Booking Holdings Inc., current enterprise value calculation

Current share price (P)	$4,210.32
No. shares of common stock outstanding	31,673,346
US$ in millions
Common equity (market value)¹	133,355)
Total equity	133,355)
Add: Current finance lease liabilities (per books)	6)
Add: Short-term debt (per books)	1,880)
Add: Non-current finance lease liabilities (per books)	—)
Add: Long-term debt (per books)	16,856)
Total equity and debt	152,097)
Less: Cash and cash equivalents	17,203)
Less: Short-term investments	—)
Enterprise value (EV)	134,894)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 4,210.32 × 31,673,346

Booking Holdings Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$4,269.99	$5,018.23	$3,901.99	$2,426.49	$2,469.83
No. shares of common stock outstanding¹	31,673,346	32,815,201	34,171,027	37,648,373	40,887,702
US$ in millions
Common equity (market value)³	135,245)	164,674)	133,335)	91,353)	100,986)
Total equity	135,245)	164,674)	133,335)	91,353)	100,986)
Add: Current finance lease liabilities (book value)	6)	26)	34)	21)	4)
Add: Short-term debt (book value)	1,880)	1,745)	1,961)	500)	1,989)
Add: Non-current finance lease liabilities (book value)	—)	7)	34)	32)	6)
Add: Long-term debt (book value)	16,856)	14,853)	12,223)	11,985)	8,937)
Total equity and debt	153,987)	181,305)	147,587)	103,891)	111,922)
Less: Cash and cash equivalents	17,203)	16,164)	12,107)	12,221)	11,127)
Less: Short-term investments	—)	—)	576)	175)	25)
Enterprise value (EV)	136,784)	165,141)	134,904)	91,495)	100,770)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Booking Holdings Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 4,269.99 × 31,673,346

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. A generally increasing trend is observed across most metrics from 2021 to 2024, followed by a decrease in 2025.

Enterprise Value (EV) Trend: Enterprise value demonstrates an initial decline from $100,770 million in 2021 to $91,495 million in 2022. Subsequently, a substantial increase is noted, rising to $134,904 million in 2023 and further to $165,141 million in 2024. In 2025, enterprise value decreased to $136,784 million, representing a notable pullback from the 2024 peak.
Equity and Debt Relationship: Total equity and debt generally follows the trend of enterprise value, increasing from $111,922 million in 2021 to $181,305 million in 2024, before decreasing to $153,987 million in 2025. This suggests a correlation between the company’s overall capitalization and its enterprise value.
Common Equity and Total Equity: Common equity (market value) and total equity exhibit identical values across all reported years. This indicates that all equity is represented by common stock and there are no other equity components reported within this framework.

The fluctuations in enterprise value, particularly the decline in 2025, warrant further investigation to understand the underlying drivers, such as changes in market conditions, debt levels, or investor sentiment. The consistent relationship between total equity and debt and enterprise value suggests that changes in capitalization significantly impact the company’s overall valuation.

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Booking Holdings Inc. (NASDAQ:BKNG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)