BKNG Consumer Cyclical

Booking Holdings Inc.

$155.67+1.25%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Consumer Cyclical
Industry: Travel Services
Country: United States
Market cap: 117.0B USD
Enterprise value: 125.8B USD
Full-time employees: 25,550

Overall health

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.13 vs a peer median of 0.63) and less short-term liquidity (current ratio 1.09 vs a peer median of 1.48)higher risk: bigger price swings (beta 1.13 vs peers 0.63) and less liquidity (current ratio 1.09 vs peers 1.48)
About average: valuation

Ranks #608 of 1,502 consumer cyclical companies (top 41%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Booking's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $6.8B in 2020 to $26.9B in 2025.
Booking's fiscal-year revenue rose in each of the five years to 2025, from $6.8B to $26.9B.
Profit is backed by cash. Free cash flow is 177% of reported profit.
Booking's free cash flow is 177% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

56/ 100

Oct 5 55 → Nov 4 56 (+1)

Valuation

Is the price right?

49/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 3.0%

Valuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 50 → 49

Share price +3.7%-2
Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.6%

SEC filings · 12 months to Dec 2025Reported value30% base weight · Z-score 0.07Sector median: 0.0439 · MAD: 0.0329

EBITDA yield8.2%

SEC filings · 12 months to Dec 2025Reported value50% base weight · Z-score -0.12Sector median: 0.0877 · MAD: 0.0461

Free cash flow yield8.2%

SEC filings · 12 months to Dec 2025 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.37Sector median: 0.0614 · MAD: 0.0545

Other data (not scored)

Book yield-9.2%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5650 · MAD: 0.3500

Growth

Is it growing?

72/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.0%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-0.9%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.20Sector median: 0.0420 · MAD: 0.2537

3-year revenue growth13.4%

SEC filings · 3 years to Dec 2025Reported value33% base weight · Z-score 1.45Sector median: 0.0425 · MAD: 0.0636

Revenue growth12.9%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score 1.40Sector median: 0.0373 · MAD: 0.0653

Profitability

Does it earn well?

97/100

Strong

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin32.9%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.74Sector median: 0.0638 · MAD: 0.0461

Return on assets18.2%

SEC filings · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.06Sector median: 0.0331 · MAD: 0.0254

Return on invested capitalUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0733 · MAD: 0.0600

Other data (not scored)

Gross margin87.2%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3025 · MAD: 0.1399

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0674

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.13

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.66Sector median: 0.6345 · MAD: 0.2980

Current ratio1.09×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.69Sector median: 1.4800 · MAD: 0.5570

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.02Sector median: 0.4646 · MAD: 0.3556

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Booking

Is Booking getting weaker?: Its latest SEC filing (Aug 4, 2026) got stronger: share count down 3.0%. Its overall score is unchanged at 56/100 since Oct 28, 2026.
How is Booking valued vs its peers?: Priced about in line with its peers. Valuation scores 49/100 against 1,612 consumer cyclical peers. Free cash flow yield 8.2% vs a peer median of 6.1% (stronger than 62% of peers).Free cash flow yield 8.2% vs peers 6.1% (stronger than 62% of peers).
Is Booking growing?: Yes, faster than most of its peers. Growth scores 72/100 against 1,612 consumer cyclical peers. 3-year revenue growth 13.4% vs a peer median of 4.3% (stronger than 80% of peers).3-year revenue growth 13.4% vs peers 4.3% (stronger than 80% of peers).
How profitable is Booking?: More profitable than most of its peers. Profitability scores 97/100 against 1,612 consumer cyclical peers. Operating margin 32.9% vs a peer median of 6.4% (stronger than 95% of peers).Operating margin 32.9% vs peers 6.4% (stronger than 95% of peers).
How risky is Booking?: Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 1.13 vs a peer median of 0.63 (weaker than 79% of peers).Beta 1.13 vs peers 0.63 (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Share count down 3.0%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	27.7B USD	28.2B USD	+2.0%
Operating margin	32.6%	32.9%	+0.2 pts
Free cash flow (12 months)	9.0B USD	9.5B USD	+5.6%
Debt	18.4B USD	20.2B USD	+9.6%
Cash	16.0B USD	17.2B USD	+7.4%
Shares outstanding	774.9M	751.4M	−3.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Consumer Cyclical · 182 companies

Valuations in Consumer Cyclical are within their usual range since 2016.

36% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +0% and earnings +10% (medians): prices and earnings moved broadly together.
Median price-to-sales is −55% vs the whole market, against a usual −41%.

2016Shaded: most expensive fifth of its range2026

Shown for Consumer Cyclical: too few Travel Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	22.8%	29.9%	27.3%	31.8%	32.8%	▲ 1.0 pts
Free cash flow margin	23.0%	36.2%	32.8%	33.3%	33.8%	▲ 0.5 pts
Current ratio	2.10×	1.86×	1.28×	1.31×	1.33×	▲ 1.8%
Debt to equity	1.77×	4.49×	—	—	—	—
Interest coverage	7.47×	13.05×	6.51×	5.83×	5.46×	▼ 6.5%

BKNG price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.13 vs a peer median of 0.63) and less short-term liquidity (current ratio 1.09 vs a peer median of 1.48)higher risk: bigger price swings (beta 1.13 vs peers 0.63) and less liquidity (current ratio 1.09 vs peers 1.48)

About average: valuation

Ranks #608 of 1,502 consumer cyclical companies (top 41%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Booking's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $6.8B in 2020 to $26.9B in 2025.

Booking's fiscal-year revenue rose in each of the five years to 2025, from $6.8B to $26.9B.

Profit is backed by cash. Free cash flow is 177% of reported profit.

Booking's free cash flow is 177% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Booking

Is Booking getting weaker?

Its latest SEC filing (Aug 4, 2026) got stronger: share count down 3.0%. Its overall score is unchanged at 56/100 since Oct 28, 2026.

How is Booking valued vs its peers?

Priced about in line with its peers. Valuation scores 49/100 against 1,612 consumer cyclical peers. Free cash flow yield 8.2% vs a peer median of 6.1% (stronger than 62% of peers).Free cash flow yield 8.2% vs peers 6.1% (stronger than 62% of peers).

Is Booking growing?

Yes, faster than most of its peers. Growth scores 72/100 against 1,612 consumer cyclical peers. 3-year revenue growth 13.4% vs a peer median of 4.3% (stronger than 80% of peers).3-year revenue growth 13.4% vs peers 4.3% (stronger than 80% of peers).

How profitable is Booking?

More profitable than most of its peers. Profitability scores 97/100 against 1,612 consumer cyclical peers. Operating margin 32.9% vs a peer median of 6.4% (stronger than 95% of peers).Operating margin 32.9% vs peers 6.4% (stronger than 95% of peers).

How risky is Booking?

Higher risk relative to 1,612 consumer cyclical peers, judged on debt, liquidity and share-price swings. Beta 1.13 vs a peer median of 0.63 (weaker than 79% of peers).Beta 1.13 vs peers 0.63 (weaker than 79% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

27.7B USD

28.2B USD

+2.0%

Operating margin

32.6%

32.9%

+0.2 pts

Free cash flow (12 months)

9.0B USD

9.5B USD

+5.6%

Debt

18.4B USD

20.2B USD

+9.6%

Cash

16.0B USD

17.2B USD

+7.4%

Shares outstanding

774.9M

751.4M

−3.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

22.8%

29.9%

27.3%

31.8%

32.8%

▲ 1.0 pts

Free cash flow margin

23.0%

36.2%

32.8%

33.3%

33.8%

▲ 0.5 pts

Current ratio

2.10×

1.86×

1.28×

1.31×

1.33×

▲ 1.8%

Debt to equity

1.77×

4.49×

—

Interest coverage

7.47×

13.05×

6.51×

5.83×

5.46×

▼ 6.5%