Booking Holdings Inc. — Intrinsic Value & Fair Price

BKNG

NASDAQConsumer CyclicalTravel ServicesCIK 0001075531bookingholdings.comAbout BKNG

Last close · Oct 16, 2026163.45−2.35 (−1.42%)

Market cap$122.8B

Model value · DCF · Perpetuity growth · 5y

199.21

Booking Holdings closed at $163.45 — undervalued by 18% vs model.

135.27the model's range403.03

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models

42.13 – 282.04

Wall St. target

232.00 30% below

Below model, 1y

22 of 22 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $163.45 · as of Oct 17, 2026

DCF · Perpetuity growth · 5yused135.27 – 403.03199.2118% undervalued DCF · Perpetuity growth · 10y151.69 – 429.11218.8125% undervalued DCF · EBITDA exit · 5y149.87 – 276.23207.9421% undervalued DCF · EBITDA exit · 10y162.94 – 309.77226.0228% undervalued P/E · peers118.90 – 313.85165.541% undervalued P/E · own history254.52 – 388.22282.0442% undervalued PEG—261.4737% undervalued EV/EBITDA · peers98.69 – 349.22146.9011% overvalued EV/Revenue · peers76.40 – 242.9291.8278% overvalued Earnings power value61.32 – 85.8771.60128% overvalued Dividend discount28.91 – 63.6942.13288% overvalued Wall St. consensus target—232.0030% below Cost of capital (WACC)—9.22%—

DCF · Perpetuity growth · 5y leads for profitable growth — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026

Yield, trailing 12 months

1.01%

Past 2 years

low 0.63%high 1.05%

Dividends per share, a year at a time

Dividends / free cash flow, FY2025: 13.7%
Raised: 1+ years in a row
Growth, 1 yr: 9.5% a year
Last change: +9.4% · Mar 2026

Every payment, with ex-dates · latest $0.42, paid Sep 30, 2026

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How it is valued

Valued asProfitable Growth

Moderate growth (~12% recent)High profitability (20% net margin)Pays dividendsHighly cyclical earningsHigh leverage (D/E 5.0x)Strong FCF yield (7.4%)

What growth the price implies: the reverse DCF

Key figures

FY2025

P/E

24.7×

EV / EBITDA

13.5×

FCF yield

6.9%

Dividend yield, TTM

1.01%

Beta

1.13

Cost of capital (WACC)

9.22%

On the lists: #43 Near 52-week lows

Full financials

Superinvestors

13F · Q2 2026

Dodge & CoxDodge & Cox$4.6B First EagleFirst Eagle Investment Management, LLC$876.3M Bill NygrenHarris Associates L P$277.6M Pat DorseyDorsey Asset Management, LLC$132.2M

All 7 holders

Analyst actions

third-party, quoted

10-07Wells Fargo · target190.00

09-30Truist Financial · target216.00

09-16Morgan Stanley · target230.00

02-24Morgan Stanley · “Overweight” from “Equal Weight”upgrade

Ratings, targets and estimates

Recent

filings, insider trades and key news

10-15Form 4 · SPisano Paulo · 1,500 sh@ 163.06 09-15Form 4 · SPisano Paulo · 1,500 sh@ 173.02 09-01Form 4 · SMYLOD ROBERT J JR · 1,000 sh@ 200.00 08-31Form 4 · SPisano Paulo · 3,000 sh@ 203.48 08-17Form 4 · SMILLONES PETER J · 9,325 sh@ 204.91 08-05S-3ASRShelf registration (automatic)

66 filings · 40 insider transactions

Comparable companies

by business, not by industry label

EXPEExpedia Group ABNBAirbnb MARMarriott International HLTHilton Worldwide UBERUber

1 more company lists BKNG as a comparable

DASHDoorDash

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One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just BKNG. No account.

About Booking Holdings

Booking Holdings Inc. is a leading global provider of online travel and dining reservation services. The company manages a portfolio of well-known digital platforms. Among these, Booking.com specializes in online accommodation bookings, while Rentalcars.com is dedicated to facilitating vehicle rentals. Priceline offers a comprehensive range of online travel booking options, encompassing hotels, flights, rental cars, vacation packages, and cruises, alongside hotel distribution services. Agoda also provides online lodging reservations, further expanding into flights, ground transportation, and activity bookings. For travelers seeking the best deals, KAYAK functions as an online price comparison service, enabling users to search and contrast prices for airline tickets, hotels, and car rentals. Additionally, OpenTable allows for convenient online restaurant reservations. Beyond its core booking services, Booking Holdings Inc. also supplies travel-related insurance products and restaurant management solutions to individual consumers, travel service providers, and restaurants. Established in 1997, the company is headquartered in Norwalk, Connecticut. It officially adopted its current name, Booking Holdings Inc., in February 2018, having previously operated as The Priceline Group Inc.

CEO: Glenn D. Fogel
Headquarters: Norwalk, CT
Employees: 25,550
IPO: 1999-03-31

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.