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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.88 0.67 0.46 0.31 0.70
Adjusted 0.90 0.69 0.47 0.31 0.72
Liquidity Ratio
Current Ratio
Reported 1.28 1.86 2.10 3.56 1.83
Adjusted 1.29 1.88 2.12 3.65 1.84
Solvency Ratios
Debt to Equity
Reported — 4.51 1.77 2.46 1.45
Adjusted — 4.45 1.72 2.17 1.43
Debt to Capital
Reported 1.24 0.82 0.64 0.71 0.59
Adjusted 1.25 0.82 0.63 0.68 0.59
Financial Leverage
Reported — 9.12 3.83 4.47 3.61
Adjusted — 8.37 3.50 3.74 3.26
Profitability Ratios
Net Profit Margin
Reported 20.07% 17.89% 10.63% 0.87% 32.29%
Adjusted 17.67% 15.75% 5.43% 7.24% 33.96%
Return on Equity (ROE)
Reported — 109.92% 18.86% 1.21% 82.00%
Adjusted — 90.58% 8.97% 8.53% 79.15%
Return on Assets (ROA)
Reported 17.62% 12.06% 4.93% 0.27% 22.73%
Adjusted 15.86% 10.82% 2.57% 2.28% 24.31%

Based on: 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), 10-K (reporting date: 2019-12-31).

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 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Booking Holdings Inc. adjusted current ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
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 2021 to 2022 and from 2022 to 2023.
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 2021 to 2022 and from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Booking Holdings Inc. adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues 21,365 17,090 10,958 6,796 15,066
Total assets 24,342 25,361 23,641 21,874 21,402
Activity Ratio
Total asset turnover1 0.88 0.67 0.46 0.31 0.70
Adjusted
Selected Financial Data (US$ in millions)
Revenues 21,365 17,090 10,958 6,796 15,066
Adjusted total assets2 23,804 24,865 23,188 21,585 21,051
Activity Ratio
Adjusted total asset turnover3 0.90 0.69 0.47 0.31 0.72

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 21,365 ÷ 24,342 = 0.88

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 21,365 ÷ 23,804 = 0.90

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 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 17,034 15,798 13,145 12,206 9,833
Current liabilities 13,330 8,474 6,246 3,425 5,366
Liquidity Ratio
Current ratio1 1.28 1.86 2.10 3.56 1.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 17,171 15,915 13,246 12,372 9,882
Adjusted current liabilities3 13,330 8,474 6,243 3,388 5,359
Liquidity Ratio
Adjusted current ratio4 1.29 1.88 2.12 3.65 1.84

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 17,034 ÷ 13,330 = 1.28

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 17,171 ÷ 13,330 = 1.29

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 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 14,252 12,538 10,936 12,014 8,628
Stockholders’ equity (deficit) (2,744) 2,782 6,178 4,893 5,933
Solvency Ratio
Debt to equity1 — 4.51 1.77 2.46 1.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 15,003 13,215 11,430 12,539 9,251
Adjusted stockholders’ equity (deficit)3 (3,024) 2,971 6,633 5,768 6,465
Solvency Ratio
Adjusted debt to equity4 — 4.45 1.72 2.17 1.43

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity (deficit)
= 14,252 ÷ -2,744 = —

2 Adjusted total debt. See details »

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

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity (deficit)
= 15,003 ÷ -3,024 = —

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 14,252 12,538 10,936 12,014 8,628
Total capital 11,508 15,320 17,114 16,907 14,561
Solvency Ratio
Debt to capital1 1.24 0.82 0.64 0.71 0.59
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 15,003 13,215 11,430 12,539 9,251
Adjusted total capital3 11,979 16,186 18,063 18,307 15,716
Solvency Ratio
Adjusted debt to capital4 1.25 0.82 0.63 0.68 0.59

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,252 ÷ 11,508 = 1.24

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 15,003 ÷ 11,979 = 1.25

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 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 24,342 25,361 23,641 21,874 21,402
Stockholders’ equity (deficit) (2,744) 2,782 6,178 4,893 5,933
Solvency Ratio
Financial leverage1 — 9.12 3.83 4.47 3.61
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 23,804 24,865 23,188 21,585 21,051
Adjusted stockholders’ equity (deficit)3 (3,024) 2,971 6,633 5,768 6,465
Solvency Ratio
Adjusted financial leverage4 — 8.37 3.50 3.74 3.26

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity (deficit)
= 24,342 ÷ -2,744 = —

2 Adjusted total assets. See details »

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

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity (deficit)
= 23,804 ÷ -3,024 = —

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,289 3,058 1,165 59 4,865
Revenues 21,365 17,090 10,958 6,796 15,066
Profitability Ratio
Net profit margin1 20.07% 17.89% 10.63% 0.87% 32.29%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,775 2,691 595 492 5,117
Revenues 21,365 17,090 10,958 6,796 15,066
Profitability Ratio
Adjusted net profit margin3 17.67% 15.75% 5.43% 7.24% 33.96%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income ÷ Revenues
= 100 × 4,289 ÷ 21,365 = 20.07%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 3,775 ÷ 21,365 = 17.67%

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 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,289 3,058 1,165 59 4,865
Stockholders’ equity (deficit) (2,744) 2,782 6,178 4,893 5,933
Profitability Ratio
ROE1 — 109.92% 18.86% 1.21% 82.00%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,775 2,691 595 492 5,117
Adjusted stockholders’ equity (deficit)3 (3,024) 2,971 6,633 5,768 6,465
Profitability Ratio
Adjusted ROE4 — 90.58% 8.97% 8.53% 79.15%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity (deficit)
= 100 × 4,289 ÷ -2,744 = —

2 Adjusted net income. See details »

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

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity (deficit)
= 100 × 3,775 ÷ -3,024 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 4,289 3,058 1,165 59 4,865
Total assets 24,342 25,361 23,641 21,874 21,402
Profitability Ratio
ROA1 17.62% 12.06% 4.93% 0.27% 22.73%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 3,775 2,691 595 492 5,117
Adjusted total assets3 23,804 24,865 23,188 21,585 21,051
Profitability Ratio
Adjusted ROA4 15.86% 10.82% 2.57% 2.28% 24.31%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 4,289 ÷ 24,342 = 17.62%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 3,775 ÷ 23,804 = 15.86%

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 2021 to 2022 and from 2022 to 2023.