Booking Holdings

PCE1.DE

Travel Services · Consumer Cyclical

Price

€180.45

-0.45 (-0.25%)

Market Cap

€139.83B

Exchange

Frankfurt Stock Exchange

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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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)

Winston Score History

The full picture

Booking Holdings runs some of the world's most visited travel websites. Its main brands include Booking.com, Priceline, Kayak, and OpenTable, which let people search and book hotels, flights, rental cars, and restaurant tables. The company connects travelers with millions of accommodation providers and travel businesses around the world.

Booking Holdings makes most of its money by charging hotels and other travel providers a commission every time a customer books through one of its platforms — it does not own the hotels itself. It operates globally, with Europe being its largest market, and reported roughly $21 billion in revenue in 2024, making it one of the largest online travel agencies in the world. Its main competitive advantage is the sheer size of its listings network, which attracts more travelers, which in turn attracts more properties — a self-reinforcing cycle. The key risk is that Google continues expanding its own travel search tools, which could reduce traffic to Booking's sites and raise its already high marketing costs.

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

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

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.

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

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

+12.8%

Fast-growing sales (+12.8% YoY)

Profit growth

EPS YoY

+56.3%

Earnings growing fast (+56.3% 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

8.47x

Comfortably covers interest (8.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.9x

Fair value — P/E 19.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.9 → 15.5)

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Dividends

Dividend

Dividend Yield

0.80%

Small dividend — 0.80% yield

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

Dividend record

Dividend Growth

-46.5%

Dividend cut (-46.5% YoY) — warning sign

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