Booking Holdings Inc. (NASDAQ:BKNG)

The analysis of the provided financial ratios over multiple quarterly periods reveals several noteworthy trends:

Net fixed asset turnover

This ratio exhibits a clear upward trend beginning from the quarter ending December 31, 2020. Starting at 8.99, it fluctuates slightly before increasing steadily to reach values above 25 from early 2022 onward, peaking at 29.51 by June 30, 2025. This trend indicates improving efficiency in generating revenue from net fixed assets over the period analyzed.

Net fixed asset turnover (including operating lease, right-of-use asset)

This metric follows a broadly similar upward trajectory as the standard net fixed asset turnover, albeit with generally lower figures. Starting at 5.29 in late 2020, the ratio grows gradually and stabilizes around the 14 to 17 range in the later periods. Although the growth is less steep compared to net fixed asset turnover alone, it still indicates a consistent improvement in asset utilization when incorporating leased assets.

Total asset turnover

Total asset turnover starts relatively low at 0.31 in December 2020, then experiences some variability but shows an overall increasing trend through to mid-2023, peaking at 0.88 around March 2024. It slightly dips afterwards but remains generally high relative to earlier periods. This increase suggests enhanced efficiency in asset usage across all asset categories to generate revenue, despite some fluctuations.

Equity turnover

Equity turnover demonstrates substantial growth, particularly remarkable in the periods from late 2021 to early 2022 where it jumps sharply from approximately 4.37 to 16.92. Prior to this surge, the ratio showed a gradual increase from 1.39 in March 2020. Post-peak, detailed data is missing, but the available numbers indicate a significant improvement in the efficiency of equity in generating revenue during 2021 and early 2022.

Overall, the data indicates a positive trend in efficiency ratios for asset and equity utilization, with marked improvements from 2020 through 2025. The increases in net fixed asset turnover and total asset turnover suggest successful management of physical and total asset bases. The significant rise in equity turnover during early 2022 warrants further investigation to understand underlying factors such as changes in equity structure, profitability, or asset management strategies.

The financial data reveals distinct patterns in revenues, property and equipment net values, and net fixed asset turnover ratios over the examined periods.

Revenues

Revenues exhibit considerable volatility with a general upward trend from 2020 through subsequent years. Initially, there is a sharp decline in the second quarter of 2020, likely due to external factors impacting business operations. Following this trough, revenues recovered strongly in the later quarters of 2020 and 2021, with notable increases reaching peaks toward late 2021.

Subsequent quarters maintain relatively high revenue levels with periodic fluctuations, but the overall trajectory remains positive. The highest revenue recorded is in the third quarter of 2023, surpassing previous peak levels. Despite some quarterly declines, revenues remain elevated through to mid-2025 compared to early 2020 figures.

Property and Equipment, Net

The net value of property and equipment shows a more stable trend with gradual increases from the first quarter of 2020 through 2022, peaking just below 900 million US dollars. A dip occurs in the last quarter of 2022, with values dropping to the upper 600s range, followed by a cautious recovery from early 2023 onward.

Throughout 2023 and into 2025, the net value of property and equipment fluctuates modestly, ranging mostly between 730 and 880 million US dollars, reflecting relatively steady investment or depreciation patterns with no extreme variations.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio demonstrates a strong and continuous upward trend starting from 2020. Missing data points in earlier quarters preclude precise trend analysis before 2020's third quarter. However, from the recorded data onward, the ratio increases significantly from mid single digits to nearing 30 by late 2024 and mid-2025.

This steady increase indicates an improving efficiency in utilizing fixed assets to generate revenues. The company appears to be generating progressively higher revenue per unit of net fixed asset, pointing to enhanced operational productivity or optimized asset use over the analyzed period.

In summary, the financial patterns suggest recovery and growth in revenues following an initial downturn, a stable yet slightly fluctuating level of property and equipment net values, and a marked improvement in asset utilization efficiency. These trends collectively reflect an improving financial and operational performance environment across the time horizon.

The financial data reveals several important trends over the observed periods. Revenues exhibit notable volatility with sharp fluctuations in several quarters, particularly in early 2020 and mid-2021, with values ranging between a low of 630 million USD in June 2020 and a peak above 7900 million USD in late 2024. A general upward trajectory in revenues is observable from 2020 through 2025, with some cyclical seasonal increases likely seen in the fourth quarters, which consistently show higher revenue figures compared to preceding quarters.

Regarding property and equipment, net values show a relatively stable pattern with slight increases throughout the period. The asset base remains close to the range of approximately 1200 to 1500 million USD, indicating moderate investment or depreciation activity without significant fluctuations or restructuring. This steady trend suggests a consistent capital intensity in operations without major acquisitions or disposals in fixed assets during the timeframe.

The net fixed asset turnover ratio demonstrates a pronounced improvement, illustrating increasing efficiency in the utilization of fixed assets to generate revenues. Starting from a relatively modest level with data available only as of September 2020, the ratio escalates markedly, reaching values above 17 by early and mid-2025. This indicates that the company is generating higher revenues per unit of fixed assets over time, pointing towards enhanced operational productivity or a shift towards less capital-intensive revenue streams.

Revenue Trends

Marked volatility with strong growth over time, particularly in later years.

Property and Equipment Pattern

Steady with slight increases, suggesting stable capital investment.

Net Fixed Asset Turnover

Significant upward trend, reflecting improved fixed asset efficiency.

The quarterly financial data reveals discernible trends in revenues, total assets, and total asset turnover over several periods.

Revenues

Revenues exhibited significant volatility starting from March 31, 2020, with an initial drop to 630 million from 2,288 million in the prior quarter, likely reflecting external influences impacting the business environment. From June 30, 2020, revenues trended upward sharply, peaking at 7,994 million in September 30, 2024. Despite some fluctuations, the general pattern indicates growth over the entire period, with higher revenue levels post-2021 as compared to the earlier periods. The most recent values from March 31, 2025, and June 30, 2025, indicate a slight pullback from the earlier peak, yet remain substantially higher than the earliest quarters.

Total assets

Total assets demonstrated a gradual upward trend, increasing from 17,862 million on March 31, 2020, to a peak of 30,684 million by June 30, 2025. Although there were some minor fluctuations, the overall trajectory was growth oriented, reflecting possible asset acquisition or investment activity. This gradual increase in total assets may suggest expanding operational capacity or strategic asset management.

Total asset turnover

The total asset turnover ratio, which measures efficiency in utilizing assets to generate revenues, displayed a general improving trend over the periods reported. Starting at 0.31 in September 30, 2020, the ratio improved progressively, reaching a high of 0.89 in June 30, 2025. This consistent increase indicates enhanced effectiveness in asset utilization, allowing for more revenue generation per unit of total assets. Notably, the ratio improved steadily despite fluctuations in total assets and revenues, signifying operational improvements or better capital management practices.

In summary, the data suggest an initial period of disruption followed by recovery and growth in revenues coupled with expanding asset bases. The improving total asset turnover ratio further supports the narrative of growing operational efficiency. These trends together depict a company progressively strengthening its financial position and asset usage over the given timeline.

Revenue Trends

Revenues display significant volatility throughout the observed periods, with notable fluctuations likely influenced by external market conditions. Initially, revenues dropped sharply from 2,288 million US$ in the first quarter of 2020 to 630 million US$ in the following quarter. Subsequently, a recovery phase is observed, with revenues rebounding to 2,640 million US$ by September 2020. The overall pattern shows periodic rises and declines, but a general upward trajectory is evident from late 2020 into 2021, peaking at 4,676 million US$ in September 2021. Following this, revenues stabilize around the 4,000 to 6,000 million US$ range, with further increases noted by the end of 2024, reaching a peak near 7,994 million US$ in September 2024 before a slight decrease in the final quarters.

Stockholders’ Equity Trends

Stockholders’ equity begins with a positive balance of 3,831 million US$ in March 2020, fluctuating moderately in the initial quarters. From the end of 2021 onwards, a downward trend is evident, with equity transitioning from positive to negative territory by early 2023. Negative equity balances deepen progressively over subsequent quarters, indicating increasing liabilities or reduced retained earnings, with the lowest balance recorded at -6,657 million US$ in June 2025. This sustained decline in equity suggests potential financial strain or strategic investment decisions that impact shareholder value adversely.

Equity Turnover

Equity turnover ratios are available intermittently, revealing a rising trend from 1.19 in June 2020 to a pronounced peak of 16.92 in March 2023. Such an increase indicates a growing efficiency in using equity to generate revenues during this period. However, data for equity turnover beyond early 2023 is missing, limiting the ability to confirm if this trend persists.

Overall Observations

The data suggests a complex financial trajectory characterized by recovery and growth in revenues following a sharp decline in early 2020. Conversely, the consistent decline in stockholders’ equity over the medium term highlights potential underlying challenges regarding capital structure or profitability. The increasing equity turnover ratio up to early 2023 reflects improved revenue generation relative to equity, but the absence of data for subsequent periods precludes definitive conclusions. Continued monitoring of these indicators would be essential for assessing long-term financial health and operational efficiency.