Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Booking Holdings Inc., solvency ratios (quarterly data)
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Booking Holdings Inc. debt to capital ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023. |
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Booking Holdings Inc. debt to capital ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Booking Holdings Inc. debt to assets ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Booking Holdings Inc. debt to assets ratio (including operating lease liability) deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Booking Holdings Inc. interest coverage ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Equity
Booking Holdings Inc., debt to equity calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 1,961) | 1,913) | 855) | 854) | 500) | 1,234) | 1,283) | 1,333) | 1,989) | 1,158) | 2,180) | 3,905) | 985) | 979) | 973) | 995) | 988) | 982) | 975) | 968) | ||||||
| Long-term debt | 12,223) | 11,856) | 13,198) | 11,272) | 11,985) | 7,950) | 8,190) | 8,435) | 8,937) | 9,876) | 9,986) | 9,930) | 11,029) | 10,829) | 10,633) | 7,553) | 7,640) | 7,512) | 7,686) | 7,619) | ||||||
| Total debt | 14,184) | 13,769) | 14,053) | 12,126) | 12,485) | 9,184) | 9,473) | 9,768) | 10,926) | 11,034) | 12,166) | 13,835) | 12,014) | 11,808) | 11,606) | 8,548) | 8,628) | 8,494) | 8,661) | 8,587) | ||||||
| Stockholders’ equity (deficit) | (2,744) | (625) | (665) | 1,074) | 2,782) | 3,670) | 4,002) | 4,373) | 6,178) | 5,545) | 4,799) | 4,764) | 4,893) | 4,913) | 3,999) | 3,831) | 5,933) | 5,951) | 5,307) | 6,915) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | 11.29 | 4.49 | 2.50 | 2.37 | 2.23 | 1.77 | 1.99 | 2.54 | 2.90 | 2.46 | 2.40 | 2.90 | 2.23 | 1.45 | 1.43 | 1.63 | 1.24 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.24 | 0.22 | 0.39 | 0.38 | 0.36 | 0.36 | 0.38 | 0.42 | 0.42 | 0.45 | 0.58 | 0.63 | — | — | — | — | — | — | — | — | ||||||
| Carnival Corp. & plc | 4.44 | 4.50 | 5.75 | 5.69 | 4.89 | 4.07 | 4.25 | 3.38 | 2.74 | 2.10 | 1.72 | 1.58 | 1.31 | 1.28 | 1.00 | 0.53 | 0.45 | 0.42 | 0.46 | 0.48 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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).
1 Q4 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 14,184 ÷ -2,744 = —
2 Click competitor name to see calculations.
Debt to Equity (including Operating Lease Liability)
Booking Holdings Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 1,961) | 1,913) | 855) | 854) | 500) | 1,234) | 1,283) | 1,333) | 1,989) | 1,158) | 2,180) | 3,905) | 985) | 979) | 973) | 995) | 988) | 982) | 975) | 968) | ||||||
| Long-term debt | 12,223) | 11,856) | 13,198) | 11,272) | 11,985) | 7,950) | 8,190) | 8,435) | 8,937) | 9,876) | 9,986) | 9,930) | 11,029) | 10,829) | 10,633) | 7,553) | 7,640) | 7,512) | 7,686) | 7,619) | ||||||
| Total debt | 14,184) | 13,769) | 14,053) | 12,126) | 12,485) | 9,184) | 9,473) | 9,768) | 10,926) | 11,034) | 12,166) | 13,835) | 12,014) | 11,808) | 11,606) | 8,548) | 8,628) | 8,494) | 8,661) | 8,587) | ||||||
| Non-current operating lease liabilities | 599) | 547) | 533) | 539) | 552) | 286) | 323) | 349) | 351) | 295) | 314) | 331) | 366) | 401) | 417) | 438) | 462) | 466) | 495) | 488) | ||||||
| Total debt (including operating lease liability) | 14,783) | 14,316) | 14,586) | 12,665) | 13,037) | 9,470) | 9,796) | 10,117) | 11,277) | 11,329) | 12,480) | 14,166) | 12,380) | 12,209) | 12,023) | 8,986) | 9,090) | 8,960) | 9,156) | 9,075) | ||||||
| Stockholders’ equity (deficit) | (2,744) | (625) | (665) | 1,074) | 2,782) | 3,670) | 4,002) | 4,373) | 6,178) | 5,545) | 4,799) | 4,764) | 4,893) | 4,913) | 3,999) | 3,831) | 5,933) | 5,951) | 5,307) | 6,915) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | — | — | — | 11.79 | 4.69 | 2.58 | 2.45 | 2.31 | 1.83 | 2.04 | 2.60 | 2.97 | 2.53 | 2.49 | 3.01 | 2.35 | 1.53 | 1.51 | 1.73 | 1.31 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.27 | 0.25 | 0.45 | 0.43 | 0.41 | 0.42 | 0.44 | 0.49 | 0.49 | 0.53 | 0.71 | 0.76 | — | — | — | — | — | — | — | — | ||||||
| Carnival Corp. & plc | 4.63 | 4.69 | 5.98 | 5.91 | 5.08 | 4.21 | 4.41 | 3.51 | 2.85 | 2.20 | 1.80 | 1.65 | 1.38 | 1.35 | 1.07 | 0.59 | 0.45 | 0.42 | 0.46 | 0.48 | ||||||
| Chipotle Mexican Grill Inc. | 1.32 | 1.39 | 1.41 | 1.52 | 1.58 | 1.60 | 1.68 | 1.67 | 1.53 | 1.51 | 1.54 | 1.55 | 1.56 | 1.71 | 1.76 | 1.76 | 1.69 | 1.73 | 1.75 | 1.80 | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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).
1 Q4 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity (deficit)
= 14,783 ÷ -2,744 = —
2 Click competitor name to see calculations.
Debt to Capital
Booking Holdings Inc., debt to capital calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 1,961) | 1,913) | 855) | 854) | 500) | 1,234) | 1,283) | 1,333) | 1,989) | 1,158) | 2,180) | 3,905) | 985) | 979) | 973) | 995) | 988) | 982) | 975) | 968) | ||||||
| Long-term debt | 12,223) | 11,856) | 13,198) | 11,272) | 11,985) | 7,950) | 8,190) | 8,435) | 8,937) | 9,876) | 9,986) | 9,930) | 11,029) | 10,829) | 10,633) | 7,553) | 7,640) | 7,512) | 7,686) | 7,619) | ||||||
| Total debt | 14,184) | 13,769) | 14,053) | 12,126) | 12,485) | 9,184) | 9,473) | 9,768) | 10,926) | 11,034) | 12,166) | 13,835) | 12,014) | 11,808) | 11,606) | 8,548) | 8,628) | 8,494) | 8,661) | 8,587) | ||||||
| Stockholders’ equity (deficit) | (2,744) | (625) | (665) | 1,074) | 2,782) | 3,670) | 4,002) | 4,373) | 6,178) | 5,545) | 4,799) | 4,764) | 4,893) | 4,913) | 3,999) | 3,831) | 5,933) | 5,951) | 5,307) | 6,915) | ||||||
| Total capital | 11,440) | 13,144) | 13,388) | 13,200) | 15,267) | 12,854) | 13,475) | 14,141) | 17,104) | 16,579) | 16,965) | 18,599) | 16,907) | 16,721) | 15,605) | 12,379) | 14,561) | 14,445) | 13,968) | 15,502) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 1.24 | 1.05 | 1.05 | 0.92 | 0.82 | 0.71 | 0.70 | 0.69 | 0.64 | 0.67 | 0.72 | 0.74 | 0.71 | 0.71 | 0.74 | 0.69 | 0.59 | 0.59 | 0.62 | 0.55 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.20 | 0.18 | 0.28 | 0.27 | 0.26 | 0.26 | 0.27 | 0.30 | 0.29 | 0.31 | 0.37 | 0.39 | — | — | — | — | — | — | — | — | ||||||
| Carnival Corp. & plc | 0.82 | 0.82 | 0.85 | 0.85 | 0.83 | 0.80 | 0.81 | 0.77 | 0.73 | 0.68 | 0.63 | 0.61 | 0.57 | 0.56 | 0.50 | 0.35 | 0.31 | 0.30 | 0.32 | 0.32 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | 1.14 | 1.15 | 1.16 | 1.18 | 1.20 | 1.23 | 1.23 | 1.21 | 1.15 | 1.19 | 1.20 | 1.25 | 1.26 | 1.29 | 1.32 | 1.31 | 1.32 | 1.35 | 1.26 | 1.25 | ||||||
| Starbucks Corp. | 2.08 | 2.18 | 2.22 | 2.39 | 2.37 | 2.34 | 2.21 | 2.34 | 1.57 | 1.87 | 2.09 | 1.99 | 1.91 | 2.05 | 2.16 | 2.38 | 2.26 | 1.63 | 2.21 | 1.46 | ||||||
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).
1 Q4 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,184 ÷ 11,440 = 1.24
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Booking Holdings Inc. debt to capital ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023. |
Debt to Capital (including Operating Lease Liability)
Booking Holdings Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 1,961) | 1,913) | 855) | 854) | 500) | 1,234) | 1,283) | 1,333) | 1,989) | 1,158) | 2,180) | 3,905) | 985) | 979) | 973) | 995) | 988) | 982) | 975) | 968) | ||||||
| Long-term debt | 12,223) | 11,856) | 13,198) | 11,272) | 11,985) | 7,950) | 8,190) | 8,435) | 8,937) | 9,876) | 9,986) | 9,930) | 11,029) | 10,829) | 10,633) | 7,553) | 7,640) | 7,512) | 7,686) | 7,619) | ||||||
| Total debt | 14,184) | 13,769) | 14,053) | 12,126) | 12,485) | 9,184) | 9,473) | 9,768) | 10,926) | 11,034) | 12,166) | 13,835) | 12,014) | 11,808) | 11,606) | 8,548) | 8,628) | 8,494) | 8,661) | 8,587) | ||||||
| Non-current operating lease liabilities | 599) | 547) | 533) | 539) | 552) | 286) | 323) | 349) | 351) | 295) | 314) | 331) | 366) | 401) | 417) | 438) | 462) | 466) | 495) | 488) | ||||||
| Total debt (including operating lease liability) | 14,783) | 14,316) | 14,586) | 12,665) | 13,037) | 9,470) | 9,796) | 10,117) | 11,277) | 11,329) | 12,480) | 14,166) | 12,380) | 12,209) | 12,023) | 8,986) | 9,090) | 8,960) | 9,156) | 9,075) | ||||||
| Stockholders’ equity (deficit) | (2,744) | (625) | (665) | 1,074) | 2,782) | 3,670) | 4,002) | 4,373) | 6,178) | 5,545) | 4,799) | 4,764) | 4,893) | 4,913) | 3,999) | 3,831) | 5,933) | 5,951) | 5,307) | 6,915) | ||||||
| Total capital (including operating lease liability) | 12,039) | 13,691) | 13,921) | 13,739) | 15,819) | 13,140) | 13,798) | 14,490) | 17,455) | 16,874) | 17,279) | 18,930) | 17,273) | 17,122) | 16,022) | 12,817) | 15,023) | 14,911) | 14,463) | 15,990) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 1.23 | 1.05 | 1.05 | 0.92 | 0.82 | 0.72 | 0.71 | 0.70 | 0.65 | 0.67 | 0.72 | 0.75 | 0.72 | 0.71 | 0.75 | 0.70 | 0.61 | 0.60 | 0.63 | 0.57 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.22 | 0.20 | 0.31 | 0.30 | 0.29 | 0.29 | 0.31 | 0.33 | 0.33 | 0.35 | 0.41 | 0.43 | — | — | — | — | — | — | — | — | ||||||
| Carnival Corp. & plc | 0.82 | 0.82 | 0.86 | 0.86 | 0.84 | 0.81 | 0.82 | 0.78 | 0.74 | 0.69 | 0.64 | 0.62 | 0.58 | 0.57 | 0.52 | 0.37 | 0.31 | 0.30 | 0.32 | 0.32 | ||||||
| Chipotle Mexican Grill Inc. | 0.57 | 0.58 | 0.58 | 0.60 | 0.61 | 0.62 | 0.63 | 0.62 | 0.61 | 0.60 | 0.61 | 0.61 | 0.61 | 0.63 | 0.64 | 0.64 | 0.63 | 0.63 | 0.64 | 0.64 | ||||||
| Starbucks Corp. | 1.48 | 1.52 | 1.53 | 1.57 | 1.58 | 1.57 | 1.54 | 1.55 | 1.29 | 1.41 | 1.48 | 1.46 | 1.45 | 1.50 | 1.49 | 1.49 | 2.26 | 1.63 | 2.21 | 1.46 | ||||||
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).
1 Q4 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 14,783 ÷ 12,039 = 1.23
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Booking Holdings Inc. debt to capital ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023. |
Debt to Assets
Booking Holdings Inc., debt to assets calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 1,961) | 1,913) | 855) | 854) | 500) | 1,234) | 1,283) | 1,333) | 1,989) | 1,158) | 2,180) | 3,905) | 985) | 979) | 973) | 995) | 988) | 982) | 975) | 968) | ||||||
| Long-term debt | 12,223) | 11,856) | 13,198) | 11,272) | 11,985) | 7,950) | 8,190) | 8,435) | 8,937) | 9,876) | 9,986) | 9,930) | 11,029) | 10,829) | 10,633) | 7,553) | 7,640) | 7,512) | 7,686) | 7,619) | ||||||
| Total debt | 14,184) | 13,769) | 14,053) | 12,126) | 12,485) | 9,184) | 9,473) | 9,768) | 10,926) | 11,034) | 12,166) | 13,835) | 12,014) | 11,808) | 11,606) | 8,548) | 8,628) | 8,494) | 8,661) | 8,587) | ||||||
| Total assets | 24,342) | 25,635) | 26,558) | 25,206) | 25,361) | 22,063) | 24,493) | 22,384) | 23,641) | 23,341) | 23,881) | 23,655) | 21,874) | 22,145) | 20,912) | 17,862) | 21,402) | 21,446) | 21,494) | 22,366) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.58 | 0.54 | 0.53 | 0.48 | 0.49 | 0.42 | 0.39 | 0.44 | 0.46 | 0.47 | 0.51 | 0.58 | 0.55 | 0.53 | 0.55 | 0.48 | 0.40 | 0.40 | 0.40 | 0.38 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.10 | 0.09 | 0.09 | 0.10 | 0.12 | 0.12 | 0.10 | 0.12 | 0.14 | 0.15 | 0.13 | 0.16 | — | — | — | — | — | — | — | — | ||||||
| Carnival Corp. & plc | 0.62 | 0.63 | 0.65 | 0.68 | 0.67 | 0.66 | 0.66 | 0.66 | 0.62 | 0.58 | 0.56 | 0.55 | 0.50 | 0.49 | 0.42 | 0.28 | 0.26 | 0.24 | 0.25 | 0.26 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| McDonald’s Corp. | 0.70 | 0.72 | 0.71 | 0.71 | 0.71 | 0.72 | 0.70 | 0.67 | 0.66 | 0.67 | 0.68 | 0.70 | 0.71 | 0.75 | 0.78 | 0.77 | 0.72 | 0.72 | 0.71 | 0.71 | ||||||
| Starbucks Corp. | 0.52 | 0.54 | 0.54 | 0.53 | 0.54 | 0.54 | 0.55 | 0.51 | 0.47 | 0.50 | 0.52 | 0.53 | 0.56 | 0.58 | 0.51 | 0.42 | 0.58 | 0.53 | 0.52 | 0.46 | ||||||
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).
1 Q4 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 14,184 ÷ 24,342 = 0.58
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Booking Holdings Inc. debt to assets ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Assets (including Operating Lease Liability)
Booking Holdings Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Short-term debt | 1,961) | 1,913) | 855) | 854) | 500) | 1,234) | 1,283) | 1,333) | 1,989) | 1,158) | 2,180) | 3,905) | 985) | 979) | 973) | 995) | 988) | 982) | 975) | 968) | ||||||
| Long-term debt | 12,223) | 11,856) | 13,198) | 11,272) | 11,985) | 7,950) | 8,190) | 8,435) | 8,937) | 9,876) | 9,986) | 9,930) | 11,029) | 10,829) | 10,633) | 7,553) | 7,640) | 7,512) | 7,686) | 7,619) | ||||||
| Total debt | 14,184) | 13,769) | 14,053) | 12,126) | 12,485) | 9,184) | 9,473) | 9,768) | 10,926) | 11,034) | 12,166) | 13,835) | 12,014) | 11,808) | 11,606) | 8,548) | 8,628) | 8,494) | 8,661) | 8,587) | ||||||
| Non-current operating lease liabilities | 599) | 547) | 533) | 539) | 552) | 286) | 323) | 349) | 351) | 295) | 314) | 331) | 366) | 401) | 417) | 438) | 462) | 466) | 495) | 488) | ||||||
| Total debt (including operating lease liability) | 14,783) | 14,316) | 14,586) | 12,665) | 13,037) | 9,470) | 9,796) | 10,117) | 11,277) | 11,329) | 12,480) | 14,166) | 12,380) | 12,209) | 12,023) | 8,986) | 9,090) | 8,960) | 9,156) | 9,075) | ||||||
| Total assets | 24,342) | 25,635) | 26,558) | 25,206) | 25,361) | 22,063) | 24,493) | 22,384) | 23,641) | 23,341) | 23,881) | 23,655) | 21,874) | 22,145) | 20,912) | 17,862) | 21,402) | 21,446) | 21,494) | 22,366) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.61 | 0.56 | 0.55 | 0.50 | 0.51 | 0.43 | 0.40 | 0.45 | 0.48 | 0.49 | 0.52 | 0.60 | 0.57 | 0.55 | 0.57 | 0.50 | 0.42 | 0.42 | 0.43 | 0.41 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.11 | 0.11 | 0.11 | 0.11 | 0.14 | 0.14 | 0.12 | 0.14 | 0.17 | 0.17 | 0.15 | 0.19 | — | — | — | — | — | — | — | — | ||||||
| Carnival Corp. & plc | 0.65 | 0.66 | 0.68 | 0.70 | 0.69 | 0.68 | 0.69 | 0.68 | 0.65 | 0.61 | 0.59 | 0.57 | 0.53 | 0.52 | 0.45 | 0.31 | 0.26 | 0.24 | 0.25 | 0.26 | ||||||
| Chipotle Mexican Grill Inc. | 0.50 | 0.51 | 0.51 | 0.53 | 0.54 | 0.55 | 0.55 | 0.55 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.55 | 0.56 | 0.57 | 0.56 | 0.57 | 0.58 | 0.58 | ||||||
| Starbucks Corp. | 0.84 | 0.85 | 0.86 | 0.84 | 0.85 | 0.85 | 0.86 | 0.82 | 0.75 | 0.80 | 0.83 | 0.83 | 0.86 | 0.88 | 0.83 | 0.74 | 0.58 | 0.53 | 0.52 | 0.46 | ||||||
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).
1 Q4 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 14,783 ÷ 24,342 = 0.61
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Booking Holdings Inc. debt to assets ratio (including operating lease liability) deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Financial Leverage
Booking Holdings Inc., financial leverage calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Total assets | 24,342) | 25,635) | 26,558) | 25,206) | 25,361) | 22,063) | 24,493) | 22,384) | 23,641) | 23,341) | 23,881) | 23,655) | 21,874) | 22,145) | 20,912) | 17,862) | 21,402) | 21,446) | 21,494) | 22,366) | ||||||
| Stockholders’ equity (deficit) | (2,744) | (625) | (665) | 1,074) | 2,782) | 3,670) | 4,002) | 4,373) | 6,178) | 5,545) | 4,799) | 4,764) | 4,893) | 4,913) | 3,999) | 3,831) | 5,933) | 5,951) | 5,307) | 6,915) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | 23.47 | 9.12 | 6.01 | 6.12 | 5.12 | 3.83 | 4.21 | 4.98 | 4.97 | 4.47 | 4.51 | 5.23 | 4.66 | 3.61 | 3.60 | 4.05 | 3.23 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 2.53 | 2.35 | 4.19 | 3.78 | 2.88 | 2.90 | 3.63 | 3.60 | 2.87 | 3.05 | 4.56 | 3.91 | — | — | — | — | — | — | — | — | ||||||
| Carnival Corp. & plc | 7.14 | 7.15 | 8.84 | 8.43 | 7.32 | 6.20 | 6.42 | 5.17 | 4.39 | 3.60 | 3.08 | 2.89 | 2.61 | 2.61 | 2.39 | 1.93 | 1.78 | 1.74 | 1.85 | 1.81 | ||||||
| Chipotle Mexican Grill Inc. | 2.63 | 2.74 | 2.73 | 2.84 | 2.93 | 2.93 | 3.04 | 3.03 | 2.90 | 2.87 | 2.91 | 2.93 | 2.96 | 3.12 | 3.15 | 3.11 | 3.03 | 3.04 | 3.03 | 3.12 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
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).
1 Q4 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 24,342 ÷ -2,744 = —
2 Click competitor name to see calculations.
Interest Coverage
Booking Holdings Inc., interest coverage calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income (loss) | 222) | 2,511) | 1,290) | 266) | 1,235) | 1,666) | 857) | (700) | 618) | 769) | (167) | (55) | (165) | 801) | 122) | (699) | 1,171) | 1,950) | 979) | 765) | ||||||
| Add: Income tax expense | 189) | 638) | 328) | 37) | 217) | 510) | 287) | (149) | 198) | 199) | 126) | (223) | 410) | 34) | 87) | (23) | 249) | 413) | 228) | 203) | ||||||
| Add: Interest expense | 208) | 254) | 241) | 194) | 145) | 102) | 76) | 68) | 75) | 80) | 81) | 98) | 98) | 98) | 96) | 64) | 62) | 70) | 68) | 66) | ||||||
| Earnings before interest and tax (EBIT) | 619) | 3,403) | 1,859) | 497) | 1,597) | 2,278) | 1,220) | (781) | 891) | 1,048) | 40) | (180) | 343) | 933) | 305) | (658) | 1,482) | 2,433) | 1,275) | 1,034) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | 7.11 | 8.82 | 9.14 | 10.82 | 11.03 | 11.24 | 7.95 | 3.94 | 5.39 | 3.50 | 3.03 | 3.59 | 2.59 | 6.44 | 12.20 | 17.17 | 23.40 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 26.33 | 166.72 | 145.45 | 96.66 | 83.88 | 81.06 | 58.89 | 40.98 | 0.31 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Carnival Corp. & plc | 0.97 | 0.21 | -0.77 | -1.74 | -2.78 | -3.71 | -5.12 | -5.00 | -4.95 | -4.71 | -5.12 | -8.26 | -10.46 | -11.71 | -7.55 | 10.30 | 15.86 | 16.27 | 16.09 | 17.01 | ||||||
| McDonald’s Corp. | 8.73 | 8.82 | 8.73 | 7.84 | 7.48 | 7.44 | 7.64 | 8.43 | 8.70 | 8.38 | 7.89 | 6.37 | 6.04 | 6.32 | 6.39 | 7.77 | 8.15 | — | — | — | ||||||
| Starbucks Corp. | 10.82 | 10.22 | 10.01 | 9.66 | 9.76 | 12.25 | 12.95 | 13.08 | 12.40 | 8.49 | 3.76 | 2.78 | 3.66 | 5.23 | 12.29 | 14.35 | 14.49 | 15.69 | 15.50 | 18.04 | ||||||
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).
1 Q4 2023 Calculation
Interest coverage
= (EBITQ4 2023
+ EBITQ3 2023
+ EBITQ2 2023
+ EBITQ1 2023)
÷ (Interest expenseQ4 2023
+ Interest expenseQ3 2023
+ Interest expenseQ2 2023
+ Interest expenseQ1 2023)
= (619 + 3,403 + 1,859 + 497)
÷ (208 + 254 + 241 + 194)
= 7.11
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Booking Holdings Inc. interest coverage ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |