Booking Holdings (BKNG) Financial Forecast Calculator
Interactive 5-year forecast and DCF for Booking Holdings. Adjust revenue growth, gross margin, capex intensity, WACC, and terminal growth - see revenue, free cash flow, and enterprise value update in real time. Seeded from Booking Holdings’s most recent SEC filings.
Assumptions
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Keep iterating on the Booking Holdings forecast in Excel. The downloadable sample has every assumption you see here plus a fully integrated income statement, balance sheet, cash flow, and debt schedule - five years of SEC historicals and live formulas in a fully editable workbook.
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Frequently asked
What is Booking Holdings and what services does it provide?+
Booking Holdings is the world's leading provider of online travel and related services. It connects consumers with travel service providers for accommodation, flights, and rental cars, operating an asset-light online marketplace.
How does Booking Holdings generate its revenue across its business segments?+
Booking Holdings generates revenue primarily through its Merchant (~55-60%), Agency (~35-40%), and Advertising & Other (~5-10%) segments. The company's active transition from an Agency to a Merchant model significantly impacts its revenue recognition and working capital.
How does Booking Holdings' strategic shift to the Merchant model affect its working capital?+
The shift to the Merchant model is creating a massive negative working capital advantage for Booking Holdings. This occurs because Booking collects cash upfront from customers and pays hotels later, generating significant float.
What is Booking Holdings' capital expenditure strategy and how does it relate to revenue?+
Booking Holdings maintains a very low capital expenditure as a percentage of revenue, typically between 1.5% and 2.5%. This capex is almost entirely for growth and IT infrastructure, including capitalized software development, rather than maintenance.
What are the key considerations for valuing Booking Holdings using a financial model?+
Key considerations for valuing Booking Holdings include its free cash flow generation and the impact of its strategic shift from the Agency to the Merchant model. This transition significantly influences working capital dynamics, take rates, and overall profitability, which are crucial for equity valuation.
Can I download an Excel financial model for Booking Holdings to analyze its valuation?+
Yes, a downloadable Excel financial model is available for Booking Holdings (BKNG) that evaluates its equity valuation and free cash flow generation. The model specifically focuses on the impact of the ongoing strategic shift on working capital and profitability.
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