUR 1.01

- Buybacks concentrated in cheaper years (correlation): -0.29

- Average buyback yield: 10.9%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 431M

- Cumulative net income, 10 years: EUR -1.6B

- ROIC, first three-year median: 20.8%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 9.95

- FY2017: EUR 6.20

- FY2018: EUR 7.12

- FY2019: EUR 4.01

- FY2020: EUR -30.03

- FY2021: EUR -18.43

- FY2022: EUR -1.26

- FY2023: EUR 0.60

- FY2024: EUR 1.01

- FY2025: EUR 1.25

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.46×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.72×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.0%

- FY2017: -6.6%

- FY2018: -2.7%

- FY2019: -4.3%

- FY2020: -2.5%

- FY2021: -16.5%

- FY2022: -15.0%

- FY2023: -8.2%

- FY2024: -8.1%

- FY2025: -5.9%

## Holders

## Price story

Down 58% since Jan 2022 · sales +4.4%

Story as of 2026-10-16T10:00:09.910Z; price observation 2026-10-15.

Price needs cash profits to grow 16.1% a year for ten years

### Sales · FY2024–2025

sales +4.4%; source https://filings.xbrl.org/529900SL2WSPV293B552/2023-09-30/ESEF/GB/0/529900SL2WSPV293B552-2023-09-30-en/reports/529900SL2WSPV293B552-2023-09-30-en.xhtml; observed 2024-01-30.

- FY2016: EUR 17B 

- FY2017: EUR 19B 

- FY2018: EUR 20B 

- FY2019: EUR 19B 

- FY2020: EUR 7.9B 

- FY2021: EUR 4.7B 

- FY2022: EUR 17B 

- FY2023: EUR 21B 

- FY2024: EUR 23B 

- FY2025: EUR 24B 

### Gross margin · FY2025

gross margin 9.2%; source https://filings.xbrl.org/529900SL2WSPV293B552/2023-09-30/ESEF/GB/0/529900SL2WSPV293B552-2023-09-30-en/reports/529900SL2WSPV293B552-2023-09-30-en.xhtml; observed 2024-01-30.

- FY2016: 11.1% 

- FY2017: 10.8% 

- FY2018: 10.1% 

- FY2019: 8.8% 

- FY2022: 5.6% 

- FY2023: 7.8% 

- FY2024: 8.4% 

- FY2025: 9.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in travel services; annual sales are EUR 24.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); FY2025: revenue 24178700000; grossProfit 2223800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TUI1.XETRA: TUI AG, together with its subsidiaries, provides tourism services internationally. The company operates hotels and resorts under the Mora, Royalton, Riu, Robinson, TUI Blue, TUI Magic Life, Atlantica, Grupotel, Iberotel, Akra, TUI Suneo, and AQI brands; and cruises under the TUI Cruises, Hapag-Lloyd Cruises, and Marella brands. It also provides an online market for tours and activities, including experiences and tours; and operates aircraft. It distributes its services through markets and airlines, direct to customers, and via third parties, such as online travel agents and tour operators. The company was formerly known as Preussag AG and changed its name to TUI AG in June 2002. TUI AG was founded in 1968 and is headquartered in Hanover, Germany.

### Why customers stay

Margins ranged from 7.8% to 9.2% during 2023–25; it earns 61.6% on its capital.

- Source: https://filings.xbrl.org/529900SL2WSPV293B552/2023-09-30/ESEF/GB/0/529900SL2WSPV293B552-2023-09-30-en/reports/529900SL2WSPV293B552-2023-09-30-en.xhtml (filed 2024-01-30); FY2023: grossProfit / revenue = 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); FY2024: grossProfit / revenue = 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); FY2025: grossProfit / revenue = 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); 10-year return on capital observations [[2016,0.13263776718063758],[2017,0.20777527248278926],[2018,0.9036874218582],[2019,0.42677515543717426],[2020,-0.8449538275038329],[2021,-1.326459175424414],[2022,0.8054016806722689],[2023,1.8366129360942196],[2024,2.560060620892228],[2025,7.217458223744214]]; median 0.6160884180547216. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); FY2016: growth capex 0; upkeep 697400000; owner earnings 730700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); FY2017: growth capex 249472497.69107306; upkeep 799527502.3089269; owner earnings 363072497.69107306. Growth capex / owner earnings = 0.6871148304472826.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); FY2018: growth capex 203606994.8814602; upkeep 752593005.1185398; owner earnings 418806994.8814602. Growth capex / owner earnings = 0.4861594896214411.

- Source: https://filings.xbrl.org/529900SL2WSPV293B552/2023-09-30/ESEF/GB/0/529900SL2WSPV293B552-2023-09-30-en/reports/529900SL2WSPV293B552-2023-09-30-en.xhtml (filed 2024-01-30); FY2023: growth capex 0; upkeep 666200000; owner earnings 43605187.62343645. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); FY2024: growth capex 0; upkeep 712500000; owner earnings 230711145.03816795. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); FY2025: growth capex 0; upkeep 738900000; owner earnings 371508220.47992396. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); Dividend observations: [[2016,327000000],[2017,368200000],[2018,381800000],[2019,423300000],[2020,318100000],[2021,136500000],[2022,51000000],[2023,1063000000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 12.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TUI1.XETRA SharesStats.PercentInsiders = 12.07 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.1% yearly over ten years; actual decline was 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-01-30); Ten-year compound average after fade. Initial solved rate 0.2198773483634161. Price 6.688; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.334038535373718 → FY2025 0.73213544399125. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 34.98 per share

- 2016-12: EUR 37.56 per share

- 2017-01: EUR 38.21 per share

- 2017-02: EUR 37.52 per share

- 2017-03: EUR 36.57 per share

- 2017-04: EUR 37.55 per share

- 2017-05: EUR 38.76 per share

- 2017-06: EUR 35.87 per share

- 2017-07: EUR 37.60 per share

- 2017-08: EUR 39.93 per share

- 2017-09: EUR 40.56 per share

- 2017-10: EUR 43.67 per share

- 2017-11: EUR 43.43 per share

- 2017-12: EUR 48.43 per share

- 2018-01: EUR 51.24 per share

- 2018-02: EUR 49.13 per share

- 2018-03: EUR 49.10 per share

- 2018-04: EUR 52.89 per share

- 2018-05: EUR 55.88 per share

- 2018-06: EUR 52.99 per share

- 2018-07: EUR 51.61 per share

- 2018-08: EUR 44.81 per share

- 2018-09: EUR 46.70 per share

- 2018-10: EUR 41.21 per share

- 2018-11: EUR 35.71 per share

- 2018-12: EUR 34.70 per share

- 2019-01: EUR 37.52 per share

- 2019-02: EUR 26.43 per share

- 2019-03: EUR 24.12 per share

- 2019-04: EUR 28.12 per share

- 2019-05: EUR 23.29 per share

- 2019-06: EUR 24.27 per share

- 2019-07: EUR 25.37 per share

- 2019-08: EUR 25.50 per share

- 2019-09: EUR 30.08 per share

- 2019-10: EUR 33.02 per share

- 2019-11: EUR 35.16 per share

- 2019-12: EUR 32.16 per share

- 2020-01: EUR 26.10 per share

- 2020-02: EUR 19.75 per share

- 2020-03: EUR 11.59 per share

- 2020-04: EUR 10.32 per share

- 2020-05: EUR 13.68 per share

- 2020-06: EUR 11.84 per share

- 2020-07: EUR 9.07 per share

- 2020-08: EUR 10.44 per share

- 2020-09: EUR 9.14 per share

- 2020-10: EUR 9.49 per share

- 2020-11: EUR 15.86 per share

- 2020-12: EUR 14.63 per share

- 2021-01: EUR 17.62 per share

- 2021-02: EUR 22.35 per share

- 2021-03: EUR 19.36 per share

- 2021-04: EUR 22.19 per share

- 2021-05: EUR 22.16 per share

- 2021-06: EUR 19.37 per share

- 2021-07: EUR 17.82 per share

- 2021-08: EUR 16.52 per share

- 2021-09: EUR 16.89 per share

- 2021-10: EUR 15.27 per share

- 2021-11: EUR 12.34 per share

- 2021-12: EUR 14.30 per share

- 2022-01: EUR 15.99 per share

- 2022-02: EUR 15.20 per share

- 2022-03: EUR 15.17 per share

- 2022-04: EUR 14.51 per share

- 2022-05: EUR 11.87 per share

- 2022-06: EUR 8.17 per share

- 2022-07: EUR 8.34 per share

- 2022-08: EUR 8.09 per share

- 2022-09: EUR 6.54 per share

- 2022-10: EUR 8.13 per share

- 2022-11: EUR 9.00 per share

- 2022-12: EUR 8.05 per share

- 2023-01: EUR 10.18 per share

- 2023-02: EUR 9.84 per share

- 2023-03: EUR 7.07 per share

- 2023-04: EUR 5.78 per share

- 2023-05: EUR 5.91 per share

- 2023-06: EUR 6.51 per share

- 2023-07: EUR 7.36 per share

- 2023-08: EUR 5.49 per share

- 2023-09: EUR 5.22 per share

- 2023-10: EUR 4.75 per share

- 2023-11: EUR 5.57 per share

- 2023-12: EUR 7.06 per share

- 2024-01: EUR 6.44 per share

- 2024-02: EUR 6.47 per share

- 2024-03: EUR 7.64 per share

- 2024-04: EUR 6.64 per share

- 2024-05: EUR 6.34 per share

- 2024-06: EUR 6.60 per share

- 2024-07: EUR 5.97 per share

- 2024-08: EUR 5.96 per share

- 2024-09: EUR 6.84 per share

- 2024-10: EUR 7.64 per share

- 2024-11: EUR 7.51 per share

- 2024-12: EUR 8.35 per share

- 2025-01: EUR 8.20 per share

- 2025-02: EUR 7.00 per share

- 2025-03: EUR 6.31 per share

- 2025-04: EUR 6.75 per share

- 2025-05: EUR 7.36 per share

- 2025-06: EUR 7.42 per share

- 2025-07: EUR 7.96 per share

- 2025-08: EUR 8.75 per share

- 2025-09: EUR 7.74 per share

- 2025-10: EUR 7.38 per share

- 2025-11: EUR 8.23 per share

- 2025-12: EUR 8.98 per share

- 2026-01: EUR 9.02 per share

- 2026-02: EUR 8.08 per share

- 2026-03: EUR 6.61 per share

- 2026-04: EUR 6.35 per share

- 2026-05: EUR 7.07 per share

- 2026-06: EUR 7.24 per share

- 2026-07: EUR 7.51 per share

- 2026-08: EUR 7.03 per share

- 2026-09: EUR 6.91 per share

- 2026-10: EUR 6.68 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 53.75 per share, central EUR 58.32 per share, high EUR 64.40 per share

- FY2018: low EUR 61.58 per share, central EUR 67.18 per share, high EUR 74.64 per share

- FY2019: low EUR 50.48 per share, central EUR 55.86 per share, high EUR 63.02 per share

- FY2020: low EUR 23.52 per share, central EUR 25.76 per share, high EUR 28.74 per share

- FY2025: low EUR 5.04 per share, central EUR 5.19 per share, high EUR 5.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900SL2WSPV293B552/2023-09-30/ESEF/GB/0/529900SL2WSPV293B552-2023-09-30-en/reports/529900SL2WSPV293B552-2023-09-30-en.xhtml); period 2023-09-30, filed 2024-01-30.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.