EXPE vs MMYT: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: EXPE is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. EXPE and MMYT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined EXPE and MMYT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Expedia Group (NASDAQ: EXPE), headquartered in Seattle, is one of the world's largest online travel companies, connecting travelers with accommodations, flights, rental cars, cruises, and activities. Its consumer (B2C) business runs a portfolio of brands including Brand Expedia, Hotels.com, Vrbo (whole-home and vacation rentals), Orbitz, Travelocity, Hotwire, ebookers, and Wotif, while its B2B segment supplies travel inventory and technology to airlines, banks, loyalty programs, and other travel sellers on a white-label and API basis. The company also owns the trivago metasearch business. Expedia earns revenue primarily through merchant and agency booking margins, advertising, and B2B distribution fees, and reported roughly 3.6 million lodging properties across its platforms, including about 2.4 million alternative-accommodation listings through Vrbo.

Full EXPE guide

MakeMyTrip is India's leading online travel agency, operating a multi-brand marketplace: the flagship MakeMyTrip brand (premium leisure and business travel), Goibibo (value-focused leisure and hotels, acquired in 2017), and redBus (intercity bus ticketing, which holds roughly 70% of that online segment). The company earns money from margins and fees on the travel it books rather than by owning planes or hotels. Air tickets are still the largest slice of gross bookings, at around 62%, but management is deliberately shifting the mix toward higher-margin hotels, holiday packages, and newer categories like experiences. Across flights and hotels the group commands well over half of India's online travel market, giving it scale and negotiating leverage that second-tier rivals lack.

Full MMYT guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• EXPE drivers: B2B travel-supply growth; Brand simplification and One Key loyalty.
• MMYT drivers: Riding India's travel growth; Mix shift toward higher-margin categories.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Expedia's revenue is almost entirely dependent on travel volumes, so a global recession, geopolitical disruption, or renewed travel restrictions would hit gross bookings quickly. For MMYT, the most-cited concern is valuation: MMYT trades at a very high P/E (roughly 90-105x depending on the source and date), so the price already embeds years of strong growth and leaves little cushion for disappointment.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick EXPE if you believe its drivers more; MMYT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the EXPE and MMYT guides.

EXPE. Expedia converts a very large gross-bookings base (~$119.6 billion in 2025) into roughly $14.7 billion of revenue, reflecting the take-rate economics of an online travel intermediary. Growth in the high single digits trails Booking Holdings, but profitability has been improving as the technology replatforming rolls off and B2B scales. Trailing valuation multiples move with travel sentiment and quarterly bookings, so investors typically weigh the single-digit top-line growth against the faster earnings-per-share growth that buybacks and margin expansion can produce.

MMYT. Figures are approximate and tied to the asOf date; verify live numbers before acting. MMYT trades at a steep earnings multiple that reflects its dominant share of a fast-growing Indian travel market rather than typical value-stock metrics. Reported net profit fell in FY2026 partly because of costs tied to the Trip.com stake buyback, so operating profit and gross bookings are the cleaner gauges of the underlying business, while the multiple mainly shows how much optimism is priced in.

Headline figures (approximate, July 2026): EXPE shows revenue (fy2025) ~$14.7 billion (up ~8% year over year), revenue (ttm, as of q1 2026) ~$15.2 billion, gross bookings (fy2025) ~$119.6 billion (up ~8% year over year), net income (fy2025) ~$1.3 billion; MMYT shows gross bookings (fy2026) ~$10.4 billion, an all-time high (+~10% constant currency), revenue (fy2026) ~$1.04 billion (+~10.7% constant currency), adjusted operating profit (fy2026) ~$188.8 million (up from ~$167.3 million), cash and equivalents ~$782 million.

EXPE and MMYT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined EXPE and MMYT exposure against your real portfolio. It is not an investment adviser.