Price to Book Value (P/BV)
since 2005
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 | — | = | 170.80 | ÷ | -7.04 | -7.04 | = | -5,578 | ÷ | 791,833,650 | |
| Feb 20, 2025 | — | = | 200.73 | ÷ | -4.90 | -4.90 | = | -4,020 | ÷ | 820,380,025 | |
| Feb 22, 2024 | — | = | 156.08 | ÷ | -3.21 | -3.21 | = | -2,744 | ÷ | 854,275,675 | |
| Feb 23, 2023 | 32.84 | = | 97.06 | ÷ | 2.96 | 2.96 | = | 2,782 | ÷ | 941,209,325 | |
| Feb 23, 2022 | 16.35 | = | 98.79 | ÷ | 6.04 | 6.04 | = | 6,178 | ÷ | 1,022,192,550 | |
| Feb 24, 2021 | 20.46 | = | 97.74 | ÷ | 4.78 | 4.78 | = | 4,893 | ÷ | 1,024,044,900 | |
| Feb 26, 2020 | 11.62 | = | 67.13 | ÷ | 5.78 | 5.78 | = | 5,933 | ÷ | 1,026,545,350 | |
| Feb 27, 2019 | 9.77 | = | 76.24 | ÷ | 7.81 | 7.81 | = | 8,785 | ÷ | 1,125,318,125 | |
| Feb 27, 2018 | 8.03 | = | 74.86 | ÷ | 9.33 | 9.33 | = | 11,261 | ÷ | 1,207,214,800 | |
| Feb 27, 2017 | 8.17 | = | 65.28 | ÷ | 7.99 | 7.99 | = | 9,820 | ÷ | 1,229,260,425 | |
| Feb 17, 2016 | 6.97 | = | 49.42 | ÷ | 7.09 | 7.09 | = | 8,795 | ÷ | 1,240,414,875 | |
| Feb 19, 2015 | 7.38 | = | 48.72 | ÷ | 6.60 | 6.60 | = | 8,567 | ÷ | 1,298,479,775 | |
| Feb 20, 2014 | 9.68 | = | 51.32 | ÷ | 5.30 | 5.30 | = | 6,910 | ÷ | 1,303,558,625 | |
| Feb 27, 2013 | 8.91 | = | 27.84 | ÷ | 3.13 | 3.13 | = | 3,897 | ÷ | 1,246,772,325 | |
| Feb 27, 2012 | 11.44 | = | 23.66 | ÷ | 2.07 | 2.07 | = | 2,574 | ÷ | 1,244,971,525 | |
| Feb 25, 2011 | 12.47 | = | 18.40 | ÷ | 1.48 | 1.48 | = | 1,813 | ÷ | 1,228,789,925 | |
| Feb 19, 2010 | 7.95 | = | 9.22 | ÷ | 1.16 | 1.16 | = | 1,322 | ÷ | 1,139,528,550 | |
| Feb 20, 2009 | 4.70 | = | 3.35 | ÷ | 0.71 | 0.71 | = | 730 | ÷ | 1,024,518,000 | |
| Mar 3, 2008 | 7.56 | = | 4.55 | ÷ | 0.60 | 0.60 | = | 579 | ÷ | 961,810,275 | |
| Mar 1, 2007 | 5.74 | = | 2.13 | ÷ | 0.37 | 0.37 | = | 349 | ÷ | 939,634,325 | |
| Mar 7, 2006 | 2.53 | = | 0.94 | ÷ | 0.37 | 0.37 | = | 369 | ÷ | 992,750,000 |
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 exhibits considerable fluctuation over the observed period. Initially, the ratio demonstrates an increasing trend from 2006 to 2011, followed by a period of relative stability and then a significant surge in later years. The evolution of this ratio is closely tied to the movements in share price and book value per share.
- Early Growth (2006-2011)
- From 2006 to 2011, the P/BV ratio increased from 2.53 to 12.47. This growth was driven by a combination of increasing share price and, more substantially, growing book value per share. The share price increased from US$0.94 to US$18.40, while book value per share rose from US$0.37 to US$1.48. This period suggests increasing investor confidence and a strengthening of the company’s net asset value.
- Period of Stabilization (2011-2014)
- Between 2011 and 2014, the P/BV ratio experienced a period of relative stabilization, fluctuating between approximately 7.38 and 9.68. While the share price increased from US$18.40 to US$51.32, the book value per share also increased significantly, from US$1.48 to US$5.30, offsetting some of the price gains in the ratio. This suggests a continued, but moderated, positive assessment by investors.
- Significant Increase (2015-2024)
- From 2015 onwards, the P/BV ratio demonstrates a marked increase, culminating in substantial values in 2022 and 2023. The ratio rose to 32.84 in 2023, a significant jump from the 6.97 observed in 2016. This increase is attributable to a more rapid increase in share price relative to book value per share, particularly in 2021 and 2022. However, in 2023, book value per share became negative, resulting in a very high P/BV ratio. This trend continued into 2024 and 2025, with book value per share becoming increasingly negative.
- Book Value Per Share Trend
- The book value per share initially increased from US$0.37 in 2006 to a peak of US$6.60 in 2015. However, from 2016 onwards, the book value per share began to decline, eventually becoming negative in 2023 and remaining negative through 2026. This negative book value significantly distorts the interpretation of the P/BV ratio in the later years, indicating potential concerns regarding the company’s net asset position.
The substantial increase in the P/BV ratio in recent years, coupled with the declining and ultimately negative book value per share, warrants further investigation. While a high P/BV ratio can indicate investor optimism, it can also suggest overvaluation, especially when driven by a weakening underlying asset base.
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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 | — | 8.61 | 18.37 | 7.51 | — | — |
| Feb 20, 2025 | — | 10.57 | 21.32 | 11.49 | — | — |
| Feb 22, 2024 | — | 12.09 | 23.47 | 6.85 | — | — |
| Feb 23, 2023 | 32.84 | 15.16 | 18.74 | 3.15 | — | — |
| Feb 23, 2022 | 16.35 | 20.88 | 19.05 | 7.65 | — | — |
| Feb 24, 2021 | 20.46 | 43.27 | 21.52 | 10.36 | — | — |
| Feb 26, 2020 | 11.62 | — | 14.09 | — | — | — |
| Feb 27, 2019 | 9.77 | — | 11.19 | — | — | 72.30 |
| Feb 27, 2018 | 8.03 | — | 5.45 | — | — | 14.86 |
| Feb 27, 2017 | 8.17 | — | 8.18 | — | — | 13.79 |
| Feb 17, 2016 | 6.97 | — | 6.49 | — | 15.06 | 15.59 |
| Feb 19, 2015 | 7.38 | — | 10.42 | — | 7.10 | 11.09 |
| Feb 20, 2014 | 9.68 | — | 10.94 | — | 5.97 | 13.55 |
| Feb 27, 2013 | 8.91 | — | 7.98 | — | 6.30 | 7.10 |
| Feb 27, 2012 | 11.44 | — | 11.27 | — | 7.10 | 7.14 |
| Feb 25, 2011 | 12.47 | — | 10.16 | — | 5.31 | 6.23 |
| Feb 19, 2010 | 7.95 | — | 4.71 | — | 4.90 | 5.21 |
| Feb 20, 2009 | 4.70 | — | 2.76 | — | 4.52 | 2.49 |
| Mar 3, 2008 | 7.56 | — | 6.13 | — | 4.22 | 7.37 |
| Mar 1, 2007 | 5.74 | — | 4.44 | — | 3.57 | 12.40 |
| Mar 7, 2006 | 2.53 | — | 5.68 | — | 2.92 | 11.40 |
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 | — | 119.02 |
| Feb 20, 2025 | — | 163.88 |
| Feb 22, 2024 | — | 264.40 |
| Feb 23, 2023 | 32.84 | 198.47 |
| Feb 23, 2022 | 16.35 | 74.08 |
| Feb 24, 2021 | 20.46 | — |
| Feb 26, 2020 | 11.62 | — |
| Feb 27, 2019 | 9.77 | 63.58 |
| Feb 27, 2018 | 8.03 | 20.82 |
| Feb 27, 2017 | 8.17 | 18.69 |
| Feb 17, 2016 | 6.97 | 11.44 |
| Feb 19, 2015 | 7.38 | 8.15 |
| Feb 20, 2014 | 9.68 | 8.29 |
| Feb 27, 2013 | 8.91 | 6.94 |
| Feb 27, 2012 | 11.44 | 7.80 |
| Feb 25, 2011 | 12.47 | 6.28 |
| Feb 19, 2010 | 7.95 | 5.15 |
| Feb 20, 2009 | 4.70 | 4.17 |
| Mar 3, 2008 | 7.56 | 4.77 |
| Mar 1, 2007 | 5.74 | 4.69 |
| Mar 7, 2006 | 2.53 | 3.95 |
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 | — | 20.27 |
| Feb 20, 2025 | — | 31.67 |
| Feb 22, 2024 | — | 10.06 |
| Feb 23, 2023 | 32.84 | 9.41 |
| Feb 23, 2022 | 16.35 | 13.21 |
| Feb 24, 2021 | 20.46 | 17.99 |
| Feb 26, 2020 | 11.62 | 13.59 |
| Feb 27, 2019 | 9.77 | 11.35 |
| Feb 27, 2018 | 8.03 | 10.74 |
| Feb 27, 2017 | 8.17 | 8.39 |
| Feb 17, 2016 | 6.97 | 7.17 |
| Feb 19, 2015 | 7.38 | 5.83 |
| Feb 20, 2014 | 9.68 | 5.12 |
| Feb 27, 2013 | 8.91 | 4.39 |
| Feb 27, 2012 | 11.44 | 3.84 |
| Feb 25, 2011 | 12.47 | 4.04 |
| Feb 19, 2010 | 7.95 | 4.72 |
| Feb 20, 2009 | 4.70 | 4.98 |
| Mar 3, 2008 | 7.56 | 3.91 |
| Mar 1, 2007 | 5.74 | 4.50 |
| Mar 7, 2006 | 2.53 | 3.49 |
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).