Booking Holdings (BKNG)

Consumer Discretionary · $120B market cap · SEC CIK 0001075531

Next reports on Feb 16, 2027, after the close, with analysts expecting $2.25 in earnings per share.

52-week range $146.28 to $220.81. 28% below its 52-week high and 9% above its low.

The case for BKNG

• Cheap for its growth: 16.7× earnings, where 25%+ a year of growth would justify about 46×.
• Generated $9.1B of free cash flow in FY2025, 34% of revenue.
• 25% of revenue drops through to net profit.
• Free cash flow of 7.6% of its market value a year: a lot of cash for the price.
• Revenue growing 11.5% year over year.
• Earnings per share up 50.7%.

The case against

• Near the bottom of its 52-week range, 28% below the high. Falling prices usually have a reason; find it first.
• Owes more than it owns: shareholder equity is −$5.6B, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
• Growth is slowing: revenue up 11.5% this year against 31.7% a year over five.
• Trailed the S&P 500 by 28 points over the past year.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
• Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.

The financials

The financials, five years deep

Pulled from Booking Holdings's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Booking Holdings says it does

Our mission is to make it easier for everyone to experience the world. We aim to provide consumers with a best-in-class experience with tailored planning, payment, language, and other options seamlessly connecting them with our travel service provider partners. We offer these services through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable: Accommodations Ground Transportation Flights Activities Restaurants Meta Search Booking.com ☑ ☑ ☑ ☑ Priceline ☑ ☑ ☑ ☑ Agoda ☑ ☑ ☑ ☑ KAYAK ☑ OpenTable ☑ We are proud of the meaningful progress we are making on our strategic initiatives as we continue to create more value for our consumers and partners, including: • achieving record annual room nights in 2025; • integrating new generative artificial intelligence ("Gen AI") features to enhance the consumer and partner experience and drive efficiencies in our operations; • continued advancement towards our…

Risk factors BKNG lists in its 10-K

• Our business and financial results are subject to risks and uncertainties, which could adversely affect our business, results of operations, financial condition, and cash flows
• Declines or disruptions in the travel industry could adversely affect our business and financial performance
• Intense competition could reduce our market share and harm our financial performance
• We face risks related to the growth rate and the global expansion of our business
• We are dependent on travel service providers, restaurants, search platforms, and other third parties
• We may not be able to keep up with rapid technological or other market changes
• We face risks related to the growth of our alternative accommodations business
• We face risks relating to our marketing efforts
• The development and use of Gen AI may result in reputational harm or legal liability and may adversely affect our business, financial condition, and results of operations
• We rely on the performance of highly skilled employees and, if we are unable to retain or motivate key employees or hire, retain, and motivate well-qualified employees, our business would be harmed
• We face risks related to our operational and technological infrastructures
• Investments in new business strategies and acquisitions could disrupt our ongoing business and present risks not originally contemplated
• We may not be able to successfully integrate acquired businesses or manage the operation of our internal businesses
• Our processing, storage, use, and disclosure of personal data exposes us to risks of data breaches and could give rise to liabilities and/or damage our reputation
• Cyberattacks, system vulnerabilities, or inadequate system capacity could lead to sustained service outages, data loss, reduced revenue, increased costs, liability claims, or harm to our competitive position
• Our business relies on a global supply chain of third-party services providers and we are exposed to risks because we rely on the resilience, security, and legal compliance of their products and services
• We may have exposure to additional tax liabilities
• We may not be able to maintain our "Innovation Box Tax" benefit
• Our business is subject to various competition, consumer protection, and online commerce laws and regulations around the world, and as the size of our business grows, scrutiny of our business in these areas may intensify
• Regulatory and legal requirements and uncertainties could subject us to business constraints, increased compliance costs and complexities, or otherwise harm our business
• There are various risks associated with the facilitation of payments, including risks related to fraud, compliance with evolving rules and regulations, and reliance on third parties
• We face risks related to our intellectual property
• Regulations and policies impacting the way corporations use cookies and other online tracking technologies could negatively impact the way we do business
• Our liquidity, credit ratings, and ongoing access to capital could be materially and negatively affected by global financial conditions and events
• We are exposed to fluctuations in foreign currency exchange rates
• Our stock price is highly volatile
• We face increased risks if the level of our debt increases
• The value of our investments could decline, which could adversely affect our financial condition and results of operations

Filings

Other Consumer Discretionary companies