Booking Holdings

BKNG

Travel Services · Consumer Cyclical

Also trades as: 0W2Y.L

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Booking Holdings runs some of the world's most popular travel websites, including Booking.com, Priceline, Kayak, and Agoda. These platforms let everyday travelers search for and book hotels, flights, rental cars, and vacation packages. It is one of the largest online travel companies in the world, connecting hundreds of millions of travelers with millions of properties across nearly every country.

The company makes most of its money by charging hotels, airlines, and other travel providers a commission or fee each time a booking is completed through one of its platforms. It operates globally, with Europe being its strongest market, and its massive scale gives it a powerful network effect — more listings attract more travelers, which attracts more listings. The main growth driver is continued shift of travel bookings from offline to online, but the business is sensitive to economic downturns and global disruptions like pandemics, which can cause travel demand to drop sharply.

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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

+8.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+130.6% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$17.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Booking Holdings is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

34.0%

Excellent — 34.0% operating margin

Return on the money invested

ROCE

26.6%

Exceptional — 26.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+12.9%

Fast-growing sales (+12.9% YoY)

Profit growth

EPS YoY

+55.9%

Earnings growing fast (+55.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

137%

Turns 137% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

8.83x

Comfortably covers interest (8.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.1x

no trend

Growth-priced — P/E 23.1

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

Cheaper or dearer next year

P/E vs Forward

+10.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.1 → 13.1)

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Dividends

Dividend

Dividend Yield

0.86%

no trend

Small dividend — 0.86% yield

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

Dividend record

Dividend Growth

-17.9%

no trend

Dividend cut (-17.9% YoY) — warning sign

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