BKNGBooking Holdings Inc.
Transportation Services
- Revenue
- $26.9B
- 13% YoY
- Operating margin
- 32.8%
- 3.0% YoY
- EBITDA
- $9.4B
- 16% YoY
- Market cap
- $111.3B
- Employees
- 24,300
- $1M revenue each
- Net debt / EBITDA
- 0.2×
- $1.5B net debt
- AI in 10-K
- 9.1
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$45M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo174% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo82% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo9% of assetsOver 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$1M · 92nd pctBottom quartile of its SIC industry
- Quiet on AINo9.1 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$111.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$56M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $11.0B | $17.1B | $21.4B | $23.7B | $26.9B | 13% |
| Operating income | $2.5B | $5.1B | $5.8B | $7.6B | $8.8B | 17% |
| Net income | $1.2B | $3.1B | $4.3B | $5.9B | $5.4B | 8.1% |
| Operating cash flow | $2.8B | $6.6B | $7.3B | $8.3B | $9.4B | 13% |
| Capex | $304M | $368M | $345M | $429M | $322M | 25% |
| Stock-based comp | $370M | $404M | $530M | $599M | $613M | 2.3% |
| Buybacks | $163M | $6.6B | $10.4B | $6.5B | $6.4B | 1.1% |
| Dividends | — | $0 | $0 | $1.2B | $1.2B | 6.3% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $56M · 282
- Net
- −$56M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $35M | $65M | 244 | 138 |
| FY2024 | $45M | $126M | 225 | 115 |
| FY2023 | $47M | $140M | 159 | 87 |
| FY2022 | $32M | $32M | 90 | 59 |
| FY2021 | $55M | $78M | 108 | 98 |