Enterprise Value to EBITDA (EV/EBITDA)
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Booking Holdings Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
- Aggregate Accruals
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Booking Holdings Inc., EBITDA calculation
US$ in millions
Based on: 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).
The financial data reveals a consistent and significant upward trend across all key profitability metrics over the analyzed five-year period.
- Net Income
- Net income increased substantially from 59 million US dollars in 2020 to 5,882 million US dollars in 2024. This represents a nearly one hundred-fold growth, highlighting remarkable improvement in profitability and operational success.
- Earnings Before Tax (EBT)
- EBT showed a notable rise from 567 million US dollars in 2020 to 7,292 million US dollars in 2024. The progression indicates robust pre-tax earnings growth, supporting the trend observed in net income and reinforcing the company's expanding earnings capacity.
- Earnings Before Interest and Tax (EBIT)
- EBIT steadily increased from 923 million US dollars in 2020 to 8,587 million US dollars in 2024. The data suggests effective control over operating expenses and growing revenue streams, leading to higher operational profitability.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA reflects a similar upward trajectory, rising from 1,381 million US dollars in 2020 to 9,178 million US dollars in 2024. This growth indicates strong earnings from core operational activities before non-cash charges, enhancing the overall cash flow potential of the company.
Overall, the company's profitability has demonstrated substantial improvement year over year, with all four earnings measures increasing in a consistent pattern. The scale and pace of growth suggest successful operational expansion, improved margin management, and strong market performance during the period under review.
Enterprise Value to EBITDA Ratio, Current
Booking Holdings Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Airbnb Inc. | |
| Chipotle Mexican Grill Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| EV/EBITDA, Sector | |
| Consumer Services | |
| EV/EBITDA, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Booking Holdings Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Airbnb Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| EV/EBITDA, Sector | ||||||
| Consumer Services | ||||||
| EV/EBITDA, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 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).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited a fluctuating but overall increasing trend from 2020 to 2024. Starting at approximately US$101 billion in 2020, it slightly decreased in 2021 and 2022, reaching around US$91.5 billion in the latter year. However, the EV significantly increased in the subsequent years, reaching approximately US$134.9 billion in 2023 and further rising to about US$165.1 billion by the end of 2024. This represents considerable growth in enterprise value over the five-year period, especially in the last two years.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA demonstrated a strong and consistent upward trajectory throughout the entire period. Starting from US$1.38 billion in 2020, EBITDA rose sharply to US$2.22 billion in 2021. This growth accelerated in the following years, reaching US$4.77 billion in 2022 and continuing to US$6.88 billion in 2023. By 2024, EBITDA had further increased to approximately US$9.18 billion, reflecting significant operational earnings expansion over the five years.
- EV/EBITDA Ratio
- The EV/EBITDA ratio showed a clear and steady decline from 2020 through 2024. Initially, the ratio was very high at 73.17 in 2020, indicating a relatively expensive valuation compared to earnings. It then decreased substantially to 45.39 in 2021 and further to 19.2 in 2022. Despite a slight uptick to 19.6 in 2023, the ratio declined again to 17.99 in 2024. This overall downward trend suggests that the company’s enterprise value grew at a slower pace compared to EBITDA, implying improved earnings relative to valuation and potentially indicating enhanced operating efficiency or market revaluation.