Booking Holdings Inc
BKNG—
Build a strategy around BKNG
Booking Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity (-4.7B) with 17.5B debt yet generates 8.3B FCF TTM - capital-light model funds aggressive buybacks without balance sheet stress.[Common Stockholders Equity]
- Operating margin 34.5% TTM vs industry median 5.1% - 7x advantage reflects platform economics and pricing power.[Operating Margin TTM]
- FCF of 8.3B TTM on 325M capex (1.2% of revenue) - 96% cash conversion from EBITDA enables 37.55 dividend + buybacks.[Free Cash Flow TTM]
Watch Triggers
- Operating Margin TTM: Falls below 30% — Platform economics thesis breaks if margin compresses toward industry levels.
- Free Cash Flow TTM: Drops below 7B — Buyback capacity shrinks, forcing debt paydown or dividend cuts.
- Interest Expense TTM: Exceeds 2.2B (25% increase) — Refinancing risk materializes, compressing net income further.
Bull Case
Platform dominance: 26B revenue with 34.5% operating margin and 32% FCF margin creates durable cash machine funding perpetual buybacks.
Operating Margin TTMFree Cash Flow TTMDividends Paid Per Share TTM
Asset-light model: 1.4B PPE generates 9B EBITDA TTM (6.5x asset productivity) with minimal reinvestment required.
PPEEBITDA TTMCapital Expenditure TTM
Bear Case
Negative equity (-4.7B) with 17.5B debt leaves zero margin for error if travel demand contracts or competition intensifies.
Common Stockholders EquityTotal DebtLong Term Debt
P/S 6.5x vs industry median 1.5x (4.3x premium) prices in perfection with limited upside catalyst.
PS RatioPE RatioEnterprise Value
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
Leverage BKNG's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.
Forward Thesis
FCF yield compression as travel normalization slows growth while multiple holds at premium levels.
1-3ymed
- Revenue 26B approaching mature growth phase
- Interest expense 1.9B TTM on 17.5B debt constrains flexibility
- P/E 29x vs industry 25x with limited expansion runway
FCF yield ~5% (8.3B/169B EV)Net debt only 487M despite negative equityCapex 1.2% of revenue - minimal reinvestment needs
Valuation Context
Caveats
BKNG Fundamentals
Administrative and Support and Waste Management and Remediation Services → Administrative and Support Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$123.73B | — | ||
$126.65B | — | ||
21 | — | ||
$27.69B | +15.0% | — | |
$7.58 | +37.0% | — | |
34.3% | +1.8% | — | |
22.2% | -0.4% | — | |
$9.03B | +6.5% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
BKNG Dividend History
10 dividends
2026
$0.840006/05/26$0.4200
03/06/26$0.4200
2025
$1.536012/05/25$0.3840
09/05/25$0.3840
06/06/25$0.3840
03/07/25$0.3840
2024
$1.400012/06/24$0.3500
09/06/24$0.3500
06/07/24$0.3500
03/07/24$0.3500
BKNG Stock Splits
2 stock splits
04/06/261:25 split
06/16/030.166667:1 split
BKNG SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/28/26 | 03/31/26 | 10-Q | |
02/18/26 | 12/31/25 | Unknown | |
10/28/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
04/29/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/26/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/09/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/05/18 | 09/30/18 | 10-Q | |
08/09/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/09/17 | 03/31/17 | 10-Q | |
02/27/17 | 12/31/16 | 10-K | |
11/07/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/04/16 | 03/31/16 | 10-Q | |
02/17/16 | 12/31/15 | 10-K | |
11/09/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
12/16/15 | 03/31/15 | 10-Q | |
02/19/15 | 12/31/14 | 10-K | |
11/04/14 | 09/30/14 | 10-Q | |
08/11/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
02/20/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
02/27/13 | 12/31/12 | 10-K | |
11/01/12 | 09/30/12 | 10-Q | |
08/07/12 | 06/30/12 | 10-Q | |
05/09/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/07/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/09/10 | 09/30/10 | 10-Q | |
08/04/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
02/19/10 | 12/31/09 | 10-K | |
11/09/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/31/09 | 10-Q | |
02/20/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
03/03/08 | 12/31/07 | 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/08/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/30/06 | Unknown | -- |
03/07/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 8-K | |
05/10/05 | 03/30/05 | Unknown | -- |
03/15/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/30/04 | Unknown | -- |
03/15/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/30/03 | Unknown | -- |
03/31/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/29/02 | 12/31/01 | 10-K | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
03/30/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/16/00 | 03/30/00 | Unknown | -- |