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Booking Holdings Financial Ratios 2025-2011 | BKNG
Brief overview of Booking Holdings 's valuation multiples
The review covers five available annual periods spanning 2021 to 2025.
Key multiples at the end of the period are P/E 25.74x (median 31.99x), EV/EBITDA 32.73x (median 20.63x), P/S 5.17x (median 6.61x). Valuation is roughly 19.5% below five-year reference levels. The discount may reflect opportunity or higher perceived risk.
At the current P/E, inverse earnings yield is 3.9%, a useful bridge between price and business earnings.
Capital efficiency is characterized by ROE -96.9%, ROA 18.5%, ROCE -158.2%. The business is not generating positive returns on invested resources. Valuation should be read cautiously until earnings recover.
PEG of 0.49x shows valuation is not outpacing embedded growth. The conclusion depends on earnings durability.
The cash conversion cycle shortened from -151.6 days to -430.7 days, or 279.1 days. Working capital returns faster.
What the ratios show
Booking Holdings 's discount may reflect genuine profitability issues rather than market inefficiency alone.
Annual Financial Ratios Booking Holdings
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
P/E |
25.7 | 28.7 | 32.9 | 32.0 | 76.5 | 1617.1 | 16.6 | 21.6 | 40.2 | 37.1 | 21.3 | 21.8 | 31.2 | 24.4 | 24.6 |
P/S |
5.2 | 7.1 | 6.6 | 5.7 | 8.1 | 14.0 | 5.4 | 5.9 | 7.4 | 7.4 | 5.9 | 6.3 | 8.7 | 6.6 | 6.0 |
EPS |
166.5 | 175.0 | 118.7 | 76.7 | 28.4 | 1.4 | 112.9 | 84.3 | 47.8 | 43.1 | 50.1 | 46.3 | 37.2 | 28.5 | 21.3 |
EV (Enterprise Value) |
157 B | 185 B | 156 B | 108 B | 95.5 B | 102 B | 89.8 B | 97.6 B | 106 B | 87.2 B | 61.4 B | 56 B | 61.3 B | 35.7 B | 26.6 B |
EBITDA per Share |
291 | 242 | 175 | 139 | 71.1 | -4.22 | 135 | 122 | 100 | 84 | 69.3 | 62.7 | 49.7 | 38 | 29.3 |
EV/EBITDA |
32.7 | 78.1 | 14.3 | 16.0 | 20.6 | 20.3 | 16.7 | 16.3 | 23.6 | 18.2 | 17.8 | ||||
PEG |
-0.08 | -0.08 | -0.09 | -0.09 | -0.21 | -266.53 | 0.49 | 0.28 | 3.74 | -2.68 | 2.6 | 0.89 | 1.02 | 0.72 | 0.26 |
P/B |
-24.9 | -42.0 | -51.4 | 35.2 | 14.4 | 19.5 | 13.6 | 9.8 | 8.4 | 8.1 | 6.2 | 6.2 | 8.5 | 8.8 | 9.6 |
P/CF |
14.8 | 20.3 | 19.2 | 14.9 | 31.6 | 1122.5 | 17.9 | 17.6 | 21.5 | 21.7 | 18.5 | 19.0 | 26.6 | 20.0 | 20.0 |
ROE % |
-96.88 | -146.32 | -156.30 | 109.92 | 18.86 | 1.21 | 82.00 | 45.51 | 20.78 | 21.68 | 29.01 | 28.27 | 27.36 | 35.92 | 39.11 |
ROA % |
18.47 | 21.23 | 17.62 | 12.06 | 4.93 | 0.27 | 22.73 | 17.62 | 9.20 | 10.76 | 14.65 | 16.21 | 18.12 | 21.61 | 26.60 |
ROCE % |
-158.21 | -187.94 | -212.65 | 183.39 | 40.40 | -12.90 | 33.33 | 27.92 | 20.67 | 22.66 | 20.39 | 22.66 | 26.62 | 35.82 | 48.83 |
Current Ratio |
0.8 | 0.9 | 0.9 | 1.1 | 1.4 | 1.3 | 1.8 | 2.4 | 2.6 | 1.9 | 2.5 | 3.8 | 5.4 | 3.9 | 2.8 |
DSO |
47.6 | 49.6 | 46.8 | 38.3 | 31.4 | 59.3 | 40.7 | 38.3 | 35.1 | 29.2 | 25.5 | 27.8 | 28.8 | 25.5 | 22.2 |
DPO |
478.3 | 391.7 | 325.8 | 303.0 | 183.1 | 185.3 | - | - | 972.5 | 357.2 | 186.4 | 119.8 | 83.8 | 57.2 | 42.0 |
Operating Cycle |
47.6 | 49.6 | 46.8 | 38.3 | 31.4 | 59.3 | - | - | 35.1 | 29.2 | 25.5 | 27.8 | 28.8 | 25.5 | 22.2 |
Cash Conversion Cycle |
-430.7 | -342.1 | -279.0 | -264.7 | -151.6 | -126.0 | - | - | -937.4 | -327.9 | -160.9 | -91.9 | -55.0 | -31.8 | -19.9 |
All numbers in USD currency
Quarterly Financial Ratios Booking Holdings
| 2026-Q1 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPS |
1.37 | 27.54 | 0.41 | 75.37 | 44.94 | 22.69 | 70.62 | 35.16 | 7.07 | - | 42.1 | 21.15 | -17.1 | - | 18.73 | -4.08 | -1.34 | - | 19.56 | 2.98 | -17.01 | 28.07 | 46.01 | 22.62 | 17.01 | 14 | 37.39 | 20.34 | 12.56 | -11.41 | 35.12 | 14.66 | 9.26 | 13.66 | 10.24 | 11.71 | 7.54 | 10.14 | 23.67 | 10.02 | 6.42 | 8.65 | 20.27 | 11 | 6.35 | 7.32 | 16.22 | 8.62 | 4.89 | 5.79 | 11.97 | 7.07 | 3.65 | 4.53 | 9.43 | 5.16 | 2.12 |
EBITDA per Share |
1.77 | 74.1 | 1.48 | 99.8 | 59 | 27.1 | 90.9 | 48.9 | 15.2 | - | 68 | 27.3 | 6.96 | - | 56.9 | 1.27 | -4.83 | - | 16.1 | -6.23 | -4.67 | - | 64.2 | 34.3 | 14.9 | - | 54.2 | 29.8 | 17.2 | - | 44.9 | 19.9 | 13 | - | 18.4 | 16.3 | 12.6 | - | 30.8 | 14.5 | 9.61 | - | 26.3 | 14.8 | 9.15 | - | 21.1 | 11.4 | 6.59 | - | 15.5 | 9.52 | 5.17 | - | 12.7 | 6.81 | 3.38 |
ROE % |
-100.21 | -123.37 | -129.07 | -525.38 | -650.47 | -590.13 | -525.58 | -78.43 | 136.97 | 50.80 | 64.67 | 33.14 | 8.25 | 9.23 | 25.60 | 28.11 | 34.08 | 4.58 | 24.32 | 40.81 | 54.82 | 82.00 | 69.62 | 56.87 | 51.49 | 45.51 | 33.23 | 28.38 | 23.65 | 20.79 | 32.58 | 22.46 | 21.98 | 21.74 | 20.61 | 29.07 | 29.03 | 29.01 | 28.55 | 27.34 | 28.19 | 28.27 | 28.47 | 28.12 | 27.72 | 27.39 | 29.33 | 32.58 | 35.29 | 36.43 | 37.79 | 40.72 | 41.63 | 41.04 | 18.24 | 9.96 | 4.07 |
ROA % |
17.04 | 18.47 | 18.35 | 26.92 | 22.78 | 18.51 | 23.26 | 21.01 | 13.03 | 1.30 | 4.59 | 3.46 | 2.76 | 2.36 | 6.02 | 6.39 | 7.65 | 1.02 | 6.50 | 11.94 | 15.96 | 22.73 | 20.11 | 18.79 | 18.52 | 17.62 | 12.59 | 11.56 | 10.08 | 9.20 | 14.78 | 10.57 | 10.67 | 10.76 | 10.26 | 14.58 | 14.62 | 14.65 | 14.81 | 15.05 | 15.94 | 16.24 | 16.80 | 17.67 | 18.00 | 18.12 | 18.90 | 20.00 | 21.18 | 21.61 | 22.90 | 25.64 | 26.74 | 26.60 | 11.82 | 6.46 | 2.64 |
ROCE % |
-152.77 | -181.60 | -167.33 | -646.43 | -810.99 | -725.68 | -635.78 | -68.92 | 207.65 | 99.35 | 135.69 | 101.64 | 75.49 | 28.64 | 35.08 | 5.18 | -3.54 | -9.77 | 30.18 | 63.69 | 94.60 | 70.34 | 95.91 | 81.54 | 74.43 | 47.79 | 66.45 | 59.54 | 53.57 | 31.54 | 40.02 | 29.84 | 29.37 | 21.55 | 38.47 | 46.91 | 47.17 | 29.57 | 45.01 | 43.53 | 44.37 | 29.12 | 44.27 | 43.98 | 43.45 | 27.66 | 47.05 | 51.29 | 55.02 | 37.35 | 61.29 | 65.85 | 66.70 | 42.54 | 23.94 | 12.61 | 5.98 |
Current Ratio |
0.8 | 0.8 | 0.8 | 0.9 | 0.9 | 0.9 | 1.0 | 1.0 | 1.0 | 1.1 | 1.2 | - | 1.2 | 1.4 | 1.3 | 1.2 | 1.2 | 1.3 | 1.3 | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | 1.6 | 1.6 | 1.6 | 1.6 | 1.8 | 1.8 | 1.8 | 1.8 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.4 | 2.3 | 2.3 | 2.3 | 3.0 | 3.0 | 3.0 | 3.0 | 2.7 | 2.7 | 2.7 | 2.7 | 3.3 | 3.3 | 3.3 | 3.3 |
DSO |
65.1 | 51.4 | 66.5 | 42.6 | 55.4 | 69.7 | 38.9 | 40.5 | 51.6 | - | 17.2 | 17.1 | 50.3 | - | 27.8 | 39.6 | 44.6 | - | 18.3 | 76.6 | 44.0 | 47.4 | 34.0 | 41.0 | 48.5 | 46.0 | 30.5 | 39.3 | 42.7 | 39.6 | 25.1 | 36.7 | 39.2 | 33.4 | 21.3 | 30.7 | 32.0 | 29.4 | 19.0 | 25.8 | 31.9 | 31.9 | 20.7 | 27.7 | 32.8 | 31.7 | 21.6 | 29.1 | 31.7 | 28.2 | 19.6 | 25.3 | 27.8 | 24.4 | 16.6 | 21.9 | - |
DPO |
429.7 | 385.6 | 484.4 | 420.1 | 406.8 | 347.3 | 297.8 | 258.2 | 293.1 | - | 152.9 | 108.1 | 236.6 | - | 192.5 | 106.3 | 107.9 | - | 129.7 | 148.4 | 186.1 | - | 199.8 | 182.7 | 216.1 | - | 192.7 | 198.2 | 164.8 | - | 1124.2 | 903.4 | 616.6 | - | 376.8 | 303.3 | 263.1 | - | 189.3 | 157.1 | 163.7 | - | 118.6 | 106.8 | 102.5 | - | 80.4 | 76.2 | 67.4 | - | 54.4 | 52.2 | 51.5 | - | 38.0 | 37.9 | - |
Operating Cycle |
65.1 | 51.4 | 66.5 | 42.6 | 55.4 | 69.7 | 38.9 | 40.5 | 51.6 | - | 17.2 | 17.1 | 50.3 | - | 27.8 | 39.6 | 44.6 | - | 18.3 | 76.6 | 44.0 | 47.4 | 34.0 | 41.0 | 48.5 | 46.0 | 30.5 | 39.3 | 42.7 | 39.6 | 25.1 | 36.7 | 39.2 | 33.4 | 21.3 | 30.7 | 32.0 | 29.4 | 19.0 | 25.8 | 31.9 | 31.9 | 20.7 | 27.7 | 32.8 | 31.7 | 21.6 | 29.1 | 31.7 | 28.2 | 19.6 | 25.3 | 27.8 | 24.4 | 16.6 | 21.9 | - |
Cash Conversion Cycle |
-364.7 | -334.2 | -417.9 | -377.6 | -351.5 | -277.6 | -258.9 | -217.6 | -241.5 | - | -135.7 | -90.9 | -186.3 | - | -164.8 | -66.7 | -63.3 | - | -111.5 | -71.8 | -142.0 | 47.4 | -165.7 | -141.6 | -167.6 | 46.0 | -162.2 | -158.9 | -122.0 | 39.6 | -1099.2 | -866.7 | -577.4 | 33.4 | -355.6 | -272.6 | -231.1 | 29.4 | -170.3 | -131.3 | -131.7 | 31.9 | -97.9 | -79.1 | -69.7 | 31.7 | -58.8 | -47.0 | -35.8 | 28.2 | -34.7 | -26.9 | -23.6 | 24.4 | -21.4 | -16.0 | - |
All numbers in USD currency
Multiples are an important financial analysis tool for the company Booking Holdings , allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.
Advantages of Using Financial Ratios- Simplified Data Analysis
Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition. - Comparability Between Companies
Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations. - Identification of Trends and Issues
Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks. - Decision Support
Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions. - Accelerated Assessment of Investment Attractiveness
Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.
Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.
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