Price to FCFE (P/FCFE)
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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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Free Cash Flow to Equity (FCFE)
Booking Holdings Inc., FCFE 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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities shows a strong upward trend from 2020 to 2024. The value increased significantly from 85 million US dollars in 2020 to 2,820 million in 2021, followed by continued growth reaching 6,554 million in 2022. This upward momentum persisted, with cash flow rising to 7,344 million in 2023 and further to 8,323 million in 2024. This trend indicates improving operational efficiency and enhanced cash generation capabilities over the period.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity exhibits variability but trends upwards overall from 2020 through 2024. In 2020, FCFE was 2,663 million US dollars, dropping to 1,463 million in 2021, indicating a decrease in available cash to equity holders that year. However, from 2021 onwards, there is a significant recovery and growth, with FCFE increasing to 7,927 million in 2022. The positive trajectory continues with FCFE reaching 8,392 million in 2023 and further growing to 11,418 million in 2024. This pattern suggests increased cash availability for distribution to shareholders or reinvestment, reflecting improved financial flexibility.
- Overall Insights
- Both cash flow metrics demonstrate strong improvement from 2020 to 2024, with net operating cash flow showing consistent gains and free cash flow to equity recovering after a dip in 2021 and then expanding substantially. The data implies strengthening operational performance and enhanced capacity to generate and allocate cash efficiently, supporting potential growth initiatives or shareholder returns in the later years.
Price to FCFE Ratio, Current
Booking Holdings Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Airbnb Inc. | |
| Chipotle Mexican Grill Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| P/FCFE, Sector | |
| Consumer Services | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Booking Holdings Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Airbnb Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/FCFE, Sector | ||||||
| Consumer Services | ||||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Booking Holdings Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited relative stability between 2020 and 2022, with a slight decline from $2443.5 to $2426.49. However, there was a notable upward trend beginning in 2023, with the share price increasing significantly to $3901.99 and continuing to rise in 2024 to $5018.23. This suggests growing market confidence or improved company prospects during the latter period.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share showed marked fluctuation over the five-year period. Initially, it decreased from $65.01 in 2020 to $35.78 in 2021, indicating a reduction in cash available to equity shareholders. However, it experienced a sharp rise in 2022, climbing to $210.55, and continued an upward trajectory through 2023 and 2024, reaching $347.95. This trend reflects enhanced cash generation capacity and potentially stronger financial health in recent years.
- Price to Free Cash Flow to Equity (P/FCFE) Ratio
- The P/FCFE ratio displayed considerable volatility. Starting at 37.59 in 2020, it more than doubled in 2021 to 69.03, suggesting that the share price was high relative to FCFE per share during this year, possibly reflecting market optimism or overvaluation. Subsequently, the ratio dropped sharply to 11.52 in 2022, coinciding with the substantial increase in FCFE per share. It then stabilized somewhat at 15.89 in 2023 and decreased slightly to 14.42 in 2024, indicating that the stock price growth became more aligned with underlying cash flow generation.
- Overall Trends and Insights
- Over the observed period, the company demonstrated significant improvement in cash flow generation per share, particularly from 2022 onward. The rising share price in 2023 and 2024 appears to be supported by this increase in free cash flow, as evidenced by the declining P/FCFE ratio post-2021, which points to a more balanced valuation relative to cash flow fundamentals. The earlier period (2020-2021) reflected lower FCFE and a higher P/FCFE ratio, suggesting relatively elevated share price levels compared to cash flows at that time. The data as a whole indicates strengthening financial performance and enhanced market valuation alignment in recent years.