Booking (BKNG)
Market Price (12/23/2025): $5402.0 | Market Cap: $174.9 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Booking (BKNG)
Market Price (12/23/2025): $5402.0Market Cap: $174.9 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% | Expensive valuation multiplesP/SPrice/Sales ratio is 6.7x |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34% | Key risksBKNG key risks include [1] margin compression from Google's growing travel presence and evolving ad policies, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 8.6 Bil, FCF LTM is 8.3 Bil | |
| Low stock price volatilityVol 12M is 28% | |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Fintech & Digital Payments. Themes include Online Marketplaces, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 13% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 34% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%, CFO LTM is 8.6 Bil, FCF LTM is 8.3 Bil |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Experience Economy & Premiumization, and Fintech & Digital Payments. Themes include Online Marketplaces, Show more. |
| Expensive valuation multiplesP/SPrice/Sales ratio is 6.7x |
| Key risksBKNG key risks include [1] margin compression from Google's growing travel presence and evolving ad policies, Show more. |
Why The Stock Moved
Qualitative Assessment
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1. Analyst Downgrade and Valuation Concerns: On July 30, 2025, Wedbush downgraded Booking Holdings from an "Outperform" to a "Neutral" rating. This downgrade was primarily driven by concerns over the company's expanded valuation multiple and skepticism regarding its ability to deliver sufficient upside in future quarters. This sentiment continued into December 2025, where analysis suggested the stock was "a little overvalued at present," leading to a "hold" rating.2. Broader Macroeconomic Uncertainty: The analyst downgrade in July 2025 also cited ongoing macroeconomic uncertainty and minimal visibility into consumer travel trends as contributing factors. Such broader economic concerns can dampen investor confidence in the travel sector, leading to downward pressure on stock prices.
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Stock Movement Drivers
Fundamental Drivers
The -0.7% change in BKNG stock from 9/22/2025 to 12/22/2025 was primarily driven by a -5.6% change in the company's P/E Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 5446.71 | 5406.99 | -0.73% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 25025.00 | 26039.00 | 4.05% |
| Net Income Margin (%) | 19.23% | 19.37% | 0.72% |
| P/E Multiple | 36.77 | 34.71 | -5.60% |
| Shares Outstanding (Mil) | 32.49 | 32.38 | 0.34% |
| Cumulative Contribution | -0.73% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BKNG | -0.7% | |
| Market (SPY) | 2.7% | 33.3% |
| Sector (XLY) | 1.9% | 34.9% |
Fundamental Drivers
The 1.7% change in BKNG stock from 6/23/2025 to 12/22/2025 was primarily driven by a 8.2% change in the company's P/E Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 5314.09 | 5406.99 | 1.75% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 24086.00 | 26039.00 | 8.11% |
| Net Income Margin (%) | 22.58% | 19.37% | -14.22% |
| P/E Multiple | 32.09 | 34.71 | 8.18% |
| Shares Outstanding (Mil) | 32.84 | 32.38 | 1.40% |
| Cumulative Contribution | 1.73% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BKNG | 1.7% | |
| Market (SPY) | 14.4% | 35.5% |
| Sector (XLY) | 14.3% | 37.0% |
Fundamental Drivers
The 7.9% change in BKNG stock from 12/22/2024 to 12/22/2025 was primarily driven by a 13.0% change in the company's Total Revenues ($ Mil).| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 5011.35 | 5406.99 | 7.89% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 23052.00 | 26039.00 | 12.96% |
| Net Income Margin (%) | 21.85% | 19.37% | -11.33% |
| P/E Multiple | 33.24 | 34.71 | 4.44% |
| Shares Outstanding (Mil) | 33.40 | 32.38 | 3.04% |
| Cumulative Contribution | 7.79% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BKNG | 7.9% | |
| Market (SPY) | 16.9% | 64.9% |
| Sector (XLY) | 7.8% | 61.9% |
Fundamental Drivers
The 178.7% change in BKNG stock from 12/23/2022 to 12/22/2025 was primarily driven by a 62.5% change in the company's Total Revenues ($ Mil).| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 1939.78 | 5406.99 | 178.74% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 16022.00 | 26039.00 | 62.52% |
| Net Income Margin (%) | 15.24% | 19.37% | 27.15% |
| P/E Multiple | 31.44 | 34.71 | 10.41% |
| Shares Outstanding (Mil) | 39.56 | 32.38 | 18.15% |
| Cumulative Contribution | 169.56% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BKNG | 55.4% | |
| Market (SPY) | 47.7% | 58.6% |
| Sector (XLY) | 38.4% | 57.2% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BKNG Return | 8% | 8% | -16% | 76% | 41% | 9% | 167% |
| Peers Return | � | 22% | -32% | 50% | 10% | 17% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| BKNG Win Rate | 50% | 58% | 50% | 75% | 58% | 50% | |
| Peers Win Rate | � | 52% | 40% | 58% | 62% | 57% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BKNG Max Drawdown | -44% | -15% | -32% | 0% | -6% | -16% | |
| Peers Max Drawdown | � | -11% | -38% | -5% | -18% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: EXPE, ABNB, MAR, HLT, TRIP. See BKNG Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | BKNG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -39.5% | -25.4% |
| % Gain to Breakeven | 65.4% | 34.1% |
| Time to Breakeven | 203 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -44.8% | -33.9% |
| % Gain to Breakeven | 81.1% | 51.3% |
| Time to Breakeven | 231 days | 148 days |
| 2018 Correction | ||
| % Loss | -26.7% | -19.8% |
| % Gain to Breakeven | 36.4% | 24.7% |
| Time to Breakeven | 738 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -66.3% | -56.8% |
| % Gain to Breakeven | 196.7% | 131.3% |
| Time to Breakeven | 277 days | 1,480 days |
Compare to META, ABNB, EXPE, H, TRIP
In The Past
Booking's stock fell -39.5% during the 2022 Inflation Shock from a high on 2/16/2022. A -39.5% loss requires a 65.4% gain to breakeven.
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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. It also operates Agoda that provides online accommodation reservation services, as well as flight, ground transportation and activities reservation services. In addition, the company operates KAYAK, an online price comparison service that allows consumers to search and compare travel itineraries and prices, comprising airline ticket, accommodation reservation, and rental car reservation information; and OpenTable for booking online restaurant reservations. Further, it offers travel-related insurance products, and restaurant management services to consumers, travel service providers, and restaurants. The company was formerly known as The Priceline Group Inc. and changed its name to Booking Holdings Inc. in February 2018. The company was founded in 1997 and is headquartered in Norwalk, Connecticut.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Booking (BKNG):- Amazon for travel bookings.
- Google for travel planning and reservations.
AI Analysis | Feedback
Here are the major products and services of Booking Holdings (BKNG):- Booking.com: An online travel agency offering reservations for a wide range of accommodations, including hotels, apartments, and villas, globally.
- Priceline.com: An online travel agency providing deals on flights, hotels, rental cars, and vacation packages, historically known for its bidding model.
- Agoda.com: An online travel agency specializing in hotel and vacation rental bookings, particularly strong in the Asia-Pacific region.
- Kayak.com: A travel metasearch engine that aggregates and compares prices from hundreds of travel sites for flights, hotels, rental cars, and vacation packages.
- Rentalcars.com: An online car rental service allowing users to search, compare, and book rental vehicles from various providers worldwide.
- OpenTable.com: An online restaurant reservation platform connecting diners with restaurants for table bookings.
AI Analysis | Feedback
Booking Holdings (BKNG) primarily sells its services directly to **individuals**. The company operates a portfolio of leading online travel brands, including Booking.com, Priceline, Agoda, Kayak, OpenTable, and Rentalcars.com, which serve a diverse global customer base. Here are up to three categories of customers that Booking Holdings serves:- Leisure Travelers: This constitutes the largest segment of customers, comprising individuals and families planning personal vacations, holidays, weekend getaways, or other recreational trips. These travelers often seek a wide variety of accommodation options (hotels, apartments, vacation rentals), flights, rental cars, and attractions, prioritizing convenience, competitive pricing, and flexibility.
- Business Travelers: Individuals who book travel for work-related purposes, such as attending conferences, client meetings, corporate events, or project-based assignments. While their primary purpose is business, they still value efficiency, specific amenities (e.g., reliable Wi-Fi, business centers, convenient locations), and often utilize corporate booking tools or expense management integrations offered by Booking's platforms.
- Group and Family Travelers: Customers organizing trips for multiple individuals, including large families, groups of friends, or small interest groups. These travelers often have specific needs such as interconnected rooms, larger accommodations (apartments, villas), or require features for managing multiple bookings simultaneously. They often seek value and options that cater to the needs of several people traveling together.
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Glenn D. Fogel, Chief Executive Officer and President
Glenn D. Fogel joined Booking Holdings (then Priceline.com) in February 2000. He has served as Chief Executive Officer and President since January 2017 and as CEO of Booking.com since June 2019. Prior to these roles, he was the company's Head of Worldwide Strategy and Planning from November 2010 to December 2016 and Executive Vice President, Corporate Development from March 2009 to December 2016. During his tenure in strategy and corporate development, he orchestrated significant acquisitions including Booking.com, KAYAK, OpenTable, RentalCars.com, and Agoda, which transformed the company into a global powerhouse. Before joining Booking Holdings, Fogel worked as a trader at a global asset management firm and as an investment banker specializing in the air transportation industry, including at Kidder, Peabody & Co. and Morgan Stanley. Early in his career, he was laid off from an investment banking job when Kidder, Peabody & Co. merged with Paine Webber. He holds a Bachelor of Science in Economics from the University of Pennsylvania's Wharton School and a law degree from Harvard Law School.
Ewout Steenbergen, Executive Vice President and Chief Financial Officer
Ewout Steenbergen became Executive Vice President and Chief Financial Officer of Booking Holdings on March 15, 2024. Before joining Booking Holdings, Steenbergen served as Executive Vice President and Chief Financial Officer of S&P Global since 2016. At S&P Global, he played a key role in the acquisition of Kensho, an artificial intelligence and innovation hub, and contributed to the $44 billion merger between S&P Global and IHS Markit. Previously, he was Executive Vice President and CFO of Voya Financial, Inc., where he was instrumental in strengthening the company's balance sheet, de-risking its investment portfolio, and executing a successful initial public offering in 2013. Steenbergen also held various leadership positions globally at ING Group, including CEO of ING's Retail Business in the Czech and Slovak Republics. He holds master's degrees in Actuarial Science from the University of Amsterdam and Business Administration from the University of Rochester and Nyenrode University.
Peter J. Millones, Jr., Executive Vice President and General Counsel
Peter J. Millones, Jr. serves as the Executive Vice President and General Counsel for Booking Holdings.
Paulo Pisano, Chief Human Resources Officer
Paulo Pisano has been the Chief Human Resources Officer of Booking Holdings since August 2021. He also served as Senior Vice President and Chief People Officer of Booking.com since March 2020. Prior to his roles at Booking Holdings, he was the Chief People Officer of Galp and held positions as Chief Talent Officer and Senior Vice President at Pearson, and Head of Organizational Effectiveness at Barclays.
Steve Hafner, Chief Executive Officer, KAYAK & OpenTable
Steve Hafner is the co-founder and Chief Executive Officer of KAYAK and oversees the OpenTable business. He is responsible for establishing the vision and direction for these companies, building their teams, and guiding their development. KAYAK, which he co-founded, was acquired by Booking Holdings in 2013, and OpenTable was acquired by Booking Holdings in 2014.
AI Analysis | Feedback
The public company Booking Holdings (BKNG) faces several key risks to its business, primarily stemming from intense competition, macroeconomic volatility, and technological challenges.
- Intensifying Competition and Market Dynamics: Booking Holdings operates in a highly competitive online travel market. The company faces significant pressure from rival Online Travel Agencies (OTAs) such as Expedia Group and Trip.com, as well as the growing trend of direct bookings by hotel chains. A major threat also comes from Google Travel, whose evolving advertising policies and increasing presence as a direct competitor could significantly compress Booking's take rates and threaten its historically strong margins. The normalization of post-pandemic travel has led to slowing growth and rising customer acquisition costs, further intensifying this competitive landscape.
- Macroeconomic and Geopolitical Instability: Booking Holdings is highly susceptible to global macroeconomic and geopolitical conditions. Factors such as inflation, changes in interest rates, market volatility, and fluctuations in foreign currency exchange rates can directly impact consumer travel behavior and demand. Geopolitical tensions and uncertainties, including regional conflicts, also pose a risk to international bookings, particularly in key European markets where Booking.com has a dominant presence. As a cyclical industry, travel demand is sensitive to economic downturns, which could lead to significantly lower earnings per share during a recession.
- Technological Risks and the Evolving AI Landscape: The company's operations heavily rely on complex IT systems, making it vulnerable to cybersecurity threats, data breaches, and service disruptions. Furthermore, while Booking Holdings is investing in generative AI initiatives, there is a risk that these investments may not be successful, or that competitors could be more effective in deploying such technologies, potentially harming Booking's business and financial performance. The rapid pace of technological change and evolving industry standards also requires continuous investment and adaptation to avoid falling behind competitors.
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The clear emerging threats for Booking (BKNG) include:
The intensified push by Google to become a direct booking channel for travel services, with its increasingly prominent Google Flights, Google Hotels, and Google Things to Do modules directly integrated into search results. This strategy aims to keep users within Google's ecosystem for travel planning and booking, diverting traffic and transactions away from online travel agencies (OTAs) and facilitating direct connections between travelers and suppliers.
The rapid emergence and advancement of sophisticated AI-powered personalized travel planning and booking agents. These agents, built on large language models and generative AI, could disintermediate traditional OTAs by understanding complex user preferences, dynamically searching and comparing options across various direct suppliers, and executing bookings directly, effectively acting as an intelligent personal travel assistant that bypasses the need for an OTA aggregator.
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Booking Holdings Inc. (BKNG) operates a diverse portfolio of online travel brands, offering a wide range of services. The addressable market sizes for their main products and services on a global scale are outlined below:
- Online Travel Market (Overall): The global online travel market revenue was valued at $2,712.8 billion in 2023. Other estimates place the global online travel market at $566.7 billion in 2024, projected to reach $1,377.2 billion by 2033. Another report valued the market at $997.16 billion in 2024, with a projection to grow to $1,657.37 billion by 2034.
- Online Accommodation Booking: The global online accommodation booking market size stood at USD 340.92 billion in 2025 and is forecast to reach USD 459.00 billion by 2030. Another source indicates the global online accommodation market was valued at USD 246.75 billion in 2024 and is expected to grow to USD 788.95 billion by 2030. The market is also projected to grow from USD 273.12 billion in 2024 to USD 590.59 billion by 2032.
- Online Car Rental Services: The global online car rental platform market was valued at USD 101.76 billion in 2024 and is projected to reach USD 193.47 billion by 2033. Another report stated the global car rental market was valued at USD 124.31 billion in 2024 and is expected to reach USD 347.23 billion by 2032.
- Online Airline Booking: The Online Airline Booking Market size was valued at USD 270.55 billion in 2024 and is projected to reach USD 521.40 billion by 2032. Another projection indicates the Online Airline Booking Platform Market is expected to grow from USD 352.3 billion in 2024 to USD 1673.8 billion by 2035.
- Tours, Activities, and Experiences: The global market for Tours and Activities Reservations was valued at US$179 billion in 2024 and is projected to reach US$264.4 billion by 2030. The global experience travel services market size was valued at USD 138.00 billion in 2024 and is expected to grow to USD 372.93 billion by 2034. The personalized travel and experiences market was valued at $91.2 billion in 2020 and is estimated to reach $447.3 billion by 2030.
- Online Restaurant Reservations: Null
- Travel Price Comparison/Metasearch: Null
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Booking Holdings (BKNG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Expansion of the "Connected Trip" Vision: Booking Holdings is strategically focused on integrating and expanding its offerings beyond traditional accommodations to include flights, attractions, and other travel verticals. This approach aims to provide a more comprehensive travel experience for customers, with flight tickets and attractions bookings already showing significant year-over-year growth. Transactions involving multiple travel verticals have shown mid-20% growth.
- Growth in Alternative Accommodations: The company continues to see strong growth in its alternative accommodations segment, such as vacation rentals. This area consistently outpaces the growth of its overall business and is considered a crucial driver for future expansion. Alternative accommodation room nights at Booking.com grew by approximately 10% in the third quarter of 2025, and total listings increased to over 8.6 million.
- Leveraging Artificial Intelligence (AI): Booking Holdings is investing in and deploying Generative AI technology to enhance both customer and partner experiences. AI is expected to drive efficiencies, improve conversion rates, speed up searches, and reduce customer support interactions, ultimately contributing to revenue growth.
- Enhancement and Expansion of the Genius Loyalty Program: The Genius loyalty program is highlighted as a significant differentiator, encouraging members to book more frequently. Strengthening and expanding this program is a key strategic initiative aimed at increasing customer retention and engagement, leading to repeat bookings and sustained revenue.
- Increasing Direct and Mobile App Bookings: A stated strategic focus for Booking Holdings is to increase the mix of direct bookings and mobile app usage. This strategy can lead to higher margins by potentially reducing customer acquisition costs associated with other channels.
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Share Repurchases
- Booking Holdings announced a new $20 billion share repurchase authorization in February 2025, to commence upon completion of the prior program.
- As of June 30, 2025, the company had $24.6 billion remaining under its total share repurchase authorization.
- The company repurchased $1.3 billion of stock in the quarter ended June 30, 2025, and $1.8 billion in the quarter ended March 31, 2025. Annually, share repurchases were $6.509 billion in 2024 and $10.377 billion in 2023.
Share Issuance
- In April 2020, Booking Holdings priced a private offering of $750 million in 0.75% convertible senior notes due 2025.
- Concurrently, in April 2020, the company priced a public offering totaling $3.25 billion in senior notes across three tranches due 2025, 2027, and 2030.
- The number of outstanding shares of Booking Holdings Inc.'s common stock was 32,815,201 as of February 13, 2025.
Inbound Investments
- In the second quarter of 2025, Reliant Investment Management LLC made a new investment in Booking Holdings Inc., purchasing 939 shares valued at approximately $5.44 million.
- CCLA Investment Management acquired 22,166 shares of Booking Holdings in the third quarter of 2025, with an estimated value of $119.52 million.
Outbound Investments
- Booking Holdings' long-term investments were $559 million for the quarter ending June 30, 2025, representing a 19.44% increase year-over-year.
- The company's management has indicated a focus on organic growth and has not engaged in large merger and acquisition (M&A) deals over the past decade.
Capital Expenditures
- Booking Holdings' capital expenditures averaged $346.4 million annually for the fiscal years ending December 2020 to 2024, peaking at $429 million in December 2024.
- Capital spending remained moderate, ranging from approximately $60 million to $121 million per quarter between Q4 2024 and Q3 2025, indicating efficient investment in business infrastructure.
- Primary capital expenditure focuses include internally-developed and third-party systems for transaction processing, order management, and financial systems, as well as operating leases for office space and data centers.
Latest Trefis Analyses
Trade Ideas
Select ideas related to BKNG. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 13.7% | 13.7% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.8% | 5.8% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.6% | 3.6% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 18.4% | 18.4% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 11.9% | 11.9% | -1.6% |
| 08312022 | BKNG | Booking | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 36.1% | 65.5% | -12.9% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Booking
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 290.92 |
| Mkt Cap | 76.1 |
| Rev LTM | 13,156 |
| Op Inc LTM | 2,642 |
| FCF LTM | 2,647 |
| FCF 3Y Avg | 2,296 |
| CFO LTM | 3,238 |
| CFO 3Y Avg | 2,985 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 12.3% |
| Rev Chg Q | 8.7% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Mgn LTM | 19.0% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 23.8% |
| CFO/Rev 3Y Avg | 21.0% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 17.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 76.1 |
| P/S | 4.6 |
| P/EBIT | 20.6 |
| P/E | 32.2 |
| P/CFO | 19.3 |
| Total Yield | 3.7% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 5.7% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.1% |
| 3M Rtn | 9.5% |
| 6M Rtn | 12.3% |
| 12M Rtn | 9.7% |
| 3Y Rtn | 125.6% |
| 1M Excs Rtn | 9.5% |
| 3M Excs Rtn | 7.6% |
| 6M Excs Rtn | -2.9% |
| 12M Excs Rtn | -5.0% |
| 3Y Excs Rtn | 38.2% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $5,406.99 | |
| Market Cap ($ Bil) | 175.1 | |
| First Trading Date | 03/31/1999 | |
| Distance from 52W High | -6.7% | |
| 50 Days | 200 Days | |
| DMA Price | $5,081.15 | $5,204.53 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 6.4% | 3.9% |
| 3M | 1YR | |
| Volatility | 29.2% | 28.5% |
| Downside Capture | 64.26 | 90.98 |
| Upside Capture | 52.25 | 84.46 |
| Correlation (SPY) | 33.3% | 65.0% |
BKNG Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.23 | 0.87 | 0.81 | 0.85 | 0.96 | 0.99 |
| Up Beta | 0.95 | 1.52 | 1.54 | 1.34 | 1.04 | 1.02 |
| Down Beta | 0.77 | 0.71 | 0.77 | 0.93 | 0.95 | 0.95 |
| Up Capture | 109% | 30% | 13% | 31% | 71% | 118% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 8 | 19 | 31 | 63 | 129 | 414 |
| Down Capture | 151% | 108% | 102% | 99% | 98% | 98% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 11 | 22 | 31 | 62 | 119 | 335 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of BKNG With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| BKNG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 5.7% | 3.1% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 28.6% | 24.7% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | 0.18 | 0.07 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 62.8% | 65.7% | -7.1% | 12.6% | 48.0% | 24.8% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of BKNG With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| BKNG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 21.6% | 10.2% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 31.7% | 23.8% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.67 | 0.39 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 60.5% | 60.2% | 2.1% | 14.9% | 40.2% | 27.9% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of BKNG With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| BKNG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 15.5% | 13.3% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 32.2% | 22.0% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.53 | 0.56 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 62.6% | 63.1% | -2.0% | 21.8% | 46.1% | 18.0% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2025 | -0.9% | -2.5% | -4.1% |
| 7/29/2025 | 0.4% | -2.4% | 0.4% |
| 2/20/2025 | -0.5% | -2.0% | -7.8% |
| 10/30/2024 | 4.8% | 12.0% | 16.5% |
| 8/1/2024 | -9.2% | -7.4% | 6.7% |
| 5/2/2024 | 3.0% | 8.8% | 8.4% |
| 2/22/2024 | -10.1% | -11.1% | -6.9% |
| 11/2/2023 | 0.7% | 6.0% | 10.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 15 |
| # Negative | 11 | 10 | 9 |
| Median Positive | 1.6% | 5.5% | 9.7% |
| Median Negative | -1.3% | -5.6% | -7.1% |
| Max Positive | 7.9% | 13.5% | 27.5% |
| Max Negative | -10.1% | -12.4% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10282025 | 10-Q 9/30/2025 |
| 6302025 | 7292025 | 10-Q 6/30/2025 |
| 3312025 | 4292025 | 10-Q 3/31/2025 |
| 12312024 | 2202025 | 10-K 12/31/2024 |
| 9302024 | 10302024 | 10-Q 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2222024 | 10-K 12/31/2023 |
| 9302023 | 11022023 | 10-Q 9/30/2023 |
| 6302023 | 8032023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2232023 | 10-K 12/31/2022 |
| 9302022 | 11022022 | 10-Q 9/30/2022 |
| 6302022 | 8032022 | 10-Q 6/30/2022 |
| 3312022 | 5042022 | 10-Q 3/31/2022 |
| 12312021 | 2232022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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