Latest Ratios: P/E Ratio 27.5x · EV/EBITDA 14.2x · ROE N/A. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $141.0B | $174.8B | $169.2B | $129.6B | $80.7B | $99.2B | $91.7B | $89.4B | $82.7B | $86.8B | $73.4B |
| Enterprise Value | $143.1B | $176.9B | $170.2B | $132.3B | $81.5B | $99.4B | $93.5B | $92.1B | $88.7B | $93.8B | $78.4B |
| P/E Ratio → | 27.48 | 32.36 | 28.77 | 30.22 | 26.39 | 85.17 | 1557.52 | 18.37 | 20.69 | 37.08 | 34.37 |
| P/S Ratio | 5.24 | 6.49 | 7.13 | 6.07 | 4.72 | 9.06 | 13.49 | 5.93 | 5.69 | 6.85 | 6.83 |
| P/B Ratio | — | — | — | — | 29.01 | 16.06 | 18.74 | 15.06 | 9.41 | 7.71 | 7.45 |
| P/FCF | 15.52 | 19.24 | 21.44 | 18.51 | 13.05 | 39.44 | — | 19.87 | 16.89 | 19.85 | 20.07 |
| P/OCF | 14.98 | 18.58 | 20.33 | 17.64 | 12.32 | 35.19 | 1078.51 | 18.37 | 15.49 | 18.62 | 18.70 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.57 | 7.17 | 6.19 | 4.77 | 9.07 | 13.76 | 6.12 | 6.11 | 7.40 | 7.30 |
| EV / EBITDA | 14.24 | 17.60 | 20.49 | 20.35 | 14.28 | 32.11 | 8499.24 | 15.39 | 15.39 | 19.14 | 24.40 |
| EV / EBIT | 15.41 | 20.94 | 19.82 | 20.74 | 18.90 | 55.25 | 101.29 | 14.80 | 17.39 | 20.16 | 26.86 |
| EV / FCF | — | 19.47 | 21.56 | 18.90 | 13.18 | 39.50 | — | 20.49 | 18.12 | 21.44 | 21.46 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 98.1% | 96.1% |
| Operating Margin | 34.5% | 34.5% | 31.8% | 27.3% | 29.9% | 22.8% | -9.3% | 35.5% | 36.8% | 35.8% | 27.1% |
| Net Profit Margin | 20.1% | 20.1% | 24.8% | 20.1% | 17.9% | 10.6% | 0.9% | 32.3% | 27.5% | 18.5% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | 22573.7% | 68.3% | 21.0% | 1.1% | 66.1% | 39.9% | 22.2% | 22.9% |
| ROA | 19.0% | 19.0% | 22.6% | 17.3% | 12.5% | 5.1% | 0.3% | 22.1% | 16.6% | 10.3% | 11.5% |
| ROIC | — | — | — | 247.9% | 77.1% | 28.7% | -6.1% | 34.1% | 24.2% | 20.5% | 15.4% |
| ROCE | 75.4% | 75.4% | 65.5% | 41.8% | 29.8% | 13.9% | -3.7% | 30.4% | 26.0% | 23.3% | 17.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 4.69 | 1.83 | 2.53 | 1.53 | 0.98 | 0.85 | 0.72 |
| Debt / EBITDA | 1.92 | 1.92 | 2.06 | 2.27 | 2.28 | 3.64 | 1125.45 | 1.52 | 1.50 | 1.94 | 2.22 |
| Net Debt / Equity | — | — | — | — | 0.29 | 0.02 | 0.37 | 0.47 | 0.69 | 0.62 | 0.51 |
| Net Debt / EBITDA | 0.21 | 0.21 | 0.11 | 0.41 | 0.14 | 0.05 | 165.27 | 0.46 | 1.04 | 1.42 | 1.57 |
| Debt / FCF | — | 0.23 | 0.12 | 0.38 | 0.13 | 0.06 | — | 0.62 | 1.23 | 1.60 | 1.38 |
| Interest Coverage | 5.23 | 5.23 | 6.63 | 7.11 | 11.03 | 5.39 | 2.59 | 23.40 | 18.97 | 18.32 | 14.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.33 | 1.33 | 1.31 | 1.28 | 1.86 | 2.10 | 3.56 | 1.83 | 2.36 | 2.58 | 1.89 |
| Quick Ratio | 1.33 | 1.33 | 1.31 | 1.28 | 1.86 | 2.10 | 3.56 | 1.83 | 2.36 | 2.58 | 1.89 |
| Cash Ratio | 1.07 | 1.07 | 1.03 | 0.95 | 1.46 | 1.79 | 3.23 | 1.36 | 1.77 | 2.12 | 1.50 |
| Asset Turnover | — | 0.92 | 0.86 | 0.88 | 0.67 | 0.46 | 0.31 | 0.70 | 0.64 | 0.50 | 0.54 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 51.80 | 49.19 | 55.57 | 47.61 | 45.23 | 28.41 | 40.70 | 38.27 | 35.06 | 29.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 0.7% | 0.7% | — | — | — | — | — | — | — | — |
| Payout Ratio | 23.1% | 23.1% | 20.0% | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 3.1% | 3.5% | 3.3% | 3.8% | 1.2% | 0.1% | 5.4% | 4.8% | 2.7% | 2.9% |
| FCF Yield | 6.4% | 5.2% | 4.7% | 5.4% | 7.7% | 2.5% | — | 5.0% | 5.9% | 5.0% | 5.0% |
| Buyback Yield | 4.6% | 3.7% | 3.8% | 8.0% | 8.2% | 0.2% | 1.4% | 9.2% | 7.2% | 2.1% | 1.4% |
| Total Shareholder Yield | 5.4% | 4.4% | 4.5% | 8.0% | 8.2% | 0.2% | 1.4% | 9.2% | 7.2% | 2.1% | 1.4% |
| Shares Outstanding | — | $816M | $852M | $913M | $1.0B | $1.0B | $1.0B | $1.1B | $1.2B | $1.2B | $1.3B |
Regulatory and Marketing Spend
According to current market data, BKNG trades at a forward P/E of 17.36, which, when compared to its historical averages and peer group, suggests investors are pricing in sustained dominance despite the regulatory headwinds identified in recent SEC filings regarding the EU Digital Markets Act.
The current valuation appears to reflect a market consensus that the company's moat in the European independent hotel market remains defensible. However, the low PEG ratio of 0.17 may indicate that the market is discounting the potential for future growth, possibly due to concerns over the margin-dilutive impact of the 'Connected Trip' strategy.
As reported in financial statements, the company's operating margin reached a peak of 43.7% in 2025Q3 before contracting to 23.0% in 2026Q1, illustrating that profitability is highly sensitive to the efficiency of performance marketing spend during seasonal demand fluctuations.
While the 100% gross margin is a structural feature of the agency model, the volatility in operating margins suggests that the company's true earning power is heavily dependent on its ability to optimize customer acquisition costs. Investors should monitor whether the shift toward the merchant model introduces permanent cost pressures that could further compress these margins.
Based on the provided quarterly data, the company's DSO fluctuated between 43 and 67 days over the last ten quarters, reflecting the inherent seasonality of travel bookings and the company's reliance on efficient cash collection cycles to manage its working capital requirements.
The variability in DSO suggests that the company's cash conversion efficiency is tied to the timing of peak travel seasons rather than structural changes in customer payment behavior. This cyclicality warrants careful monitoring, as any sustained increase in DSO could signal a weakening in the company's leverage over its merchant partners.
As indicated by recent balance sheet disclosures, the company maintains a debt-to-EBITDA ratio of 13.51 as of 2026Q1, a figure that appears elevated but is mitigated by the company's substantial cash reserves and consistent ability to generate robust free cash flow.
The negative equity position is a direct result of aggressive share repurchases rather than operational insolvency, suggesting that management views the current capital structure as an efficient use of excess liquidity. However, the high debt-to-EBITDA ratio warrants further investigation into the company's long-term refinancing risk should interest rates remain elevated.
Based on the company's financial structure, the Price-to-Book ratio is a fundamentally misapplied metric, as it fails to account for the massive, intangible value of the company's two-sided network effect and the impact of aggressive share repurchases on the reported equity base.
Because the company's business model is asset-light and relies on intangible network effects, the book value is artificially suppressed by accounting practices and capital allocation strategies. Analysts should instead focus on P/FCF or EV/EBITDA to better capture the true economic value of the platform's cash-generating capabilities.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying BKNG stock.
Booking Holdings Inc.'s current P/E ratio is 27.5x. The historical average is 31.1x. This places it at the 50th percentile of its historical range.
Booking Holdings Inc.'s current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.1x.
Based on historical data, Booking Holdings Inc. is trading at a P/E of 27.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Booking Holdings Inc.'s current dividend yield is 0.84% with a payout ratio of 23.1%.
Booking Holdings Inc. has 100.0% gross margin and 34.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Booking Holdings Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.