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Booking (BKNG)

Market Price (9/22/2025): $5448.8101 | Market Cap: $177.1 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Booking (BKNG)

Market Price (9/22/2025): $5448.8101
Market Cap: $177.1 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%		  Expensive valuation multiples
P/SPrice/Sales ratio is 7.1x
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%		  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%, CFO LTM is 9.6 Bil, FCF LTM is 9.2 Bil		  
3 Attractive yield
FCF Yield is 5.2%		  
4 Low stock price volatility
Vol 12M is 27%		  
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 12%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%, CFO LTM is 9.6 Bil, FCF LTM is 9.2 Bil
3 Attractive yield
FCF Yield is 5.2%
4 Low stock price volatility
Vol 12M is 27%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 7.1x

Market Valuation

 9/22/252024202320222021
Share Price CYE$5,448.81$4,941.21$3,496.79$1,986.63$2,365.12
Market Cap CYE ($ Bil)177.1163.3121.476.597.1
Total Debt ($ Bil)19.017.114.813.011.3
Total Cash ($ Bil)17.616.212.712.411.2
Enterprise Value ($ Bil)178.4180.4136.289.5108.4
Valuation Ratios     
P/S TTM7.17.06.04.79.0
P/EBIT TTM22.719.420.118.654.7
P/E TTM36.828.429.926.384.5
Sector Ratios     
P/S TTM (Sector)0.80.80.90.81.3
P/EBIT TTM (Sector)7.26.97.05.57.4
P/E TTM (Sector)9.58.18.97.39.2
 9/22/2520242023
Share Price CYE$5,448.81$4,941.21$3,496.79
Market Cap CYE ($ Bil)177.1163.3121.4
Total Debt ($ Bil)19.017.114.8
Total Cash ($ Bil)17.616.212.7
Enterprise Value ($ Bil)178.4180.4136.2
Valuation Ratios   
P/S TTM7.17.06.0
P/EBIT TTM22.719.420.1
P/E TTM36.828.429.9
Sector Ratios   
P/S TTM (Sector)0.80.80.9
P/EBIT TTM (Sector)7.26.97.0
P/E TTM (Sector)9.58.18.9

Market Cap Chart

Business Description

Booking Holdings Inc. provides travel and restaurant online reservation and related services worldwide. The company operates Booking.com, which offers online accommodation reservations; Rentalcars.com that provides online rental car reservation services; Priceline, which offer online travel reservation services, and consumers hotel, flight, and rental car reservation services, as well as vacation packages, cruises, and hotel distribution services. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
BKNG Return8%8%-16%76%41%10%169%
Peers Return7%19%-41%78%15%14%76%
S&P 500 Return16%27%-19%24%23%13%106%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: META, ABNB, EXPE, H, TRIP. See BKNG Returns vs. Peers.
[3] 2025 data is for the year up to 9/19/2025 (YTD)

Interactive Breakdown

Booking Interactive Breakdown Analysis

Better Bets than Booking (BKNG)

 BKNGBetter Performance than BKNG
MetricValueIndustry (Hotels, Resorts & Cruise Lines)
Rev Chg LTM11.7%RCL (12.1%), VIK (17.7%), MMYT (18.1%), HGV (18.4%), LIND (18.7%)
Rev Chg 3Y Avg19.9%RCL (65.4%), CCL (81.1%), MMYT (34.8%), NCLH (79.0%), HGV (20.8%)
Op Mgn LTM32.8%WH (40.5%)
CFO/Rev LTM38.3%VIK (38.9%), NUTR (297.0%)
FCF/Rev LTM36.9%ABNB (37.2%), NUTR (295.8%)
Total Yield3.4%RCL (4.4%), MAR (4.3%), CCL (6.3%), EXPE (4.3%), H (3.6%)
 BKNGBetter Performance than BKNG
MetricValueAll Other Sectors
Rev Chg LTM11.7%NVDA (71.6%), MSFT (14.9%), GOOGL (13.1%), META (19.4%), AVGO (28.0%)
Rev Chg 3Y Avg19.9%NVDA (92.0%), AVGO (24.0%), LLY (23.4%), PLTR (25.7%), APP (23.7%)
Op Mgn LTM32.8%NVDA (58.1%), MSFT (45.6%), META (42.9%), AVGO (39.0%), LLY (43.0%)
CFO/Rev LTM38.3%NVDA (46.6%), MSFT (48.3%), META (56.4%), AVGO (42.4%), V (60.4%)
FCF/Rev LTM36.9%NVDA (43.6%), AVGO (41.6%), V (56.8%), MA (49.2%), PLTR (49.7%)
Total Yield3.4%GOOGL (4.1%), META (3.6%), BRK-B (5.9%), JPM (6.4%), WMT (3.5%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Booking Earnings Notes  
2High Cash Flow Yield And Solid Fundamentals, You Might Want To Look At BKNGActionable 
3BKNG Has Returned $50 Bil To Shareholders In A Decade  
4Booking vs Alphabet: Which Is A Better Investment?Counter-Intuitive Comparisons 
5Booking vs Yum Brands: Which Is A Better Investment?Counter-Intuitive Comparisons 
6How Does BKNG Stack Up Against Its Peers?Peer Comparison 
7Better Bet Than BKNG Stock: Pay Less Than Booking To Get More From HALO, IDCC   
8Better Bet Than BKNG Stock: Pay Less Than Booking To Get More From LTH   
9Why ABNB With 52% Upside May Beat BKNG?Peer Comparison 
10Better Bet Than BKNG Stock: Pay Less Than Booking To Get More From CCL, CUK, RCL Actionable 
11ARTICLES  
12BKNG Is Producing Cash, What Is Holding You Back? September 6th, 2025
13This Is the Kind of Cash Yield You Usually Look For, So Why Not BKNG? September 6th, 2025
14BKNG Has Returned $50 Bil To Shareholders In A Decade September 6th, 2025
15How Booking Holdings Stock Can Fall 40%? August 21st, 2025
16If You Like Cash Flow Machines Take A Look At BKNG August 7th, 2025
Title
0DASHBOARDS
1BKNG Is Producing Cash, What Is Holding You Back?
2This Is the Kind of Cash Yield You Usually Look For, So Why Not BKNG?
3BKNG Has Returned $50 Bil To Shareholders In A Decade
4How Booking Holdings Stock Can Fall 40%?
5If You Like Cash Flow Machines Take A Look At BKNG
6ARTICLES
7Booking Earnings Notes
8High Cash Flow Yield And Solid Fundamentals, You Might Want To Look At BKNG
9BKNG Has Returned $50 Bil To Shareholders In A Decade
10Booking vs Alphabet: Which Is A Better Investment?
11Booking vs Yum Brands: Which Is A Better Investment?
12How Does BKNG Stack Up Against Its Peers?
13Better Bet Than BKNG Stock: Pay Less Than Booking To Get More From HALO, IDCC 
14Better Bet Than BKNG Stock: Pay Less Than Booking To Get More From LTH 
15Why ABNB With 52% Upside May Beat BKNG?
16Better Bet Than BKNG Stock: Pay Less Than Booking To Get More From CCL, CUK, RCL 

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PTRNPattern504093.5%504093.5%
2ECDAECD Automotive Design2819.7%-89.6%
3BDSXBiodesix1800.8%-76.7%
4BIAFbioAffinity Technologies1744.4%-81.8%
5VORVor Biopharma1465.5%22.7%
6CLSDClearside Biomedical1076.8%-73.6%
7ATHAAthira Pharma975.0%-34.0%
8SDOTSadot954.2%-79.8%
9AGMHAGM343.8%-86.3%
10HSDTHelius Medical Technologies219.2%-95.2%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-86.2%95.1%
2ATYRaTyr Pharma-83.5%-72.6%
3FAASDigiAsia-61.1%-89.2%
4BNGOBionano Genomics-53.9%-89.7%
5XAGELongevity Health-53.2%-89.3%
6REXREX American Resources-49.8%46.5%
7NAKAKindly MD-49.6% 
8ASSTStrive-49.4%776.7%
9EVTVEnvirotech Vehicles-48.8%-82.7%
10BCDABioCardia-45.8%-46.8%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PTRNPattern504093.5%504093.5%
2PMIPicard Medical11852.4%11852.4%
3GTIGraphjet Technology4230.4%-92.8%
4GWAVGreenwave Technology Solutions4142.6%-90.9%
5QMMMQMMM2472.7%6371.9%
6OESXOrion Energy Systems1427.6%14.9%
7BCTXBriaCell Therapeutics1225.5%-89.2%
8OPOceanPal1135.3%-95.7%
9PTNMPitanium626.0% 
10AGMHAGM411.9%-86.3%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1NXTTNext Technology-90.1%-95.3%
2EPIXESSA Pharma-89.1%-5.1%
3BINIBollinger Innovations-88.8%-100.0%
4JEM707 Cayman-87.8%-98.0%
5NAKAKindly MD-86.1% 
6CJETChijet Motor-83.7%-87.5%
7NEONNeonode-83.3%-50.8%
8RAYRaytech-80.6%-60.8%
9YYGHYY-80.0%-80.0%
10ATYRaTyr Pharma-79.8%-72.6%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PTRNPattern504093.5%504093.5%
2ECDAECD Automotive Design2819.7%-89.6%
3BDSXBiodesix1800.8%-76.7%
4BIAFbioAffinity Technologies1744.4%-81.8%
5VORVor Biopharma1465.5%22.7%
6CLSDClearside Biomedical1076.8%-73.6%
7ATHAAthira Pharma975.0%-34.0%
8SDOTSadot954.2%-79.8%
9AGMHAGM343.8%-86.3%
10HSDTHelius Medical Technologies219.2%-95.2%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1CURXCuranex Pharmaceuticals-86.2%95.1%
2ATYRaTyr Pharma-83.5%-72.6%
3FAASDigiAsia-61.1%-89.2%
4BNGOBionano Genomics-53.9%-89.7%
5XAGELongevity Health-53.2%-89.3%
6REXREX American Resources-49.8%46.5%
7NAKAKindly MD-49.6% 
8ASSTStrive-49.4%776.7%
9EVTVEnvirotech Vehicles-48.8%-82.7%
10BCDABioCardia-45.8%-46.8%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Booking

Financials

BKNGMETAABNBEXPEHTRIPMedian
NameBooking Meta Pla.Airbnb Expedia Hyatt Ho.Tripadvi. 
Mkt Price5,444.44778.38127.04222.43143.0418.83182.74
Mkt Cap176.91,967.078.128.113.72.453.1
Rev LTM25,025170,35911,58014,0186,7571,87012,799
Op Inc LTM8,22073,1162,6051,7034391432,154
FCF LTM9,24052,3114,3081,9971321713,152
FCF 3Y Avg7,73139,9604,1832,1084201643,145
CFO LTM9,57896,1084,3082,7783002583,543
CFO 3Y Avg8,10974,2894,1982,8906032343,544

Growth & Margins

BKNGMETAABNBEXPEHTRIPMedian
NameBooking Meta Pla.Airbnb Expedia Hyatt Ho.Tripadvi. 
Rev Chg LTM11.7%19.4%10.2%5.7%0.9%3.0%8.0%
Rev Chg 3Y Avg19.9%13.0%16.3%9.6%14.2%16.1%15.2%
Rev Chg Q16.0%16.1%12.7%6.4%6.2%6.4%9.6%
QoQ Delta Rev Chg LTM3.9%3.6%3.1%1.7%1.6%1.7%2.4%
Op Mgn LTM32.8%42.9%22.5%12.1%6.5%7.6%17.3%
Op Mgn 3Y Avg30.8%34.6%19.7%11.6%6.1%6.9%15.7%
QoQ Delta Op Mgn LTM0.4%0.7%0.3%0.1%-0.8%1.1%0.3%
CFO/Rev LTM38.3%56.4%37.2%19.8%4.4%13.8%28.5%
CFO/Rev 3Y Avg36.3%51.0%40.6%22.1%9.1%13.2%29.2%
FCF/Rev LTM36.9%30.7%37.2%14.2%2.0%9.1%22.5%
FCF/Rev 3Y Avg34.6%26.9%40.5%16.1%6.3%9.3%21.5%

Valuation

BKNGMETAABNBEXPEHTRIPMedian
NameBooking Meta Pla.Airbnb Expedia Hyatt Ho.Tripadvi. 
Mkt Cap176.91,967.078.128.113.72.453.1
P/S7.111.56.72.02.01.34.4
P/EBIT22.626.030.017.015.316.219.8
P/E36.829.529.825.331.636.230.7
P/CFO18.520.518.110.145.69.118.3
Total Yield3.4%3.6%3.4%4.3%3.6%2.8%3.5%
Dividend Yield0.7%0.3%0.0%0.4%0.4%0.0%0.3%
FCF Yield 3Y Avg5.7%3.0%4.9%11.9%3.1%8.0%5.3%
D/E0.10.00.00.20.50.50.2
Net D/E0.0-0.0-0.1-0.00.40.00.0

Returns

BKNGMETAABNBEXPEHTRIPMedian
NameBooking Meta Pla.Airbnb Expedia Hyatt Ho.Tripadvi. 
1M Rtn-4.7%3.1%-2.2%3.7%-0.7%6.4%1.2%
3M Rtn2.8%14.1%-3.6%35.2%8.7%45.2%11.4%
6M Rtn18.3%30.6%-1.4%28.5%17.9%26.5%22.4%
12M Rtn34.9%39.0%-3.2%55.4%-7.3%26.4%30.7%
3Y Rtn221.0%448.0%22.5%143.3%78.4%-16.2%110.9%
1M Excs Rtn-7.5%-0.1%-2.5%4.1%0.0%5.5%-0.0%
3M Excs Rtn-8.8%2.4%-15.2%23.5%-3.0%33.5%-0.3%
6M Excs Rtn1.4%15.2%-17.0%11.4%-2.0%8.0%4.7%
12M Excs Rtn17.4%27.2%-14.2%43.5%-21.5%17.0%17.2%
3Y Excs Rtn111.8%347.8%-68.7%34.3%-13.7%-96.0%10.3%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/29/20254/29/20252/20/202510/30/20248/1/20245/2/20242/22/202411/2/20238/3/20235/4/20232/23/202311/2/2022
Key Financials Quarterly            
Total Revenue6,7984,7625,4717,9945,8594,4154,7847,3415,4623,7784,0496,052
Ebitda1,7161,2292,2743,3642,3671,3337943,5722,0196581,7602,423
Operating Income2,2501,0621,7293,1791,8567916093,1031,6734501,3052,581
Net Income8953331,0682,5171,5217762222,5111,2902661,2351,666
EPS27.5410.1432.3175.3744.9422.696.3770.6235.167.0732.0742.10
Key Financials TTM            
Total Revenue TTM25,02524,08623,73923,05222,39922,00221,36520,63019,34118,17317,09016,022
Ebitda TTM8,5839,2349,3387,8588,0667,7187,0438,0096,8606,2104,9214,193
Operating Income TTM8,2207,8267,5556,4356,3596,1765,8356,5316,0095,3425,1024,636
Net Income TTM4,8135,4395,8825,0365,0304,7994,2895,3024,4574,0243,0582,441
Growth Rates Quarterly            
Total Revenue Growth16.0%7.9%14.4%8.9%7.3%16.9%18.2%21.3%27.2%40.2%35.8%29.4%
EBITDA Growth-27.5%-7.8%186.4%-5.8%17.2%102.6%-54.9%47.4%47.5%204.3%70.5%102.9%
Operating Income Growth21.2%34.3%183.9%2.4%10.9%75.8%-53.3%20.2%66.3%114.3%55.5%28.1%
Net Income Growth-41.2%-57.1%381.1%0.2%17.9%191.7%-82.0%50.7%50.5%138.0%99.8%116.6%
Margins Quarterly            
EBITDA Margin25.2%25.8%41.6%42.1%40.4%30.2%16.6%48.7%37.0%17.4%43.5%40.0%
Operating Income Margin33.1%22.3%31.6%39.8%31.7%17.9%12.7%42.3%30.6%11.9%32.2%42.6%
Net Income Margin13.2%7.0%19.5%31.5%26.0%17.6%4.6%34.2%23.6%7.0%30.5%27.5%
Cash & Debt            
Total Cash17,59515,57816,16415,77516,32715,99112,68313,91815,24214,49912,3969,137
Total Debt18,98916,50017,08116,72017,33717,45614,78314,31614,58612,66513,0379,470
Net Debt / (Cash)1,3949229179451,0101,4652,100398-656-1,834641333
Cash Flows Quarterly            
FCF from Operations3,2013,2837212,3732,5252,7041,3461,3721,7372,8892,1732
Cash Flows TTM            
FCF from Operations TTM9,5788,9028,3238,9487,9477,1597,3448,1716,8017,7486,5544,660
Returns to Shareholders Quarterly            
Dividends312319289291295299000000
Share Repurchases1,4982,1701,2271,7641,6621,8562,4882,6403,0992,1502,3431,990
Return on Invested Capital (ROIC) Quarterly            
ROIC523.4%387.4%515.0%1180.5%581.7%178.9%62.7%2486.8%--692.6%2373.7%
Return on Invested Capital (ROIC) TTM            
ROIC TTM478.4%683.8%664.6%558.6%493.4%330.8%217.4%1334.0%--620.4%1033.9%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Single Segment21,36517,090   
Advertising and other revenues  5993651,119
Agency revenues  6,6634,31410,117
Merchant revenues  3,6962,1173,830
Total21,36517,09010,9586,79615,066


Price Behavior

BKNG Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.750.720.981.000.941.02
Up Beta0.930.400.901.010.931.00
Down Beta1.291.131.500.880.910.99
Up Capture58%48%67%113%117%161%
Bmk +ve Days10223571142415
Stock +ve Days11193165134414
Down Capture49%116%116%104%91%99%
Bmk -ve Days11192754106334
Stock -ve Days10223160114335

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity590,409
Short Interest: % Change Since 8152025-2.8%
Average Daily Volume163,127
Days-to-Cover Short Interest3.62
Basic Shares Quantity32,494,000
Short % of Basic Shares1.8%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20250.4%-2.4%0.4%
2/20/2025-0.5%-2.0%-7.8%
10/30/20244.8%12.0%16.5%
8/1/2024-9.2%-7.4%6.7%
5/2/20243.0%8.8%8.4%
2/22/2024-10.1%-11.1%-6.9%
11/2/20230.7%6.0%10.4%
8/3/20237.9%13.5%9.7%
...
SUMMARY STATS   
# Positive141516
# Negative1098
Median Positive2.1%5.5%9.6%
Median Negative-1.9%-6.9%-7.5%
Max Positive7.9%13.5%27.5%
Max Negative-10.1%-12.4%-16.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025729202510-Q 6/30/2025
3312025429202510-Q 3/31/2025
12312024220202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024801202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023222202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023803202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022223202310-K 12/31/2022
93020221102202210-Q 9/30/2022
6302022803202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021223202210-K 12/31/2021
93020211103202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Fogel Glenn DCEO AND PRESIDENT8182025Sell5448.4649266,975139,393,442Form
1Fogel Glenn DCEO AND PRESIDENT7162025Sell5642.8243242,641155,758,760Form
2Fogel Glenn DCEO AND PRESIDENT6172025Sell5325.5749260,953152,364,558Form
3Fogel Glenn DCEO AND PRESIDENT5162025Sell5202.6043223,712154,147,835Form
4Pisano PauloCHIEF HUMAN RESOURCES OFFICER5052025Sell5142.413001,542,7248,814,099Form

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