Booking Holdings Inc.
Consumer Cyclical · Norwalk, Connecticut · NASDAQ
Company Description
Financial Performance — 5 Years
Financial Statements
| Item | FY-4 | FY-3 | FY-2 | FY-1 | FY (latest) | Source |
|---|---|---|---|---|---|---|
| Revenue | $0.0M | $17.1B | $21.4B | $23.7B | $26.9B | [BKNG 10-K filed 2026-02-18 · accession 0001075531-26-000009] |
| Gross Profit | None | None | None | None | None | [BKNG 10-K filed 2026-02-18 · accession 0001075531-26-000009] |
| Operating Income | $0.0M | $5.1B | $5.8B | $7.6B | $9.3B | [BKNG 10-K filed 2026-02-18 · accession 0001075531-26-000009] |
| Operating Margin % | 0.0% | 29.9% | 27.3% | 31.8% | 34.5% | [BKNG 10-K filed 2026-02-18 · accession 0001075531-26-000009] |
| EBITDA | $0.0M | $5.9B | $7.5B | $8.9B | $11.1B | [BKNG 10-K filed 2026-02-18 · accession 0001075531-26-000009] |
| Net Income | $0.0M | $3.1B | $4.3B | $5.9B | $5.4B | [BKNG 10-K filed 2026-02-18 · accession 0001075531-26-000009] |
| EPS ($) | $1.13 | $3.05 | $4.70 | $6.91 | $6.62 | [BKNG 10-K filed 2026-02-18 · accession 0001075531-26-000009] |
| FCF | $0.0M | $6.2B | $7.0B | $7.9B | $9.1B | [BKNG 10-K filed 2026-02-18 · accession 0001075531-26-000009] |
Economic Moat
Valuation Multiples
| Multiple | Company | 5Y Self-Average | Spread vs 5Y Avg |
|---|---|---|---|
| P/E (TTM) [yfinance snapshot · 5Y computed 2026-04-18] | 29.0x | 21.7x (5Y) | +33.8% |
| P/E (Fwd) [yfinance forward consensus] | 15.4x | N/A | N/A |
| EV/EBITDA [yfinance snapshot · 5Y computed 2026-04-18] | 15.3x | 15.9x (5Y) | -4.0% |
| P/S [yfinance snapshot · 5Y computed 2026-04-18] | 5.7x | 5.8x (5Y) | -3.4% |
| P/B [yfinance snapshot · 5Y computed 2026-04-18] | -27.4x | 27.4x (5Y) | N/M |
| Div Yield [yfinance snapshot · 5Y computed 2026-04-18] | 82.00% | 0.36% (5Y) | +81.64pp |
| FCF Yield (snapshot) [computed · 2026-04-18] | 5.98% | 6.00% (5Y) | -0.3% |
5Y statistical averages computed from yfinance annual data (annual income_stmt × balance_sheet × cash_flow + price snapshots at FY-end). Source: lib/compute_5y_multiples.py · Refresh: 2026-04-18 | |||
How to Think About This Company
A full How to Think About This Company analysis for BKNG — covering the essence of the business, key variables, potential analytical pitfalls, and what distinguishes professional thinking from noise — is provided as part of the Family Office content.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
Risks & Items Under Watch
Scenario Framework
The framework below describes which conditions need to hold in each scenario — not a price forecast.
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes. No probability is assigned to any scenario, no preferred direction is stated, and no expectation is implied as to which one will materialize.
Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good," but rather "from which angles must the company be examined so that the essential is not missed." Every analysis at Bakshi Finance passes through six lenses. The text below is not an evaluation — it is the mapping of the questions this analysis is meant to answer.
The analysis is based on an internal multi-factor analytical framework used in professional portfolio management. The framework maps the questions; the answers appear woven through the analysis above.
What the lens is not: there is no rating, no score, no comparison between this company and another, and no preference. The same six questions are asked of every company on the site — what differs is the answers, not the tool.
This framework is intended to structure analysis, not to produce an investment conclusion.
Key Observations
This summary is not a recommendation. It is a factual list of what the analysis identified. The decision — belongs to the client.
Disclosure — Family Office Format
Bakshi Finance operates as a Family Office serving qualified investors only. Mr. Yaron Bakshi held a licensed investment advisor license between 2008 and 2023. As of the publication date of this document, the firm does not hold a license for investment advice, investment marketing, or portfolio management. This document is intended for research and professional study purposes only. Nothing herein constitutes a recommendation to buy, sell, hold, or take any action with respect to any security. Nothing herein is a substitute for advice that takes into account the data and needs of any individual person. Every decision — is the sole responsibility of the investor.
Past performance is not indicative of future results. The materials reflect publicly available data as of the dates indicated and may become outdated without notice.