Aureus
AExcellent

Booking Holdings Inc. Common St(BKNG)

A

Financial data as of Dec 31, 2025Stable · Consumer Discretionary

FCF Margin31.5%Free Cash Flow / Revenue
Cash Conversion174.1%Operating CF / Net Income
Free Cash Flow$9.1B
Revenue$26.9B
Net Cash-$2.1BNet debt position
Debt / FCF2.3xManageable debt load
Current Ratio1.33Adequate short-term liquidity
YoY FCF Growth-1.7%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
+0.5Healthy FCF margin with manageable debt (31.5%, 2.3x)
→
FinalA

Analysis Summary

Strengths

  • Exceptional FCF margin (31.5%)
  • Excellent cash conversion (174%)

Concerns

  • Net debt position ($2.1B) — 2.3x FCF, manageable

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin31.5%
Net Margin20.1%
Operating CF Margin35.0%
CapEx Ratio1.2%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$2.1BNet debt position
Debt / FCF2.3xManageable debt load
Current Ratio1.33Adequate liquidity
Debt / Equity0.00Low leverage

Quarterly FCF Trend

-1.7% YoYStable (-1.7%)

Free cash flow per quarter

Sector Comparison — Consumer Discretionary

FCF Margin ranked against sector peers

View all →

Detailed Metrics

Company NameBooking Holdings Inc. Common St
SectorConsumer Discretionary
Free Cash Flow$9.1B
Revenue$26.9B
Net Income$5.4B
Operating Cash Flow$9.4B
Capital Expenditure$322.0M
FCF Margin31.5%
Cash Conversion Rate174.1%
Net Margin20.1%
Total Debt$19.3B
Total Cash$17.2B
Net Cash-$2.1B
Current Ratio1.33
Debt / Equity0.00
Debt / FCF2.3x
YoY FCF Growth-1.7%
Positive Quarters5 of 5
Trend DirectionStable
Report DateDec 31, 2025
GradeA
Data SourceYahoo Finance

Related Research

All research →
Sector Report4 min read

Consumer Discretionary: Three A-grades, Eight Failures

Eight F-grades tell the story: this sector is bleeding cash. Travel platforms prove there's an exception to every rule.

Apr 27, 2026
BKNGABNBDECKMCD+6
Sector Report4 min read

Consumer Discretionary: Eight A-Grades, Six Failures

Travel and fast food print 30%+ FCF margins. Auto and retail burn cash. Same sector, different planets.

Mar 27, 2026
ABNBBKNGMCDDECK+12
Sector Report4 min read

Consumer Discretionary: Eleven A-Grades Built on Tourism

The sector looks healthy until you see what's propping it up.

Feb 13, 2026
ABNBBKNGMCDEA+11