Booking Holdings Inc., current enterprise value calculation

Current share price (P)	$182.41
No. shares of common stock outstanding	774,878,436
US$ in millions
Common equity (market value)¹	141,346)
Total equity	141,346)
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	160,088)
Less: Cash and cash equivalents	17,203)
Less: Short-term investments	—)
Enterprise value (EV)	142,885)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 182.41 × 774,878,436

Booking Holdings Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$170.80	$200.73	$156.08	$97.06	$98.79
No. shares of common stock outstanding¹	791,833,650	820,380,025	854,275,675	941,209,325	1,022,192,550
US$ in millions
Common equity (market value)³	135,245)	164,675)	133,335)	91,354)	100,982)
Total equity	135,245)	164,675)	133,335)	91,354)	100,982)
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)	181,306)	147,587)	103,892)	111,918)
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)	165,142)	134,904)	91,496)	100,766)

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
= 170.80 × 791,833,650

The enterprise value (EV) exhibited a fluctuating pattern over the five-year period. Initial values decreased, followed by substantial increases, and then a final decrease. A consistent relationship between enterprise value and total equity, as well as total equity and debt, is apparent.

Enterprise Value Trend: Enterprise value decreased from US$100,766 million in 2021 to US$91,496 million in 2022, representing a decline of approximately 9.3%. A significant increase was then observed, with enterprise value rising to US$134,904 million in 2023 and further to US$165,142 million in 2024, representing growth of 47.4% and 22.4% respectively. In 2025, enterprise value decreased to US$136,784 million, a reduction of approximately 17.1% from the prior year.
Relationship between EV and Equity: The values for enterprise value, total equity, and common equity (market value) were identical across all reported years. This suggests that the calculation of enterprise value in this instance is based solely on market capitalization and does not incorporate net debt. The consistent alignment indicates that any changes in enterprise value directly correspond to changes in market capitalization.
Total Equity and Debt: Total equity and debt increased from US$111,918 million in 2021 to US$103,892 million in 2022, a decrease of 7.2%. Subsequent increases were observed, reaching US$147,587 million in 2023 and US$181,306 million in 2024, representing growth of 42.2% and 22.9% respectively. A decrease to US$153,987 million was recorded in 2025, a decline of approximately 15.1% from the previous year. The fluctuations in total equity and debt mirror the changes in enterprise value and total equity, though the magnitude of change differs.

The observed volatility in enterprise value warrants further investigation into the factors driving market capitalization fluctuations. The consistent relationship between enterprise value and equity suggests a limited role for debt in the company’s valuation, based on this specific calculation.

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Booking Holdings Inc. (NASDAQ:BKNG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)