Booking Holdings Inc.
BKNG · Industrials · $5.6B mkt cap · FY2025 filings · Wide moat ·
On the watchlist
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $11.0B to $26.9B, increasing; diluted EPS 28.17 to 165.57, increasing.
Median gross margin 97.1% over 2y, very stable.
Median ROIC 29.8%, above the 12% hurdle in 86% of years.
Net debt/EBITDA 0.2x, interest coverage 5x.
Not enough owner-earnings history to score capital discipline.
The capitalDiscipline component abstained: Not enough owner-earnings history to score capital discipline. The other four 20% weights were renormalized over the scored 80%.
Price vs. conservative owner-earnings floor
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- Owner earnings (normalized)
- Not reported
- Owner-earnings floor / share
- Unavailable — insufficient owner-earnings data
- Capped-growth comparison / share
- Unavailable — insufficient growth-model data
- Recent price
- $177.46
- Price vs. owner-earnings floor
- No price data
This floor assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Cohort context: median current price is 239% above the floor across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or floor: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth floor 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
19 years of fundamentals
The business, in plain English
Across the filed record, revenue grew from $1.9B (FY2008) to $26.9B (FY2025) — about 16.9% a year compounded over 17 years.
ROIC is not available for the latest filed year, FY2025. Across the full 15-year measurable filed record, median ROIC was 33.2%. Over the v3 recent window (7 measurable filed years), median ROIC was 29.8%. The Returns on Capital filter above scores it 95/100.
The balance sheet carried $18.7B of total debt in FY2025. Balance-Sheet Safety scores it 61/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in BKNG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How Booking Holdings Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored BKNG on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the 13 years BKNG rated Wide-moat (2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2023, 2024 and 2025), the median forward total return that followed — measured only after each year’s filings were public — was:
- 1 year 16% vs the S&P 500’s 16% (price basis) · median over 12 years
- 3 years 42% vs the S&P 500’s 34% (price basis) · median over 10 years
- 5 years 92% vs the S&P 500’s 82% (price basis) · median over 10 years
These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.
Industrials context
#6 of 428 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #4DAL DELTA AIR LINES, INC.89.9 out of 100, Wide moatWide moat
- #5GWW W.W. GRAINGER, INC.89.8 out of 100, Wide moatWide moat
- #7GGG GRACO INC.88.8 out of 100, Wide moatWide moat
- #8LII LENNOX INTERNATIONAL INC84.4 out of 100, Wide moatWide moat
Compare BKNG with its nearest peers →All Industrials companies on the Index →
Common questions about BKNG
- Does Booking Holdings Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Booking Holdings Inc. (BKNG) 89.1 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 100, pricing power 100, returns on capital 95, balance-sheet safety 61, capital discipline not measurable from the filings.
- How has BKNG's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 89.1 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.