Booking Holdings Inc. (BKNG) stock analysis

BKNGNasdaqTransportation ServicesFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 3, 2026Score 13/3019% below fair value

$161.20+0.99 (+0.62%)

Close on Nov 12, 2026Market cap $121.12BP/E 17.4Yield 0.24%

StockData Score

Prices as of Nov 12, 2026How the score works

Mixed13 of 30 checks passed

Booking passes 13 of the 30 checks behind our score; 12 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 4/6
Growth: 3/6
Past performance: 0/6
Financial health: 4/6
Dividend: 2/6

What stands out

Trading below fair value
The share price of $161.20 is below our fair value estimate of $199.14.
Revenue growing 10%+ a year
Revenue grew 16.3% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 29.4% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 8.3 times.

What to watch

Margin of safety under 20%
The price is 19.1% below fair value, less than the 20% cushion we look for.
P/S above the industry
Booking's price-to-sales of 4.31 is above the Transportation Services median of 2.49 (book value is negative, so we use sales).
Growing slower than the industry
Revenue grew 8.0% over the last twelve months; the Transportation Services median is 9.5%.
Yield below Treasuries
The 1.0% yield is below the 4.6% on a 1-year Treasury.

Valuation4/6

P/E below its 5-year median
Booking's P/E of 17.4 is below its own 5-year median of 31.8.
P/E below the industry
Booking's P/E of 17.4 is below the Transportation Services median of 19.3.
EV/EBITDA below its 5-year median
Booking's EV/EBITDA of 12.8 is below its 5-year median of 19.2.
P/S above the industry
Booking's price-to-sales of 4.31 is above the Transportation Services median of 2.49 (book value is negative, so we use sales).
Trading below fair value
The share price of $161.20 is below our fair value estimate of $199.14.
Margin of safety under 20%
The price is 19.1% below fair value, less than the 20% cushion we look for.

Growth3/6

Revenue growing 10%+ a year
Revenue grew 16.3% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 29.4% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 8.0% over the last twelve months; the Transportation Services median is 9.5%.
Guidance raised
Booking raised its Q4 2026 Constant Currency Adjusted Revenue Growth outlook on Nov 3, 2026.
Gross margin trend
This company does not report gross profit.

Past performance0/6

Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health4/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 47.7% of total debt.
Interest well covered
Operating income covers interest expense 8.3 times.
Short-term assets cover short-term debts
Current assets are 1.11 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 6.30; above 3 is the safe zone and below 1.8 the distress zone.

Dividend2/6

Pays a dividend
Booking paid dividends worth 1.0% of the share price over the last twelve months.
Yield below Treasuries
The 1.0% yield is below the 4.6% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.9% or more; Booking yields 1.0%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Covered by free cash flow
Dividends take 13.9% of free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$199.14

The share price is 19% below this estimate.

20%+ below

Near fair value

20%+ above

$161.20Price$199.14Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	25.6×	31.8×	19.3×	$237.22	44%
EV/EBITDA	15.7×	19.2×	12.0×	$198.82	39%
Earnings power	10.8% cost of equity	–	–	$98.34	17%
Fair value				$199.14	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/E at month end
Own 5-year median 31.8
Transportation Services median 19.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $1.18B
Value traded per 1% price move: $692.93M

Downside

Medium risk

Typical loss in a bad month: 22.4%
Volatility (annualized): 40%
Sharpe ratio, 1 year: -0.63
Beta to the S&P 500 (5Y): 1.17

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

–

Operating margin

32.8%+42.1 pts over 5 years

Growth rates

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+13.4%	+16.3%	+31.7%	+11.3%
Operating income	+16.8%	+20.0%	–	+10.5%
EPS, diluted	-4.1%	+29.4%	+158.3%	+12.8%
Free cash flow	+15.1%	+13.7%	–	+11.6%
Dividend per share	+9.7%	–	–	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Current ratio	1.89	3.56	1.33
Debt to equity	0.63	2.46	-3.36
Net debt to EBITDA	1.27×	-8.28×	0.16×
Interest coverage	14.0×	-1.8×	5.5×
Capex to revenue	2.0%	4.2%	1.2%
Diluted shares	1.25B	1.03B	816M