Za zgodą użytkownika stosujemy ograniczoną analitykę chroniącą prywatność, aby zrozumieć, które ścieżki badawcze działają. Nie używamy trackerów reklamowych ani nagrywania sesji. Ten wybór można zmienić w Preferencjach. Przeczytaj Politykę prywatności.
Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
BKNG — frequently asked questions
Is Booking Holdings Inc. overvalued?
In our latest published analysis dated 2026-09-08, BKNG looks meaningfully undervalued. The price recorded at analysis is 193 USD versus our fair value of 293 USD; the high endpoint is presented separately as potential value of 368 USD. That implies roughly 51.5% upside to fair value at that date.
Our latest published report, analyzed 2026-09-08, gives BKNG a fair value of 293 USD and a potential value of 368 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Booking Holdings Inc.'s archetype; it is a dated research output, not a live price.
Should I buy BKNG now?
Our latest published rating for BKNG, analyzed 2026-09-08, is Strong Buy. Booking Holdings Inc. looks meaningfully undervalued at the analysis-date price of 193 USD versus fair value of 293 USD; potential value is 368 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for BKNG?
The dedicated bear-case section in our report analyzed 2026-09-08 documents Booking Holdings Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is BKNG's rating?
Our latest published rating for BKNG, analyzed 2026-09-08, is Strong Buy, with a published moat assessment of 6/10 (Narrow). It reflects our fair value of 293 USD, the potential value of 368 USD, and the price recorded at analysis (193 USD).
Ten raport nie został jeszcze przetłumaczony. Odśwież za kilka minut, gdy kolejka tłumaczeń go przetworzy.
§1 Podsumowanie wykonawczeEN
Odpowiedź w 30 sekundStrong Buy
Cena a wartość
Cena
$193.29
Wartość godziwa
$292.84
Wartość potencjalna
$368.47
Stan na
2026-09-04
Dlaczego to może zadziałać
Alternative-accommodation supply, better product and large-partner integrations could extend growth while procurement savings fund the required investment.
Co zmieniłoby naszą ocenę
Consolidated annual revenue growth below 5% for two consecutive fiscal years.
Strong Buy. The report-date price of $193.29 stands below Fair value of $292.84.3
The strongest upside driver is cash-funded platform investment. Better inventory, product and partner distribution can lift sales while procurement savings protect profitability.4,5
Inventory improvements and large-partner integrations could broaden customer choice and distribution.4
Inventory network effects
Merchant scale and connected-trip activity can link customer demand with broader inventory, although disclosed conversion and retention measures do not yet prove lasting reinforcement.4,7
Rekomendacja domu
Strong Buy because the valuation gap is supported by cash generation and credible platform investment options.5
Przegląd spółki
Its mission is to make it easier for everyone to experience the world. Booking Holdings Inc. aims to provide consumers with a best-in-class experience with tailored planning, payment, language, and other options seamlessly connecting them with its travel service provider partners.
Booking Holdings Inc. offers these services through five primary consumer-facing brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable: In the near term, the company is focused on providing consumers the ability to build a complete travel itinerary from AI-powered inspiration and planning to in-trip suggestions for attraction options.
§2 Scenariusz negatywnyEN
The central stress is a merchant-led slowdown while investment remains necessary. Lower sales growth and weaker spending productivity would pressure profit and cash together.
Revenue growth remains below the mature-growth trigger across consecutive fiscal years.
Product and marketing costs absorb procurement savings.4
Merchant concentration amplifies weaker transaction economics, while continued investment reduces profit and cash. Recovery requires renewed growth without further margin erosion.
Jak ta teza może się załamać
Sustained margin squeeze
If EBIT margin stays below 29% for two fiscal years, necessary product and marketing spending would absorb procurement savings and weaken earnings and cash generation.4
FV impact
-12.9%
The analyst's bear scenario path and multiple as the base case
Trigger
Within 24 months
Growth duration fails
Post-FY2027 revenue growth below 6% for two years would show that inventory and partner initiatives did not extend growth, prompting investors to pay less for future earnings.
Sygnały wczesnego ostrzegania do monitorowania
Pięć zdarzeń, które osłabiłyby naszą tezę inwestycyjną.
A sustained slowdown would show that merchant scale and new inventory are not overcoming softer demand or competitive pressure, reducing sales growth and operating leverage.
Obecnie:Management expected Q3 revenue growth of 4%–6% in 2026.
Alarm, jeśliBelow 5% for two consecutive fiscal years.
02
§3 Przewaga konkurencyjnaEN
Narrow
Booking’s advantage depends on inventory breadth, product integration and partner reach. Better choice can lift conversion, attract more supply and reinforce the merchant business, but U.S. alternative accommodations still need investment.
Zysk ekonomiczny
Strong reported cash generation shows that the advantages currently produce owner value, but cash generation is an outcome rather than a moat source.5
6/ 10
Narrow
Sources of advantage
01Inventory network effects — Merchant scale and connected-trip activity can link customer demand with broader inventory, although disclosed conversion and retention measures do not yet prove lasting reinforcement.Moderate
02Integrated customer and partner workflows — Product improvements, consolidated inventory and easier integrations can make the platform more useful to travelers and partners.Moderate
03Procurement scale — Procurement savings can help fund product, inventory and marketing work without requiring immediate margin expansion.Moderate
Znane zagrożenia dla przewagi
Zagrożenie
Powaga
Oś czasu
Złagodzenie
Weak alternative-accommodation execution could leave spending ahead of revenue.
high
Medium term
Require disclosed supply growth and conversion progress without operating-margin erosion.4
The highlighted cell is Fair value when every assumption sits at its base level ($292.84). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $7.3B after modeled capex of $322.0M, with terminal value at 68.3% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
The cash profile supports resilience because reported profit became deployable cash in FY2025. The key test is whether that remains true while product and inventory spending continues.4,6
Alokacja kapitału
Diluted average shares declined from 913.25 million in FY2023 to 815.975 million in FY2025. Future per-share gains require repurchases to remain cash-funded after investment and dividends.
Most przepływów pieniężnychJak przepływy operacyjne przełożyły się na wolne przepływy pieniężne w FY2025.
StockMarketAgent.AI
Uzgodnienie przepływów operacyjnych
Zysk netto5,4 mld USDAmortyzacja+623 mln USDWynagrodzenie w akcjach+617 mln USDPozostałe korekty operacyjne+2,8 mld USDOperacyjne przepływy pieniężne9,4 mld USD
Uzgodnienie środków na początek i koniec
Środki pieniężne na początek16,2 mld USDOperacyjne przepływy pieniężne+9,4 mld USDPrzepływy inwestycyjne−313 mln USDPrzepływy finansowe−8,9 mld USDWpływ kursów walutowych+895 mln USDŚrodki pieniężne na koniec17,3 mld USD
Booking Holdings Inc. (BKNG) trades at 15.8x forward earnings against a peer median of 20.6x. Its EV/EBITDA of 14.3x compares with a peer median of 16.5x. The comparison uses 4 peers: Airbnb Inc., The TJX Companies Inc., McDonald's Corporation and Royal Caribbean Cruises Ltd., as of 2026-09-07 to 2026-09-08.
§10 Branża i cyklEN
Faza cyklu
Expansion
Industry capital spending was 1.3% of revenue and 1.12 times depreciation as of 2026-09-01, suggesting modest asset expansion rather than a large capacity build.
Cykl byczy
Travel demand can support Booking when capacity normalizes and travelers keep shifting among domestic and regional options. Management reported resilient demand despite route disruption.
Cykl niedźwiedzi
Higher travel costs, disrupted transit corridors and macro volatility can slow room nights and bookings before platform investments produce returns.
Trendy długoterminowe
Trend
Wpływ
Uwaga
Broader digital inventory
positive
More alternative-accommodation supply can improve customer choice, but U.S. execution remains an identified improvement area.
International demand variability
negative
Most FY2025 revenue was attributed outside the United States, while the supplied disclosure does not define that attribution as traveler origin or currency exposure.
Pozycjonowanie
Booking has broad geographic exposure, but competition can raise acquisition spending and weaken growth. The mixed comparison set is useful only as a boundary because business models and margins differ.
§11 Zarządzanie pozycjąEN
Wielkość pozycji
Use a normal core position, not an oversized position based on Potential value. The valuation gap is favorable, but later growth, reinvestment needs and the repurchase path remain less visible than FY2027 estimates.1,3
Ryzyko
Keep sizing tied to delivered FY2026–FY2027 results and a cash-funded investment and repurchase plan, not the highest valuation outcome.
Transze wejścia
Poziom
Działanie
Dlaczego
Below Fair value
Build the position in stages.
Staging limits exposure if demand slows before inventory and partner investments mature.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
This breach would indicate that product, inventory and marketing costs are outrunning procurement gains, weakening earnings and cash available for investment or distributions.
Weak growth after the visible forecast period would suggest that B2B distribution and inventory initiatives are not extending platform demand or partner economics.
Obecnie:The FY2027 revenue forecast was $32.01 billion as of 2026-09-08.
Alarm, jeśliBelow 6% for two consecutive post-FY2027 fiscal years.
A higher required return would make future earnings worth less today, compressing value even without an operating downturn or liquidity problem.
Obecnie:10.0828% as of 2026-09-08.
Alarm, jeśliAbove 12.0828% within 12 months.
05
Cash versus reported profit
Persistently weaker cash collection would reduce funds for strategic investment and repurchases, making per-share earnings growth more dependent on financing or lower spending.
Obecnie:FY2025 operating cash was $9.41 billion versus $5.40 billion of net income.
Alarm, jeśliOperating cash at or below 0.8 times net income for two fiscal years.
Limitation: Terminal value is 61.3% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Limitation: Terminal value is 68.3% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.