BKNGBooking Holdings
Is the business good?
A genuinely good business: earnings fully cash-backed (1.4×) and margins widening.
Operating profit is fully backed by cash.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is BKNG?
Booking Holdings keeps 33% of every revenue dollar as operating profit, against 16% for the median Travel Services name.
Operating margin · Travel Services median 16% · 12 months to Q2 2026
- Cash conversion
- 1.37×
Cash conversion · 1.44× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −5.5%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −9.3% |
| FY2021 | 23% |
| FY2022 | 30% |
| FY2023 | 27% |
| FY2024 | 32% |
| FY2025 | 33% |
Details›
- Operating margin12 months to Q2 2026
- 33%
- Net margin12 months to Q2 2026
- 26%
- Free cash flow margin
- 34%
- Revenue, trailing twelve months
- $28.2B
- Free cash flow, trailing twelve months
- $9.54B
- Net income, trailing twelve months
- $7.21B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from BKNG and who it buys from, as the companies report it.
None disclosed.
- TRVGtrivago N.V.39%
BKNG is 39% of its revenue · FY2025 20-F
- TRIPTripadvisor, Inc.10%
BKNG is 10% of its revenue · FY2025 10-K
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; BKNG’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Travel Services
The closest names by size in the same industry