Booking Holdings Inc. Common Stock (BKNG)
Sous-évaluéFondamental
87
Prix
$160.94
Capitalisation boursière
$121.97B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Booking Holdings connects travellers with hotels, rental cars and flights through a family of online brands, the largest being Booking.com, alongside Priceline, Agoda, Kayak and the restaurant-reservation app OpenTable. It owns none of the rooms, cars or planes it lists: it is an intermediary that earns a fee for arranging the reservation, with most of its business coming from hotel and other accommodation bookings rather than from flights or car rentals.
Comment l'entreprise gagne de l'argent
Most revenue is a commission taken when a traveller books a room and pays the hotel directly — 'merchant' revenue, where Booking Holdings increasingly collects the payment itself and passes it on to the property after taking its cut, has grown to be the largest slice. A smaller, shrinking share is a simpler referral fee on bookings paid straight to the hotel, plus a growing advertising business that sells placement to hotels and other travel brands within its own apps and websites.
Chiffre d'affaires par segment
Bookings where Booking Holdings itself collects the traveller's payment and remits it to the hotel or supplier, keeping a commission.
Bookings where the traveller pays the hotel directly and Booking Holdings earns a simple referral commission after the stay.
Sponsored placement sold to hotels and travel brands, plus OpenTable's restaurant-reservation revenue.
Avantage concurrentiel
Effets de réseau · LargeBooking.com's scale of listed properties gives travellers more choice than a smaller competitor, which in turn makes it the default place hotels list their rooms to reach that traffic — each side of the marketplace reinforces the other. Two decades of accumulated hotel relationships and search-engine spending to acquire traffic make this difficult for a new entrant to replicate quickly.
Ce qui stimule la demande
CycliqueTravel is discretionary spending that households cut first in a downturn, and the industry has shown it can drop to near zero during shocks like a pandemic or major geopolitical disruption. In normal times demand tracks disposable income and consumer confidence closely, making bookings volume one of the more visibly cyclical parts of consumer spending.
Principaux risques
- Dependence on search-engine traffic acquisition — A significant share of bookings originates from paid search advertising, mainly on Google, so changes to search algorithms or a rise in advertising costs directly affect both traffic and profitability.
- Cyclical, shock-prone travel demand — Travel booking volume can collapse quickly during pandemics, wars, natural disasters or economic downturns, and the business has no way to shield itself from a sudden stop in global travel.
- Regulatory scrutiny in Europe — Booking.com has been designated a gatekeeper platform under EU digital-market rules, which restricts practices like price-parity clauses and can require costly changes to how it operates in its largest market.
- Currency exposure from international operations — Most bookings and much of the company's cost base are outside the United States, so a stronger dollar can reduce reported revenue and profit even when underlying travel activity is unchanged.
Les arguments en faveur
Buyers argue that Booking.com's scale of listed properties creates a self-reinforcing advantage over smaller travel sites, that the shift toward merchant-model bookings and advertising gives the company more control over margins, and that travel demand has historically recovered fully after every past shock.
Les arguments contre
Sellers fear that heavy reliance on paid search traffic leaves margins exposed to rising advertising costs largely paid to Google, that European gatekeeper regulation could force changes to practices the business has relied on for years, and that travel demand remains inherently vulnerable to shocks outside the company's control.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
The other global online travel agency of comparable size, selling the same hotel rooms, flights, rental cars and vacation homes to the same travellers through Expedia.com, Hotels.com and Vrbo.
Booking's own 10-K names Airbnb as a competitor in alternative accommodations, the segment where Booking.com's apartments and holiday homes compete listing-by-listing for the same hosts and the same guests.
The dominant online travel agency in China and, through Skyscanner and its international Trip.com brand, Booking's main rival for Asian outbound travellers and for hotel supply across the Asia-Pacific region.
The leading online travel agency in India, competing directly with Booking.com for hotel and flight bookings in one of the fastest-growing travel markets in the world.
Google Travel and the hotel and flight results built into Search and Maps intercept the traveller before Booking.com does, competing for the same booking intent and for the same advertising budgets from hotels and airlines.
Its hotel meta-search and its Viator business compete with Booking's Kayak and with Booking.com's attractions and experiences offering for the same travellers at the research and activity-booking stage.
Bilan & Liquidités
Chiffre d'affaires
$28.24B
12 derniers mois (au 30/06/2026)
Résultat net
$7.21B
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$9.09B
Capitaux propres totaux
$-5.58B
Passif total
$34.84B
Ratio de liquidité général
1.09
Couverture des intérêts
8.42
Dette/EBITDA
2.19
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$423.95
Prix actuel
$160.94
Marge de sécurité
+62.0%
Fourchette de juste valeur
$275.57 - $572.33
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
0.97
ROE
-96.9%
Ratio P/B
-
P/FCF
12.83
Marge brute
-
ROIC
85.2%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC atypiqueROIC
85.2%
WACC
10.2%
ROIC − WACC
+75.0 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (20)
- EPS shows upward trend
- EPS CAGR 24.98%
- Price CAGR 10.27%
- ROIC 85.2%
- P/FCF 12.83
- Operating Margin 32.9%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 139.6%
- Revenue Growth 5Y 31.7%
- Analyst Consensus 83% Buy
- PEG Ratio 0.10
- Earnings Quality (OCF/NI) 1.37
- Share Dilution -4.2%
- Net Margin Trend 25.5% vs 19.2%
- Piotroski F-Score 6/9
Échoué (3)
- Low reliance on intangibles
- DCF valuation (Overvalued)
- Earnings Surprise avg 1.5%
Indisponible (5)
- Gross Margin NaN%
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Glenn D. Fogel | President, CEO & Director | 63 |
| Mr. Ewout Lucien Steenbergen | Executive VP & CFO | 56 |
| Mr. Peter J. Millones Jr. | Executive VP & General Counsel | 55 |
| Mr. Paulo Pisano | Chief Human Resources Officer | 51 |
| Ms. Caroline Dolores Sullivan | Senior VP, Chief Accounting Officer & Controller | 56 |
| Ms. Leslie Cafferty | Head of Communications | - |
| Ms. Debby Soo | Chief Executive Officer of OpenTable | 44 |
| Mr. Vijay S. Iyer | Senior VP, Associate General Counsel & Corporate Secretary | - |
| Mr. Omri Morgenshtern | Chief Executive Officer of Agoda | - |
| Ms. Brigit Zimmerman | Chief Executive Officer of Priceline | - |
Risque d'audit
9
Risque du conseil
2
Risque de rémunération
3
Risque droits des actionnaires
2
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-18
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-08-04
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-08-04
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for BKNG, sourced from Markets Gazette.
- 8/4/2026NEUTRALBooking Holdings Keeps Full-Year Outlook on Resilient Travel
Booking Holdings Inc. has reaffirmed its full-year financial projections for gross bookings and revenue. This decision comes despite the ongoing geopolitical tensions in the Middle East, which have exerted downward pressure on flight prices and capacity. The company's confidence stems from the sustained resilience observed in global travel demand. Investors will monitor how the company navigates these external pressures while maintaining its growth trajectory.
- 5/12/2026POSITIVEHere's How Much You Would Have Made Owning Booking Holdings Stock In The Last 20 Years
An analysis of Booking Holdings stock reveals a significant long-term growth trajectory, with investors who held the stock over the past 20 years experiencing substantial returns. While specific figures for the 20-year period are not detailed in this summary, the implication is one of consistent outperformance. This historical performance suggests strong business fundamentals and effective management, making Booking Holdings a potentially attractive long-term investment for those seeking exposure to the online travel sector.
- 4/28/2026NEGATIVEBooking’s 2Q Guidance Misses on Middle East, Shares Slide
Booking Holdings Inc. has issued a disappointing second-quarter revenue growth forecast, missing analyst expectations. The company also revised its full-year outlook downwards, citing a significant impact from the ongoing conflict in the Middle East on travel demand. This geopolitical instability is directly affecting booking volumes and traveler confidence, leading to a projected slowdown in revenue expansion. Investors are reacting negatively to the reduced guidance, anticipating a period of subdued performance for the online travel giant.
- 4/6/2026POSITIVEWhy Booking Holdings Shares Are Moving Higher Monday?
Booking Holdings Inc. (NASDAQ: BKNG) saw its shares trade higher on Monday, a move primarily attributed to a significant 25-for-1 stock split. This corporate action, while not altering the company's fundamental valuation, often makes shares more accessible to a broader range of retail investors by lowering the per-share price. For traders, this can lead to increased liquidity and potentially higher trading volumes, which may be interpreted as a positive signal for the stock's short-term performance and accessibility.
- 3/6/2026POSITIVEHere's How Much You Would Have Made Owning Booking Holdings Stock In The Last 15 Years
An analysis of Booking Holdings Inc. stock reveals a significant return for long-term investors over the past 15 years. While specific figures are not detailed in the provided snippet, the title implies substantial capital appreciation and potentially dividend payouts. This historical performance suggests strong underlying business growth and effective management, making it a potentially attractive holding for investors seeking exposure to the online travel sector. The sustained positive trend indicates resilience and adaptability in a dynamic market.
- 3/5/2026POSITIVEBooking Holdings Stock Surges As AI-Checkout Fears Ease Thursday
Booking Holdings Inc. shares are trading higher Thursday afternoon, buoyed by fresh analyst commentary linking the stock's move to shifting expectations around AI-driven disruption in online travel. Easing fears of potential obsolescence for traditional business models due to AI appear to have reassured investors, fostering positive sentiment for the stock. This shift in expectations suggests the market is reassessing Booking's business model resilience against technological advancements.
- 2/27/2026POSITIVEBooking Shares Up Nearly 2% After Key Trading Signal
Markets Gazette reports a significant trading signal for Booking Holdings Inc. (BKNG), which saw its shares climb nearly 2% to an intraday high. This upward movement occurred shortly after a key indicator flashed at a price of $4,164.19. While modest, this rise suggests a positive market reaction to underlying factors or a favorable interpretation of the technical signal. Investors should monitor whether this momentum consolidates or if it's a temporary fluctuation, considering the high volatility typical of the online travel sector. Today's performance could indicate renewed interest or growing confidence in the stock, but it's crucial to analyze the broader context and trading volumes to confirm the trend's strength.
via Markets Gazette