Price to Book Value (P/BV)
since 2005
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Calculation
Booking Holdings Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2009 | = | ÷ | = | ÷ | |||||||
| Mar 3, 2008 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2007 | = | ÷ | = | ÷ | |||||||
| Mar 7, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Booking Holdings Inc. Annual Report.
The price-to-book value (P/BV) ratio exhibited considerable fluctuation over the observed period, spanning from 2006 to 2026. Initially, the ratio demonstrated an increasing trend, followed by periods of volatility and, ultimately, negative values in the later years.
- Initial Growth (2006-2011)
- From 2006 to 2011, the P/BV ratio generally increased. Starting at 2.53, it rose to a peak of 12.47 in 2011. This suggests that the market value of the company’s equity was increasing at a faster rate than its book value during this period, potentially reflecting positive investor sentiment and growth expectations.
- Period of Stabilization and Decline (2012-2019)
- Following 2011, the P/BV ratio experienced a period of relative stabilization, fluctuating between approximately 8.03 and 11.44. While some variation existed, the ratio remained within a defined range. A slight decline was observed towards the end of this period, with the ratio reaching 9.77 in 2019.
- Significant Increase and Subsequent Negative Values (2020-2026)
- A substantial increase in the P/BV ratio occurred in 2020, reaching 20.46, followed by 16.35 in 2021 and peaking at 32.84 in 2022. However, this was followed by a dramatic shift, with the ratio turning negative in 2023 and continuing to decline through 2026, reaching -176.11. This indicates that the market value of the equity fell below the book value, a potentially concerning signal for investors. The negative values suggest a significant disconnect between market perception and the company’s net asset value.
- Book Value per Share Trend
- The book value per share (BVPS) generally increased from 2006 to 2015, rising from 9.29 to 164.94. However, from 2016 onwards, BVPS began to decline, culminating in negative values from 2023 to 2026. This decline in BVPS likely contributed to the increasing and ultimately negative P/BV ratio observed in the later years.
- Share Price Trend
- The share price demonstrated an overall upward trend from 2006 to 2021, with significant growth observed in the earlier years. However, the share price experienced volatility, particularly in 2008-2009 and 2020. While the share price increased substantially in 2020 and 2021, it did not sustain this growth, and the subsequent decline in book value appears to have outpaced any potential share price recovery, leading to the negative P/BV ratios.
In conclusion, the P/BV ratio experienced a complex trajectory over the period analyzed. While initial growth and stabilization were observed, the later years were characterized by a significant increase followed by a dramatic decline into negative territory, suggesting a substantial shift in market valuation relative to the company’s book value.
Comparison to Competitors
Booking Holdings Inc., P/BV, long-term trends, comparison to competitors
| Booking Holdings Inc. | Airbnb Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Feb 18, 2026 | ||||||
| Feb 20, 2025 | ||||||
| Feb 22, 2024 | ||||||
| Feb 23, 2023 | ||||||
| Feb 23, 2022 | ||||||
| Feb 24, 2021 | ||||||
| Feb 26, 2020 | ||||||
| Feb 27, 2019 | ||||||
| Feb 27, 2018 | ||||||
| Feb 27, 2017 | ||||||
| Feb 17, 2016 | ||||||
| Feb 19, 2015 | ||||||
| Feb 20, 2014 | ||||||
| Feb 27, 2013 | ||||||
| Feb 27, 2012 | ||||||
| Feb 25, 2011 | ||||||
| Feb 19, 2010 | ||||||
| Feb 20, 2009 | ||||||
| Mar 3, 2008 | ||||||
| Mar 1, 2007 | ||||||
| Mar 7, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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)
Booking Holdings Inc., P/BV, long-term trends, comparison to sector (consumer services)
| Booking Holdings Inc. | Consumer Services | |
|---|---|---|
| Feb 18, 2026 | ||
| Feb 20, 2025 | ||
| Feb 22, 2024 | ||
| Feb 23, 2023 | ||
| Feb 23, 2022 | ||
| Feb 24, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 27, 2018 | ||
| Feb 27, 2017 | ||
| Feb 17, 2016 | ||
| Feb 19, 2015 | ||
| Feb 20, 2014 | ||
| Feb 27, 2013 | ||
| Feb 27, 2012 | ||
| Feb 25, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Mar 3, 2008 | ||
| Mar 1, 2007 | ||
| Mar 7, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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 Industry (Consumer Discretionary)
Booking Holdings Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Booking Holdings Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 18, 2026 | ||
| Feb 20, 2025 | ||
| Feb 22, 2024 | ||
| Feb 23, 2023 | ||
| Feb 23, 2022 | ||
| Feb 24, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 27, 2018 | ||
| Feb 27, 2017 | ||
| Feb 17, 2016 | ||
| Feb 19, 2015 | ||
| Feb 20, 2014 | ||
| Feb 27, 2013 | ||
| Feb 27, 2012 | ||
| Feb 25, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Mar 3, 2008 | ||
| Mar 1, 2007 | ||
| Mar 7, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 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).