Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG)

$24.99

Debt to Equity
since 2005

Microsoft Excel

Calculation

Booking Holdings Inc., debt to equity, long-term trends, calculation

Microsoft Excel

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions


The analysis of the financial data over the reported years reveals several significant trends in the company's capital structure and financial health.

Total Debt
The total debt exhibits a general upward trajectory from 224 million US dollars in 2005 to 16,598 million US dollars in 2024. There are some fluctuations within the period, with noticeable jumps between 2011 (575 million) and 2012 (1,457 million), as well as between 2013 (1,903 million) and 2014 (3,887 million). The debt level increases sharply after 2018, reaching its peak in 2024.
Stockholders’ Equity (Deficit)
Stockholders’ equity shows overall growth from 369 million US dollars in 2005 to a peak around 11,261 million in 2017, after which it declines steeply. Declines are evident post-2017, turning negative in 2023 (-2,744 million) and further decreasing to -4,020 million in 2024. This indicates a substantial deterioration in equity during the latter years, signifying either accumulated losses, large dividend payouts, share buybacks, or other equity-consuming activities.
Debt to Equity Ratio
The debt to equity ratio reflects evolving leverage dynamics. It starts at 0.61 in 2005, rising significantly to 1.63 in 2006, then fluctuating around lower values between 2007 and 2013 (ranging from 0.15 to 0.85). From 2014 onwards, the ratio climbs markedly, reaching 1.45 in 2019 and peaking at 4.49 in 2022, though data for 2023 and 2024 is not available. The rising ratio corresponds with the declining equity and increasing debt, indicating the company is becoming more leveraged and potentially more financially risky over time.

The combined trends suggest that although the company initially strengthened its equity base and maintained moderate debt levels, recent years reflect increased reliance on debt financing alongside a weakening equity position. The negative equity figures in the last two reported years raise concerns about solvency and capital adequacy. Overall, the financial leverage has escalated substantially, requiring careful attention to debt management and capital structure optimization going forward.


Comparison to Competitors

Booking Holdings Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).


Comparison to Sector (Consumer Services)


Comparison to Industry (Consumer Discretionary)

Booking Holdings Inc., debt to equity, long-term trends, comparison to industry (consumer discretionary)

Microsoft Excel

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).