NASDAQ · Consumer Cyclical

Booking Holdings Inc.

BKNG · Travel Services

$165.47

▼ -4.15 (-2.45%)

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Mr. Market is currently offering Booking Holdings Inc. at $165.47.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Operating Margin 34.5%

Net Income Margin 20.1%

Fin. Health C

Years to Pay Off Debt 3.6 yrs

Working Capital vs Long-Term Debt -$11.3B

Working Capital $5.6B

Valuation A

Price-to-Book -22.99x

Cash Flow A

Free Cash Flow $9.1B

CapEx % of Net Income 6.0%

Owner Earnings $6.5B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $128.2B

Enterprise Value $134.6B

P/E (TTM) 21.83

Dividend Yield 0.93%

Exchange NASDAQ

Key Margins

Gross Profit N/A

Operating Margin 34.5%

Net Margin 20.1%

Company Info

Sector Consumer Cyclical

Industry Travel Services

Employees 24900

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Booking Holdings Inc. at $165.47.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Booking Holdings Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	34.5% ▲	31.8%	27.3%	29.9%	N/A
Net Income %	20.1% ▼	24.8%	20.1%	17.9%	N/A
Diluted EPS	6.62 ▼	6.91	4.70	3.05	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$29.3B	$27.7B	$24.3B	$25.4B	N/A
Total Debt	$19.3B ↑	$17.1B	$14.8B	$13.0B	N/A
Working Capital	$5.6B ▲	$4.8B	$3.7B	$7.3B	N/A
Years to Pay Debt	3.57	2.90	3.45	4.26	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$9.1B ▲	$7.9B	$7.0B	$6.2B	N/A
Owner Earnings	$6.5B	$7.1B	$5.3B	$4.0B	N/A
CapEx % of Net Income	6.0%	7.3%	8.0%	12.0%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-363,451	-17,177	-104,172	-221,817
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	10,956,000	9,427,000	7,522,000	5,927,000
Total Unusual Items	-1,739,000	-89,000	-479,000	-1,006,000
Total Unusual Items Excluding Goodwill	-1,739,000	-89,000	-479,000	-1,006,000
Net Income From Continuing Operation Net Minority Interest	5,404,000	5,882,000	4,289,000	3,058,000
Reconciled Depreciation	768,000	751,000	665,000	607,000
EBITDA	9,217,000	9,338,000	7,043,000	4,921,000
EBIT	8,449,000	8,587,000	6,378,000	4,314,000
Net Interest Income	-696,000	-181,000	123,000	-172,000
Interest Expense	1,617,000	1,295,000	897,000	391,000
Interest Income	921,000	1,114,000	1,020,000	219,000
Normalized Income	6,779,549	5,953,823	4,663,828	3,842,183
Net Income From Continuing And Discontinued Operation	5,404,000	5,882,000	4,289,000	3,058,000
Total Expenses	17,635,000	16,184,000	15,530,000	11,988,000
Total Operating Income As Reported	8,825,000	7,555,000	5,835,000	5,102,000
Diluted Average Shares	815,975	851,600	913,250	1,001,300
Basic Average Shares	811,300	840,550	903,500	996,800
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,404,000	5,882,000	4,289,000	3,058,000
Net Income Common Stockholders	5,404,000	5,882,000	4,289,000	3,058,000
Net Income	5,404,000	5,882,000	4,289,000	3,058,000
Net Income Including Noncontrolling Interests	5,404,000	5,882,000	4,289,000	3,058,000
Net Income Continuous Operations	5,404,000	5,882,000	4,289,000	3,058,000
Tax Provision	1,428,000	1,410,000	1,192,000	865,000
Pretax Income	6,832,000	7,292,000	5,481,000	3,923,000
Other Income Expense	-1,754,000	-82,000	-477,000	-1,007,000
Other Non Operating Income Expenses	-15,000	7,000	2,000	-1,000
Special Income Charges	-457,000	0	0	199,000
Other Special Charges					242,000
Impairment Of Capital Assets	457,000	0	0	0
Restructuring And Mergern Acquisition				-199,000	13,000
Gain On Sale Of Security	-1,282,000	-89,000	-479,000	-1,006,000
Net Non Operating Interest Income Expense	-696,000	-181,000	123,000	-172,000
Interest Expense Non Operating	1,617,000	1,295,000	897,000	391,000
Interest Income Non Operating	921,000	1,114,000	1,020,000	219,000
Operating Income	9,282,000	7,555,000	5,835,000	5,102,000
Operating Expense	17,635,000	16,184,000	15,530,000	11,988,000
Other Operating Expenses	1,113,000	805,000	655,000	327,000
Depreciation Amortization Depletion Income Statement	623,000	591,000	504,000	451,000
Depreciation And Amortization In Income Statement	623,000	591,000	504,000	451,000
Selling General And Administration	15,899,000	14,788,000	14,371,000	11,210,000
Selling And Marketing Expense	11,639,000	10,398,000	9,517,000	7,979,000
General And Administrative Expense	4,260,000	4,390,000	4,854,000	3,231,000
Other Gand A	857,000	1,036,000	1,560,000	766,000
Salaries And Wages	3,403,000	3,354,000	3,294,000	2,465,000
Total Revenue	26,917,000	23,739,000	21,365,000	17,090,000
Operating Revenue	26,917,000	23,739,000	21,365,000	17,090,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	815,676	783,232	741,259	647,939
Ordinary Shares Number	797,353	823,672	859,941	946,574
Share Issued	1,613,029	1,606,903	1,601,200	1,594,513
Net Debt	1,533,000	434,000	2,077,000	264,000
Total Debt	19,293,000	17,081,000	14,783,000	13,037,000
Tangible Book Value	-9,165,000	-8,201,000	-7,183,000	-1,854,000
Invested Capital	13,158,000	12,578,000	11,440,000	15,267,000
Working Capital	5,566,000	4,844,000	3,704,000	7,324,000
Net Tangible Assets	-9,165,000	-8,201,000	-7,183,000	-1,854,000
Capital Lease Obligations	557,000	483,000	599,000	552,000
Common Stock Equity	-5,578,000	-4,020,000	-2,744,000	2,782,000
Total Capitalization	11,278,000	10,833,000	9,479,000	14,767,000
Total Equity Gross Minority Interest	-5,578,000	-4,020,000	-2,744,000	2,782,000
Stockholders Equity	-5,578,000	-4,020,000	-2,744,000	2,782,000
Gains Losses Not Affecting Retained Earnings	-290,000	-375,000	-323,000	-267,000
Other Equity Adjustments	-290,000	-375,000	-323,000	-267,000
Treasury Stock	54,315,000	47,877,000	41,426,000	30,983,000
Retained Earnings	40,670,000	36,525,000	31,830,000	27,541,000
Additional Paid In Capital	8,356,000	7,707,000	7,175,000	6,491,000
Capital Stock	1,000	0	0	0
Common Stock	1,000	0	0	0
Total Liabilities Net Minority Interest	34,842,000	31,728,000	27,086,000	22,579,000
Total Non Current Liabilities Net Minority Interest	18,144,000	16,081,000	13,756,000	14,105,000
Other Non Current Liabilities	714,000	199,000	161,000	172,000
Tradeand Other Payables Non Current	0	257,000	515,000	711,000
Non Current Deferred Liabilities	17,000	289,000	258,000	685,000
Non Current Deferred Taxes Liabilities	17,000	289,000	258,000	685,000
Long Term Debt And Capital Lease Obligation	17,413,000	15,336,000	12,822,000	12,537,000
Long Term Capital Lease Obligation	557,000	483,000	599,000	552,000
Long Term Debt	16,856,000	14,853,000	12,223,000	11,985,000
Current Liabilities	16,698,000	15,647,000	13,330,000	8,474,000
Current Deferred Liabilities	5,270,000	4,031,000	3,254,000	2,223,000
Current Deferred Revenue	5,270,000	4,031,000	3,254,000	2,223,000
Current Debt And Capital Lease Obligation	1,880,000	1,745,000	1,961,000	500,000
Current Debt	1,880,000	1,745,000	1,961,000	500,000
Current Notes Payable				500,000	1,989,000
Payables And Accrued Expenses	9,548,000	9,871,000	8,115,000	5,751,000
Current Accrued Expenses	4,454,000	6,047,000	4,741,000	3,244,000
Payables	5,094,000	3,824,000	3,374,000	2,507,000
Accounts Payable	5,094,000	3,824,000	3,374,000	2,507,000
Total Assets	29,264,000	27,708,000	24,342,000	25,361,000
Total Non Current Assets	7,000,000	7,217,000	7,308,000	9,563,000
Other Non Current Assets	1,392,000	1,109,000	940,000	824,000
Investments And Advances	582,000	536,000	440,000	2,789,000
Investmentin Financial Assets	582,000	536,000	440,000	2,789,000
Held To Maturity Securities				565,000
Available For Sale Securities	582,000	536,000	440,000	2,789,000
Goodwill And Other Intangible Assets	3,587,000	4,181,000	4,439,000	4,636,000
Other Intangible Assets	918,000	1,382,000	1,613,000	1,829,000
Goodwill	2,669,000	2,799,000	2,826,000	2,807,000
Net PPE	1,439,000	1,391,000	1,489,000	1,314,000
Accumulated Depreciation	-1,643,000	-1,392,000	-1,219,000	-1,324,000
Gross PPE	3,082,000	2,783,000	2,708,000	2,638,000
Leases	202,000	216,000	228,000	277,000
Construction In Progress				0	328,000
Other Properties	632,000	559,000	705,000	645,000
Machinery Furniture Equipment	2,248,000	2,008,000	1,775,000	1,716,000
Current Assets	22,264,000	20,491,000	17,034,000	15,798,000
Other Current Assets	630,000	541,000	454,000	1,173,000
Prepaid Assets	611,000	587,000	644,000		404,000
Receivables	3,820,000	3,199,000	3,253,000	2,229,000
Accounts Receivable	3,820,000	3,199,000	3,253,000	2,229,000
Allowance For Doubtful Accounts Receivable	-137,000	-146,000	-137,000	-117,000
Gross Accounts Receivable	3,957,000	3,345,000	3,390,000	2,346,000
Cash Cash Equivalents And Short Term Investments	17,203,000	16,164,000	12,683,000	12,396,000
Other Short Term Investments		0	576,000	175,000	25,000
Cash And Cash Equivalents	17,203,000	16,164,000	12,107,000	12,221,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	9,087,000	7,894,000	6,999,000	6,186,000
Repurchase Of Capital Stock	-6,440,000	-6,509,000	-10,377,000	-6,621,000
Repayment Of Debt	-4,970,000	-1,312,000	-500,000	-1,880,000
Issuance Of Debt	3,681,000	4,836,000	1,893,000	3,621,000
Capital Expenditure	-322,000	-429,000	-345,000	-368,000
Interest Paid Supplemental Data	1,100,000	953,000	842,000	380,000
Income Tax Paid Supplemental Data			1,789,000	600,000	735,000
End Cash Position	17,269,000	16,193,000	12,135,000	12,251,000
Beginning Cash Position	16,193,000	12,135,000	12,251,000	11,152,000
Effect Of Exchange Rate Changes	895,000	-190,000	-37,000	-40,000
Changes In Cash	181,000	4,248,000	-79,000	1,139,000
Financing Cash Flow	-8,915,000	-4,204,000	-8,909,000	-4,897,000
Cash Flow From Continuing Financing Activities	-8,915,000	-4,204,000	-8,909,000	-4,897,000
Net Other Financing Charges	47,000	-59,000	-59,000	-24,000
Proceeds From Stock Option Exercised	15,000	14,000	134,000	7,000
Cash Dividends Paid	-1,248,000	-1,174,000	0	0
Common Stock Dividend Paid	-1,248,000	-1,174,000	0	0
Net Common Stock Issuance	-6,440,000	-6,509,000	-10,377,000	-6,621,000
Common Stock Payments	-6,440,000	-6,509,000	-10,377,000	-6,621,000
Net Issuance Payments Of Debt	-1,289,000	3,524,000	1,393,000	1,741,000
Net Long Term Debt Issuance	-1,289,000	3,524,000	1,393,000	1,741,000
Long Term Debt Payments	-4,970,000	-1,312,000	-500,000	-1,880,000
Long Term Debt Issuance	3,681,000	4,836,000	1,893,000	3,621,000
Investing Cash Flow	-313,000	129,000	1,486,000	-518,000
Cash Flow From Continuing Investing Activities	-313,000	129,000	1,486,000	-518,000
Net Other Investing Changes	9,000	1,000	3,000	-15,000
Net Investment Purchase And Sale	0	557,000	1,828,000	-736,000
Sale Of Investment	0	590,000	1,840,000	32,000
Purchase Of Investment	0	-33,000	-12,000	-768,000
Net Business Purchase And Sale			0	0	-1,185,000
Purchase Of Business			0	0	-1,185,000
Net PPE Purchase And Sale	-322,000	-429,000	-345,000	233,000
Sale Of PPE		0	0	601,000	0
Purchase Of PPE	-322,000	-429,000	-345,000	-368,000
Operating Cash Flow	9,409,000	8,323,000	7,344,000	6,554,000
Cash Flow From Continuing Operating Activities	9,409,000	8,323,000	7,344,000	6,554,000
Change In Working Capital	535,000	367,000	1,709,000	1,795,000
Change In Other Working Capital	1,165,000	885,000	2,884,000	3,240,000
Change In Prepaid Assets	100,000	-12,000	155,000	-217,000
Change In Receivables	-730,000	-506,000	-1,330,000	-1,228,000
Changes In Account Receivables	-730,000	-506,000	-1,330,000	-1,228,000
Other Non Cash Items	-14,000	7,000	5,000	38,000
Stock Based Compensation	617,000	599,000	530,000	404,000
Provisionand Write Offof Assets	416,000	412,000	330,000	232,000
Asset Impairment Charge	457,000	0	0	0
Deferred Tax	-516,000	98,000	-478,000	-257,000
Deferred Income Tax	-516,000	98,000	-478,000	-257,000
Depreciation Amortization Depletion	768,000	751,000	665,000	607,000
Depreciation And Amortization	768,000	751,000	665,000	607,000
Amortization Cash Flow	204,000	221,000	222,000	224,000
Amortization Of Intangibles	204,000	221,000	222,000	224,000
Depreciation	564,000	530,000	443,000	383,000
Operating Gains Losses	1,742,000	207,000	294,000	677,000
Gain Loss On Investment Securities	314,000	733,000	131,000	963,000
Net Foreign Currency Exchange Gain Loss	1,428,000	-526,000	163,000	-46,000
Gain Loss On Sale Of PPE		0	0	-240,000	0
Net Income From Continuing Operations	5,404,000	5,882,000	4,289,000	3,058,000

These metrics estimate what Booking Holdings Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A

Margin of Safety

—

Market Cap ÷ Company Value

-2.02

P/B Ratio

-22.99

Warren's Owner Earnings

$6.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$26.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.33x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.93%

vs Uninterrupted dividends

✅ Earnings Growth

+116.9% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

21.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

N/A (negative book value)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-16.23

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	6.0%	7.3%	8.0%	12.0%	N/A
Repurchase of Capital Stock	-$6.4B	-$6.5B	-$10.4B	-$6.6B	N/A
Free Cash Flow	$9.1B ▲	$7.9B ▲	$7.0B ▲	$6.2B •	N/A •
Warren's Owner Earnings	$6.5B	$7.1B	$5.3B	$4.0B	N/A

Peers & Industry Comparison

Travel Services — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BKNG	$165.47	$128.2B	21.83	N/A	20.1%	$26.9B
EXPE Expedia Group, Inc.	$246.69	$29.6B	25.1	90.1%	8.8%	$14.7B
ABNB Airbnb, Inc.	$138.82	$82.5B	34.5	83.0%	20.5%	$12.2B
TRIP TripAdvisor, Inc.	$11.35	$1.3B	36.6	62.9%	2.1%	$1.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.19%

Low — management has little skin in the game

Return on Assets (ROA)

18.5%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$6.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+13.0% YoY

Debt is growing — management is leveraging up

Leadership Team

Glenn Fogel

President, CEO & Director

Age 63

Pay: $9,215,823

0.171% of net income

Ewout Lucien Steenbergen

Executive VP & CFO

Age 56

Pay: $3,237,292

0.060% of net income

Debby Soo

Chief Executive Officer of OpenTable

Age 43

Omri Morgenshtern

Chief Executive Officer of Agoda

Brigit Zimmerman

Chief Executive Officer of Priceline

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.67%	74,948,725
Blackrock Inc.	8.89%	68,904,375
State Street Corporation	4.63%	35,877,900
JPMORGAN CHASE & CO	3.61%	27,987,900
Price (T.Rowe) Associates Inc	3.12%	24,153,025
Geode Capital Management, LLC	2.77%	21,430,150
Royal London Asset Management Ltd	2.42%	18,755,000
Dodge & Cox Inc.	2.36%	18,302,025

Risk Analysis

Beta (Market Risk)

1.10

Moderate volatility — moves slightly more than market

Short Interest

3.5% of float

Low short interest — market is not heavily bearish

Current Ratio

1.06x

Adequate liquidity

52-Week Price Range

Low: $150.62 Current: $165.47 High: $233.58

Currently at 18% of 52-week range

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