Booking Holdings Inc. (BKNG) 10-Year Financial Performance & Capital Metrics

BKNG • • Industrial / General

Consumer CyclicalTravel ServicesOnline Travel Agencies (OTAs)Global Full-Service OTAs

AboutBooking 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.Show more

Revenue $23.74B +11.1%
EBITDA $8.31B +27.8%
Net Income $5.88B +37.1%
EPS (Diluted) 172.69 +47.1%
Gross Margin 100%
EBITDA Margin 34.99% +15.0%
Operating Margin 31.83% +16.5%
Net Margin 24.78% +23.4%
ROE -
ROIC -
Debt/Equity -
Interest Coverage 5.83 -10.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 11321.0%
✓FCF machine: 33.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 6.8% through buybacks
✓Healthy 5Y average net margin of 14.8%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.89%

5Y9.52%

3Y29.39%

TTM12.96%

Profit (Net Income) CAGR

10Y9.28%

5Y3.87%

3Y71.55%

TTM0.16%

EPS CAGR

10Y14.23%

5Y9.08%

3Y83.02%

TTM4.4%

ROCE

10Y Avg26.68%

5Y Avg29.47%

3Y Avg45.69%

Latest65.49%

Peer Comparison

Global Full-Service OTAs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXPEExpedia Group, Inc.	34.43B	294.28	32.88	6.64%	9.66%	53.53%	6.76%	2.33
BKNGBooking Holdings Inc.	167.39B	5193.06	30.07	11.11%	19.37%		4.72%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	9.22B	10.74B	12.68B	14.53B	15.07B	6.8B	10.96B	17.09B	21.36B	23.74B
Revenue Growth %	0.09%	0.16%	0.18%	0.15%	0.04%	-0.55%	0.61%	0.56%	0.25%	0.11%
Cost of Goods Sold+	632.18M	415M	242M	0	0	0	0	0	0	0
COGS % of Revenue	0.07%	0.04%	0.02%	-	-	-	-	-	-	-
Gross Profit+	8.59B	10.33B	12.44B	14.53B	15.07B	6.8B	10.96B	17.09B	21.36B	23.74B
Gross Margin %	0.93%	0.96%	0.98%	1%	1%	1%	1%	1%	1%	1%
Gross Profit Growth %	0.13%	0.2%	0.2%	0.17%	0.04%	-0.55%	0.61%	0.56%	0.25%	0.11%
Operating Expenses+	5.33B	7.42B	7.9B	9.19B	9.72B	7.43B	8.46B	11.99B	15.53B	16.18B
OpEx % of Revenue	0.58%	0.69%	0.62%	0.63%	0.65%	1.09%	0.77%	0.7%	0.73%	0.68%
Selling, General & Admin	4.95B	6.03B	7.35B	8.53B	8.97B	5.46B	7.62B	11.21B	14.37B	14.79B
SG&A % of Revenue	0.54%	0.56%	0.58%	0.59%	0.6%	0.8%	0.7%	0.66%	0.67%	0.62%
Research & Development	113.62M	142M	189M	233M	285M	0	0	0	0	0
R&D % of Revenue	0.01%	0.01%	0.01%	0.02%	0.02%	-	-	-	-	-
Other Operating Expenses	272.49M	1.25B	363M	426M	469M	1.97B	846M	778M	1.16B	1.4B
Operating Income+	3.26B	2.91B	4.54B	5.34B	5.34B	-631M	2.5B	5.1B	5.83B	7.55B
Operating Margin %	0.35%	0.27%	0.36%	0.37%	0.35%	-0.09%	0.23%	0.3%	0.27%	0.32%
Operating Income Growth %	0.06%	-0.11%	0.56%	0.18%	0%	-1.12%	4.96%	1.04%	0.14%	0.29%
EBITDA+	3.53B	3.21B	4.9B	5.77B	5.99B	11M	3.1B	5.71B	6.5B	8.31B
EBITDA Margin %	0.38%	0.3%	0.39%	0.4%	0.4%	0%	0.28%	0.33%	0.3%	0.35%
EBITDA Growth %	0.08%	-0.09%	0.52%	0.18%	0.04%	-1%	280.36%	0.84%	0.14%	0.28%
D&A (Non-Cash Add-back)	272.49M	309M	363M	426M	641M	642M	599M	607M	665M	751M
EBIT	3.29B	2.92B	4.65B	5.1B	6.22B	923M	1.8B	4.31B	6.38B	8.59B
Net Interest Income+	-104.5M	-113M	-97M	-82M	-114M	-302M	-318M	-172M	123M	-181M
Interest Income	55.73M	95M	157M	187M	152M	54M	16M	219M	1.02B	1.11B
Interest Expense	160.23M	208M	254M	269M	266M	356M	334M	391M	897M	1.29B
Other Income/Expense	-130.59M	-193M	-139M	-506M	613M	1.2B	-1.03B	-1.18B	-354M	-263M
Pretax Income+	3.13B	2.71B	4.4B	4.83B	5.96B	567M	1.47B	3.92B	5.48B	7.29B
Pretax Margin %	0.34%	0.25%	0.35%	0.33%	0.4%	0.08%	0.13%	0.23%	0.26%	0.31%
Income Tax+	576.96M	578M	2.06B	837M	1.09B	508M	300M	865M	1.19B	1.41B
Effective Tax Rate %	0.82%	0.79%	0.53%	0.83%	0.82%	0.1%	0.8%	0.78%	0.78%	0.81%
Net Income+	2.55B	2.13B	2.34B	4B	4.87B	59M	1.17B	3.06B	4.29B	5.88B
Net Margin %	0.28%	0.2%	0.18%	0.28%	0.32%	0.01%	0.11%	0.18%	0.2%	0.25%
Net Income Growth %	0.05%	-0.16%	0.1%	0.71%	0.22%	-0.99%	18.75%	1.62%	0.4%	0.37%
Net Income (Continuing)	2.55B	2.13B	2.34B	4B	4.87B	59M	1.17B	3.06B	4.29B	5.88B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	49.45	42.65	46.86	83.26	111.82	1.43	28.17	76.35	117.40	172.69
EPS Growth %	0.08%	-0.14%	0.1%	0.78%	0.34%	-0.99%	18.7%	1.71%	0.54%	0.47%
EPS (Basic)	50.09	43.14	47.78	84.26	112.92	1.44	28.39	76.70	118.67	174.96
Diluted Shares Outstanding	51.59M	50.06M	49.95M	48.02M	43.51M	41.16M	41.36M	40.05M	36.53M	34.06M
Basic Shares Outstanding	50.94M	49.49M	48.99M	47.45M	43.08M	40.97M	41.04M	39.87M	36.14M	33.62M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	0.2%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	3.55B	5.4B	9.03B	8.41B	9.83B	12.21B	13.14B	15.8B	17.03B	20.49B
Cash & Short-Term Investments	2.65B	4.3B	7.4B	6.28B	7.31B	11.06B	11.15B	12.43B	12.68B	16.16B
Cash Only	1.48B	2.08B	2.54B	2.62B	6.31B	10.56B	11.13B	12.22B	12.11B	16.16B
Short-Term Investments	1.17B	2.22B	4.86B	3.66B	998M	501M	25M	175M	576M	0
Accounts Receivable	645.17M	860.12M	1.22B	1.52B	1.68B	529M	1.36B	2.23B	3.25B	3.2B
Days Sales Outstanding	25.53	29.22	35.06	38.27	40.7	28.41	45.23	47.61	55.57	49.19
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	364M	277M	231M	666M	454M	541M
Total Non-Current Assets+	13.87B	14.44B	16.42B	14.28B	11.57B	9.67B	10.5B	9.56B	7.31B	7.22B
Property, Plant & Equipment	274.79M	347.02M	480.08M	656M	1.36B	1.28B	1.32B	1.31B	1.49B	1.39B
Fixed Asset Turnover	33.57x	30.96x	26.41x	22.14x	11.09x	5.29x	8.31x	13.01x	14.35x	17.07x
Goodwill	3.38B	2.4B	2.74B	2.91B	2.91B	1.9B	2.89B	2.81B	2.83B	2.8B
Intangible Assets	2.17B	1.99B	2.18B	2.13B	1.95B	1.81B	2.06B	1.83B	1.61B	1.38B
Long-Term Investments	7.93B	9.59B	10.42B	8.41B	4.48B	3.76B	3.17B	2.79B	440M	536M
Other Non-Current Assets	-773.92M	-713.75M	119.14M	-189M	-9M	-210M	154M	139M	940M	1.11B
Total Assets+	17.42B	19.84B	25.45B	22.69B	21.4B	21.87B	23.64B	25.36B	24.34B	27.71B
Asset Turnover	0.53x	0.54x	0.50x	0.64x	0.70x	0.31x	0.46x	0.67x	0.88x	0.86x
Asset Growth %	0.17%	0.14%	0.28%	-0.11%	-0.06%	0.02%	0.08%	0.07%	-0.04%	0.14%
Total Current Liabilities+	1.44B	2.86B	3.5B	3.56B	5.37B	3.42B	6.25B	8.47B	13.33B	15.65B
Accounts Payable	322.84M	419.11M	668M	1.13B	1.24B	735M	1.59B	2.51B	3.37B	3.82B
Days Payables Outstanding	186.4	368.61	1.01K	-	-	-	-	-	-	-
Short-Term Debt	0	967.73M	711M	0	988M	985M	1.99B	500M	1.96B	1.75B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	495.49M	614.87M	1.83B	1.05B	1.23B	1.05B	1.34B	2.73B	0	0
Current Ratio	2.47x	1.89x	2.58x	2.36x	1.83x	3.56x	2.10x	1.86x	1.28x	1.31x
Quick Ratio	2.47x	1.89x	2.58x	2.36x	1.83x	3.56x	2.10x	1.86x	1.28x	1.31x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	7.19B	7.13B	10.69B	10.35B	10.1B	13.56B	11.22B	14.11B	13.76B	16.08B
Long-Term Debt	6.16B	6.17B	8.81B	8.65B	7.64B	11.03B	8.94B	11.98B	12.22B	14.85B
Capital Lease Obligations	0	0	0	0	462M	366M	351M	584M	633M	483M
Deferred Tax Liabilities	892.58M	822.33M	481.14M	370M	876M	1.13B	905M	685M	258M	289M
Other Non-Current Liabilities	134.78M	138.77M	1.4B	1.33B	1.13B	1.03B	1.02B	851M	642M	456M
Total Liabilities	8.63B	9.99B	14.19B	13.9B	15.47B	16.98B	17.46B	22.58B	27.09B	31.73B
Total Debt+	6.16B	7.14B	9.52B	8.65B	9.09B	12.38B	11.28B	13.04B	14.78B	17.08B
Net Debt	4.68B	5.06B	6.98B	6.03B	2.78B	1.82B	150M	816M	2.68B	917M
Debt / Equity	0.70x	0.72x	0.85x	0.98x	1.53x	2.53x	1.83x	4.69x	-	-
Debt / EBITDA	1.74x	2.22x	1.94x	1.50x	1.52x	1125.45x	3.64x	2.28x	2.27x	2.06x
Net Debt / EBITDA	1.33x	1.57x	1.42x	1.04x	0.46x	165.27x	0.05x	0.14x	0.41x	0.11x
Interest Coverage	20.34x	13.97x	17.87x	19.86x	20.09x	-1.77x	7.47x	13.05x	6.51x	5.83x
Total Equity+	8.8B	9.85B	11.26B	8.79B	5.93B	4.89B	6.18B	2.78B	-2.74B	-4.02B
Equity Growth %	0.03%	0.12%	0.14%	-0.22%	-0.32%	-0.18%	0.26%	-0.55%	-1.99%	-0.47%
Book Value per Share	170.48	196.73	225.48	182.96	136.36	118.88	149.36	69.46	-75.12	-118.01
Total Shareholders' Equity	8.8B	9.85B	11.26B	8.79B	5.93B	4.89B	6.18B	2.78B	-2.74B	-4.02B
Common Stock	482K	485K	487K	0	0	0	0	0	0	0
Retained Earnings	9.19B	11.33B	13.94B	18.37B	23.23B	23.29B	24.45B	27.54B	31.83B	36.52B
Treasury Stock	-5.83B	0	-8.7B	-14.71B	-22.86B	-24.13B	-24.29B	-30.98B	-41.43B	-47.88B
Accumulated OCI	244.85M	-134.68M	236.98M	-316M	-191M	-118M	-144M	-267M	-323M	-375M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.1B	3.92B	4.66B	5.34B	4.87B	85M	2.82B	6.55B	7.34B	8.32B
Operating CF Margin %	0.34%	0.37%	0.37%	0.37%	0.32%	0.01%	0.26%	0.38%	0.34%	0.35%
Operating CF Growth %	0.06%	0.27%	0.19%	0.14%	-0.09%	-0.98%	32.18%	1.32%	0.12%	0.13%
Net Income	2.55B	2.13B	2.34B	4B	4.87B	59M	1.17B	3.06B	4.29B	5.88B
Depreciation & Amortization	272.49M	309.13M	362.77M	426M	641M	642M	599M	607M	665M	751M
Stock-Based Compensation	249.13M	249.73M	261.27M	331M	325M	255M	376M	404M	530M	599M
Deferred Taxes	-61.34M	-111.91M	-32.47M	-150M	122M	213M	-445M	-257M	-478M	98M
Other Non-Cash Items	98.59M	1.13B	151.32M	608M	-549M	-64M	856M	947M	629M	626M
Working Capital Changes	-8.01M	215.87M	1.58B	125M	-539M	-1.02B	269M	1.79B	1.71B	367M
Change in Receivables	-68.69M	-284.22M	-269.73M	-319M	-323M	891M	-1B	-1.23B	-1.33B	-506M
Change in Inventory	-81.61M	5.5M	-124.27M	-201M	-480M	0	0	0	0	0
Change in Payables	166.2M	516.36M	687.45M	635M	480M	0	0	0	0	0
Cash from Investing+	-3.89B	-3.33B	-4.2B	2.21B	7.05B	2.64B	-998M	-518M	1.49B	129M
Capital Expenditures	-173.91M	-268.38M	-287.81M	-442M	-368M	-286M	-304M	-368M	-345M	-429M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.03%	0.02%	0.04%	0.03%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	9K	-3.11B	-3.36B	2.93B	7.43B	2.92B	0	-15M	3M	1M
Cash from Financing+	-730M	57.74M	-78.66M	-7.43B	-8.22B	1.53B	-1.24B	-4.9B	-8.91B	-4.2B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	-1.17B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	107.44M	74.74M	-10M	27M	-8M	-33M	-23M	-17M	75M	-45M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.93B	3.66B	4.37B	4.9B	4.5B	-201M	2.52B	6.19B	7B	7.89B
FCF Margin %	0.32%	0.34%	0.34%	0.34%	0.3%	-0.03%	0.23%	0.36%	0.33%	0.33%
FCF Growth %	0.05%	0.25%	0.2%	0.12%	-0.08%	-1.04%	13.52%	1.46%	0.13%	0.13%
FCF per Share	56.76	73.03	87.57	101.96	103.36	-4.88	60.83	154.45	191.60	231.74
FCF Conversion (FCF/Net Income)	1.22x	1.84x	1.99x	1.34x	1.00x	1.44x	2.42x	2.14x	1.71x	1.41x
Interest Paid	54.3M	126M	155M	219M	221M	278M	318M	380M	842M	0
Taxes Paid	534.11M	637M	702M	1.17B	1.07B	319M	735M	600M	1.79B	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	29.39%	22.9%	22.18%	39.88%	66.11%	1.09%	21.05%	68.26%	22573.68%	-
Return on Invested Capital (ROIC)	21.46%	15.36%	20.53%	24.24%	34.09%	-6.14%	28.71%	77.1%	247.95%	-
Gross Margin	93.15%	96.14%	98.09%	100%	100%	100%	100%	100%	100%	100%
Net Margin	27.66%	19.87%	18.46%	27.52%	32.29%	0.87%	10.63%	17.89%	20.07%	24.78%
Debt / Equity	0.70x	0.72x	0.85x	0.98x	1.53x	2.53x	1.83x	4.69x	-	-
Interest Coverage	20.34x	13.97x	17.87x	19.86x	20.09x	-1.77x	7.47x	13.05x	6.51x	5.83x
FCF Conversion	1.22x	1.84x	1.99x	1.34x	1.00x	1.44x	2.42x	2.14x	1.71x	1.41x
Revenue Growth	9.26%	16.47%	18.04%	14.56%	3.71%	-54.89%	61.24%	55.96%	25.01%	11.11%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Merchant Revenue	-	-	-	-	3.83B	2.12B	3.7B	7.19B	10.94B	14.14B
Merchant Revenue Growth	-	-	-	-	-	-44.73%	74.59%	94.62%	52.04%	29.32%
Agency Revenue	-	-	-	-	10.12B	4.31B	6.66B	9B	9.41B	8.52B
Agency Revenue Growth	-	-	-	-	-	-57.36%	54.45%	35.12%	4.57%	-9.45%
Advertising and other revenues	-	-	-	-	1.12B	365M	599M	894M	1.01B	1.07B
Advertising and other revenues Growth	-	-	-	-	-	-67.38%	64.11%	49.25%	13.53%	5.71%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
NETHERLANDS	6.21B	7.78B	9.54B	11.09B	11.69B	5.26B	8.68B	13.43B	17.01B	18.6B
NETHERLANDS Growth	-	25.43%	22.57%	16.28%	5.34%	-54.95%	64.86%	54.74%	26.71%	9.32%
Other Geographical Areas	1.2B	1.28B	1.52B	1.81B	1.84B	749M	846M	1.46B	2.02B	2.65B
Other Geographical Areas Growth	-	6.46%	18.91%	18.80%	1.99%	-59.36%	12.95%	72.22%	38.92%	31.13%
UNITED STATES	1.82B	1.68B	1.62B	1.63B	1.54B	783M	1.43B	2.21B	2.33B	2.48B
UNITED STATES Growth	-	-7.53%	-3.62%	0.40%	-5.47%	-49.06%	83.14%	53.77%	5.53%	6.79%

Frequently Asked Questions

Valuation & Price

Booking Holdings Inc. (BKNG) has a price-to-earnings (P/E) ratio of 30.1x. This suggests investors expect higher future growth.

Growth & Financials

Booking Holdings Inc. (BKNG) reported $26.04B in revenue for fiscal year 2024. This represents a 498% increase from $4.36B in 2011.

Booking Holdings Inc. (BKNG) grew revenue by 11.1% over the past year. This is steady growth.

Yes, Booking Holdings Inc. (BKNG) is profitable, generating $5.04B in net income for fiscal year 2024 (24.8% net margin).

Dividend & Returns

Yes, Booking Holdings Inc. (BKNG) pays a dividend with a yield of 0.66%. This makes it attractive for income-focused investors.

Booking Holdings Inc. (BKNG) generated $8.31B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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