Booking Holdings Inc. (BKNG) intrinsic value & 10-year financials
Booking Holdings Inc. (BKNG) has a Graham intrinsic value of $3,499.70 per share. At $163.45 on Oct 17, 2026, the stock trades 95% below that value. Over the last 10 fiscal years revenue grew 10.7% a year to $26.9B, with an average return on invested capital of -14.4%.
- Graham intrinsic value
- $3,499.70
- Share price (Oct 17, 2026)
- $163.45
- Price vs Graham value
- 95% below
- Market cap
- $5.3B
- Revenue (FY2025)
- $26.9B
- Revenue growth (10-yr CAGR)
- 10.7%
- ROIC (10-yr avg)
- -14.4%
- Free cash flow (FY2025)
- $9.1B
BKNG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $26.9B | $5.4B | $165.57 | $9.1B | 32.8% | -212.0% |
| FY2024 | $23.7B | $5.9B | $172.69 | $7.9B | 31.8% | -389.4% |
| FY2023 | $21.4B | $4.3B | $117.40 | $7.0B | 27.3% | 253.9% |
| FY2022 | $17.1B | $3.1B | $76.35 | $6.2B | 29.9% | 79.8% |
| FY2021 | $11.0B | $1.2B | $28.17 | $2.5B | 22.8% | 30.4% |
| FY2020 | $6.8B | $59.0M | $1.44 | -$201.0M | -9.3% | -4.4% |
| FY2019 | $15.1B | $4.9B | $111.82 | $4.5B | 35.5% | 38.7% |
| FY2018 | $14.5B | $4.0B | $83.26 | $4.9B | 36.8% | 27.3% |
| FY2017 | $12.7B | $2.3B | $46.86 | $4.4B | 35.8% | 15.4% |
| FY2016 | $10.7B | $2.1B | $42.65 | $3.8B | 27.1% | 16.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Booking Holdings is a consistent compounder, expanding top-line revenue at 10.7% annually over the past decade.
Booking Holdings has earned high returns on invested capital, averaging 20.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Booking Holdings shows that management has aggressively returned capital to shareholders by retiring 34.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Booking Holdings is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3499.70 per share.