Latest Ratios: P/E Ratio 16.9x · EV/EBITDA 12.8x · ROE N/A. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $124.5B | $174.8B | $169.2B | $129.6B | $80.7B | $99.2B | $91.7B | $89.4B | $82.7B | $86.8B | $73.4B |
| Enterprise Value | $126.6B | $176.9B | $170.2B | $132.3B | $81.5B | $99.4B | $93.5B | $92.1B | $88.7B | $93.8B | $78.4B |
| P/E Ratio → | 16.86 | 32.36 | 28.77 | 30.22 | 26.39 | 85.17 | 1557.52 | 18.37 | 20.69 | 37.08 | 34.37 |
| P/S Ratio | 4.43 | 6.49 | 7.13 | 6.07 | 4.72 | 9.06 | 13.49 | 5.93 | 5.69 | 6.85 | 6.83 |
| P/B Ratio | — | — | — | — | 29.01 | 16.06 | 18.74 | 15.06 | 9.41 | 7.71 | 7.45 |
| P/FCF | 13.48 | 19.24 | 21.44 | 18.51 | 13.05 | 39.44 | — | 19.87 | 16.89 | 19.85 | 20.07 |
| P/OCF | 13.23 | 18.58 | 20.33 | 17.64 | 12.32 | 35.19 | 1078.51 | 18.37 | 15.49 | 18.62 | 18.70 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.57 | 7.17 | 6.19 | 4.77 | 9.07 | 13.76 | 6.12 | 6.11 | 7.40 | 7.30 |
| EV / EBITDA | 12.85 | 17.60 | 20.49 | 20.35 | 14.28 | 32.11 | 8499.24 | 15.39 | 15.39 | 19.14 | 24.40 |
| EV / EBIT | 13.64 | 20.94 | 19.82 | 20.74 | 18.90 | 55.25 | 101.29 | 14.80 | 17.39 | 20.16 | 26.86 |
| EV / FCF | — | 19.47 | 21.56 | 18.90 | 13.18 | 39.50 | — | 20.49 | 18.12 | 21.44 | 21.46 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.1% | 96.1% |
| Operating Margin | 34.5% | 34.5% | 31.8% | 27.3% | 29.9% | 22.8% | -9.3% | 35.5% | 36.8% | 35.8% | 27.1% |
| Net Profit Margin | 20.1% | 20.1% | 24.8% | 20.1% | 17.9% | 10.6% | 0.9% | 32.3% | 27.5% | 18.5% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | 22573.7% | 68.3% | 21.0% | 1.1% | 66.1% | 39.9% | 22.2% | 22.9% |
| ROA | 19.0% | 19.0% | 22.6% | 17.3% | 12.5% | 5.1% | 0.3% | 22.1% | 16.6% | 10.3% | 11.5% |
| ROIC | — | — | — | 247.9% | 77.1% | 28.7% | -6.1% | 34.1% | 24.2% | 20.5% | 15.4% |
| ROCE | 75.4% | 75.4% | 65.5% | 41.8% | 29.8% | 13.9% | -3.7% | 30.4% | 26.0% | 23.3% | 17.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 4.69 | 1.83 | 2.53 | 1.53 | 0.98 | 0.85 | 0.72 |
| Debt / EBITDA | 1.92 | 1.92 | 2.06 | 2.27 | 2.28 | 3.64 | 1125.45 | 1.52 | 1.50 | 1.94 | 2.22 |
| Net Debt / Equity | — | — | — | — | 0.29 | 0.02 | 0.37 | 0.47 | 0.69 | 0.62 | 0.51 |
| Net Debt / EBITDA | 0.21 | 0.21 | 0.11 | 0.41 | 0.14 | 0.05 | 165.27 | 0.46 | 1.04 | 1.42 | 1.57 |
| Debt / FCF | — | 0.23 | 0.12 | 0.38 | 0.13 | 0.06 | — | 0.62 | 1.23 | 1.60 | 1.38 |
| Interest Coverage | 5.23 | 5.23 | 6.63 | 7.11 | 11.03 | 5.39 | 2.59 | 23.40 | 18.97 | 18.32 | 14.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.33 | 1.33 | 1.31 | 1.28 | 1.86 | 2.10 | 3.56 | 1.83 | 2.36 | 2.58 | 1.89 |
| Quick Ratio | 1.33 | 1.33 | 1.31 | 1.28 | 1.86 | 2.10 | 3.56 | 1.83 | 2.36 | 2.58 | 1.89 |
| Cash Ratio | 1.07 | 1.07 | 1.03 | 0.95 | 1.46 | 1.79 | 3.23 | 1.36 | 1.77 | 2.12 | 1.50 |
| Asset Turnover | — | 0.92 | 0.86 | 0.88 | 0.67 | 0.46 | 0.31 | 0.70 | 0.64 | 0.50 | 0.54 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 51.80 | 49.19 | 55.57 | 47.61 | 45.23 | 28.41 | 40.70 | 38.27 | 35.06 | 29.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 0.7% | 0.7% | — | — | — | — | — | — | — | — |
| Payout Ratio | 23.1% | 23.1% | 20.0% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 3.1% | 3.5% | 3.3% | 3.8% | 1.2% | 0.1% | 5.4% | 4.8% | 2.7% | 2.9% |
| FCF Yield | 7.4% | 5.2% | 4.7% | 5.4% | 7.7% | 2.5% | — | 5.0% | 5.9% | 5.0% | 5.0% |
| Buyback Yield | 5.2% | 3.7% | 3.8% | 8.0% | 8.2% | 0.2% | 1.4% | 9.2% | 7.2% | 2.1% | 1.4% |
| Total Shareholder Yield | 6.1% | 4.4% | 4.5% | 8.0% | 8.2% | 0.2% | 1.4% | 9.2% | 7.2% | 2.1% | 1.4% |
| Shares Outstanding | — | $816M | $852M | $913M | $1.0B | $1.0B | $1.0B | $1.1B | $1.2B | $1.2B | $1.3B |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying BKNG stock.
Booking Holdings Inc.'s current P/E ratio is 16.9x. The historical average is 31.1x. This places it at the 5th percentile of its historical range.
Booking Holdings Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.1x.
Based on historical data, Booking Holdings Inc. is trading at a P/E of 16.9x. This is at the 5th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Booking Holdings Inc.'s current dividend yield is 0.95% with a payout ratio of 23.1%.
Booking Holdings Inc. has 100.0% gross margin and 34.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Booking Holdings Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
European regulatory scrutiny pressure
Metrics are mathematically derived from official filings.
Premium Multiples Priced for Durable Compounding
Based on reported figures, BKNG trades at a trailing P/E of 25.49 and a forward P/E of 16.12, a compression the market appears to attribute to expected earnings recovery rather than a change in franchise quality.
The gap between trailing and forward P/E suggests the market is capitalizing a rebound in earnings from the depressed Q2 2026 EPS print rather than paying up for current results. Against Expedia at 27.78 trailing and Airbnb at 42.22, BKNG's multiple appears moderate for a business with its margin profile, though the PEG of 0.16 should be read cautiously given that it depends on the growth estimate embedded in the forward figures. Investors should monitor whether the forward EPS assumptions hold if the Q2 shortfall reflects structural cost pressure instead of a transient item.
Operating Margin Tracks Seasonal Revenue Peaks
As reported in the quarterly filings, BKNG's operating margin ranged from 22.3% in Q1 2025 to 43.7% in Q3 2025, a spread driven mostly by revenue seasonality against a relatively fixed cost base.
The wide intra-year swing indicates that reported margins are a poor proxy for earning power when read from a single quarter. Net margin compressed to 7.0% in Q1 2025 against a 31.5% peak in Q3 2024, which suggests below-the-line items and tax effects amplify the operating volatility. Trailing-twelve-month margins are the more defensible basis for judging earning power, and the recent 2026 readings of 23.0% to 38.4% operating margin remain within that range.
Asset-Light Returns Masked by Negative Equity
Based on reported balance sheets, BKNG's ROA moved between 1.2% and 9.4% across the ten quarters, while the stockholders' deficit makes ROE and ROIC not meaningfully interpretable.
With equity negative, conventional ROE becomes uninformative and should not be used to rank BKNG against peers with positive book value. ROA's cyclicality mirrors the seasonal earnings pattern rather than indicating a trend in capital efficiency. Returns on invested capital are better evaluated through operating income against the debt-plus-equity base, which investors should compute directly given that the reported ROIC figures are unavailable in the data supplied.
Interest Coverage Improving Through Earnings Recovery
According to the reported figures, BKNG's interest coverage ranged from 1.61x in Q1 2025 to 12.52x in Q3 2025, while EBITDA leverage moved between 4.24x and 13.51x across the period.
Coverage has recovered meaningfully from the 2025 trough, suggesting debt service has become more comfortable on a trailing basis. However, EBITDA leverage remains elevated at seasonal troughs, indicating that debt service capacity depends heavily on the timing of peak-quarter cash generation. Investors should monitor refinancing exposure on the $20.6B of total debt, as the margin for error narrows materially in the weaker quarters.
Seasonal Liquidity Buffer Relies on Prepayments
Based on reported figures, BKNG's current ratio held between 1.06 and 1.33 over ten quarters, with cash of $15.8B to $17.6B providing the principal buffer against short-term obligations.
The current ratio stays above unity, but a meaningful portion of the current asset base appears funded by customer prepayments recorded as deferred revenue, which swung from $4.0B to $10.1B across the period. Headline liquidity may therefore overstate the cash genuinely available to equity holders. Under a severe demand shock that reversed prepayment inflows, the cash cushion could contract faster than the ratio alone implies, warranting close monitoring of deferred revenue trends.
Seasonal Ratios May Mislead Base Case
The strongest challenge to the base case is that BKNG's reported margin and coverage ratios appear to reflect seasonal timing rather than durable earnings power, which could overstate the apparent recovery.
Trailing ratios such as the 25.49 P/E and the 12.52x peak interest coverage may be inflated by a favorable quarter-end window, while the 1.61x trough reflects a different part of the cycle. The ratio most commonly misapplied to this model is EV/EBITDA, because marketing spend functions as a variable cost of sales and capitalizing EBITDA may overstate scalability. Investors should evaluate gross bookings-based margins and cash conversion over a full seasonal cycle before drawing conclusions from any single quarter.