Booking Holdings Inc., current enterprise value calculation

Current share price (P)	$4,976.99
No. shares of common stock outstanding	33,096,713
US$ in millions
Common equity (market value)¹	164,722)
Total equity	164,722)
Add: Current finance lease liabilities (per books)	34)
Add: Short-term debt (per books)	1,961)
Add: Non-current finance lease liabilities (per books)	34)
Add: Long-term debt (per books)	12,223)
Total equity and debt	178,974)
Less: Cash and cash equivalents	12,107)
Less: Short-term investments	576)
Enterprise value (EV)	166,291)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 4,976.99 × 33,096,713

Booking Holdings Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$3,901.99	$2,426.49	$2,469.83	$2,443.50	$1,678.20
No. shares of common stock outstanding¹	34,171,027	37,648,373	40,887,702	40,961,796	41,061,814
US$ in millions
Common equity (market value)³	133,335)	91,353)	100,986)	100,090)	68,910)
Total equity	133,335)	91,353)	100,986)	100,090)	68,910)
Add: Current finance lease liabilities (book value)	34)	21)	4)	—)	—)
Add: Short-term debt (book value)	1,961)	500)	1,989)	985)	988)
Add: Non-current finance lease liabilities (book value)	34)	32)	6)	—)	—)
Add: Long-term debt (book value)	12,223)	11,985)	8,937)	11,029)	7,640)
Total equity and debt	147,587)	103,891)	111,922)	112,104)	77,538)
Less: Cash and cash equivalents	12,107)	12,221)	11,127)	10,562)	6,312)
Less: Short-term investments	576)	175)	25)	501)	998)
Enterprise value (EV)	134,904)	91,495)	100,770)	101,041)	70,228)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Booking Holdings Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 3,901.99 × 34,171,027

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Booking Holdings Inc. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Booking Holdings Inc. (NASDAQ:BKNG)

Enterprise Value (EV)