Price to FCFE (P/FCFE)
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Booking Holdings Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
Booking Holdings Inc., FCFE calculation
US$ in millions
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).
Net cash provided by operating activities demonstrates a consistent upward trend throughout the observed period. Beginning at US$2,820 million in 2021, it increased substantially to US$6,554 million in 2022, and continued to grow, reaching US$9,409 million by 2025. This indicates improving operational efficiency and cash generation capabilities.
- Free Cash Flow to Equity (FCFE)
- FCFE exhibits significant volatility over the five-year period. It rose dramatically from US$1,463 million in 2021 to US$7,927 million in 2022, a more than five-fold increase. Further growth was observed in 2023, reaching US$8,392 million, followed by a substantial increase to US$11,418 million in 2024. However, FCFE decreased considerably in 2025, falling to US$7,798 million.
- The fluctuations in FCFE, while generally positive compared to the 2021 baseline, suggest potential influences from factors beyond core operational cash flow. These could include changes in capital structure, dividend policies, or significant investments not directly reflected in operating activities. The decline in 2025 warrants further investigation to determine the underlying causes.
- Despite the volatility, FCFE remains substantially higher in 2025 than in 2021, indicating an overall improvement in cash flow available to equity holders over the period. However, the recent decrease introduces uncertainty regarding the sustainability of this trend.
The divergence between the consistently increasing operating cash flow and the fluctuating FCFE suggests that factors related to financing or investment decisions are playing a significant role in determining the cash available to equity holders. A detailed examination of these factors is recommended to understand the drivers behind the observed trends and to assess the long-term sustainability of FCFE generation.
Price to FCFE Ratio, Current
Booking Holdings Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| 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. | |
| DoorDash, Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| P/FCFE, Sector | |
| Consumer Services | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2025-12-31).
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, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/FCFE, Sector | ||||||
| Consumer Services | ||||||
| P/FCFE, Industry | ||||||
| Consumer Discretionary | ||||||
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.
3 2025 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 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initially high, the ratio decreased significantly before stabilizing and then increasing again. This analysis details the observed trends in the share price, FCFE per share, and the resulting P/FCFE ratio.
- Share Price
- The share price experienced a slight decrease from 2021 to 2022, moving from US$2,469.83 to US$2,426.49. A substantial increase followed in 2023, reaching US$3,901.99. Further growth occurred in 2024, peaking at US$5,018.23, before declining to US$4,269.99 in 2025.
- FCFE per Share
- FCFE per share demonstrated a significant increase from US$35.78 in 2021 to US$210.55 in 2022. This upward trend continued into 2023, reaching US$245.59, and further accelerated in 2024 to US$347.95. A decrease in FCFE per share was observed in 2025, falling to US$246.20, though remaining substantially higher than the 2021 level.
- P/FCFE Ratio
- The P/FCFE ratio began at a high of 69.03 in 2021. A dramatic decrease was observed in 2022, falling to 11.52, primarily driven by the substantial increase in FCFE per share. The ratio continued to decline, albeit at a slower pace, to 15.89 in 2023 and 14.42 in 2024. In 2025, the P/FCFE ratio increased to 17.34, reflecting the combination of a decreasing FCFE per share and a declining share price.
The initial high P/FCFE ratio in 2021 suggests the share price was relatively high compared to the free cash flow available to equity holders. The subsequent decline indicates improving value as FCFE per share increased. The stabilization and slight increase in the P/FCFE ratio in the later years suggest a rebalancing between share price and FCFE generation. The 2025 increase warrants further investigation to determine the underlying causes of the decreased FCFE per share and share price.