---
title: Booking Holdings (BKNG) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/bkng
ticker: BKNG
as_of: 2026-10-17
sector: Consumer Cyclical
industry: Travel Services
---
# Booking Holdings (BKNG)

Booking Holdings (BKNG) closed at $163.45 on Oct 16, 2026, undervalued by 18% vs its model value of $199.21 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $163.45 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $199.21 |
| Price vs model | undervalued by 18% vs model |
| Range of that model | $135.27 – $403.03 |
| Market value | $122.8B |
| P/E (fiscal 2025) | 24.7 |
| Net margin (fiscal 2025) | 20.1% |
| Free cash flow (fiscal 2025) | $9.1B |
| Dividend yield (trailing twelve months) | 1.01% |
| Beta | 1.13 |
| Cost of capital (WACC) | 9.22% |
| Business classification | Profitable Growth (Moderate growth (~12% recent), High profitability (20% net margin), Pays dividends, Highly cyclical earnings, High leverage (D/E 5.0x), Strong FCF yield (7.4%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Near 52-week lows | #43 | +6.0% | https://sweetvaluelab.com/lists/near-52-week-lows |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.01% |
| Dividends per share, last 12 months | $1.64 |
| Dividends / free cash flow (fiscal 2025) | 13.7% |
| Raised | 1+ years in a row |
| Growth over 1 years | 9.5% a year |
| Latest payment | $0.42, ex-date Sep 11, 2026, paid Sep 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 5, 2025 | $1.50 |
| Trailing twelve months (to Sep 11, 2026) | $1.64 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $199.21 | $135.27 | $403.03 |
| DCF · Perpetuity growth · 10y | cross check | $218.81 | $151.69 | $429.11 |
| DCF · EBITDA exit · 5y | cross check | $207.94 | $149.87 | $276.23 |
| DCF · EBITDA exit · 10y | cross check | $226.02 | $162.94 | $309.77 |
| P/E · peers | cross check | $165.54 | $118.90 | $313.85 |
| P/E · own history | cross check | $282.04 | $254.52 | $388.22 |
| PEG | sanity check | $261.47 | $261.47 | $261.47 |
| EV/EBITDA · peers | cross check | $146.90 | $98.69 | $349.22 |
| EV/Revenue · peers | cross check | $91.82 | $76.40 | $242.92 |
| Earnings power value | cross check | $71.60 | $61.32 | $85.87 |
| Dividend discount | cross check | $42.13 | $28.91 | $63.69 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 22 open-market sales ($17.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 15, 2026 | Pisano Paulo | CHIEF HUMAN RESOURCES OFFICER | Open-market sell (10b5-1 plan) | 1,500 | $244,590 |
| Sep 15, 2026 | Pisano Paulo | CHIEF HUMAN RESOURCES OFFICER | Open-market sell (10b5-1 plan) | 1,500 | $259,530 |
| Sep 1, 2026 | MYLOD ROBERT J JR | Director | Open-market sell (10b5-1 plan) | 1,000 | $200,000 |
| Aug 31, 2026 | Pisano Paulo | CHIEF HUMAN RESOURCES OFFICER | Open-market sell (10b5-1 plan) | 3,000 | $610,440 |
| Aug 17, 2026 | MILLONES PETER J | EXECUTIVE VP, GENERAL COUNSEL | Open-market sell (10b5-1 plan) | 9,325 | $1.9M |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 5, 2026 | S-3ASR | Shelf registration (automatic) | https://www.sec.gov/Archives/edgar/data/1075531/000110465926090520/tm2621602-1_s3asr.htm |
| Aug 4, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1075531/000107553126000037/bkng-20260630.htm |
| Aug 4, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1075531/000107553126000036/bkng-20260804.htm |
| Jun 2, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1075531/000107553126000031/bkng-20260602.htm |
| May 11, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1075531/000110465926058730/tm2614215d1_8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Dodge & Cox | 2026-06-30 | 25,536,950 | $4.6B |
| First Eagle | 2026-06-30 | 4,916,494 | $876.3M |
| Bill Nygren | 2026-06-30 | 1,557,503 | $277.6M |
| Pat Dorsey | 2026-06-30 | 741,500 | $132.2M |

7 tracked managers in all.

## About

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 book…

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Source: https://sweetvaluelab.com/stocks/bkng (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.