Using an international sample of 1315 observations for 194 listed tourism firms from 2012 to 2019, we investigate the impact on firm value of DuPont components, namely asset turnover and profit margin. Next, using an event study methodology, we analyze how these components are associated with the stock market reaction to the COVID-19 pandemic announcement. The results indicate that over 2012–2019, the association of performance with firm value is mostly driven by tourism companies' ability to become more efficient with their asset base, while both profitability and productivity levels are significant predictors of firm value one year ahead. Abnormal returns surrounding the pandemic announcement appear to be more negative for more productive firms, while the latter enjoyed a stronger recovery.