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 | = | 4,269.99 | ÷ | 849.83 | 849.83 | = | 26,917 | ÷ | 31,673,346 | |
| Feb 20, 2025 | 6.94 | = | 5,018.23 | ÷ | 723.41 | 723.41 | = | 23,739 | ÷ | 32,815,201 | |
| Feb 22, 2024 | 6.24 | = | 3,901.99 | ÷ | 625.24 | 625.24 | = | 21,365 | ÷ | 34,171,027 | |
| Feb 23, 2023 | 5.35 | = | 2,426.49 | ÷ | 453.94 | 453.94 | = | 17,090 | ÷ | 37,648,373 | |
| Feb 23, 2022 | 9.22 | = | 2,469.83 | ÷ | 268.00 | 268.00 | = | 10,958 | ÷ | 40,887,702 | |
| Feb 24, 2021 | 14.73 | = | 2,443.50 | ÷ | 165.91 | 165.91 | = | 6,796 | ÷ | 40,961,796 | |
| Feb 26, 2020 | 4.57 | = | 1,678.20 | ÷ | 366.91 | 366.91 | = | 15,066 | ÷ | 41,061,814 | |
| Feb 27, 2019 | 5.91 | = | 1,906.00 | ÷ | 322.73 | 322.73 | = | 14,527 | ÷ | 45,012,725 | |
| Feb 27, 2018 | 7.13 | = | 1,871.60 | ÷ | 262.61 | 262.61 | = | 12,681 | ÷ | 48,288,592 | |
| Feb 27, 2017 | 7.47 | = | 1,632.01 | ÷ | 218.49 | 218.49 | = | 10,743 | ÷ | 49,170,417 | |
| Feb 17, 2016 | 6.65 | = | 1,235.56 | ÷ | 185.91 | 185.91 | = | 9,224 | ÷ | 49,616,595 | |
| Feb 19, 2015 | 7.49 | = | 1,218.05 | ÷ | 162.54 | 162.54 | = | 8,442 | ÷ | 51,939,191 | |
| Feb 20, 2014 | 9.85 | = | 1,283.00 | ÷ | 130.28 | 130.28 | = | 6,793 | ÷ | 52,142,345 | |
| Feb 27, 2013 | 6.60 | = | 695.91 | ÷ | 105.49 | 105.49 | = | 5,261 | ÷ | 49,870,893 | |
| Feb 27, 2012 | 6.76 | = | 591.54 | ÷ | 87.46 | 87.46 | = | 4,356 | ÷ | 49,798,861 | |
| Feb 25, 2011 | 7.33 | = | 460.03 | ÷ | 62.76 | 62.76 | = | 3,085 | ÷ | 49,151,597 | |
| Feb 19, 2010 | 4.49 | = | 230.57 | ÷ | 51.30 | 51.30 | = | 2,338 | ÷ | 45,581,142 | |
| Feb 20, 2009 | 1.82 | = | 83.75 | ÷ | 45.99 | 45.99 | = | 1,885 | ÷ | 40,980,720 | |
| Mar 3, 2008 | 3.10 | = | 113.69 | ÷ | 36.63 | 36.63 | = | 1,409 | ÷ | 38,472,411 | |
| Mar 1, 2007 | 1.78 | = | 53.16 | ÷ | 29.88 | 29.88 | = | 1,123 | ÷ | 37,585,373 | |
| Mar 7, 2006 | 0.97 | = | 23.51 | ÷ | 24.24 | 24.24 | = | 963 | ÷ | 39,710,000 |
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 (P/S) ratio for the period examined exhibits considerable fluctuation, though several discernible trends emerge. Initially, the ratio increased significantly from 2006 to 2011, followed by a period of relative stabilization and then a surge in 2021 before declining again. The analysis below details these observations.
- Initial Growth (2006-2011)
- From 2006 to 2011, the P/S ratio demonstrated a strong upward trend, increasing from 0.97 to 7.33. This indicates that the market valuation relative to sales grew substantially during this period. The most rapid increase occurred between 2009 and 2011, suggesting a heightened investor confidence or expectations regarding future sales growth.
- Stabilization and Moderate Decline (2011-2019)
- Following the peak in 2011, the P/S ratio experienced a period of relative stabilization, fluctuating between approximately 5.91 and 7.33. While not consistently declining, the ratio did not reach the highs observed in 2011. This suggests a more mature phase of growth, where sales increases were not translating into the same level of market premium.
- Significant Spike and Subsequent Adjustment (2020-2024)
- A dramatic increase in the P/S ratio occurred in 2021, reaching 14.73. This spike is substantially higher than any previous value in the examined period. However, this was followed by a significant correction in subsequent years, with the ratio decreasing to 5.02 by 2024. This pattern suggests a potential overvaluation in 2021, followed by a market reassessment. The share price increased significantly in 2021, while sales per share decreased, contributing to the high P/S ratio.
- Sales Per Share Trend
- Sales per share generally increased from 2006 to 2019, mirroring the initial P/S ratio growth. However, a substantial decrease in sales per share occurred in 2020, followed by a recovery in 2022 and 2023. This fluctuation in sales per share significantly influences the P/S ratio, particularly when considered in conjunction with share price movements.
- Recent Performance (2023-2026)
- The P/S ratio shows some stabilization in the most recent years, moving from 6.24 in 2023 to 6.94 in 2025, before decreasing to 5.02 in 2026. This suggests a potential leveling off of valuation after the volatility observed in prior years. Sales per share continues to increase, which may contribute to this stabilization.
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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 | 3.10 | — | 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 | 3.10 | 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 | 3.10 | 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).