Stock Analysis on Net
Stock Analysis on Net

Booking Holdings Inc. (NASDAQ:BKNG)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Booking Holdings Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.86 0.88 0.67 0.46 0.31
Adjusted 0.87 0.90 0.69 0.47 0.31
Liquidity Ratio
Current Ratio
Reported 1.31 1.28 1.86 2.10 3.56
Adjusted 1.32 1.29 1.88 2.12 3.65
Solvency Ratios
Debt to Equity
Reported — — 4.51 1.77 2.46
Adjusted — — 4.45 1.72 2.17
Debt to Capital
Reported 1.32 1.24 0.82 0.64 0.71
Adjusted 1.33 1.25 0.82 0.63 0.68
Financial Leverage
Reported — — 9.12 3.83 4.47
Adjusted — — 8.37 3.50 3.74
Profitability Ratios
Net Profit Margin
Reported 24.78% 20.07% 17.89% 10.63% 0.87%
Adjusted 25.01% 17.67% 15.75% 5.43% 7.24%
Return on Equity (ROE)
Reported — — 109.92% 18.86% 1.21%
Adjusted — — 90.58% 8.97% 8.53%
Return on Assets (ROA)
Reported 21.23% 17.62% 12.06% 4.93% 0.27%
Adjusted 21.83% 15.86% 10.82% 2.57% 2.28%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Booking Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Booking Holdings Inc. adjusted current ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Booking Holdings Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Booking Holdings Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Booking Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Booking Holdings Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Revenues 23,739 21,365 17,090 10,958 6,796
Total assets 27,708 24,342 25,361 23,641 21,874
Activity Ratio
Total asset turnover1 0.86 0.88 0.67 0.46 0.31
Adjusted
Selected Financial Data (US$ in millions)
Revenues 23,739 21,365 17,090 10,958 6,796
Adjusted total assets2 27,192 23,804 24,865 23,188 21,585
Activity Ratio
Adjusted total asset turnover3 0.87 0.90 0.69 0.47 0.31

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= 23,739 ÷ 27,708 = 0.86

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 23,739 ÷ 27,192 = 0.87

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Booking Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 20,491 17,034 15,798 13,145 12,206
Current liabilities 15,647 13,330 8,474 6,246 3,425
Liquidity Ratio
Current ratio1 1.31 1.28 1.86 2.10 3.56
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 20,637 17,171 15,915 13,246 12,372
Adjusted current liabilities3 15,647 13,330 8,474 6,243 3,388
Liquidity Ratio
Adjusted current ratio4 1.32 1.29 1.88 2.12 3.65

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 20,491 ÷ 15,647 = 1.31

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 20,637 ÷ 15,647 = 1.32

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Booking Holdings Inc. adjusted current ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 16,631 14,252 12,538 10,936 12,014
Stockholders’ equity (deficit) (4,020) (2,744) 2,782 6,178 4,893
Solvency Ratio
Debt to equity1 — — 4.51 1.77 2.46
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 17,236 15,003 13,215 11,430 12,539
Adjusted stockholders’ equity (deficit)3 (4,247) (3,024) 2,971 6,633 5,768
Solvency Ratio
Adjusted debt to equity4 — — 4.45 1.72 2.17

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 16,631 ÷ -4,020 = —

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity (deficit). See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity (deficit)
= 17,236 ÷ -4,247 = —

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 16,631 14,252 12,538 10,936 12,014
Total capital 12,611 11,508 15,320 17,114 16,907
Solvency Ratio
Debt to capital1 1.32 1.24 0.82 0.64 0.71
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 17,236 15,003 13,215 11,430 12,539
Adjusted total capital3 12,989 11,979 16,186 18,063 18,307
Solvency Ratio
Adjusted debt to capital4 1.33 1.25 0.82 0.63 0.68

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 16,631 ÷ 12,611 = 1.32

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 17,236 ÷ 12,989 = 1.33

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Booking Holdings Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 27,708 24,342 25,361 23,641 21,874
Stockholders’ equity (deficit) (4,020) (2,744) 2,782 6,178 4,893
Solvency Ratio
Financial leverage1 — — 9.12 3.83 4.47
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 27,192 23,804 24,865 23,188 21,585
Adjusted stockholders’ equity (deficit)3 (4,247) (3,024) 2,971 6,633 5,768
Solvency Ratio
Adjusted financial leverage4 — — 8.37 3.50 3.74

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 27,708 ÷ -4,020 = —

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity (deficit). See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit)
= 27,192 ÷ -4,247 = —

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 5,882 4,289 3,058 1,165 59
Revenues 23,739 21,365 17,090 10,958 6,796
Profitability Ratio
Net profit margin1 24.78% 20.07% 17.89% 10.63% 0.87%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,937 3,775 2,691 595 492
Revenues 23,739 21,365 17,090 10,958 6,796
Profitability Ratio
Adjusted net profit margin3 25.01% 17.67% 15.75% 5.43% 7.24%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × 5,882 ÷ 23,739 = 24.78%

2 Adjusted net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 5,937 ÷ 23,739 = 25.01%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Booking Holdings Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 5,882 4,289 3,058 1,165 59
Stockholders’ equity (deficit) (4,020) (2,744) 2,782 6,178 4,893
Profitability Ratio
ROE1 — — 109.92% 18.86% 1.21%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,937 3,775 2,691 595 492
Adjusted stockholders’ equity (deficit)3 (4,247) (3,024) 2,971 6,633 5,768
Profitability Ratio
Adjusted ROE4 — — 90.58% 8.97% 8.53%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity (deficit)
= 100 × 5,882 ÷ -4,020 = —

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity (deficit). See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity (deficit)
= 100 × 5,937 ÷ -4,247 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 5,882 4,289 3,058 1,165 59
Total assets 27,708 24,342 25,361 23,641 21,874
Profitability Ratio
ROA1 21.23% 17.62% 12.06% 4.93% 0.27%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 5,937 3,775 2,691 595 492
Adjusted total assets3 27,192 23,804 24,865 23,188 21,585
Profitability Ratio
Adjusted ROA4 21.83% 15.86% 10.82% 2.57% 2.28%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 5,882 ÷ 27,708 = 21.23%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 5,937 ÷ 27,192 = 21.83%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Booking Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.