Consumer Discretionary · Hotels, Resorts & Cruise Lines · US stock · price as of 16 Oct 2026
Key indicators
Price
$163.45
52-week range
$149.40 – $219.22
Market cap
$125.9B
P/E (trailing)
–
EV / EBITDA
13.1×
Free-cash-flow yield
7.6%
Dividend yield
12.8%
Revenue (last 12 months)
$28.2B
Revenue growth (3y a year)
16.3%
Operating margin
32.9%
Return on invested capital
–
Net debt / EBITDA
0.3×
Fair value
Blended fair value$349.58 range $296 – $392
Versus priceUndervalued+114% to fair value
Peer multiples
$239.06
10-year DCF (market-scaled)
$460.10
Earnings power value (floor, not blended)
$91.85
Model uncertainty
Medium
X-Ray Score
69/ 100 · Medium confidence · ahead of 94% of sector peers
Valuation78
Growth80
Profitability64
Financial health67
Dividends41
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Booking Holdings runs online travel brands such as Booking.com, Priceline, Agoda, Kayak and OpenTable. Customers use these platforms to reserve hotels, rental homes, flights, rental cars and restaurant tables. The company earns money mainly through commissions and fees from accommodation and travel providers, and from advertising, so its results follow global travel demand, especially in Europe and Asia.
Over the last twelve months Booking Holdings Inc. reported revenue of $28.2 billion. Over three years revenue has grown by 16.3% a year. The operating margin is 32.9%. Net debt to EBITDA is 0.3 times. It pays a dividend with a yield of 12.8%. Return on invested capital describes how much profit the business earns relative to the money put into it.
StocksXray gives Booking Holdings Inc. an X-Ray Score of 69 out of 100 (medium confidence), ahead of 94% of the S&P 500 stocks in its sector. Its strongest lens is growth (80) and its weakest is dividends (41).
Our fair value blend is $349.58 (range $296.23 to $392.19). At $163.45 the stock trades 53% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Booking Holdings Inc. (BKNG)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$93.75
$78.74
$138.60
$195.86
$212.68
$163.45
Market cap
$3.9B
$3.2B
$5.1B
$6.7B
$6.9B
$125.9B
P/E
3.3×
1.0×
1.2×
1.1×
1.3×
–
EV / revenue
0.3×
0.2×
0.3×
0.3×
0.3×
4.6×
EV / EBITDA
1.3×
0.6×
1.0×
0.9×
0.9×
13.1×
Price / free cash flow
1.5×
0.5×
0.7×
0.8×
0.8×
13.2×
Free-cash-flow yield
64.9%
196.2%
138.2%
118.3%
130.9%
7.6%
Price / book
0.6×
1.1×
–
–
–
–
Dividend yield
–
–
–
4.47%
4.51%
12.81%
Fundamentals checklist ● 10 Good · ● 2 Average · ● 1 Bad · each check graded against the sector
Cash quality
Free-cash-flow yield7.6%Good
Risk models
Altman Z score7.0×Good
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)29.4%Good
Free-cash-flow growth (3y)13.7%Average
Revenue growth (3y)16.3%Good
Growth consistency100%Good
Balance sheet
Current ratio1.1×Average
Net debt / EBITDA0.3×Good
Interest cover8.4×Bad
Valuation
Fair value vs price2.1×Good
EBIT / EV yield7.2%Good
Profitability
Operating margin32.9%Good
Red flags
Negative equity — Book equity is negative
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
Booking Holdings Inc. (BKNG)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
10,958
17,090
21,365
23,739
26,917
28,241
Gross profit
–
–
–
–
–
–
Operating income
2,496
5,102
5,835
7,555
8,825
9,284
Net income
1,165
3,058
4,289
5,882
5,404
–
Diluted EPS ($)
28.17
76.35
117.40
172.69
165.57
–
Free cash flow
2,516
6,186
6,999
7,894
9,087
9,539
Gross margin
–
–
–
–
–
–
Operating margin
22.8%
29.9%
27.3%
31.8%
32.8%
32.9%
Net margin
10.6%
17.9%
20.1%
24.8%
20.1%
–
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
23,641
25,361
24,342
27,708
29,264
29,682
Cash
11,127
12,221
12,107
16,164
17,203
17,214
Total debt
10,926
12,485
14,184
16,598
18,736
20,180
Equity
6,178
2,782
-2,744
-4,020
-5,578
-10,783
Dividend per share ($)
–
–
–
8.75
9.60
9.64
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.