Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Booking Holdings Inc. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Assets
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Current Valuation Ratios
Booking Holdings Inc., current price multiples
| Booking Holdings Inc. | Airbnb Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | Consumer Services | Consumer Discretionary | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | |||||||||||
| No. shares of common stock outstanding | |||||||||||
| Growth rate (g) | |||||||||||
| Earnings per share (EPS) | |||||||||||
| Next year expected EPS | |||||||||||
| Operating profit per share | |||||||||||
| Sales per share | |||||||||||
| Book value per share (BVPS) | |||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | |||||||||||
| Price to next year expected earnings | |||||||||||
| Price-earnings-growth (PEG) | |||||||||||
| Price to operating profit (P/OP) | |||||||||||
| Price to sales (P/S) | |||||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Booking Holdings Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The valuation ratios demonstrate considerable fluctuation over the five-year period. A general trend toward lower multiples is apparent, though not consistent across all metrics. Significant shifts occurred between 2021 and 2022, followed by more moderate changes in subsequent years.
- Price to Earnings (P/E)
- The Price to Earnings ratio experienced a substantial decrease from 86.68 in 2021 to 29.87 in 2022. Following this decline, the ratio exhibited relative stability, fluctuating between 31.09 and 28.00 for 2022 through 2024, before decreasing further to 25.03 in 2025. This suggests a diminishing premium investors were willing to pay for each dollar of earnings.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, Price to Operating Profit decreased significantly from 40.46 in 2021 to 17.91 in 2022. The ratio then increased to 22.85 in 2023, followed by a slight decrease to 21.80 in 2024, and a more pronounced decrease to 15.33 in 2025. This pattern indicates a changing relationship between market valuation and the company’s operating profitability.
- Price to Sales (P/S)
- The Price to Sales ratio also decreased substantially from 9.22 in 2021 to 5.35 in 2022. It then increased to 6.24 in 2023 and 6.94 in 2024, before declining again to 5.02 in 2025. This suggests that the market’s valuation relative to revenue has been volatile, but generally lower in later periods compared to 2021.
- Price to Book Value (P/BV)
- The Price to Book Value ratio increased from 16.35 in 2021 to 32.84 in 2022. Values for 2023, 2024, and 2025 are not available, preventing assessment of any subsequent trends. The initial increase suggests a heightened investor perception of the company’s asset value relative to its book value in 2022.
Overall, the observed trends indicate a decrease in valuation multiples from 2021 to 2025, particularly for earnings and operating profit. The Price to Sales ratio shows more fluctuation, while the Price to Book Value ratio lacks sufficient information for a complete trend analysis.
Price to Earnings (P/E)
Booking Holdings Inc., historical P/E 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$) | ||||||
| Net income (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/E Ratio, 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.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Booking Holdings Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited considerable fluctuation over the five-year period. Initially high, the ratio decreased substantially before stabilizing and then declining slightly. This movement correlates with changes in both share price and earnings per share.
- P/E Ratio Trend
- The P/E ratio began at 86.68 in 2021, representing a very high valuation relative to earnings. A significant decrease was observed in 2022, falling to 29.87, indicating a more reasonable valuation. The ratio remained relatively stable in 2023 at 31.09, before decreasing to 28.00 in 2024. A further, albeit smaller, decline to 25.03 was recorded in 2025.
- Share Price Influence
- The share price demonstrated an initial decline from 98.79 in 2021 to 97.06 in 2022. A substantial increase followed, reaching 156.08 in 2023 and peaking at 200.73 in 2024. The share price then decreased to 170.80 in 2025. This price volatility contributed to the fluctuations in the P/E ratio.
- Earnings Per Share Influence
- Earnings per share (EPS) showed a consistent upward trend from 2021 to 2024. EPS increased from 1.14 in 2021 to 3.25 in 2022, then to 5.02 in 2023, and peaked at 7.17 in 2024. A slight decrease in EPS to 6.82 was observed in 2025. The growth in EPS partially offset the impact of share price increases on the P/E ratio, particularly in 2023 and 2024.
The combined effect of share price and EPS movements resulted in the observed P/E ratio trend. The initial high ratio was driven by a relatively high share price and low EPS. Subsequent increases in EPS and the initial share price decline contributed to the ratio’s decrease. The stabilization and subsequent slight decline in the P/E ratio in later years suggest a balancing effect between share price appreciation and EPS growth.
Price to Operating Profit (P/OP)
Booking Holdings Inc., historical P/OP 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$) | ||||||
| Operating income (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/OP Ratio, 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.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Booking Holdings Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio decreased significantly before stabilizing and then declining again. This movement correlates with changes in both share price and operating profit per share.
- Overall Trend
- The P/OP ratio began at 40.46 in 2021, decreased substantially to 17.91 in 2022, increased to 22.85 in 2023, remained relatively stable at 21.80 in 2024, and then decreased to 15.33 in 2025. This indicates a period of initial overvaluation followed by a correction, a subsequent partial recovery, and a final decline.
- Share Price Influence
- The share price demonstrated an initial decrease from 2021 to 2022, aligning with the initial drop in the P/OP ratio. A significant increase in share price occurred between 2022 and 2024, contributing to the rise and stabilization of the P/OP ratio during those years. The subsequent decrease in share price in 2025 further contributed to the final decline in the P/OP ratio.
- Operating Profit per Share Influence
- Operating profit per share increased consistently throughout the period, from 2.44 in 2021 to 11.15 in 2025. While this growth generally would be expected to lower the P/OP ratio, the larger fluctuations in share price appear to have had a more dominant effect on the ratio’s overall movement. The increase in operating profit per share partially offset the impact of the share price increases in 2023 and 2024, preventing a more substantial rise in the P/OP ratio.
The most substantial change occurred between 2021 and 2022, with the P/OP ratio decreasing by more than half. The period from 2023 to 2025 shows a more moderate decline, suggesting a potential stabilization of valuation relative to operating profitability, although the final year indicates a renewed downward trend.
Price to Sales (P/S)
Booking Holdings Inc., historical P/S 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$) | ||||||
| Revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/S Ratio, 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.
2 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Booking Holdings Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price to sales ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio decreased significantly before stabilizing and then declining again. Share price and sales per share both demonstrated upward trends, though not consistently, influencing the overall P/S ratio movement.
- Price to Sales Ratio (P/S)
- The P/S ratio began at 9.22 in 2021. A substantial decrease was observed in 2022, falling to 5.35. The ratio then increased moderately to 6.24 in 2023 and further to 6.94 in 2024. Finally, the ratio decreased to 5.02 in 2025.
- Share Price
- The share price experienced a slight decline from 98.79 in 2021 to 97.06 in 2022. A significant increase followed, reaching 156.08 in 2023 and peaking at 200.73 in 2024. The share price then decreased to 170.80 in 2025.
- Sales per Share
- Sales per share showed a consistent upward trend throughout the period. It increased from 10.72 in 2021 to 18.16 in 2022, then to 25.01 in 2023, 28.94 in 2024, and finally to 33.99 in 2025. This consistent growth in sales per share partially offset the impact of share price fluctuations on the P/S ratio.
The initial decrease in the P/S ratio from 2021 to 2022 was likely driven by a combination of a slight share price decrease and a substantial increase in sales per share. The subsequent increases in the ratio from 2022 to 2024 were primarily attributable to the increasing share price, despite continued growth in sales per share. The final decrease in 2025 reflects a decline in share price, even with further gains in sales per share.
Price to Book Value (P/BV)
Booking Holdings Inc., historical P/BV 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$) | ||||||
| Stockholders’ equity (deficit) (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| DoorDash, Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/BV Ratio, 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.
2 2025 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Booking Holdings Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio exhibits significant fluctuation over the observed period. Initially, the ratio increased substantially before becoming undefined due to negative book values per share.
- Price to Book Value (P/BV)
- In 2021, the P/BV ratio stood at 16.35. This increased considerably to 32.84 in 2022, suggesting a heightened market valuation relative to the company’s net asset value. However, subsequent years witnessed a dramatic shift. The book value per share became negative in 2023, reaching -3.21, and continued to decline, reaching -7.04 by 2025. Consequently, the P/BV ratio is not calculable for 2023, 2024, and 2025 as it involves division by a negative number.
The share price demonstrated an initial decline from 2021 to 2022, followed by a substantial increase in 2023, peaking at 200.73 in 2024 before decreasing to 170.80 in 2025. This price movement occurred concurrently with the declining and ultimately negative book value per share.
- Book Value per Share (BVPS)
- The book value per share experienced a marked decrease over the period. Starting at 6.04 in 2021, it fell to 2.96 in 2022. This trend accelerated, resulting in negative book values beginning in 2023, and continuing to become more negative through 2025. The negative book value suggests that the company’s liabilities exceed its assets on a per-share basis.
The combination of increasing share price and decreasing book value per share, culminating in negative equity, resulted in the P/BV ratio becoming meaningless in the later years of the observation period. This warrants further investigation into the factors driving the decline in book value and the sustainability of the share price.