The Skift Travel 200
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. By bringing together the largest publicly traded travel companies from across the globe, the ST200 makes it easy to track travel industry performance for the first time ever.
Travel Index Performance
What am I looking at? The Skift Travel 200
How to read this chart: This is the price performance of the ST200 in absolute index levels.
Analyst Commentary
The ST200 today sits below its January 2020 peak of 1,175. While this makes it clear that the industry is still struggling to fully recover, much of that damage came in the dark days of 2020. If we instead look at positive year-to-date performance, it becomes clearer that there is gathering optimism for our industry.
—Seth Borko, August 30, 2023.
How Does It Work?
Stock indices are often used to understand the performance of industries and nations. The Dow Jones tells us about the U.S. economy while the Nasdaq gives us insight into tech stocks. Yet despite being one of the world’s largest industries, travel has had no equivalent index until now.
The ST200 is the first ever to take a holistic look across the entire travel industry. It breaks down artificial barriers within travel by combining companies from five different sectors: accommodations, airlines, travel tech, cruises and tours, and ground transportation.
The Travel Industry as Captured in the Skift Travel 200
ST200 Index at 1,038.55 as of 4/26/2024 | $225 Billion Aggregate Revenue as of Q22023 | $44 Billion Aggregate EBITDA as of Q22023 |
965 Billion Market Cap as of 11/14/2023 | 19.43% Revenue Growth as of Q22023 vs. prior year | 86.33% EBITDA Growth as of Q22023 vs. prior year |
Each major travel sector is assigned a weight within the ST200 based on the market capitalization of the companies within it. Those sectors are further dividing into 14 sub-sectors to provide more granular insights into how different parts of the travel sector are performing.
The Sectors and Sub-Sectors Within the ST200
| Sectors | Market Capitalization | Share of ST200 | Number of Companies |
|---|---|---|---|
| Accommodations | $378,030 | 36% | 81 |
| Global Brands | $156,440 | 15% | 12 |
| Alternative Accommodations | $96,622 | 9% | 6 |
| Regional Brands | $45,520 | 4% | 17 |
| Hotel REITs | $45,213 | 4% | 25 |
| Hotel Management and Operations | $21,058 | 2% | 17 |
| Time Shares | $13,176 | 1% | 4 |
| Airlines | $357,936 | 34% | 60 |
| Network Carriers | $259,410 | 24% | 32 |
| Low Cost Carriers | $90,573 | 9% | 22 |
| Other Airline Related | $7,953 | 1% | 6 |
| Travel Tech | $208,427 | 20% | 21 |
| Online Travel | $162,202 | 15% | 15 |
| B2B Tech | $46,225 | 4% | 6 |
| Cruise and Tours | $78,478 | 7% | 18 |
| Cruise Lines | $60,853 | 6% | 4 |
| Tour Operators | $17,625 | 2% | 14 |
| Ground Transportation | $38,212 | 4% | 16 |
What am I looking at? The sectors and sub-sectors that make up the ST200 as of September 2023.
How to read this chart: Each group is assigned a weight based on the market capitalization of constituent companies. This chart tells us how big each sector is in comparison to one another.
Learn more about the ST200 by reading our full methodology.
Stock Returns
Travel Industry vs. Broad Stock Indices
What am I looking at? The ST200 compared to the S&P 500 and the MSCI All Country World Index.
How to read this chart: This chart places the travel industry in the context of the broader market. The S&P 500 and MSCI All Country World Index are major benchmarks that track U.S. and global stock market performance, respectively. All indices are set to 1,000 as of December 31, 2018. This chart tells us how the travel industry is doing relative to broader economies.
Analyst Commentary
undefined—Seth Borko, August 30, 2023.
Travel Price Returns by Year
What am I looking at? Annual price returns for the ST200 by calendar year.
How to read this chart: Calendar years are a common way of looking at stock returns. This is particularly helpful for the travel industry because it was so deeply affected by COVID-19 in 2020. Looking at post-pandemic years helps isolate that impact.
Travel Sector Performance
What am I looking at? Index levels for the five core travel sectors that make up the ST200.
How to read this chart: This helps us understand how each part of the travel industry is performing relative to one another.
Analyst Commentary
undefined—Seth Borko, August 30, 2023.
Revenue
Travel Industry Quarterly Revenue
What am I looking at? Divisor-adjusted revenue for Skift Travel 200 companies by quarter. Note: We aren’t showing total dollars generated in sales by these companies: If we did, adding or removing companies would skew comparisons over time. Divisor-adjusted revenue is the equivalent of a company's revenue per share but aggregated for the total index.
How to read this chart: This chart shows how top-line sales are progressing for the ST200 in a way that lets us consistently track the sales trend from quarter to quarter.
Travel Industry Quarterly Revenue Growth
What am I looking at? The percent change in travel industry quarterly revenue from the same period last year.
How to read this chart: The travel industry has sharp seasonality which makes sequential growth rates meaningless. Instead, this chart looks at year year-over-year changes in revenue. As we are always looking at changes relative to the same season (e.g. Q2 2023 vs. Q2 2022), this isolates seasonality and can help us understand how top-line growth rates for the travel industry are shaping up.
Analyst Commentary
undefined—Seth Borko, August 30, 2023.
Travel Industry Rolling 12 Month Revenue
What am I looking at? Divisor-adjusted revenue for the travel industry aggregated over a rolling 12 month period. Note: We aren’t showing total dollars generated in sales by these companies: If we did, adding or removing companies would skew comparisons over time. Divisor-adjusted revenue is the equivalent of a company's revenue per share but aggregated for the total index in a way that lets us consistently track the sales trend.
How to read this chart: To smooth out the travel industry’s seasonality this chart always looks at revenue over a 12 month period (e.g. Q3 2022 - Q2 2023). T12M data lets us look at sequential trends because each observation always includes all four seasons. This chart helps us understand how top-line sales are trending for the travel industry.
Analyst Commentary
undefined—Seth Borko, August 30, 2023.
Profits (EBITDA)
Travel Industry Quarterly EBITDA
What am I looking at? Divisor-adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the travel industry by quarter. Note: We aren’t showing total dollars generated in profits by these companies: If we did, adding or removing companies would skew comparisons over time. Divisor-adjusted EBITDA is the equivalent of a company's EBITDA per share but aggregated for the total index.
How to read this chart: This chart shows how bottom-line profits are progressing for the ST200 in a way that lets us consistently track the profit trend from quarter to quarter.
Travel Industry Quarterly EBITDA Growth
What am I looking at? Percent change in travel industry quarterly EBITDA from the same period last year.
How to read this chart: The travel industry has sharp seasonality which makes sequential growth rates meaningless. Instead this chart looks at year-over-year changes in EBITDA. As we are always looking at changes relative to the same season (e.g. Q2 2023 vs. Q2 2022), this isolates seasonality and can help us understand how profit growth for the travel industry is shaping up.
Travel Industry Rolling 12 Month EBITDA
What am I looking at? Divisor-adjusted EBITDA for the travel industry aggregated over a rolling 12 month period. Note: We aren’t showing total dollars generated in profits by these companies: If we did, adding or removing companies would skew comparisons over time. Divisor-adjusted EBITDA is the equivalent of a company's EBITDA per share but aggregated for the total index.
How to read this chart: To smooth out the travel industry’s seasonality this chart always looks at EBTIDA over a 12 month period (e.g. Q3 2022 - Q2 2023). T12M data lets us look at sequential trends because each observation always includes all four seasons. This chart helps us understand how bottom-line profits are trending for the travel industry.
Profit Margins
Travel Industry Quarterly EBITDA Profit Margin
What am I looking at? EBITDA margin for the travel industry by quarter.
How to read this chart: This chart shows how much operating profit travel companies earn relative to the revenue they generated in the quarter.
Rolling 12 Month EBITDA Profit Margin
What am I looking at? EBITDA margin for the travel industry by over a rolling 12 month period.
How to read this chart: To smooth out the travel industry’s seasonality this chart always looks at EBTIDA margins over a 12 month period (e.g. Q3 2022 - Q2 2023). T12M data lets us look at sequential trends because each observation always includes all four seasons. This chart helps us understand how profit margin is trending for the travel industry.
Analyst Commentary
undefined—Seth Borko, August 30, 2023.