Tripadvisor (TRIP) Faces Starboard Value Push to Unlock Hidden Value Through Divestitures and Profitability Improvements

Starboard Value’s October 2025 presentation at the Active-Passive Investor Summit highlighted Tripadvisor, Inc. (NASDAQ: TRIP) as a deeply undervalued online travel company trading at only 6.5x EBITDA, far below peers. The firm argued that Tripadvisor is now a newly independent company (post–Liberty control) with three valuable assets: Viator, the leading global experiences marketplace; TheFork, Europe’s top restaurant reservation platform; and Brand Tripadvisor, a trusted global travel guidance site. Starboard believes major value can be unlocked through three initiatives: selling TheFork at a premium valuation, improving Viator’s margins to OTA-like levels, and revitalizing or monetizing Brand Tripadvisor’s dataset and AI partnerships. These steps could re-rate Tripadvisor’s valuation to as low as 2.5x pro forma EBITDA and make it a compelling strategic acquisition target, noting a prior bid in early 2025 around $18–19 per share.