NASDAQ · Consumer Cyclical

Booking Holdings Inc.

BKNG · Travel Services

$171.78

▲ 0.15 (0.09%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Operating Margin 23.0%

Net Income Margin 19.6%

Fin. Health

D⤢

Years to Pay Off Debt 17.5 yrs

Working Capital vs Long-Term Debt -$14.3B

Working Capital $1.1B

Valuation

D⤢

Price-to-Book N/A (neg. equity)

Cash Flow

A⤢

Free Cash Flow $3.1B

CapEx % of Net Income 9.9%

Owner Earnings $1.4B

Financial Health

Years to Pay Off Debt 17.5 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$14.3B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $1.1B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $3.1B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 9.9%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $1.4B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap $133.1B

Enterprise Value $139.3B

P/E (TTM) 22.63

Dividend Yield 0.92%

Exchange NASDAQ

Key Margins

Gross Profit N/A

Operating Margin 23.0%

Net Margin 19.6%

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 $171.78.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	N/A•	N/A•	N/A
Operating Margin %	23.0%▼	32.0%•	N/A
Net Income %	19.6%▼	22.5%•	N/A
Diluted EPS	1.36•	N/A•	1.28

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$27.7B	$29.3B	N/A
Total Debt	$18.9B•	N/A•	N/A
Working Capital	$1.1B▼	$5.6B•	N/A
Years to Pay Debt	17.49	N/A	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$3.1B▲	$1.4B•	N/A
Owner Earnings	$1.4B	$1.7B	N/A
CapEx % of Net Income	9.9%	5.1%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	68,252	-28,019
Tax Rate For Calcs	0	0
Normalized EBITDA	1,513,000	2,423,000
Total Unusual Items	302,000	-120,000
Total Unusual Items Excluding Goodwill	302,000	-120,000
Net Income From Continuing Operation Net Minority Interest	1,083,000	1,428,000
Reconciled Depreciation	163,000	191,000
EBITDA	1,815,000	2,303,000
EBIT	1,652,000	2,112,000
Net Interest Income	-66,000	-51,000
Interest Expense	253,000	249,000
Interest Income	187,000	198,000
Normalized Income	849,252	1,519,981
Net Income From Continuing And Discontinued Operation	1,083,000	1,428,000
Total Expenses	4,261,000	4,319,000
Total Operating Income As Reported	1,271,000	2,030,000
Diluted Average Shares	794,000		835,650
Basic Average Shares	790,000		826,275
Diluted EPS	0		0
Basic EPS	0		0
Diluted NI Availto Com Stockholders	1,083,000	1,428,000
Net Income Common Stockholders	1,083,000	1,428,000
Net Income	1,083,000	1,428,000
Net Income Including Noncontrolling Interests	1,083,000
Net Income Continuous Operations	1,083,000	1,428,000
Tax Provision	316,000	435,000
Pretax Income	1,399,000	1,863,000
Other Income Expense	194,000	-116,000
Other Non Operating Income Expenses	-108,000	4,000
Special Income Charges		0
Impairment Of Capital Assets		0
Gain On Sale Of Security	302,000	-120,000
Net Non Operating Interest Income Expense	-66,000	-51,000
Interest Expense Non Operating	253,000	249,000
Interest Income Non Operating	187,000	198,000
Operating Income	1,271,000	2,030,000
Operating Expense	4,261,000	4,319,000
Other Operating Expenses	265,000	277,000
Depreciation Amortization Depletion Income Statement	131,000	151,000
Depreciation And Amortization In Income Statement	131,000	151,000
Selling General And Administration	3,865,000	3,891,000
Selling And Marketing Expense	2,872,000	2,760,000
General And Administrative Expense	993,000	1,131,000
Other Gand A	100,000	262,000
Salaries And Wages	893,000	869,000
Total Revenue	5,532,000	6,349,000
Operating Revenue	5,532,000	6,349,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	838,000	815,676
Ordinary Shares Number	780,000	797,353
Share Issued	1,618,000	1,613,029
Net Debt	2,389,000	1,533,000
Total Debt	18,943,000
Tangible Book Value	-12,268,000	-9,165,000
Invested Capital	9,689,000	13,158,000
Working Capital	1,123,000	5,566,000
Net Tangible Assets	-12,268,000	-9,165,000
Capital Lease Obligations	530,000	557,000
Common Stock Equity	-8,724,000	-5,578,000
Total Capitalization	6,674,000	11,278,000
Total Equity Gross Minority Interest	-8,724,000	-5,578,000
Stockholders Equity	-8,724,000	-5,578,000
Gains Losses Not Affecting Retained Earnings	-310,000	-290,000
Other Equity Adjustments	-310,000	-290,000
Treasury Stock	58,337,000	54,315,000
Retained Earnings	41,420,000	40,670,000
Additional Paid In Capital	8,490,000	8,356,000
Capital Stock	13,000	1,000
Common Stock	13,000	1,000
Total Liabilities Net Minority Interest	36,444,000	34,842,000
Total Non Current Liabilities Net Minority Interest	16,633,000	18,144,000
Other Non Current Liabilities	705,000	714,000
Tradeand Other Payables Non Current		0	257,000
Non Current Deferred Liabilities		17,000	289,000
Non Current Deferred Taxes Liabilities		17,000	289,000
Long Term Debt And Capital Lease Obligation	15,928,000	17,413,000
Long Term Capital Lease Obligation	530,000	557,000
Long Term Debt	15,398,000	16,856,000
Current Liabilities	19,811,000	16,698,000
Current Deferred Liabilities	8,189,000	5,270,000
Current Deferred Revenue	8,189,000	5,270,000
Current Debt And Capital Lease Obligation	3,015,000	1,880,000
Current Debt	3,015,000	1,880,000
Other Current Borrowings	3,015,000
Payables And Accrued Expenses	8,607,000	9,548,000
Current Accrued Expenses	4,476,000	4,454,000
Payables	4,131,000	5,094,000
Accounts Payable	4,131,000	5,094,000
Total Assets	27,720,000	29,264,000
Total Non Current Assets	6,786,000	7,000,000
Other Non Current Assets	1,378,000	1,392,000
Investments And Advances	473,000	582,000
Investmentin Financial Assets	473,000	582,000
Available For Sale Securities	473,000	582,000
Goodwill And Other Intangible Assets	3,544,000	3,587,000
Other Intangible Assets	882,000	918,000
Goodwill	2,662,000	2,669,000
Net PPE	1,391,000	1,439,000
Accumulated Depreciation		-1,643,000	-1,392,000
Gross PPE	1,391,000	3,082,000
Leases		202,000	216,000
Other Properties	1,391,000	632,000
Machinery Furniture Equipment		2,248,000	2,008,000
Current Assets	20,934,000	22,264,000
Other Current Assets	771,000	630,000
Prepaid Assets	619,000	611,000
Receivables	3,520,000	3,820,000
Accounts Receivable	3,520,000	3,820,000
Allowance For Doubtful Accounts Receivable	-145,000	-137,000
Gross Accounts Receivable	3,665,000	3,957,000
Cash Cash Equivalents And Short Term Investments	16,024,000	17,203,000
Cash And Cash Equivalents	16,024,000	17,203,000

Cash Flow

	2026	2025	2024
Free Cash Flow	3,108,000	1,417,000
Repurchase Of Capital Stock	-3,770,000	-2,119,000
Repayment Of Debt	0	0
Issuance Of Debt		1,726,000	1,877,000
Capital Expenditure	-107,000	-73,000
Interest Paid Supplemental Data	272,000	353,000
Income Tax Paid Supplemental Data	226,000
End Cash Position	16,183,000	17,269,000
Beginning Cash Position	17,269,000	16,527,000
Effect Of Exchange Rate Changes	-168,000	-10,000
Changes In Cash	-918,000	752,000
Financing Cash Flow	-4,026,000	-667,000
Cash Flow From Continuing Financing Activities	-4,026,000	-667,000
Net Other Financing Charges	87,000	18,000
Proceeds From Stock Option Exercised			3,000
Cash Dividends Paid	-343,000	-307,000
Common Stock Dividend Paid	-343,000	-307,000
Net Common Stock Issuance	-3,770,000	-2,119,000
Common Stock Payments	-3,770,000	-2,119,000
Net Issuance Payments Of Debt	0	1,726,000
Net Long Term Debt Issuance	0	1,726,000
Long Term Debt Payments	0	0
Long Term Debt Issuance		1,726,000	1,877,000
Investing Cash Flow	-107,000	-71,000
Cash Flow From Continuing Investing Activities	-107,000	-71,000
Net Other Investing Changes		2,000	34,000
Net Investment Purchase And Sale		0	-33,000
Net PPE Purchase And Sale	-107,000	-73,000
Purchase Of PPE	-107,000	-73,000
Operating Cash Flow	3,215,000	1,490,000
Cash Flow From Continuing Operating Activities	3,215,000	1,490,000
Change In Working Capital	1,882,000	-449,000
Change In Other Working Capital	1,793,000	-543,000
Change In Prepaid Assets	-66,000	-4,000	-24,000
Change In Receivables	155,000	98,000
Changes In Account Receivables	155,000	98,000
Other Non Cash Items	5,000	-374,000
Stock Based Compensation	141,000	167,000
Provisionand Write Offof Assets	110,000	93,000
Deferred Tax	54,000	-33,000
Deferred Income Tax	54,000	-33,000
Depreciation Amortization Depletion	163,000	191,000
Depreciation And Amortization	163,000	191,000
Depreciation	163,000	-13,000
Operating Gains Losses	-223,000	467,000
Gain Loss On Investment Securities	110,000	446,000	760,000
Net Foreign Currency Exchange Gain Loss	-333,000	21,000
Net Income From Continuing Operations	1,083,000	1,428,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $4.8B ▲ $5.5B +16.2%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Operating Margin

Prior year: 26.7% ▲ 23.0% -3.7pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 7.0% ▲ 19.6% +12.6pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$5.5B/qtr (≈$22.1B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.06x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$3.1B

vs Positive

Operating Cash Flow

$3.2B

Latest quarter · Buffett's cash reality check

ROIC

12.7%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

⚠ Negative Net Assets

Net Assets: -$8.7B

⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

Peers & Industry Comparison

Travel Services — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
BKNG	$171.78	$133.1B	22.63	N/A	19.6%	$5.5B
EXPE Expedia Group, Inc.	$240.90	$28.9B	21.3	90.3%	9.8%	$15.2B
ABNB Airbnb, Inc.	$142.41	$84.5B	35.2	82.9%	19.9%	$12.6B
TRIP TripAdvisor, Inc.	$12.96	$1.5B	117.9	63.0%	1.0%	$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

0.18%

Low — management has little skin in the game

Return on Assets (ROA)

3.9%

Fair — average asset utilization

Share Buybacks (Latest Year)

$6.4B

Management is returning capital to shareholders via buybacks

Leadership Team

Glenn Fogel

President, CEO & Director

Age 63

Pay: $9,215,823

0.851% of net income

Ewout Lucien Steenbergen

Executive VP & CFO

Age 56

Pay: $3,237,292

0.299% 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
Blackrock Inc.	8.56%	66,328,500
Vanguard Capital Management LLC	6.70%	51,910,900
State Street Corporation	4.58%	35,519,900
Price (T.Rowe) Associates Inc	3.74%	28,993,200
JPMORGAN CHASE & CO	3.45%	26,755,150
Dodge & Cox Inc.	3.22%	24,937,450
Geode Capital Management, LLC	2.88%	22,278,475
Capital World Investors	2.48%	19,229,025

Risk Analysis

Beta (Market Risk)

1.09

Moderate volatility — moves slightly more than market

Short Interest

3.1% of float

Low short interest — market is not heavily bearish

Current Ratio

1.06x

Adequate liquidity

52-Week Price Range

Low: $150.14 Current: $171.78 High: $233.58

Currently at 26% of 52-week range

Booking Holdings Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis