Question 1

What is Booking Holdings's EV/EBITDA ratio?

Accepted Answer

Booking Holdings (BKNG) EV/EBITDA ratio is 15.2× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Booking Holdings?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Booking Holdings specifically, the relevant sector benchmark is the current sector median of 13.4×.

Question 5

Is Booking Holdings's EV/EBITDA ratio high or low?

Accepted Answer

Booking Holdings's EV/EBITDA ratio of 15.2× is below its own 5-year average of 23.6× and above the sector median of 13.4×. That places the current reading at the 9th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Booking Holdings's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Booking Holdings (BKNG) EV/EBITDA ratio has ranged from a low of 7.9× in 2008 to a high of 59.3× in 2022. The 5-year average is 23.6× and the 5-year median is 17.7×.

Question 7

What was Booking Holdings's EV/EBITDA ratio in 2025?

Accepted Answer

Booking Holdings (BKNG) EV/EBITDA ratio at the end of 2025 was 19.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Booking Holdings's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$174B	$9.22B	19.0×	+1.3×	Dec 31, 2025
2024	$164B	$9.34B	17.7×	-0.1×	Dec 31, 2024
2023	$123B	$7.04B	17.8×	+1.9×	Dec 31, 2023
2022	$77.6B	$4.92B	15.9×	-25.2×	Dec 31, 2022
2021	$98.5B	$2.4B	41.1×	-18.0×	Dec 31, 2021
2020	$91.2B	$1.57B	59.1×	+46.4×	Dec 31, 2020
2019	$85.7B	$6.87B	12.7×	-2.1×	Dec 31, 2019
2018	$79.5B	$5.53B	14.8×	-2.5×	Dec 31, 2018
2017	$84.6B	$5.02B	17.3×	-6.0×	Dec 31, 2017
2016	$72.3B	$3.23B	23.3×	+4.5×	Dec 31, 2016
2015	$63.4B	$3.56B	18.8×	+0.8×	Dec 31, 2015
2014	$59.6B	$3.29B	18.0×	-4.1×	Dec 31, 2014
2013	$60B	$2.5B	22.1×	+7.7×	Dec 31, 2013
2012	$30.9B	$1.89B	14.4×	-0.2×	Dec 31, 2012
2011	$23.2B	$1.45B	14.5×	-7.2×	Dec 31, 2011
2010	$19.2B	$827M	21.7×	+4.6×	Dec 31, 2010
2009	$9.27B	$506M	17.1×	+9.2×	Dec 31, 2009
2008	$2.9B	$357M	7.9×	-16.6×	Dec 31, 2008
2007	$4.32B	$179M	24.5×	+6.2×	Dec 31, 2007
2006	$1.68B	$99M	18.4×	+4.1×	Dec 31, 2006
2005	$874M	$66.3M	14.2×	-3.4×	Dec 31, 2005
2004	$904M	$51.3M	17.6×	-11.8×	Dec 31, 2004
2003	$677M	$18.9M	29.4×	—	Dec 31, 2003
2002	$359M	-$1.12M	—	—	Dec 31, 2002


Amazon (AMZN)	12.2×
Packaging Corporation of America (PKG)	12.2×
Avery Dennison (AVY)	11.9×
Wynn Resorts (WYNN)	11.7×
Williams-Sonoma (WSM)	11.7×
Amcor (AMCR)	11.6×
Lennar (LEN)	11.2×
GameStop (GME)	11.0×
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Hasbro (HAS)	10.7×
NVR (NVR)	10.6×
Norwegian Cruise Line (NCLH)	9.9×
LKQ (LKQ)	9.0×
Deckers Outdoor (DECK)	9.0×
Carnival Corporation (CCL)	8.7×
Toll Brothers (TOL)	8.6×
Smurfit Westrock (SW)	8.3×
Expedia Group (EXPE)	8.0×
Mohawk Industries (MHK)	6.4×
General Motors (GM)	6.3×
Best Buy Co. (BBY)	6.2×
Weyco Group (WEYS)	6.2×
Lululemon Athletica (LULU)	6.0×
Leggett & Platt (LEG)	5.4×
PDD Holdings (PDD)	3.6×

EV/EBITDA for Booking Holdings (BKNG) 2003-2026

EV/EBITDA daily chart for Booking Holdings (BKNG)

Historical EV/EBITDA for Booking Holdings (BKNG) from 2002 to 2025

About EV/EBITDA at Booking Holdings (BKNG)

Booking Holdings EV/EBITDA by Year

Booking Holdings EV/EBITDA 2025: 19.0×

Booking Holdings EV/EBITDA 2024: 17.7×

Booking Holdings EV/EBITDA 2023: 17.8×

Booking Holdings EV/EBITDA 2022: 15.9×

Booking Holdings EV/EBITDA 2021: 41.1×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Booking Holdings (BKNG) Key Financials