Tripadvisor is priced like one melting metasearch business. It's actually two businesses, its a declining Hotels segment, and Viator which is the largest online experiences marketplace, growing, now EBITDA-positive, trading inside TRIP's current price at under 1.0x revenue against private peers (GetYourGuide, Klook) at 3–4x+.
On 15 June 2026, Tripadvisor signed a $700m cash sale of TheFork to American Express ~46% of pre-deal market cap converting straight to cash. Liberty's control structure is gone, Starboard holds board seats with two more nominees standing at the 29 June AGM, and insiders bought stock at $9.60 in May.
Valuation: Bear ~$17 · Base ~$26 · Bull ~$37 per share, built bottom-up from Viator EV ($1.4bn/$2.1bn/$3.2bn) and Hotels & Other EV ($620m/$830m/$1.0bn), plus ~$250m net cash (TheFork's proceeds included, not double-counted).
Risk: AI disintermediation of Viator's traffic, a persistent growth gap versus GetYourGuide/Klook, and whether Starboard stays the course.
Even the bear case sits above today's $12.96.