Booking Holdings

BKNG

Travel Services · Consumer Cyclical

Price

$181.68

-2.93 (-1.59%)

Market Cap

$140.78B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−21.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.03B (2021) → 816.0M (2025)

Booking Holdings Inc. provides travel and restaurant online reservation and related services worldwide. The company operates Booking.com, which offers online accommodation reservations; Rentalcars.com that provides online rental car reservation services; Priceline, which offer online travel reservation services, and consumers hotel, flight, and rental car reservation services, as well as vacation packages, cruises, and hotel distribution services. It also operates Agoda that provides online acco

Winston Score History

Politician Trades

45 trades / 12mo

24 Congressional buys and 21 sells on BKNG in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+36.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$17.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Booking Holdings is a rare growth stock that's already generating positive cash flow while growing at 16%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

32.0%

Excellent — 32.0% operating margin

ROCE

15.4%

Strong — 15.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+13.4%

Fast-growing sales (13.4% YoY)

EPS YoY

-5.0%

Earnings shrinking (-5.0% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

174%

Turns 174% of profit into real cash

FCF Margin

33.8%

Converts sales into free cash efficiently (33.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

5.74x

Adequate interest coverage (5.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

27.3x

Growth-priced — P/E 27.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+14.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.3 → 12.6)

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Dividends

Dividend Yield

0.89%

Small dividend — 0.89% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-17.9%

Dividend cut (-17.9% YoY) — warning sign

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