Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Booking Holdings Inc., historical price multiples (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 31.09 18.68 22.74 23.90 29.87 28.26 50.57 164.32 86.68 261.79 206.85 136.53 1,696.44 51.91 28.20 17.38 14.16
Price to operating profit (P/OP) 22.85 15.07 16.75 17.88 17.91 14.98 19.34 28.66 40.46 66.89 104.35 26.09 13.19 12.89
Price to sales (P/S) 6.24 4.80 5.24 5.29 5.35 4.30 5.33 6.83 9.22 10.85 11.93 16.99 14.73 8.14 6.35 4.07 4.57
Price to book value (P/BV) 89.53 32.84 18.79 19.51 19.54 16.35 18.03 17.84 20.15 20.46 14.74 17.94 15.43 11.61 13.01 14.59 10.87

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Booking Holdings Inc. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Booking Holdings Inc. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Booking Holdings Inc. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Earnings (P/E)

Booking Holdings Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 34,171,027 34,889,873 35,692,156 36,933,652 37,648,373 38,789,388 39,706,248 40,623,256 40,887,702 41,063,485 41,059,841 41,052,813 40,961,796 40,954,912 40,948,631 40,930,911 41,061,814 41,855,700 42,511,903 43,291,345
Selected Financial Data (US$)
Net income (loss) (in millions) 222 2,511 1,290 266 1,235 1,666 857 (700) 618 769 (167) (55) (165) 801 122 (699) 1,171 1,950 979 765
Earnings per share (EPS)2 125.52 151.96 124.87 108.95 81.23 62.93 38.89 12.80 28.49 9.30 10.08 17.12 1.44 34.06 62.13 83.09 118.48 0.00 0.00 0.00
Share price1, 3 3,901.99 2,838.62 2,839.91 2,603.57 2,426.49 1,778.18 1,966.48 2,103.33 2,469.83 2,435.33 2,085.64 2,337.92 2,443.50 1,768.31 1,751.79 1,443.91 1,678.20 1,849.93 1,821.56 1,736.03
Valuation Ratio
P/E ratio4 31.09 18.68 22.74 23.90 29.87 28.26 50.57 164.32 86.68 261.79 206.85 136.53 1,696.44 51.91 28.20 17.38 14.16
Benchmarks
P/E Ratio, Competitors5
Airbnb Inc. 20.59 14.19 39.65 40.05 44.53 36.29 59.77 96.17
Carnival Corp. & plc 3.22 11.04 10.23 11.03 12.02
Chipotle Mexican Grill Inc. 58.48 44.26 47.35 54.41 49.37 50.59 55.45 61.34 67.03 69.94 87.74 102.78 122.20 147.85 126.19 72.72 67.72
McDonald’s Corp. 25.23 23.23 26.39 31.34 31.22 34.24 31.53 25.65 24.15 25.57 25.43 33.98 33.31 32.26 31.84 23.20 25.99
Starbucks Corp. 29.09 30.66 36.91 37.77 34.26 23.05 19.34 25.86 30.95 52.55 137.44 185.40 118.26 65.20 27.12 27.92 27.63 32.57 31.03 27.53

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
EPS = (Net income (loss)Q4 2023 + Net income (loss)Q3 2023 + Net income (loss)Q2 2023 + Net income (loss)Q1 2023) ÷ No. shares of common stock outstanding
= (222,000,000 + 2,511,000,000 + 1,290,000,000 + 266,000,000) ÷ 34,171,027 = 125.52

3 Closing price as at the filing date of Booking Holdings Inc. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 3,901.99 ÷ 125.52 = 31.09

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Booking Holdings Inc. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Operating Profit (P/OP)

Booking Holdings Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 34,171,027 34,889,873 35,692,156 36,933,652 37,648,373 38,789,388 39,706,248 40,623,256 40,887,702 41,063,485 41,059,841 41,052,813 40,961,796 40,954,912 40,948,631 40,930,911 41,061,814 41,855,700 42,511,903 43,291,345
Selected Financial Data (US$)
Operating income (loss) (in millions) 609 3,103 1,673 450 1,345 2,583 1,000 174 848 2,015 (56) (311) (153) 315 (484) (309) 1,172 2,370 1,247 556
Operating profit per share2 170.76 188.34 169.53 145.61 135.52 118.72 101.67 73.38 61.05 36.41 -4.99 -15.42 -15.40 16.95 67.13 109.45 130.17 0.00 0.00 0.00
Share price1, 3 3,901.99 2,838.62 2,839.91 2,603.57 2,426.49 1,778.18 1,966.48 2,103.33 2,469.83 2,435.33 2,085.64 2,337.92 2,443.50 1,768.31 1,751.79 1,443.91 1,678.20 1,849.93 1,821.56 1,736.03
Valuation Ratio
P/OP ratio4 22.85 15.07 16.75 17.88 17.91 14.98 19.34 28.66 40.46 66.89 104.35 26.09 13.19 12.89
Benchmarks
P/OP Ratio, Competitors5
Airbnb Inc. 65.01 34.45 46.61 45.09 46.78 35.98 57.78 88.47 232.24
Carnival Corp. & plc 10.57 41.11 2.77 10.08 9.36 10.15 11.30
Chipotle Mexican Grill Inc. 46.13 34.75 36.84 41.99 38.25 40.02 45.28 50.34 54.38 65.08 81.53 109.80 149.82 129.22 115.19 60.78 53.42
McDonald’s Corp. 18.35 16.94 19.22 22.47 20.58 22.04 20.38 17.56 17.59 18.44 18.19 22.17 21.51 21.26 20.65 15.53 17.27
Starbucks Corp. 20.44 21.64 25.87 26.73 24.35 19.58 16.72 22.12 26.68 37.64 77.96 98.18 70.29 41.82 23.50 24.29 24.39 29.28 24.32 22.04

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
Operating profit per share = (Operating income (loss)Q4 2023 + Operating income (loss)Q3 2023 + Operating income (loss)Q2 2023 + Operating income (loss)Q1 2023) ÷ No. shares of common stock outstanding
= (609,000,000 + 3,103,000,000 + 1,673,000,000 + 450,000,000) ÷ 34,171,027 = 170.76

3 Closing price as at the filing date of Booking Holdings Inc. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 3,901.99 ÷ 170.76 = 22.85

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Booking Holdings Inc. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Sales (P/S)

Booking Holdings Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 34,171,027 34,889,873 35,692,156 36,933,652 37,648,373 38,789,388 39,706,248 40,623,256 40,887,702 41,063,485 41,059,841 41,052,813 40,961,796 40,954,912 40,948,631 40,930,911 41,061,814 41,855,700 42,511,903 43,291,345
Selected Financial Data (US$)
Revenues (in millions) 4,784 7,341 5,462 3,778 4,049 6,052 4,294 2,695 2,981 4,676 2,160 1,141 1,238 2,640 630 2,288 3,339 5,040 3,850 2,837
Sales per share2 625.24 591.29 541.88 492.04 453.94 413.05 368.86 308.00 268.00 224.41 174.84 137.60 165.91 217.24 275.88 354.67 366.91 0.00 0.00 0.00
Share price1, 3 3,901.99 2,838.62 2,839.91 2,603.57 2,426.49 1,778.18 1,966.48 2,103.33 2,469.83 2,435.33 2,085.64 2,337.92 2,443.50 1,768.31 1,751.79 1,443.91 1,678.20 1,849.93 1,821.56 1,736.03
Valuation Ratio
P/S ratio4 6.24 4.80 5.24 5.29 5.35 4.30 5.33 6.83 9.22 10.85 11.93 16.99 14.73 8.14 6.35 4.07 4.57
Benchmarks
P/S Ratio, Competitors5
Airbnb Inc. 9.95 8.07 10.03 9.33 10.04 7.36 10.11 11.65 16.64
Carnival Corp. & plc 0.96 0.89 1.29 0.86 1.18 0.95 1.79 6.51 11.73 44.38 213.24 40.35 3.74 1.36 0.75 0.29 1.59 1.53 1.66 1.93
Chipotle Mexican Grill Inc. 7.28 5.43 5.68 6.25 5.14 4.86 5.15 5.36 5.80 6.91 7.52 6.62 7.26 6.03 5.74 4.33 4.24
McDonald’s Corp. 8.38 7.74 8.72 9.20 8.32 8.70 8.13 7.68 7.85 8.27 8.07 8.94 8.20 8.26 7.89 6.46 7.43
Starbucks Corp. 3.34 3.31 3.86 3.81 3.49 3.00 2.72 3.74 4.47 5.48 5.74 5.32 4.67 3.63 3.45 3.86 3.75 4.44 3.68 3.30

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
Sales per share = (RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023) ÷ No. shares of common stock outstanding
= (4,784,000,000 + 7,341,000,000 + 5,462,000,000 + 3,778,000,000) ÷ 34,171,027 = 625.24

3 Closing price as at the filing date of Booking Holdings Inc. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 3,901.99 ÷ 625.24 = 6.24

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Booking Holdings Inc. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Book Value (P/BV)

Booking Holdings Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 34,171,027 34,889,873 35,692,156 36,933,652 37,648,373 38,789,388 39,706,248 40,623,256 40,887,702 41,063,485 41,059,841 41,052,813 40,961,796 40,954,912 40,948,631 40,930,911 41,061,814 41,855,700 42,511,903 43,291,345
Selected Financial Data (US$)
Stockholders’ equity (deficit) (in millions) (2,744) (625) (665) 1,074 2,782 3,670 4,002 4,373 6,178 5,545 4,799 4,764 4,893 4,913 3,999 3,831 5,933 5,951 5,307 6,915
Book value per share (BVPS)2 -80.30 -17.91 -18.63 29.08 73.89 94.61 100.79 107.65 151.10 135.03 116.88 116.05 119.45 119.96 97.66 93.60 144.49 142.18 124.84 159.73
Share price1, 3 3,901.99 2,838.62 2,839.91 2,603.57 2,426.49 1,778.18 1,966.48 2,103.33 2,469.83 2,435.33 2,085.64 2,337.92 2,443.50 1,768.31 1,751.79 1,443.91 1,678.20 1,849.93 1,821.56 1,736.03
Valuation Ratio
P/BV ratio4 89.53 32.84 18.79 19.51 19.54 16.35 18.03 17.84 20.15 20.46 14.74 17.94 15.43 11.61 13.01 14.59 10.87
Benchmarks
P/BV Ratio, Competitors5
Airbnb Inc. 12.09 8.49 18.03 15.36 15.16 10.67 14.23 16.27 20.88 28.80 28.30 27.60
Carnival Corp. & plc 3.00 2.57 3.85 2.09 2.03 1.09 1.27 2.21 1.84 1.96 1.69 1.69 1.02 0.72 0.61 0.25 1.30 1.24 1.37 1.54
Chipotle Mexican Grill Inc. 23.47 17.95 19.07 22.64 18.74 17.58 19.46 19.67 19.05 21.50 23.66 19.92 21.52 19.43 18.92 14.72 14.09 13.50 14.02 12.66
McDonald’s Corp.
Starbucks Corp.

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= -2,744,000,000 ÷ 34,171,027 = -80.30

3 Closing price as at the filing date of Booking Holdings Inc. Quarterly or Annual Report.

4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 3,901.99 ÷ -80.30 =

5 Click competitor name to see calculations.