Booking Holdings Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	4,289)	3,058)	1,165)	59)	4,865)
Net noncash charges	1,346)	1,701)	1,386)	1,046)	541)
Changes in assets and liabilities, net of effects of acquisitions	1,709)	1,795)	269)	(1,020)	(541)
Net cash provided by operating activities	7,344)	6,554)	2,820)	85)	4,865)
Additions to property and equipment	(345)	(368)	(304)	(286)	(368)
Proceeds from revolving credit facility and short-term borrowings	—)	—)	—)	—)	400)
Repayments of revolving credit facility and short-term borrowings	—)	—)	—)	—)	(425)
Proceeds from the issuance of long-term debt	1,893)	3,621)	2,015)	4,108)	—)
Payments on maturity and redemption of debt	(500)	(1,880)	(3,068)	(1,244)	—)
Free cash flow to equity (FCFE)	8,392)	7,927)	1,463)	2,663)	4,472)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Booking Holdings Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Booking Holdings Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Booking Holdings Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	33,096,713
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	8,392)
FCFE per share	253.56
Current share price (P)	4,976.99
Valuation Ratio
P/FCFE	19.63
Benchmarks
P/FCFE, Competitors¹
Airbnb Inc.	21.72
Chipotle Mexican Grill Inc.	0.07
McDonald’s Corp.	20.33
Starbucks Corp.	27.63
P/FCFE, Sector
Consumer Services	20.48
P/FCFE, Industry
Consumer Discretionary	38.45

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Booking Holdings Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	34,171,027	37,648,373	40,887,702	40,961,796	41,061,814
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	8,392)	7,927)	1,463)	2,663)	4,472)
FCFE per share³	245.59	210.55	35.78	65.01	108.91
Share price^1, 4	3,901.99	2,426.49	2,469.83	2,443.50	1,678.20
Valuation Ratio
P/FCFE⁵	15.89	11.52	69.03	37.59	15.41
Benchmarks
P/FCFE, Competitors⁶
Airbnb Inc.	25.72	24.76	54.32	99.90	—
Chipotle Mexican Grill Inc.	58.77	52.59	51.88	149.64	59.04
McDonald’s Corp.	20.85	28.85	30.21	22.96	17.47
Starbucks Corp.	29.75	34.82	45.80	20.79	20.35
P/FCFE, Sector
Consumer Services	22.99	23.78	42.78	32.80	18.62
P/FCFE, Industry
Consumer Discretionary	30.84	36.19	82.92	32.04	28.99

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 8,392,000,000 ÷ 34,171,027 = 245.59

⁴ Closing price as at the filing date of Booking Holdings Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 3,901.99 ÷ 245.59 = 15.89

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Booking Holdings Inc. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Booking Holdings Inc. (NASDAQ:BKNG)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical