Booking Holdings Inc. (BKNG) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+52.2%

$236.03

vs $155.11 price

Levered DCF

$235.44

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.84

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	32.16×	28.4×	29.89×	26.27×	84.51×	1,546.7×	18.19×	20.44×
P/B	-31.16×	-41.55×	-46.72×	28.88×	15.94×	18.65×	14.91×	9.3×
P/S	6.46×	7.04×	6×	4.7×	8.99×	13.43×	5.87×	5.63×
EV / EBITDA	19.08×	17.99×	18.58×	16.49×	41.13×	59.47×	13.29×	15.87×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	34.5%	31.8%	27.3%	29.9%	22.8%	-9.3%	35.5%	36.8%
Net margin	20.1%	24.8%	20.1%	17.9%	10.6%	0.9%	32.3%	27.5%
Current ratio	1.33×	1.31×	1.28×	1.86×	2.1×	3.56×	1.83×	2.36×
Debt / equity	-3.46×	-4.25×	-5.39×	4.69×	1.83×	2.53×	1.53×	0.98×
Interest coverage	5.74×	5.83×	6.51×	13.05×	7.47×	-1.77×	20.09×	19.86×
Dividend yield	0.7%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	23.1%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-96.9%	-146.3%	-156.3%	109.9%	18.9%	1.2%	82.0%	45.5%
Return on invested capital	50.8%	44.1%	35.2%	22.9%	10.2%	-0.3%	25.6%	23.1%
Return on assets	18.5%	21.2%	17.6%	12.1%	4.9%	0.3%	22.7%	17.6%
Free cash flow yield	5.2%	4.7%	5.5%	7.7%	2.6%	-0.2%	5.1%	6.0%
Earnings yield	3.1%	3.5%	3.3%	3.8%	1.2%	0.1%	5.5%	4.9%
Enterprise value	$175.9B	$168B	$130.9B	$81.2B	$98.6B	$93.1B	$91.3B	$87.8B
Net debt / EBITDA	0.23×	0.1×	0.38×	0.17×	0.06×	1.16×	0.4×	1.09×
Cash conversion cycle (days)	52	49	56	48	45	28	41	38