BKNG—60

Booking Holdings Inc

Leisure & RecreationVerified

Score breakdown

Profitability+32Sentiment+30Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion97AI synthesis40Observations23

Capital Structure and Liquidity Booking Holdings Inc has a negative equity position of $5.58 billion, with total liabilities of $34.84 billion and total assets of $29.26 billion, resulting in a debt-to-equity ratio of -3.36 [doc:HA-latest]. Despite this, the company maintains a strong liquidity position with $17.20 billion in cash and equivalents, which partially offsets its $18.74 billion in long-term debt [doc:HA-latest]. The company's operating cash flow of $9.41 billion and free cash flow of $4.46 billion indicate robust cash generation [doc:HA-latest]. ### Profitability and Returns The company's profitability is strong, with an operating income of $8.83 billion and a net income of $5.40 billion on revenue of $26.92 billion [doc:HA-latest]. However, its return on equity is negative at -96.88%, reflecting the negative equity position [doc:HA-latest]. In contrast, its return on assets is positive at 18.47%, indicating efficient use of assets to generate profit [doc:HA-latest]. ### Segments and Geographic Exposure Booking Holdings Inc operates through five primary consumer-facing brands, with a global presence in over 220 countries and territories [doc:HA-latest]. The company's revenue is concentrated in its online travel and restaurant reservation services, with no disclosed segment breakdown in the provided data [doc:HA-latest]. ### Growth Trajectory The company's growth trajectory is supported by its strong cash flow and profitability. However, the provided data does not include specific revenue growth rates or outlook for the current or next fiscal year [doc:HA-latest]. Analysts have provided a mean price target of $227.55 and a median price target of $225.00, with a mean recommendation of 1.93 (1=strong buy, 5=strong sell) [doc:HA-latest]. ### Risk Factors The company faces medium liquidity risk due to its negative net cash position after subtracting total debt [doc:HA-latest]. The risk of dilution is assessed as low, with no significant dilution potential identified in the provided data [doc:HA-latest]. The company's capital structure and liquidity position are key areas to monitor for potential risk. ### Recent Events Recent events include strong analyst recommendations, with 10 strong-buy, 23 buy, and 7 hold ratings [doc:HA-latest]. The company's financial performance and liquidity position are key factors influencing these recommendations [doc:HA-latest].

Profile

CompanyBooking Holdings Inc

TickerBKNG.O

SectorConsumer Cyclicals

BusinessCyclical Consumer Services

Industry groupCyclical Consumer Services

IndustryLeisure & Recreation

AI analysis

Business. Booking Holdings Inc provides online travel and restaurant reservation services through its brands Booking.com, Priceline, Agoda, KAYAK, and OpenTable, enabling consumers to book accommodations, flights, car rentals, and dining reservations [doc:HA-latest].

Classification. Booking Holdings Inc is classified under the Leisure & Recreation industry within the Consumer Cyclicals economic sector, with a classification confidence of 0.92 [doc:verified market data].

### Capital Structure and Liquidity Booking Holdings Inc has a negative equity position of $5.58 billion, with total liabilities of $34.84 billion and total assets of $29.26 billion, resulting in a debt-to-equity ratio of -3.36 [doc:HA-latest]. Despite this, the company maintains a strong liquidity position with $17.20 billion in cash and equivalents, which partially offsets its $18.74 billion in long-term debt [doc:HA-latest]. The company's operating cash flow of $9.41 billion and free cash flow of $4.46 billion indicate robust cash generation [doc:HA-latest]. ### Profitability and Returns The company's profitability is strong, with an operating income of $8.83 billion and a net income of $5.40 billion on revenue of $26.92 billion [doc:HA-latest]. However, its return on equity is negative at -96.88%, reflecting the negative equity position [doc:HA-latest]. In contrast, its return on assets is positive at 18.47%, indicating efficient use of assets to generate profit [doc:HA-latest]. ### Segments and Geographic Exposure Booking Holdings Inc operates through five primary consumer-facing brands, with a global presence in over 220 countries and territories [doc:HA-latest]. The company's revenue is concentrated in its online travel and restaurant reservation services, with no disclosed segment breakdown in the provided data [doc:HA-latest]. ### Growth Trajectory The company's growth trajectory is supported by its strong cash flow and profitability. However, the provided data does not include specific revenue growth rates or outlook for the current or next fiscal year [doc:HA-latest]. Analysts have provided a mean price target of $227.55 and a median price target of $225.00, with a mean recommendation of 1.93 (1=strong buy, 5=strong sell) [doc:HA-latest]. ### Risk Factors The company faces medium liquidity risk due to its negative net cash position after subtracting total debt [doc:HA-latest]. The risk of dilution is assessed as low, with no significant dilution potential identified in the provided data [doc:HA-latest]. The company's capital structure and liquidity position are key areas to monitor for potential risk. ### Recent Events Recent events include strong analyst recommendations, with 10 strong-buy, 23 buy, and 7 hold ratings [doc:HA-latest]. The company's financial performance and liquidity position are key factors influencing these recommendations [doc:HA-latest].

Key takeaways

Booking Holdings Inc has a strong operating and net income but a negative equity position.
The company maintains a robust liquidity position with significant cash and equivalents.
Return on assets is positive, but return on equity is negative due to the negative equity.
The company's global presence and diverse brand portfolio support its market position.
Analysts have a generally positive outlook, with a mean price target of $227.55.
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## RATIONALES
### margin_outlook_rationale

Financial snapshot

PeriodHA-latest

CurrencyUSD

Revenue$26.92B

Gross profit—

Operating income$8.82B

Net income$5.40B

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$9.41B

CapEx-$322.0M

Free cash flow$4.46B

Total assets$29.26B

Total liabilities$34.84B

Total equity-$5.58B

Cash & equivalents$17.20B

Long-term debt$18.74B

Annual history (last 5)

PeriodRevenueOp IncomeNet IncomeFCF

FY0$26.92B$8.82B$5.40B$4.46B

FY-1$23.74B$7.55B$5.88B$4.87B

FY-2$21.36B$5.83B$4.29B$4.45B

FY-3$17.09B$5.10B$3.06B$3.14B

FY-4$10.96B$2.25B$1.17B$1.28B

PeriodGross %Op %Net %FCF %

FY0————

FY-1————

FY-2————

FY-3————

FY-4————

PeriodAssetsEquityCashDebt

FY0$29.26B-$5.58B$17.20B—

FY-1$27.71B-$4.02B$16.16B—

FY-2$24.34B-$2.74B$12.11B—

FY-3$25.36B$2.78B$12.22B—

FY-4$23.64B$6.18B$11.13B—

PeriodOCFCapExFCFSBC

FY0$9.41B-$322.0M$4.46B—

FY-1$8.32B-$429.0M$4.87B—

FY-2$7.34B-$345.0M$4.45B—

FY-3$6.55B-$368.0M$3.14B—

FY-4$2.82B-$304.0M$1.28B—

Quarterly history (last 4)

PeriodRevenueOp IncomeNet IncomeFCF

FQ0$5.53B$1.27B$1.08B$764.0M

FQ-1$6.35B$2.03B$1.43B$1.20B

FQ-2$9.01B$3.48B$2.75B$2.53B

FQ-3$6.80B$2.25B$895.0M$677.0M

FQ-4$4.76B$1.06B$333.0M$47.0M

FQ-5$5.47B$1.73B$1.07B$860.0M

FQ-6$7.99B$3.18B$2.52B$2.30B

FQ-7$5.86B$1.86B$1.52B$1.22B

PeriodGross %Op %Net %FCF %

FQ0————

FQ-1————

FQ-2————

FQ-3————

FQ-4————

FQ-5————

FQ-6————

FQ-7————

PeriodAssetsEquityCashDebt

FQ0$27.72B-$8.72B$16.02B—

FQ-1$29.26B-$5.58B$17.20B—

FQ-2$28.75B-$4.74B$16.51B—

FQ-3$30.68B-$6.66B$17.59B—

FQ-4$27.19B-$6.11B$15.58B—

FQ-5$27.71B-$4.02B$16.16B—

FQ-6$27.98B-$3.65B$15.78B—

FQ-7$28.54B-$4.28B$16.29B—

PeriodOCFCapExFCFSBC

FQ0$3.21B-$107.0M$764.0M—

FQ-1$9.41B-$322.0M$1.20B—

FQ-2$7.92B-$249.0M$2.53B—

FQ-3$6.48B-$185.0M$677.0M—

FQ-4$3.28B-$121.0M$47.0M—

FQ-5$8.32B-$429.0M$860.0M—

FQ-6$7.60B-$353.0M$2.30B—

FQ-7$5.23B-$276.0M$1.22B—

Valuation

Market price—

Market cap—

Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book-$5.58B

Net cash-$1.54B

Current ratio—

Debt/Equity-3.4

ROA18.5%

ROE-96.9%

Cash conversion1.7%

CapEx/Revenue-1.2%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Leisure & Recreation · cohort 1 companies

MetricBKNGActivity

Op margin32.8%-14.1% medp25 -29.2% · p75 1.0%top quartile

Net margin20.1%-19.6% medp25 -35.6% · p75 -3.5%top quartile

Gross margin—40.6% medp25 19.8% · p75 75.2%

CapEx / revenue-1.2%29.8% medp25 29.8% · p75 29.8%bottom quartile

Debt / equity-336.0%493.6% medp25 270.6% · p75 716.7%bottom quartile

Observations

IR observations

Mean price target227.55 USD

Median price target225.00 USD

High price target298.00 USD

Low price target179.80 USD

Mean recommendation1.93 (1=strong buy, 5=strong sell)

Strong-buy count10.00

Buy count23.00

Hold count7.00

Sell count0.00

Strong-sell count0.00

Mean EPS estimate10.53 USD

Last actual EPS9.12 USD

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-01 02:59 UTC#b567db20

Source: analysis-pipeline (hybrid)Generated: 2026-05-01 03:01 UTCJob: 12980630