Price to FCFE (P/FCFE)
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Booking Holdings Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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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$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Airbnb Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/FCFE, Sector | ||||||
| Consumer Services | ||||||
| P/FCFE, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Booking Holdings Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initial values indicate a high ratio, followed by a substantial decrease, and then a period of relative stabilization with a final increase. The share price demonstrates an overall upward trend, though with a decline in the most recent year presented.
- Share Price
- The share price began at 98.79 US$ in 2021, experienced a slight decrease to 97.06 US$ in 2022, and then increased significantly to 156.08 US$ in 2023. Further growth was observed in 2024, reaching 200.73 US$. However, the share price decreased to 170.80 US$ in 2025.
- Free Cash Flow to Equity per Share
- FCFE per share showed a marked increase from 1.43 US$ in 2021 to 8.42 US$ in 2022. This upward trend continued, reaching 9.82 US$ in 2023, and further increasing to 13.92 US$ in 2024. A decrease is then observed in 2025, with FCFE per share falling to 9.85 US$.
- Price to FCFE Ratio
- The P/FCFE ratio started at a high of 69.02 in 2021. A significant decline occurred in 2022, with the ratio falling to 11.52. The ratio then increased to 15.89 in 2023 and remained relatively stable at 14.42 in 2024. Finally, the P/FCFE ratio increased to 17.34 in 2025.
The initial high P/FCFE ratio in 2021 suggests investors were paying a substantial premium for each dollar of FCFE. The subsequent decrease in 2022, coinciding with a substantial increase in FCFE per share, indicates that the market price did not increase at the same rate as the cash flow generated. The stabilization of the ratio in 2023 and 2024, followed by a slight increase in 2025, suggests a re-evaluation of the company’s valuation relative to its FCFE, potentially influenced by the decrease in FCFE per share in the final year.