Stock Analysis on Net
Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Booking Holdings Inc., FCFE calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income 4,289 3,058 1,165 59 4,865
Net noncash charges 1,346 1,701 1,386 1,046 541
Changes in assets and liabilities, net of effects of acquisitions 1,709 1,795 269 (1,020) (541)
Net cash provided by operating activities 7,344 6,554 2,820 85 4,865
Additions to property and equipment (345) (368) (304) (286) (368)
Proceeds from revolving credit facility and short-term borrowings — — — — 400
Repayments of revolving credit facility and short-term borrowings — — — — (425)
Proceeds from the issuance of long-term debt 1,893 3,621 2,015 4,108 —
Payments on maturity and redemption of debt (500) (1,880) (3,068) (1,244) —
Free cash flow to equity (FCFE) 8,392 7,927 1,463 2,663 4,472

Based on: 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), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Booking Holdings Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Booking Holdings Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Price to FCFE Ratio, Current

Booking Holdings Inc., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 34,171,027
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 8,392
FCFE per share 245.59
Current share price (P) 3,414.82
Valuation Ratio
P/FCFE 13.90
Benchmarks
P/FCFE, Competitors1
Airbnb Inc. 26.14
Carnival Corp. & plc —
Chipotle Mexican Grill Inc. 64.34
McDonald’s Corp. 19.17
Starbucks Corp. 24.59
P/FCFE, Sector
Consumer Services 25.81
P/FCFE, Industry
Consumer Discretionary 31.28

Based on: 10-K (reporting date: 2023-12-31).

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 34,171,027 37,648,373 40,887,702 40,961,796 41,061,814
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 8,392 7,927 1,463 2,663 4,472
FCFE per share3 245.59 210.55 35.78 65.01 108.91
Share price1, 4 3,901.99 2,426.49 2,469.83 2,443.50 1,678.20
Valuation Ratio
P/FCFE5 15.89 11.52 69.03 37.59 15.41
Benchmarks
P/FCFE, Competitors6
Airbnb Inc. 25.72 24.76 54.32 99.90 —
Carnival Corp. & plc — — — 3.30 22.56
Chipotle Mexican Grill Inc. 58.77 52.59 51.88 149.65 59.04
McDonald’s Corp. 20.85 28.85 30.21 22.96 17.47
Starbucks Corp. 29.75 34.82 45.80 20.79 20.35
P/FCFE, Sector
Consumer Services 27.87 30.20 51.59 24.57 18.91
P/FCFE, Industry
Consumer Discretionary 32.05 38.34 85.76 30.50 28.80

Based on: 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), 10-K (reporting date: 2019-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,392,000,000 ÷ 34,171,027 = 245.59

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 3,901.99 ÷ 245.59 = 15.89

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Booking Holdings Inc. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.