Booking Holdings Inc. (BKNG)
Consumer Discretionary · Hotels, Resorts & Cruise Lines · US stock · S&P 500 component
$161.10
▲ +2.72 (1.72%)
Fair valueUndervalued
$208 +28.9% to fair value
$104fair band $177–$252$311
Day's range
$157.39 – $164.73
52-week range
$150.14 – $220.81
Red flags⚠ Negative equity⚠ Dividend may be at risk⚠ Negative equity⚠ Dividend may be at risk⚠ Negative equity⚠ Dividend may be at risk⚠ Negative equity⚠ Dividend may be at risk⚠ Negative equity⚠ Dividend may be at risk
About Booking Holdings Inc.
Booking Holdings runs online travel brands such as Booking.com, Priceline, Agoda, Kayak and OpenTable. Customers use these platforms to reserve hotels, rental homes, flights, rental cars and restaurant tables. The company earns money mainly through commissions and fees from accommodation and travel providers, and from advertising, so its results follow global travel demand, especially in Europe and Asia.
Over the last twelve months Booking Holdings Inc. reported revenue of $28.2 billion. Over three years revenue has grown by 16.3% a year. The operating margin is 32.9%. Net debt to EBITDA is 0.3 times. It pays a dividend with a yield of 13.0%. The X-Ray Score is 70 out of 100. Return on invested capital describes how much profit the business earns relative to the money put into it.
Price chart
52-wk range $150.14 – $220.81Volume 7,061,653Daily, split-adjusted
Vitals
Market cap$124.0B
52-week range$150.14 – $220.81
Volume (last day)7,061,653
P/E (TTM)–
EBIT / EV yield7.3%
Free-cash-flow yield7.7%
Dividend yield13.0%
Revenue (TTM)$28.2B
Net income (TTM)–
Operating margin32.9%
Return on capital–
Debt incl. leases$20.2B
Cash & securities$17.2B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$208middle half of models $204 – $222
Undervalued
+28.9% to fair value
Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Low, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $161
Undervalued < $177Fair $177 – $252Overvalued > $252
P/S multiple
$158
EV/EBITDA multiple
$211
EV/EBIT multiple
$210
EV/revenue multiple
$167
10-year DCF, EBITDA exit
$237
5-year DCF, EBITDA exit
$220
10-year DCF, revenue exit
$234
5-year DCF, revenue exit
$216
10-year DCF, growth exit
$223
5-year DCF, growth exit
$204
Dividend discount, stable · not used
$644
Dividend discount, multi-stage · not used
$807
Earnings power value
$203
Growth the price implies
7.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business at a low price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
81/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield7.3%
Free-cash-flow yield7.7%
Fair value vs price1.3×
Growth
Strong
80/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)16.3%
EPS growth (3y)29.4%
Growth consistency100%
Profitability
Fair
64/100
Returns on capital are typical for its sector.
See the numbers →
Operating margin32.9%
Financial health
Fair
67/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA0.3×
Interest cover8.4×
Dividends
Weak
41/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield13.0%
Dividends vs free cash flow169%
Quarterly results: last 6 quarters
+7.9%
Mar '25
+16.0%
Jun '25
+12.7%
Sep '25
+16.0%
Dec '25
+16.2%
Mar '26
+8.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $7.4B, diluted EPS $2.53.
Compare with peers
EXPE Expedia Group, Inc.62 CCL Carnival Corp Ltd.56 ABNB Airbnb, Inc.52 NCLH Norwegian Cruise Line...47Other Hotels, Resorts & Cruise Lines companies by X-Ray Score.
SWOT analysis: Booking Holdings Inc.
Strengthsinside the company
- Operating margin of 32.9% is well above the 16.0% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 16.3% a year over three years (median 13.4% for industry peers).
- Earnings per share have compounded at 29.4% a year over three years.
- Free cash flow equals 7.7% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- Dividends (13.0% yield) are larger than free cash flow (payout 169% of it).
Opportunitiesvaluation and setting
- The price is 29% below our fair value estimate, with the gap larger than the margin we allow for error.
Threatsvaluation and setting
- Our checks raised: Negative equity; Dividend may be at risk.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare BKNG with peers and sector
Medians of 7 Hotels, Resorts & Cruise Lines peers and of 46 Consumer Discretionary stocks in our universe.
Largest peers (X-Ray Score): MAR 42, ABNB 52, HLT 39, RCL 43, CCL 56, EXPE 62.
| Metric | BKNG | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 70 | 47 | 50 |
| Valuation | 81 | 24 | 48 |
| Growth | 80 | 67 | 50 |
| Profitability | 64 | 52 | 52 |
| Financial health | 67 | 42 | 49 |
| Dividends | 41 | 38 | 52 |
Sector leaders: highest X-Ray Score in Consumer Discretionary
BKNG ranks #3 of 47 in Consumer Discretionary and #1 of 8 in Hotels, Resorts & Cruise Lines by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for BKNG
Each factor is rated by where BKNG stands among the 47 Consumer Discretionary stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 8 Good · 3 Average · 2 Bad of 13
Growth: 3 · 0 · 0
Profitability: 1 · 0 · 0
Financial strength: 2 · 1 · 1
Valuation: 1 · 1 · 1
Cash flow: 1 · 1 · 0
| Factor | BKNG | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +16.3% | Good beats 86% | +6.5% | – | – |
| Revenue growth, last year | +13.4% | Good beats 86% | +4.9% | +25.0% | ▼ Worse |
| EPS growth, 3 years a year | +29.4% | Good beats 93% | +4.0% | – | – |
| Profitability | |||||
| Operating margin | 32.9% | Good beats 97% | 14.9% | 29.9% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 0.3x | Good beats 71% | 1.8x | 0.1x | ≈ In line |
| Interest cover | 8.4x | Bad beats 33% | 25.3x | 6.5x | ▲ Better |
| Current ratio | 1.09 | Average beats 48% | 1.10 | 1.33 | ▼ Worse |
| Piotroski F-score | 7 / 9 | Good beats 76% | 6 / 9 | – | – |
| Valuation | |||||
| Price / sales | 4.4x | Bad beats 18% | 2.1x | – | – |
| EV / EBITDA | 12.9x | Average beats 59% | 15.0x | – | – |
| Free cash flow yield | 7.7% | Good beats 76% | 4.3% | – | – |
| Cash flow | |||||
| Free cash flow margin | 33.8% | Good beats 97% | 10.8% | 33.3% | ≈ In line |
| Free cash flow growth, 3 years a year | +13.7% | Average beats 56% | +12.1% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 10 Good · ● 2 Average · ● 1 BadCash quality
Free-cash-flow yieldGood
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 79/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $11.0B | $17.1B | $21.4B | $23.7B | $26.9B |
| Operating income | $2.5B | $5.1B | $5.8B | $7.6B | $8.8B |
| Net income | $1.2B | $3.1B | $4.3B | $5.9B | $5.4B |
| Operating cash flow | $2.8B | $6.6B | $7.3B | $8.3B | $9.4B |
| Operating margin | 22.8% | 29.9% | 27.3% | 31.8% | 32.8% |
| Free cash flow | $2.5B | $6.2B | $7.0B | $7.9B | $9.1B |
| Diluted EPS | $28.17 | $76.35 | $117.40 | $172.69 | $165.57 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
2 bullish · 4 neutral · 10 bearish
Weekly
Strongly bearish
0 bullish · 1 neutral · 11 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 161.2 | Bearish |
| EMA 10 | 161.3 | Bearish |
| SMA 20 | 160.8 | Bullish |
| EMA 20 | 163.1 | Bearish |
| SMA 50 | 178.2 | Bearish |
| EMA 50 | 171.3 | Bearish |
| SMA 100 | 179.7 | Bearish |
| EMA 100 | 176.3 | Bearish |
| SMA 200 | 178.1 | Bearish |
| EMA 200 | 180.8 | Bearish |
Oscillators (daily)
| RSI (14) | 43.80 | Neutral |
| MACD (12, 26) | -3.54 | Bearish |
| Momentum (12) | 2.20 | Bullish |
| Stochastic %K (14) | 48.79 | Neutral |
| Williams %R (14) | -51.21 | Neutral |
| CCI (20) | 7.04 | Neutral |
Pivot points (classic, last session)
S3 150.1 | S2 153.7 | S1 157.4 | Pivot 161.1 | R1 164.8 | R2 168.4 | R3 172.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
20.94 USD
Yield on today's price
13.00%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.4200 | |
| 0.4200 | |
| 10.5000 | |
| 9.6000 | |
| 9.6000 | |
| 9.6000 | |
| 9.6000 | |
| 8.7500 | |
| 8.7500 | |
| 8.7500 | |
| 8.7500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold BKNG
| ETF | Share of the fund |
|---|---|
| FDN First Trust Dow Jones Internet Index | 4.98% |
| XLY Consumer Discretionary Select Sector S... | 3.44% |
| VFLO VictoryShares Free Cash Flow | 2.73% |
| FDIS Fidelity MSCI Consumer Discretionary I... | 2.35% |
| COWZ Pacer US Cash Cows 100 | 2.22% |
| VCR Vanguard Consumer Discretionary | 1.98% |
| JETS U.S. Global Jets | 1.89% |
| XNTK SPDR Morgan Stanley Technology | 1.71% |
The eight funds with the largest weight in BKNG among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
BKNG stock splits
BKNG has split its stock 2 times since 2003. The latest was a 25-for-1 split on 6 Apr 2026.
Full BKNG stock split history →BKNG SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Entered a material agreement; Other events
8-KSEC EDGAR
Entered a material agreement; Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.