Stock Analysis on Net
Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Booking Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 — = 17.62% × —
Sep 30, 2023 — = 20.68% × —
Jun 30, 2023 — = 16.78% × —
Mar 31, 2023 374.67% = 15.96% × 23.47
Dec 31, 2022 109.92% = 12.06% × 9.12
Sep 30, 2022 66.51% = 11.06% × 6.01
Jun 30, 2022 38.58% = 6.30% × 6.12
Mar 31, 2022 11.89% = 2.32% × 5.12
Dec 31, 2021 18.86% = 4.93% × 3.83
Sep 30, 2021 6.89% = 1.64% × 4.21
Jun 30, 2021 8.63% = 1.73% × 4.98
Mar 31, 2021 14.76% = 2.97% × 4.97
Dec 31, 2020 1.21% = 0.27% × 4.47
Sep 30, 2020 28.39% = 6.30% × 4.51
Jun 30, 2020 63.62% = 12.17% × 5.23
Mar 31, 2020 88.78% = 19.04% × 4.66
Dec 31, 2019 82.00% = 22.73% × 3.61
Sep 30, 2019 — = — × 3.60
Jun 30, 2019 — = — × 4.05
Mar 31, 2019 — = — × 3.23

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Three-Component Disaggregation of ROE

Booking Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 — = 20.07% × 0.88 × —
Sep 30, 2023 — = 25.70% × 0.80 × —
Jun 30, 2023 — = 23.04% × 0.73 × —
Mar 31, 2023 374.67% = 22.14% × 0.72 × 23.47
Dec 31, 2022 109.92% = 17.89% × 0.67 × 9.12
Sep 30, 2022 66.51% = 15.24% × 0.73 × 6.01
Jun 30, 2022 38.58% = 10.54% × 0.60 × 6.12
Mar 31, 2022 11.89% = 4.16% × 0.56 × 5.12
Dec 31, 2021 18.86% = 10.63% × 0.46 × 3.83
Sep 30, 2021 6.89% = 4.15% × 0.39 × 4.21
Jun 30, 2021 8.63% = 5.77% × 0.30 × 4.98
Mar 31, 2021 14.76% = 12.44% × 0.24 × 4.97
Dec 31, 2020 1.21% = 0.87% × 0.31 × 4.47
Sep 30, 2020 28.39% = 15.68% × 0.40 × 4.51
Jun 30, 2020 63.62% = 22.52% × 0.54 × 5.23
Mar 31, 2020 88.78% = 23.43% × 0.81 × 4.66
Dec 31, 2019 82.00% = 32.29% × 0.70 × 3.61
Sep 30, 2019 — = — × — × 3.60
Jun 30, 2019 — = — × — × 4.05
Mar 31, 2019 — = — × — × 3.23

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Five-Component Disaggregation of ROE

Booking Holdings Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 — = 0.78 × 0.86 × 29.85% × 0.88 × —
Sep 30, 2023 — = 0.81 × 0.89 × 35.66% × 0.80 × —
Jun 30, 2023 — = 0.80 × 0.89 × 32.22% × 0.73 × —
Mar 31, 2023 374.67% = 0.79 × 0.91 × 30.77% × 0.72 × 23.47
Dec 31, 2022 109.92% = 0.78 × 0.91 × 25.24% × 0.67 × 9.12
Sep 30, 2022 66.51% = 0.74 × 0.91 × 22.52% × 0.73 × 6.01
Jun 30, 2022 38.58% = 0.74 × 0.87 × 16.24% × 0.60 × 6.12
Mar 31, 2022 11.89% = 0.58 × 0.75 × 9.57% × 0.56 × 5.12
Dec 31, 2021 18.86% = 0.80 × 0.81 × 16.42% × 0.46 × 3.83
Sep 30, 2021 6.89% = 0.43 × 0.71 × 13.58% × 0.39 × 4.21
Jun 30, 2021 8.63% = 0.54 × 0.67 × 15.82% × 0.30 × 4.98
Mar 31, 2021 14.76% = 0.70 × 0.72 × 24.80% × 0.24 × 4.97
Dec 31, 2020 1.21% = 0.10 × 0.61 × 13.58% × 0.31 × 4.47
Sep 30, 2020 28.39% = 0.80 × 0.84 × 23.18% × 0.40 × 4.51
Jun 30, 2020 63.62% = 0.78 × 0.92 × 31.53% × 0.54 × 5.23
Mar 31, 2020 88.78% = 0.80 × 0.94 × 31.22% × 0.81 × 4.66
Dec 31, 2019 82.00% = 0.82 × 0.96 × 41.31% × 0.70 × 3.61
Sep 30, 2019 — = — × — × — × — × 3.60
Jun 30, 2019 — = — × — × — × — × 4.05
Mar 31, 2019 — = — × — × — × — × 3.23

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Two-Component Disaggregation of ROA

Booking Holdings Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 17.62% = 20.07% × 0.88
Sep 30, 2023 20.68% = 25.70% × 0.80
Jun 30, 2023 16.78% = 23.04% × 0.73
Mar 31, 2023 15.96% = 22.14% × 0.72
Dec 31, 2022 12.06% = 17.89% × 0.67
Sep 30, 2022 11.06% = 15.24% × 0.73
Jun 30, 2022 6.30% = 10.54% × 0.60
Mar 31, 2022 2.32% = 4.16% × 0.56
Dec 31, 2021 4.93% = 10.63% × 0.46
Sep 30, 2021 1.64% = 4.15% × 0.39
Jun 30, 2021 1.73% = 5.77% × 0.30
Mar 31, 2021 2.97% = 12.44% × 0.24
Dec 31, 2020 0.27% = 0.87% × 0.31
Sep 30, 2020 6.30% = 15.68% × 0.40
Jun 30, 2020 12.17% = 22.52% × 0.54
Mar 31, 2020 19.04% = 23.43% × 0.81
Dec 31, 2019 22.73% = 32.29% × 0.70
Sep 30, 2019 — = — × —
Jun 30, 2019 — = — × —
Mar 31, 2019 — = — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Booking Holdings Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 17.62% = 0.78 × 0.86 × 29.85% × 0.88
Sep 30, 2023 20.68% = 0.81 × 0.89 × 35.66% × 0.80
Jun 30, 2023 16.78% = 0.80 × 0.89 × 32.22% × 0.73
Mar 31, 2023 15.96% = 0.79 × 0.91 × 30.77% × 0.72
Dec 31, 2022 12.06% = 0.78 × 0.91 × 25.24% × 0.67
Sep 30, 2022 11.06% = 0.74 × 0.91 × 22.52% × 0.73
Jun 30, 2022 6.30% = 0.74 × 0.87 × 16.24% × 0.60
Mar 31, 2022 2.32% = 0.58 × 0.75 × 9.57% × 0.56
Dec 31, 2021 4.93% = 0.80 × 0.81 × 16.42% × 0.46
Sep 30, 2021 1.64% = 0.43 × 0.71 × 13.58% × 0.39
Jun 30, 2021 1.73% = 0.54 × 0.67 × 15.82% × 0.30
Mar 31, 2021 2.97% = 0.70 × 0.72 × 24.80% × 0.24
Dec 31, 2020 0.27% = 0.10 × 0.61 × 13.58% × 0.31
Sep 30, 2020 6.30% = 0.80 × 0.84 × 23.18% × 0.40
Jun 30, 2020 12.17% = 0.78 × 0.92 × 31.53% × 0.54
Mar 31, 2020 19.04% = 0.80 × 0.94 × 31.22% × 0.81
Dec 31, 2019 22.73% = 0.82 × 0.96 × 41.31% × 0.70
Sep 30, 2019 — = — × — × — × —
Jun 30, 2019 — = — × — × — × —
Mar 31, 2019 — = — × — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Booking Holdings Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 20.07% = 0.78 × 0.86 × 29.85%
Sep 30, 2023 25.70% = 0.81 × 0.89 × 35.66%
Jun 30, 2023 23.04% = 0.80 × 0.89 × 32.22%
Mar 31, 2023 22.14% = 0.79 × 0.91 × 30.77%
Dec 31, 2022 17.89% = 0.78 × 0.91 × 25.24%
Sep 30, 2022 15.24% = 0.74 × 0.91 × 22.52%
Jun 30, 2022 10.54% = 0.74 × 0.87 × 16.24%
Mar 31, 2022 4.16% = 0.58 × 0.75 × 9.57%
Dec 31, 2021 10.63% = 0.80 × 0.81 × 16.42%
Sep 30, 2021 4.15% = 0.43 × 0.71 × 13.58%
Jun 30, 2021 5.77% = 0.54 × 0.67 × 15.82%
Mar 31, 2021 12.44% = 0.70 × 0.72 × 24.80%
Dec 31, 2020 0.87% = 0.10 × 0.61 × 13.58%
Sep 30, 2020 15.68% = 0.80 × 0.84 × 23.18%
Jun 30, 2020 22.52% = 0.78 × 0.92 × 31.53%
Mar 31, 2020 23.43% = 0.80 × 0.94 × 31.22%
Dec 31, 2019 32.29% = 0.82 × 0.96 × 41.31%
Sep 30, 2019 — = — × — × —
Jun 30, 2019 — = — × — × —
Mar 31, 2019 — = — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

The primary reason for the decrease in net profit margin ratio over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.