Booking Holdings Inc. Common Stock (BKNG)
POSITIVEファンダメンタル
84
株価
$213.33
時価総額
$160.31B
パート1 · 企業の価値
概要
Booking Holdings connects travellers with hotels, rental cars and flights through a family of online brands, the largest being Booking.com, alongside Priceline, Agoda, Kayak and the restaurant-reservation app OpenTable. It owns none of the rooms, cars or planes it lists: it is an intermediary that earns a fee for arranging the reservation, with most of its business coming from hotel and other accommodation bookings rather than from flights or car rentals.
収益の仕組み
Most revenue is a commission taken when a traveller books a room and pays the hotel directly — 'merchant' revenue, where Booking Holdings increasingly collects the payment itself and passes it on to the property after taking its cut, has grown to be the largest slice. A smaller, shrinking share is a simpler referral fee on bookings paid straight to the hotel, plus a growing advertising business that sells placement to hotels and other travel brands within its own apps and websites.
セグメント別売上高
Bookings where Booking Holdings itself collects the traveller's payment and remits it to the hotel or supplier, keeping a commission.
Bookings where the traveller pays the hotel directly and Booking Holdings earns a simple referral commission after the stay.
Sponsored placement sold to hotels and travel brands, plus OpenTable's restaurant-reservation revenue.
競争優位性（moat）
ネットワーク効果 · 広いBooking.com's scale of listed properties gives travellers more choice than a smaller competitor, which in turn makes it the default place hotels list their rooms to reach that traffic — each side of the marketplace reinforces the other. Two decades of accumulated hotel relationships and search-engine spending to acquire traffic make this difficult for a new entrant to replicate quickly.
需要を左右する要因
景気循環型Travel is discretionary spending that households cut first in a downturn, and the industry has shown it can drop to near zero during shocks like a pandemic or major geopolitical disruption. In normal times demand tracks disposable income and consumer confidence closely, making bookings volume one of the more visibly cyclical parts of consumer spending.
主なリスク
- Dependence on search-engine traffic acquisition — A significant share of bookings originates from paid search advertising, mainly on Google, so changes to search algorithms or a rise in advertising costs directly affect both traffic and profitability.
- Cyclical, shock-prone travel demand — Travel booking volume can collapse quickly during pandemics, wars, natural disasters or economic downturns, and the business has no way to shield itself from a sudden stop in global travel.
- Regulatory scrutiny in Europe — Booking.com has been designated a gatekeeper platform under EU digital-market rules, which restricts practices like price-parity clauses and can require costly changes to how it operates in its largest market.
- Currency exposure from international operations — Most bookings and much of the company's cost base are outside the United States, so a stronger dollar can reduce reported revenue and profit even when underlying travel activity is unchanged.
強気材料
Buyers argue that Booking.com's scale of listed properties creates a self-reinforcing advantage over smaller travel sites, that the shift toward merchant-model bookings and advertising gives the company more control over margins, and that travel demand has historically recovered fully after every past shock.
弱気材料
Sellers fear that heavy reliance on paid search traffic leaves margins exposed to rising advertising costs largely paid to Google, that European gatekeeper regulation could force changes to practices the business has relied on for years, and that travel demand remains inherently vulnerable to shocks outside the company's control.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$28.24B
直近12か月（2026/6/30まで）
純利益
$7.21B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$9.09B
自己資本合計
$-5.58B
負債合計
$34.84B
流動比率
1.09
利払い倍率
8.42
負債/EBITDA
2.19
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$437.02
現在株価
$213.33
安全マージン
+51.2%
適正価値レンジ
$284.07 - $589.98
推定方法
バリュエーション指標
P/E レシオ
1.27
ROE
-96.9%
P/B レシオ
-
P/FCF
16.81
粗利益率
-
ROIC
85.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
85.2%
WACC
10.1%
ROIC − WACC
+75.0 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（20）
- EPS shows upward trend
- EPS CAGR 24.98%
- Price CAGR 13.59%
- ROIC 85.2%
- P/FCF 16.81
- Operating Margin 32.9%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 139.6%
- Revenue Growth 5Y 31.7%
- Analyst Consensus 83% Buy
- PEG Ratio 0.14
- Earnings Quality (OCF/NI) 1.37
- Share Dilution -4.2%
- Net Margin Trend 25.5% vs 19.2%
- Piotroski F-Score 6/9
不合格（3）
- Low reliance on intangibles
- DCF valuation (Overvalued)
- Earnings Surprise avg 1.5%
データなし（5）
- Gross Margin NaN%
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Glenn D. Fogel | President, CEO & Director | 63 |
| Mr. Ewout Lucien Steenbergen | Executive VP & CFO | 56 |
| Mr. Peter J. Millones Jr. | Executive VP & General Counsel | 55 |
| Mr. Paulo Pisano | Chief Human Resources Officer | 51 |
| Ms. Caroline Dolores Sullivan | Senior VP, Chief Accounting Officer & Controller | 56 |
| Ms. Leslie Cafferty | Head of Communications | - |
| Ms. Debby Soo | Chief Executive Officer of OpenTable | 44 |
| Mr. Vijay S. Iyer | Senior VP, Associate General Counsel & Corporate Secretary | - |
| Mr. Omri Morgenshtern | Chief Executive Officer of Agoda | - |
| Ms. Brigit Zimmerman | Chief Executive Officer of Priceline | - |
監査リスク
9
取締役会リスク
2
報酬リスク
3
株主権利リスク
2
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for BKNG, sourced from Markets Gazette.
- 21d agoNEUTRALBooking Holdings Keeps Full-Year Outlook on Resilient Travel
Booking Holdings Inc. has reaffirmed its full-year financial projections for gross bookings and revenue. This decision comes despite the ongoing geopolitical tensions in the Middle East, which have exerted downward pressure on flight prices and capacity. The company's confidence stems from the sustained resilience observed in global travel demand. Investors will monitor how the company navigates these external pressures while maintaining its growth trajectory.
- 5/12/2026POSITIVEHere's How Much You Would Have Made Owning Booking Holdings Stock In The Last 20 Years
An analysis of Booking Holdings stock reveals a significant long-term growth trajectory, with investors who held the stock over the past 20 years experiencing substantial returns. While specific figures for the 20-year period are not detailed in this summary, the implication is one of consistent outperformance. This historical performance suggests strong business fundamentals and effective management, making Booking Holdings a potentially attractive long-term investment for those seeking exposure to the online travel sector.
- 4/28/2026NEGATIVEBooking Slides as Second-Quarter Guidance Misses on Mideast
Booking Holdings Inc. has issued a disappointing forecast for its second quarter, projecting revenue growth below analyst expectations. The company also revised its full-year outlook downwards, citing a significant impact on travel demand stemming from the ongoing conflict in the Middle East. This geopolitical instability is directly affecting consumer booking behavior and corporate travel plans, leading to reduced forward bookings. Investors are reacting negatively to the lowered guidance, which signals potential headwinds for the online travel giant in the near to medium term.
- 4/6/2026POSITIVEWhy Booking Holdings Shares Are Moving Higher Monday?
Booking Holdings Inc. (NASDAQ: BKNG) saw its shares trade higher on Monday, a move primarily attributed to a significant 25-for-1 stock split. This corporate action, while not altering the company's fundamental valuation, often makes shares more accessible to a broader range of retail investors by lowering the per-share price. For traders, this can lead to increased liquidity and potentially higher trading volumes, which may be interpreted as a positive signal for the stock's short-term performance and accessibility.
- 3/6/2026POSITIVEHere's How Much You Would Have Made Owning Booking Holdings Stock In The Last 15 Years
An analysis of Booking Holdings Inc. stock reveals a significant return for long-term investors over the past 15 years. While specific figures are not detailed in the provided snippet, the title implies substantial capital appreciation and potentially dividend payouts. This historical performance suggests strong underlying business growth and effective management, making it a potentially attractive holding for investors seeking exposure to the online travel sector. The sustained positive trend indicates resilience and adaptability in a dynamic market.
- 3/5/2026POSITIVEBooking Holdings Stock Surges As AI-Checkout Fears Ease Thursday
Booking Holdings Inc. shares are trading higher Thursday afternoon, buoyed by fresh analyst commentary linking the stock's move to shifting expectations around AI-driven disruption in online travel. Easing fears of potential obsolescence for traditional business models due to AI appear to have reassured investors, fostering positive sentiment for the stock. This shift in expectations suggests the market is reassessing Booking's business model resilience against technological advancements.
- 2/27/2026POSITIVEBooking Shares Up Nearly 2% After Key Trading Signal
Markets Gazette reports a significant trading signal for Booking Holdings Inc. (BKNG), which saw its shares climb nearly 2% to an intraday high. This upward movement occurred shortly after a key indicator flashed at a price of $4,164.19. While modest, this rise suggests a positive market reaction to underlying factors or a favorable interpretation of the technical signal. Investors should monitor whether this momentum consolidates or if it's a temporary fluctuation, considering the high volatility typical of the online travel sector. Today's performance could indicate renewed interest or growing confidence in the stock, but it's crucial to analyze the broader context and trading volumes to confirm the trend's strength.
via Markets Gazette