Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
Booking Holdings Inc., FCFF calculation
US$ in millions
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).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Booking Holdings Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Booking Holdings Inc. FCFF increased from 2021 to 2022 and from 2022 to 2023. |
Interest Paid, Net of Tax
Booking Holdings Inc., interest paid, net of tax calculation
US$ in millions
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).
2 2023 Calculation
Cash paid during the period for interest, tax = Cash paid during the period for interest × EITR
= 842 × 21.75% = 183
Enterprise Value to FCFF Ratio, Current
Booking Holdings Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 166,291) |
| Free cash flow to the firm (FCFF) | 7,658) |
| Valuation Ratio | |
| EV/FCFF | 21.72 |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Airbnb Inc. | 19.39 |
| Chipotle Mexican Grill Inc. | — |
| McDonald’s Corp. | 29.47 |
| Starbucks Corp. | 30.15 |
| EV/FCFF, Sector | |
| Consumer Services | 23.87 |
| EV/FCFF, Industry | |
| Consumer Discretionary | 40.30 |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Booking Holdings Inc., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | 134,904) | 91,495) | 100,770) | 101,041) | 70,228) | |
| Free cash flow to the firm (FCFF)2 | 7,658) | 6,482) | 2,769) | (172) | 4,677) | |
| Valuation Ratio | ||||||
| EV/FCFF3 | 17.62 | 14.11 | 36.39 | — | 15.01 | |
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Airbnb Inc. | 23.35 | 22.46 | 42.36 | — | — | |
| Chipotle Mexican Grill Inc. | 57.71 | 51.53 | 50.61 | 146.36 | 56.84 | |
| McDonald’s Corp. | 30.11 | 35.39 | 26.32 | 34.80 | 29.06 | |
| Starbucks Corp. | 32.25 | 42.44 | 28.09 | 281.97 | 30.98 | |
| EV/FCFF, Sector | ||||||
| Consumer Services | 26.60 | 27.99 | 31.26 | 115.64 | 25.85 | |
| EV/FCFF, Industry | ||||||
| Consumer Discretionary | 32.71 | 50.20 | 59.78 | 45.72 | 30.57 | |
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).
3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 134,904 ÷ 7,658 = 17.62
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Booking Holdings Inc. EV/FCFF ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |