Price to Sales (P/S)
since 2005
Calculation
Booking Holdings Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2026 | 5.02 | = | 170.80 | ÷ | 33.99 | 33.99 | = | 26,917 | ÷ | 791,833,650 | |
| Feb 20, 2025 | 6.94 | = | 200.73 | ÷ | 28.94 | 28.94 | = | 23,739 | ÷ | 820,380,025 | |
| Feb 22, 2024 | 6.24 | = | 156.08 | ÷ | 25.01 | 25.01 | = | 21,365 | ÷ | 854,275,675 | |
| Feb 23, 2023 | 5.35 | = | 97.06 | ÷ | 18.16 | 18.16 | = | 17,090 | ÷ | 941,209,325 | |
| Feb 23, 2022 | 9.22 | = | 98.79 | ÷ | 10.72 | 10.72 | = | 10,958 | ÷ | 1,022,192,550 | |
| Feb 24, 2021 | 14.73 | = | 97.74 | ÷ | 6.64 | 6.64 | = | 6,796 | ÷ | 1,024,044,900 | |
| Feb 26, 2020 | 4.57 | = | 67.13 | ÷ | 14.68 | 14.68 | = | 15,066 | ÷ | 1,026,545,350 | |
| Feb 27, 2019 | 5.91 | = | 76.24 | ÷ | 12.91 | 12.91 | = | 14,527 | ÷ | 1,125,318,125 | |
| Feb 27, 2018 | 7.13 | = | 74.86 | ÷ | 10.50 | 10.50 | = | 12,681 | ÷ | 1,207,214,800 | |
| Feb 27, 2017 | 7.47 | = | 65.28 | ÷ | 8.74 | 8.74 | = | 10,743 | ÷ | 1,229,260,425 | |
| Feb 17, 2016 | 6.65 | = | 49.42 | ÷ | 7.44 | 7.44 | = | 9,224 | ÷ | 1,240,414,875 | |
| Feb 19, 2015 | 7.49 | = | 48.72 | ÷ | 6.50 | 6.50 | = | 8,442 | ÷ | 1,298,479,775 | |
| Feb 20, 2014 | 9.85 | = | 51.32 | ÷ | 5.21 | 5.21 | = | 6,793 | ÷ | 1,303,558,625 | |
| Feb 27, 2013 | 6.60 | = | 27.84 | ÷ | 4.22 | 4.22 | = | 5,261 | ÷ | 1,246,772,325 | |
| Feb 27, 2012 | 6.76 | = | 23.66 | ÷ | 3.50 | 3.50 | = | 4,356 | ÷ | 1,244,971,525 | |
| Feb 25, 2011 | 7.33 | = | 18.40 | ÷ | 2.51 | 2.51 | = | 3,085 | ÷ | 1,228,789,925 | |
| Feb 19, 2010 | 4.49 | = | 9.22 | ÷ | 2.05 | 2.05 | = | 2,338 | ÷ | 1,139,528,550 | |
| Feb 20, 2009 | 1.82 | = | 3.35 | ÷ | 1.84 | 1.84 | = | 1,885 | ÷ | 1,024,518,000 | |
| Mar 3, 2008 | 3.11 | = | 4.55 | ÷ | 1.47 | 1.47 | = | 1,409 | ÷ | 961,810,275 | |
| Mar 1, 2007 | 1.78 | = | 2.13 | ÷ | 1.20 | 1.20 | = | 1,123 | ÷ | 939,634,325 | |
| Mar 7, 2006 | 0.97 | = | 0.94 | ÷ | 0.97 | 0.97 | = | 963 | ÷ | 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-sales ratio exhibited considerable fluctuation over the observed period. Initially, the ratio increased significantly from 0.97 in 2006 to a peak of 7.33 in 2011. Following this peak, the ratio generally trended downwards, reaching a low of 4.57 in 2020. A substantial increase was then observed in 2021, with the ratio reaching 14.73, before declining again to 5.02 in 2024.
- Initial Growth (2006-2011)
- From 2006 to 2011, the price-to-sales ratio demonstrated a strong upward trajectory. This suggests increasing investor confidence in the company’s ability to generate sales relative to its market capitalization. The ratio more than septupled during this timeframe, indicating a significant premium investors were willing to pay for each dollar of sales.
- Period of Decline (2011-2020)
- The period between 2011 and 2020 saw a general decline in the price-to-sales ratio. While not a consistent downward trend, the ratio generally decreased, suggesting a potential shift in investor sentiment or a moderation in growth expectations. The ratio experienced some volatility within this period, but ultimately ended lower than its peak in 2011.
- Recent Volatility (2020-2024)
- The most recent years, from 2020 to 2024, have been characterized by significant volatility in the price-to-sales ratio. The dramatic increase in 2021 was followed by declines in subsequent years. This suggests a period of uncertainty or readjustment in the market’s valuation of the company’s sales. The ratio currently stands at 5.02, lower than the 2021 peak but higher than the levels seen in the latter part of the 2011-2020 period.
- Relationship to Sales per Share
- The observed fluctuations in the price-to-sales ratio do not appear to be directly correlated with the consistent growth in sales per share. While sales per share steadily increased throughout the period, the price-to-sales ratio experienced periods of both growth and decline, indicating that factors beyond sales growth, such as overall market conditions and investor expectations, significantly influenced the ratio.
Overall, the price-to-sales ratio has demonstrated a dynamic pattern over the analyzed timeframe, reflecting changing market perceptions and investor sentiment. The ratio’s recent volatility warrants further investigation to understand the underlying drivers of these fluctuations.
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Comparison to Competitors
Booking Holdings Inc., P/S, 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 | 5.02 | 5.77 | 4.36 | 5.49 | 8.80 | 2.59 |
| Feb 20, 2025 | 6.94 | 8.01 | 6.89 | 8.36 | 8.56 | 3.08 |
| Feb 22, 2024 | 6.24 | 9.95 | 7.28 | 5.40 | 8.38 | 3.34 |
| Feb 23, 2023 | 5.35 | 10.04 | 5.14 | 3.23 | 8.32 | 3.49 |
| Feb 23, 2022 | 9.22 | 16.64 | 5.80 | 7.30 | 7.85 | 4.47 |
| Feb 24, 2021 | 14.73 | 37.16 | 7.26 | 16.87 | 8.20 | 4.67 |
| Feb 26, 2020 | 4.57 | — | 4.24 | — | 7.43 | 3.75 |
| Feb 27, 2019 | 5.91 | — | 3.31 | — | 6.67 | 3.42 |
| Feb 27, 2018 | 7.13 | — | 1.66 | — | 5.68 | 3.62 |
| Feb 27, 2017 | 7.47 | — | 2.94 | — | 4.29 | 3.81 |
| Feb 17, 2016 | 6.65 | — | 3.07 | — | 4.20 | 4.73 |
| Feb 19, 2015 | 7.49 | — | 5.10 | — | 3.33 | 3.55 |
| Feb 20, 2014 | 9.85 | — | 5.24 | — | 3.40 | 4.08 |
| Feb 27, 2013 | 6.60 | — | 3.64 | — | 3.50 | 2.73 |
| Feb 27, 2012 | 6.76 | — | 5.19 | — | 3.78 | 2.68 |
| Feb 25, 2011 | 7.33 | — | 4.49 | — | 3.23 | 2.14 |
| Feb 19, 2010 | 4.49 | — | 2.18 | — | 3.02 | 1.62 |
| Feb 20, 2009 | 1.82 | — | 1.29 | — | 2.57 | 0.60 |
| Mar 3, 2008 | 3.11 | — | 3.17 | — | 2.83 | 1.79 |
| Mar 1, 2007 | 1.78 | — | 2.56 | — | 2.55 | 3.55 |
| Mar 7, 2006 | 0.97 | — | 2.80 | — | 2.17 | 3.74 |
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/S, long-term trends, comparison to sector (consumer services)
| Booking Holdings Inc. | Consumer Services | |
|---|---|---|
| Feb 18, 2026 | 5.02 | 5.17 |
| Feb 20, 2025 | 6.94 | 6.34 |
| Feb 22, 2024 | 6.24 | 6.15 |
| Feb 23, 2023 | 5.35 | 5.69 |
| Feb 23, 2022 | 9.22 | 7.25 |
| Feb 24, 2021 | 14.73 | 9.47 |
| Feb 26, 2020 | 4.57 | 5.11 |
| Feb 27, 2019 | 5.91 | 5.02 |
| Feb 27, 2018 | 7.13 | 4.94 |
| Feb 27, 2017 | 7.47 | 4.60 |
| Feb 17, 2016 | 6.65 | 4.67 |
| Feb 19, 2015 | 7.49 | 4.15 |
| Feb 20, 2014 | 9.85 | 4.53 |
| Feb 27, 2013 | 6.60 | 3.63 |
| Feb 27, 2012 | 6.76 | 3.85 |
| Feb 25, 2011 | 7.33 | 3.31 |
| Feb 19, 2010 | 4.49 | 2.70 |
| Feb 20, 2009 | 1.82 | 1.93 |
| Mar 3, 2008 | 3.11 | 2.57 |
| Mar 1, 2007 | 1.78 | 2.77 |
| Mar 7, 2006 | 0.97 | 2.49 |
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).
Comparison to Industry (Consumer Discretionary)
Booking Holdings Inc., P/S, long-term trends, comparison to industry (consumer discretionary)
| Booking Holdings Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 18, 2026 | 5.02 | 7.60 |
| Feb 20, 2025 | 6.94 | 9.86 |
| Feb 22, 2024 | 6.24 | 2.63 |
| Feb 23, 2023 | 5.35 | 2.27 |
| Feb 23, 2022 | 9.22 | 3.58 |
| Feb 24, 2021 | 14.73 | 3.81 |
| Feb 26, 2020 | 4.57 | 2.33 |
| Feb 27, 2019 | 5.91 | 2.05 |
| Feb 27, 2018 | 7.13 | 2.06 |
| Feb 27, 2017 | 7.47 | 1.68 |
| Feb 17, 2016 | 6.65 | 1.57 |
| Feb 19, 2015 | 7.49 | 1.32 |
| Feb 20, 2014 | 9.85 | 1.33 |
| Feb 27, 2013 | 6.60 | 1.06 |
| Feb 27, 2012 | 6.76 | 0.97 |
| Feb 25, 2011 | 7.33 | 0.96 |
| Feb 19, 2010 | 4.49 | 0.92 |
| Feb 20, 2009 | 1.82 | 0.66 |
| Mar 3, 2008 | 3.11 | 0.79 |
| Mar 1, 2007 | 1.78 | 0.86 |
| Mar 7, 2006 | 0.97 | 0.79 |
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).