Booking Holdings (BKNG)
Consumer Discretionary · $122B market cap · SEC CIK 0001075531
fundamentals score out of 100
Next reports on Oct 26, 2026, after the close, with analysts expecting $4.57 in earnings per share.
The case for BKNG
- Generated $9.1B of free cash flow in FY2025, 34% of revenue.
- 26% of revenue drops through to net profit.
- Free cash flow of 7.4% of its market value a year: a lot of cash for the price.
- Revenue growing 12.8% year over year.
- Earnings per share up 57.2%.
- Earns 25% a year on everything it owns (return on assets).
The case against
- Down 22.6% over the past year.
- 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 12.8% this year against 31.7% a year over five.
- Near the bottom of its 52-week range, 27% below the high. Falling prices usually have a reason; find it first.
- Price/sales of 4.3× is higher than 85% of Consumer Discretionary companies.
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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 67 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 91 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 92 |
| Momentumhow the price has behaved lately | 28 |
| Stabilityhow violently it moves, what it owes and what it pays you | 32 |
- 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.
Key numbers
| Price / earnings | 16.9× |
|---|---|
| Price / book | n/m (negative equity) |
| Price / sales | 4.3× |
| Revenue growth (YoY) | +12.8% |
| EPS growth (YoY) | +57.2% |
| Gross margin | 98% |
| Operating margin | 33% |
| Net margin | 26% |
| Return on assets | 25.0% (ROE not meaningful: negative equity) |
| Debt / equity | n/m (negative equity) |
| Current ratio | 1.09 |
| Dividend yield | 1.05% |
| Beta | 1.14 |
| 52-week range | $150.14 – $225.00 |
| Position in that range | 19% of the way up |
| 3-month return | -1.9% |
| 1-year return | -22.6% |
Five years of financials, as filed
Pulled from Booking Holdings's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $26.9B | $23.7B | $21.4B | $17.1B | $11.0B |
| Operating income | $8.8B | $7.6B | $5.8B | $5.1B | $2.5B |
| Net income | $5.4B | $5.9B | $4.3B | $3.1B | $1.2B |
| Operating cash flow | $9.4B | $8.3B | $7.3B | $6.6B | $2.8B |
| Capital expenditure | $322M | $429M | $345M | $368M | $304M |
| Total assets | $29.3B | $27.7B | $24.3B | $25.4B | $23.6B |
| Total liabilities | $34.8B | $31.7B | $27.1B | $22.6B | $17.5B |
| Shareholder equity | -$5.6B | -$4.0B | -$2.7B | $2.8B | $6.2B |
| Cash | $17.2B | $16.2B | $12.1B | $12.2B | $11.1B |
| Long-term debt | $16.9B | $14.9B | $12.2B | $12.0B | $8.9B |
| Free cash flow | $9.1B | $7.9B | $7.0B | $6.2B | $2.5B |
| Operating margin | 32.8% | 31.8% | 27.3% | 29.9% | 22.8% |
| Net margin | 20.1% | 24.8% | 20.1% | 17.9% | 10.6% |
| Diluted shares | 32.6M | 34.1M | 36.5M | 40.1M | 41.4M |
Share count is down 21.1% over 4 years. Buybacks have been shrinking the pie.
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…
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
- Information Security, Cybersecurity, and Data Privacy Risks