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Booking Holdings Inc. Common St (BKNG) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NasdaqGS•Consumer Cyclical•Travel Services
B
GoodMetricSide Score: 77/100
ProfitabilityProfit20/30
GrowthGrowth25/25
Balance SheetBalance12/25
Cash QualityCash20/20
Price & Volume
Market Cap $145.80B

Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, the United Kingdom, and internationally. The company operates Booking.com, which offers online accommodation reservations; and Priceline, which provides discount travel reservations services, as well as online accommodation, flight, rental car reservation services, vacation packages, cruises, activity, and affiliate programs. It also operates Agoda that offers online accommodation reservation, flight, ground transportation, and attractions. In addition, the company operates KAYAK, an online meta-search service that allows consumers to search and compare travel itineraries and prices; and OpenTable for booking online restaurant reservations, as well as reservation management services to restaurants. Further, it offers travel-related insurance products, payment facilitation, and restaurant management services to consumers, travel service providers, and restaurants; and advertising services. The company was formerly known as The Priceline Group Inc. and changed its name to Booking Holdings Inc. in February 2018. Booking Holdings Inc. was founded in 1997 and is headquartered in Norwalk, Connecticut.

Moat Signals

Competitive analysis based on 64 quarters of fundamental data

Pricing Power

Strong Moat

Operating margins are stable at ~31.5%, suggesting durable pricing power and cost discipline.

Competitive Advantage

Moderate Moat

Limited ROE data for a reliable assessment.

Cash Generation

Strong Moat

Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.

Demand Durability

Strong Moat

TTM revenue has grown consistently (7 of 7 quarters up), with ~23.6% growth over the period. Strong demand durability.

Risk Signals

Data-driven red flags and warnings across 64 quarters

Low Risk

Margin Pressure

Healthy

Margins are stable or improving at ~31.7% — no sign of cost or pricing stress.

Earnings Quality

Healthy

FCF covers net income by 2.6x on average — earnings are well-supported by cash generation.

Leverage Risk

Healthy

Limited debt-to-equity data available.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Healthy

Free cash flow is consistently positive — the business self-funds without external capital reliance.

Share Dilution

Healthy

Shares decreased 6.6% — net buybacks are reducing shares outstanding and boosting per-share value.

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$27.69B
15.0%
Q. Revenue
$5.53B
TTM EBITDA
$9.63B
14.2%
TTM Op. Income
$9.03B
15.4%
Q. Op. Income
$1.27B
TTM Net Income
$6.15B
13.1%
Q. Net Income
$1.08B
EPS
$1.37
Shares Out.
$790.00M
3.8%
$27.69B in TTM revenue grew 15.0% YoY, reaching $5.53B last quarter. TTM EBITDA of $9.63B and TTM operating income of $9.03B shows growth is flowing through. Net income of $6.15B TTM confirms the company is converting revenue into profit. Revenue is growing at a healthy pace — a signal to hold.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
25.3%
Op. Margin
23.0%
3.0%
Net Margin
19.6%
180.0%
Op. margin of 23.0% is up 0.7% YoY — cost efficiency is improving. Net margin at 19.6%.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
23.7x
P/S Ratio
5.3x
P/B Ratio
N/A
At 23.7x P/E, the stock trades in line with market averages — fairly valued. P/S of 5.3x and P/B of 0.0x provide additional context. Assess whether the current multiple is justified by the company's growth and profitability trajectory.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$27.72B
Cash
$16.02B
Long-Term Debt
$15.40B
Book Value
$-8.72B
D/E Ratio
N/A
Debt/EBITDA
11.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$3.21B
Free Cash Flow
$3.11B
1.7%
FCF Margin
11.2%
FCF / Net Income
2.9
FCF of $3.11B on $3.21B in operating cash flow. The FCF / Net Income ratio of 0.5x indicates partial cash conversion — earnings quality needs attention.

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