Booking Holdings
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 reservat…
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.Looks undervalued
5-year outlook: Not shown because confidence is low: Earnings-based DCF is somewhat apart.
Other models: USD 127.64–164.75 (median 157.93). The recommended value is 50% above that median, so treat the upside with extra caution.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price below modeled range
Free-cash-flow DCF using TTM through 30 Sep 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 12.72% growth, 3.1% terminal growth, and 10.8% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 12.72%, discount rate 10.80%, terminal growth 3.10% (sector defaults). See a worked example.
Blended growth assumption: 12.7% (sector default 7.2%, own revenue history 25.2%, analyst revenue consensus 9.2%).
Analyst consensus expects revenue growth of 9.2% a year; the growth assumption used is 12.7%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — USD 237.26 (+40.6%)
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EPS-based Gordon proxy
— USD 127.64 (-24.3%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— USD 237.26 (+40.6%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— USD 157.93 (-6.4%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— USD 164.75 (-2.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— USD 234.66 (+39.1%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— USD 373.83 (+121.6%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear USD 176.26 | 4.3% |
| Base USD 237.26 | 28.9% |
| Bull USD 342.70 | 50.8% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At USD 168.72 the market implies about this annual free-cash-flow growth for 5 years (terminal 3.1%, discount 10.8%).
Compare: the market implies 4.6% a year, this model assumes 12.7%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.8% | 9.8% | 10.8% | 11.8% | 12.8% |
|---|---|---|---|---|---|
| 8.7% | 275.94 | 232.89 | 201.04 | 176.54 | 157.12 |
| 10.7% | 300.50 | 253.38 | 218.54 | 191.74 | 170.50 |
| 12.7% | 326.81 | 275.32 | 237.26 | 207.99 | 184.80 |
| 14.7% | 354.96 | 298.78 | 257.27 | 225.36 | 200.08 |
| 16.7% | 385.06 | 323.86 | 278.65 | 243.90 | 216.38 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +13.3% a year | 20 / 20 |
| Balance sheet | net debt 0.4x EBITDA | 20 / 20 |
| Margins | EBITDA margin 38% | 20 / 20 |
Peers in Consumer Discretionary
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| BKNG (this company) | USD 168.72 | 28.9% | 17.7 | – | 1.0% | 100 |
| KGF.L Kingfisher plc | GBP 3.72 | 45.2% | 27.0 | 1.1 | 3.3% | 74 |
| BWY.L Bellway p.l.c. | GBP 23.01 | 43.6% | 14.0 | 0.8 | 3.1% | 70 |
| INCH.L Inchcape plc | GBP 6.41 | 37.3% | 9.0 | 1.9 | 4.1% | 80 |
| ZAL.DE Zalando SE | EUR 27.49 | 36.6% | 108.5 | 2.6 | – | 80 |
| DECK Deckers Brands | USD 87.74 | 34.9% | 11.2 | 5.1 | – | 100 |
| LULU Lululemon Athletica | USD 111.77 | 33.3% | 8.9 | 2.6 | – | 100 |
| EXPE Expedia Group | USD 272.48 | 29.6% | 15.8 | 20.2 | 0.7% | 100 |
| PETS.L Pets at Home Group Plc | GBP 2.58 | 25.2% | 18.8 | 1.2 | 2.9% | 82 |
| Peer median | 14.9 | 2.3 | ||||
Dividends
Paid in the last 12 months: USD 1.64 per share · yield 0.97% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.260 |
| 2025 | 1.536 |
| 2024 | 1.400 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:23
| Revenue | USD 28,126,000,000 |
|---|---|
| EBITDA | USD 10,735,000,000 |
| EBIT | USD 10,101,000,000 |
| Net income | USD 7,178,000,000 |
| Free cash flow | USD 9,237,000,000 |
| Capital expenditures | USD 324,000,000 |
| Debt | USD 20,576,000,000 |
| Cash | USD 15,814,000,000 |
| Working capital | USD 2,221,000,000 |
| Shares outstanding | 753,000,000 |
| Reported dividends per share | USD 1.7065 |