Booking Holdings Inc. (BKNG) stock analysis
Company overview and business model
Source fact: 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.
Classification: NASDAQ · Consumer Cyclical · Travel Services
Revenue and growth
Source fact: Revenue was USD 26.92 billion for the period ending 2025-12-31.
Caverian calculation: Revenue changed +13.4% (FY2025 vs FY2024).
Profitability
Source fact: Net income was USD 5.40 billion in the latest reported period.
Source metric: Reported net margin was 20.1%.
Balance sheet and liquidity
Source fact: Cash and equivalents were USD 17.20 billion.
Source fact: Total debt was USD 19.29 billion.
Source metric: Current ratio was 1.33x.
Cash-flow analysis
Source fact: Operating cash flow was USD 9.41 billion.
Source fact: Free cash flow was USD 9.09 billion.
Valuation
Source metrics: Trailing P/E 23.32x; Forward P/E 16.94x; Price to sales 5.58x; EV/EBITDA 15.48x.
Caverian model output: Value score was 70/100.
Competitive position
Classification: Peer context: Travel Services within Consumer Cyclical.
Caverian model output: Quality score was 72/100.
Caverian model output: Growth score was 56/100.
Material risks
Caverian calculation: Altman Z-score was 6.76 (safe zone).
Data sources and freshness
Freshness: This report uses a stored upstream snapshot; statement periods are shown alongside the figures.
Methodology and limitations
Facts reproduce stored upstream fields. Calculations derive only from the displayed stored statements. Model outputs are Caverian interpretations, not investment advice or a buy/sell recommendation.
How Caverian approaches valuation · Sources and product principles