Does Booking Holdings Inc. (BKNG) have an economic moat?

MoatScan AI rates Booking Holdings Inc. (BKNG) 71/100 for moat strength, assessed across five sources of competitive advantage: network effects, switching costs, intangible assets, cost advantages and efficient scale. Booking Holdings is one of the strongest online travel intermediaries, with a global marketplace spanning Booking.com, Priceline, Agoda, KAYAK, and OpenTable.

What is Booking Holdings Inc.'s moat score?

Booking Holdings Inc. (BKNG) has a moat score of 71/100. The score is a weighted average of five pillar ratings: network effects, switching costs, intangible assets, cost advantages, and efficient scale. A higher score means the competitive advantages MoatScan AI identifies are wider and more durable.

How does BKNG's share price compare with its estimated fair value?

MoatScan AI estimates BKNG's intrinsic value with a discounted cash flow (DCF) model and shows how that estimate compares with the market price at the time of analysis. The estimate updates with each new financial analysis and is a research estimate, not a recommendation.

What is Booking Holdings Inc.'s fair value estimate?

MoatScan AI derives Booking Holdings Inc.'s (BKNG) fair value per share from a discounted cash flow (DCF) model built on the company's reported financials, analyst growth forecasts, and a discount rate reflecting its cost of capital. The Financial Analysis tab shows the estimate alongside every assumption behind it.

Back to Database

BKNG$159.02

Booking Holdings Inc.

Last Updated

Oct 3, 20264 days ago

Moat & Trend

Management

AI Impact

Competitive Radar

Moat Score

71/100

Executive Summary

Booking Holdings is one of the strongest online travel intermediaries, with a global marketplace spanning Booking.com, Priceline, Agoda, KAYAK, and OpenTable. Its moat rests on two-sided network effects, powerful brand recognition, and scale-driven advantages in marketing, technology, and conversion. The business also benefits from an unusually broad inventory footprint and a growing role in the connected-trip journey. Still, the company is not insulated from competition: consumers can multi-home easily, suppliers distribute across multiple channels, and Google, Expedia, Airbnb, and Trip.com keep the market highly contested. That makes Booking a durable marketplace leader, but not a franchise with lock-in comparable to the widest moats. The competitive position is solid and persistent, yet more dependent on execution and scale than on structural exclusivity.

Network Effects

Two-Sided Travel Flywheel

Pillar Strength

8.5/10

Booking’s strongest structural advantage is its two-sided marketplace: more property listings and travel supply attract more travelers, and more travelers make the platform more valuable to suppliers. That flywheel is reinforced by the company’s portfolio of brands across the trip journey, from accommodation discovery to flights, rentals, activities, and dining. The result is broad demand aggregation across more than 220 countries and territories. Still, these effects are not perfectly exclusive because both travelers and suppliers can and do multi-home across several platforms, and discovery often starts outside Booking, especially on search engines and meta-search tools. The network is strong, but not unassailable.

Switching Costs

Low Consumer Lock-In

Pillar Strength

5.5/10

Switching costs are modest at best. A traveler can compare alternatives in minutes, book on a competitor, and return without losing meaningful functionality. Booking’s account history, preferences, Genius loyalty benefits, and saved itineraries create some behavioral inertia, but not the kind of lock-in seen in enterprise software or payment systems. On the supplier side, hotels and hosts may integrate with Booking’s extranet, pricing tools, and distribution workflows, yet they routinely manage inventory across multiple OTAs and direct channels. That means switching is more about reallocating demand than replacing a mission-critical system. The platform retains users because it is effective, not because it is hard to leave.

Intangible Assets

Powerful Travel Brands

Pillar Strength

7/10

Booking owns a valuable family of brands, especially Booking.com, Agoda, Priceline, KAYAK, and OpenTable, and those names carry trust, familiarity, and high consumer recall in online travel. Brand matters because travelers want confidence around payment, cancellation, and service quality, and suppliers want access to qualified demand. The company also benefits from accumulated reviews, merchant relationships, and local-market knowledge built over many years. However, these assets are not legally exclusive in the way patents or licenses are, and they depend heavily on continued marketing investment and product quality. Competitors can build credible brands over time, so the advantage is durable but not impossible to replicate.

Cost Advantages

Scale Marketing Efficiency

Pillar Strength

8/10

Booking has a meaningful cost advantage from scale, especially in marketing, data, and conversion optimization. Its massive spend base allows it to bid efficiently for traffic, absorb experimentation costs, and spread technology development across a very large booking volume. The company’s direct-channel strength also reduces dependence on more expensive intermediated acquisition paths. In practice, this lets Booking convert demand efficiently and sustain healthy margins even in a competitive category. The gap is not permanent, though: Google controls key discovery surfaces, and other large players can still spend aggressively. Even so, the scale economics are real and substantial, and smaller entrants face a difficult path to matching Booking’s operating leverage.

Efficient Scale

Concentrated Oligopoly

Pillar Strength

6.5/10

Online travel is not a natural monopoly, but it does exhibit a concentrated structure in which a few very large players dominate meaningful shares of traffic and bookings. Booking is one of those incumbents, alongside Expedia, Airbnb, Trip.com, and the search platforms that influence demand capture. The market is large enough to support several winners, yet it is hard for smaller entrants to achieve efficient national or global scale because they must build supply density, consumer trust, and traffic economics at the same time. That creates a real barrier, but not one that eliminates rivalry. The result is an oligopolistic environment rather than a true efficient-scale monopoly.

Moat Type & Trend

Why this company earns its moat rating, and where the moat is heading

Moat Type

Narrow Moat

Trend

Stable

Why This Rating

Booking Holdings has a real, durable advantage, but it stops short of the kind of exclusivity that would justify a Wide Moat. Travelers can still compare prices instantly, list inventory across multiple channels, and shift booking behavior with little friction, while Booking has no legal lock on most supply or demand. What endures is scale, brand trust, and a broad two-sided marketplace that makes the platform highly relevant in many geographies and travel categories. That combination should remain valuable for years, but it is more resilient marketplace power than impenetrable dominance.

Why This Trend

The moat looks stable because Booking continues to deepen its supply breadth, direct traffic, and connected-trip capabilities, all of which reinforce its scale advantages. However, the underlying structure has not clearly widened: Google remains a powerful traffic gatekeeper, competitors still multi-home inventory, and alternative accommodations are still competitive. The trend would turn Positive if direct bookings and supplier dependence kept rising faster than traffic-acquisition costs. It would turn Negative if search-distribution economics worsened or if alternative channels meaningfully pulled demand away.

Management Quality Assessment

Evaluating leadership track record, capital allocation, and governance

Verdict

Strong

Glenn Fogel has led Booking since 2017, giving the company nearly a decade of continuity, but this is a professionally managed, not founder-led, business. Under his tenure, Booking has kept ROIC exceptionally high and rising, while acquisitions have been selective and strategic rather than sprawling. Buybacks have been a major capital-allocation tool and have helped EPS growth, though they have also drawn some criticism for leaning aggressively into repurchases. Insider ownership is modest and appears only lightly aligned; recent sales suggest no meaningful increase, but the trend is not clear. CEO compensation is very high at roughly $35m-$47m, yet say-on-pay support and operating performance limit misalignment concerns. Governance looks clean, with mostly independent oversight.

Key Highlights

Glenn Fogel has been CEO since January 2017, providing long continuity through the post-pandemic recovery, and Booking has remained a very high-return business under his watch.
Capital allocation has been shareholder-friendly overall: management has combined large buybacks with selective deals such as KAYAK, OpenTable, FareHarbor, and Etraveli rather than pursuing empire-building M&A.
Insider ownership is modest; Fogel owns about 0.086% of the company and recently sold a small number of shares, so alignment exists but is not especially strong.
CEO pay is very high at roughly $35 million to $47 million, but strong earnings growth and continued shareholder support for say-on-pay reduce concerns about outright misalignment.
Board governance appears sound, with a majority-independent board and fully independent committees; no obvious related-party or independence red flags stand out.

AI Impact Assessment

Evaluating how AI strengthens or disrupts existing moat pillars

Net Pressure. AI strengthens Booking’s data and network-effect moat by improving conversion, personalization, customer-service efficiency, and cross-sell across the Connected Trip, but most gains are defensive rather than moat-expanding. The company’s huge traffic base, multi-brand marketplace, and merchant/payments stack give it proprietary behavioral data and fulfillment scale that rivals cannot quickly replicate. However, AI also weakens the traditional search-and-compare interface that helped OTAs intermediate demand, and Google’s direct AI travel booking creates a credible route around Booking. The key near-term uncertainty is whether AI agents become a new acquisition channel for Booking or a substitute for it, especially in metasearch and itinerary planning.

AI Opportunity Highlights

6 / 10

Booking can train personalization and ranking models on a large proprietary demand graph built from roughly 560 million monthly visits and a supply base of about 4 million properties.
AI assistants such as Priceline’s Penny and KAYAK AI Mode can lift conversion by reducing friction in trip discovery and helping Booking capture more complex itineraries.
Agoda has reported double-digit year-over-year reductions in customer-service cost per booking from generative AI, showing operating leverage from proprietary workflow data.
The Connected Trip strategy can deepen lock-in by linking search, booking, payments, and post-booking support into a more seamless AI-driven travel experience.

AI Threat Highlights

6 / 10

AI lowers the cost of building travel-search and planning interfaces, making it easier for new entrants to compete on the front end without owning Booking’s supply network.
Google’s global rollout of direct AI travel booking creates a credible disintermediation risk by shifting trip discovery and booking initiation closer to the search layer.
If consumers increasingly rely on LLM agents for itinerary planning, Booking could lose traffic share even if it remains a preferred fulfillment backend.
Price transparency and recommendation quality may become more commoditized as AI agents summarize options, reducing the value of traditional OTA merchandising.

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Last Updated

Oct 3, 20264 days ago

Target Price

Analyst Consensus

FAIR VALUE

Financial Strength

Financial Score

73/100

Executive Summary

Booking Holdings’ standout strength is its exceptional cash generation, which underpins an otherwise mixed but resilient financial profile. Revenue has climbed from $10.96B to $26.92B, with TTM at $28.24B, while operating margin expanded to 35.24% and free cash flow reached $9.54B TTM, reflecting strong operating leverage and disciplined capital spending. The cash flow and profitability picture is reinforced by high ROA, ROIC, and improving asset turnover, but the balance sheet is the clear tension point: current assets remain healthy, yet current liabilities have risen faster, debt has increased to $20.92B, and shareholders’ equity is deeply negative at $10.78B. Earnings have also been somewhat volatile due to non-operating items, though TTM profitability has rebounded. Overall, BKNG presents a high-quality operating business with strong growth and cash conversion, offset by a weaker balance sheet, consistent with its strong but uneven ratings.

Income Statement

Revenue · Margins · Profitability

Section Score

8.5/10

Booking Holdings shows strong multi-year growth, with revenue rising from $10.96B to $26.92B and TTM revenue at $28.24B, ahead of FY2025, indicating momentum is still healthy. Net income improved sharply overall, though FY2025 dipped to $5.40B before TTM rebounded to $7.21B, suggesting some reversion from one-offs rather than structural deterioration. Margin quality is excellent: gross margin expanded from 80.12% to 87.36%, and operating margin rose from 24.02% to 35.24%, showing strong operating leverage. Earnings are somewhat noisy due to investment gains/losses, FX swings, and restructuring charges. Assuming this is an online travel platform, these margins are well above sector norms. Key flags are volatility in other income/expense and recent profit softness versus TTM recovery.

Financials are in millions USD unless otherwise specified

Metric	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	TTM
Period Ending	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024	Dec 31, 2025	Jun 30, 2026
Revenue	10,958	17,090	21,365	23,739	26,917	28,241
Revenue Growth	61.24%	55.96%	25.01%	11.11%	13.39%	12.85%
Net Income	1,165	3,058	4,289	5,882	5,404	7,209
Net Income Growth	1,874.58%	162.49%	40.26%	37.14%	-8.13%	49.78%
Profit Margin	10.63%	17.89%	20.08%	24.78%	20.08%	25.53%
Revenue as Reported	10,958	17,090	21,365	23,739	26,917	28,241

Data as of Jun 30, 2026

Balance Sheet

Assets · Liabilities · Equity

Section Score

4/10

Liquidity remains adequate but has weakened relative to obligations. Total current assets rose to $23.06B, yet total current liabilities increased faster to $21.07B, leaving working capital at only $1.99B versus $5.57B a year earlier. Cash and short-term investments are still solid at $17.21B, but total debt climbed to $20.92B and net debt widened to $3.41B. On the solvency side, total liabilities reached $40.47B against total assets of $29.68B, and shareholders’ equity deepened further to negative $10.78B. Retained earnings continued to grow, but that was more than offset by aggressive treasury stock accumulation and rising leverage. Overall, the balance sheet shows strong liquidity buffers but a materially weakened equity base and increasing liability pressure.

Financials are in millions USD unless otherwise specified

Metric	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Current
Period Ending	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024	Dec 31, 2025	Jun 30, 2026
Total Current Assets	13,145	15,798	17,034	20,491	22,264	23,057
Total Assets	23,641	25,361	24,342	27,708	29,264	29,682
Total Current Liabilities	6,246	8,474	13,330	15,647	16,698	21,071
Total Liabilities	17,463	22,579	27,086	31,728	34,842	40,465

Data as of Jun 30, 2026

Cash Flow Statement

Operations · Investing · Financing

Section Score

8.5/10

Booking Holdings shows strong and improving cash generation. Operating cash flow rose from $2.82B in FY2021 to $9.41B in FY2025, with TTM at $9.86B, slightly above the latest year. Free cash flow is also robust at $9.09B in FY2025 and $9.54B TTM, supported by modest capital spending of $322M and a healthy 33.8% FCF margin. Cash conversion is solid, though working capital swings remain material and net income ($5.40B) trails cash generation because of non-cash add-backs. Capital allocation is shareholder-focused, with $6.44B of buybacks, $1.25B of dividends, and $4.97B of debt repayment in FY2025. Overall, cash quality is strong and consistent.

Financials are in millions USD unless otherwise specified

Metric	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	TTM
Period Ending	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024	Dec 31, 2025	Jun 30, 2026
Operating Cash Flow	2,820	6,554	7,344	8,323	9,409	9,859
Operating Cash Flow Growth	3,217.65%	132.41%	12.05%	13.33%	13.05%	2.93%
Free Cash Flow	2,516	6,186	6,999	7,894	9,087	9,539
Free Cash Flow Growth	—	145.87%	13.14%	12.79%	15.11%	3.24%
Free Cash Flow Margin	22.96%	36.20%	32.76%	33.25%	33.76%	33.78%

Data as of Jun 30, 2026

Key Ratios

Liquidity · Leverage · Efficiency · Returns

Section Score

8/10

Booking Holdings shows solid operating quality overall. Liquidity has softened over time, with the current ratio easing from 2.11 to 1.09 and the quick ratio from 2.00 to 1.02, but short-term coverage still looks adequate. Leverage remains manageable: debt/EBITDA has trended around 2.0x and net debt is modest relative to earnings and cash flow, suggesting no balance-sheet stress. Efficiency has improved materially, as asset turnover rose from 0.48 to 0.94, indicating much better use of assets. Profitability is the strongest area, with ROA holding above 20% recently and ROIC/ROCE remaining very high. Some equity-based measures are distorted by negative book values, limiting interpretation.

Ratios are dimensionless unless otherwise noted

Metric	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Current
Period Ending	Dec 31, 2021	Dec 31, 2022	Dec 31, 2023	Dec 31, 2024	Dec 31, 2025	Oct 2, 2026
Debt / Equity Ratio	1.85	4.75	-5.47	-4.29	-3.48	-1.94
Quick Ratio	2	1.73	1.2	1.24	1.26	1.02
Current Ratio	2.11	1.86	1.28	1.31	1.33	1.09
ROEReturn on Equity (ROE)	21.05%	68.26%	22,573.68%	—	—	—
ROAReturn on Assets (ROA)	7.23%	12.40%	14.90%	18.22%	20.82%	20.38%
ROICReturn on Invested Capital (ROIC)	32.64%	75.37%	63.46%	53.06%	60.94%	92.45%
ROCEReturn on Capital Employed (ROCE)	15.10%	28.80%	53.80%	62.90%	75.50%	114.30%

Data as of Oct 2, 2026

Growth

Revenue · EPS · Valuation · Estimates

Section Score

7.5/10

Booking Holdings shows a clear post-reopening growth normalisation: revenue expanded very rapidly in 2021-2023, then slowed through 2024, with forward estimates pointing to steadier mid-to-high single-digit growth rather than another surge. Analyst revenue forecasts suggest modest reacceleration in 2025 before settling into 8-9% growth in 2026-2027, indicating continued compounding rather than a sharp acceleration. EPS has been more volatile, with strong gains historically, a dip in 2025, then a rebound in the forecast period where earnings growth again outpaces revenue, implying margin expansion. The analyst consensus is Buy, with 39 analysts and a relatively tight target range, while the recommendation mix has been stable to slightly firmer over recent months.

Third-party Analyst Price Targets

Low$188+18.22%

Median$240+50.92%

Average$238.78+50.16%

High$301+89.28%

BuyConsensus rating and price targets published by third-party analysts. Not a MoatScan AI view.

39 analysts

Third-party Analyst Recommendation Trends

Rating	Apr '26	May '26	Jun '26	Jul '26	Aug '26	Sep '26
Strong Buy	25	24	24	25	26	26
Buy	6	6	6	5	5	6
Hold	7	7	7	8	8	7
Sell	0	0	0	0	0	0
Strong Sell	0	0	0	0	0	0
Total	38	37	37	38	39	39

Forecast · Analyst Estimates

Revenue This Year29.26B

+8.71%from 26.92B

FY 2026

Revenue Next Year32.02B

+9.43%from 29.26B

FY 2027

EPS This Year· non-GAAP adj.10.45

+14.51%from 9.12

FY 2026

EPS Next Year· non-GAAP adj.12.37

+18.37%from 10.45

FY 2027

Historical · Reported Actuals

Metric	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	10.96B	17.09B	21.36B	23.74B	26.92B
Revenue Growth	+61.24%	+55.96%	+25.01%	+11.11%	+13.39%
EPS (GAAP diluted)	1.13	3.05	4.70	6.91	6.62
EPS Growth	+1856.35%	+169.91%	+54.10%	+47.02%	-4.20%

Revenue in USD · EPS per share · Price targets in USD

Data as of Dec 31, 2025 · Forecast EPS is analyst non-GAAP adjusted; historical EPS is GAAP diluted — not directly comparable.

Fair Value Estimation

DCF · Model estimate vs. price +54.9% · Price below model estimate

AI Fair Value Estimate (DCF)

$246.27vs$159.02

Model estimate vs. price+54.9%

Price below model estimate

A discounted cash flow framework fits Booking Holdings well because the business is highly cash generative and the main drivers of value can be projected through travel demand, operating leverage, and reinvestment needs. The projected cash-flow path suggests improving margins as revenue scales, with capex remaining relatively light versus sales and growth gradually normalizing as the base gets larger.

AI Valuation Commentary

A discounted cash flow model is a useful lens here because Booking Holdings generates substantial operating cash and its value is driven by the pace of revenue growth, margin durability, and relatively modest reinvestment needs. The estimate uses a 9.2% discount rate, 3.5% terminal growth, a 16.4% five-year revenue CAGR, and a 34.1% average EBITDA margin, with capex at 1.91% of revenue on average. Under these assumptions, fair value is 246.27 per share versus a current price of 159.02, or about 54.9% above the share price. The estimate would move higher with lower discount rates, stronger terminal growth, or better margin expansion, and lower if any of those assumptions weaken.

DCF Assumptions

WACC

9.2%

Weighted avg cost of capital

Revenue Growth (5Y)

16.4%

CAGR assumption

EBITDA Margin

34.1%

Steady-state projection

CapEx / Revenue

1.9%

Capital investment

Terminal Growth

3.5%

Long-run growth rate

Projection Period

5 yrs

Explicit forecast horizon

Projected Cash Flows

Values in millions USD

Year	Revenue	EBITDA	FCF	Discounted FCF
Yr 1	30,108	10,262	2,511	2,299
Yr 2	36,065	12,276	8,934	7,492
Yr 3	41,866	14,266	10,363	7,958
Yr 4	48,626	16,578	12,118	8,522
Yr 5	55,279	18,902	14,000	9,016
Terminal Value (PV)				163,712

Key Valuation Ratios

Current vs 5-year average

PE Ratio

17.57x

5Y avg 39.78x

-55.8% vs avg

Forward PE

14.30x

5Y avg 21.86x

-34.6% vs avg

P/FCF Ratio

12.53x

5Y avg 21.86x

-42.7% vs avg

PS Ratio

4.23x

5Y avg 6.54x

-35.3% vs avg

A multiple below its own multi-year average can indicate the stock is cheaper than its recent history — context, not a standalone signal.

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Last Updated

Oct 3, 2026

Short Term

Medium Term

Long Term

Technical Overview

$159.02Price at Analysis

BKNG’s technical profile is mixed in the very near term but remains negative across the broader horizon. Short-term momentum is improved by an oversold RSI and a positive MACD crossover, yet price is still below the 20-day moving average and volume is subdued. Medium- and long-term structure are weaker, with price sitting well below both the 50-day and 200-day moving averages and positioned in the lower third of the 52-week range. The nearest support cluster is $158.41, $157.52, and $156.02, while overhead resistance begins at $161.35 and extends to $163.74. On a broader basis, weekly resistance starts at $171.05 and monthly resistance at $192.14.

Short Term

1 to 4 weeks

Sideways

BKNG shows mixed short-term conditions: RSI at 26.7 is oversold, while MACD is positive with a fresh crossover above its signal line. At the same time, price remains 5.63% below the 20-day moving average and volume is only 0.83x average, which tempers the momentum picture.

Key Indicators

Price vs 20-day MA-5.63% below

Price vs 50-day MA-16.13% below

RSI (14-day)26.7

RSI InterpretationOversold

MACD TrendCrossover positive

Bollinger PositionLower half

Volume TrendNeutral

Support

$158.41$157.52$156.02

Resistance

$161.35$162.27$163.74

The closest short-term support is $158.41, just $0.61 below the current price, followed by $157.52 and $156.02. Immediate resistance begins at $161.35, then $162.27 and $163.74, all above the daily pivot at $159.88.

Medium Term

1 to 6 months

Downtrend

The medium-term setup remains negative because price is 16.13% below the 50-day moving average and 12.93% below the 200-day moving average. Even with a recent Golden Cross and a bearish trend direction in the broader range profile, the current position below both key averages keeps the intermediate structure under pressure.

Key Indicators

Price vs 50-day MA-16.13% below

Price vs 200-day MA-12.93% below

52-Week Range PositionLower third (12%)

Trend DirectionDowntrend

MA Cross SignalGolden Cross territory

Relative Volume0.83x avg

Support

$157.36$155.12$153.13

Resistance

$171.05$173.04$175.28

Weekly support sits at $157.36, $155.12, and $153.13, placing the nearest level slightly below the current price and near the area below the 50-day moving average. Weekly resistance is at $171.05, $173.04, and $175.28, all well above the current price and above the weekly pivot at $164.2.

Long Term

6 months and beyond

Downtrend

Long-term conditions are still negative, with price sitting in the lower third of the 52-week range and 29.3% below the high. The recent Golden Cross and elevated Bollinger Band width provide some support to the structure, but the stock remains below the 200-day moving average and near the lower part of its annual range.

Key Indicators

Price vs 200-day MA-12.93% below

52-Week High$225.00

52-Week Low$150.14

Distance from 52w High-29.3%

BB Bandwidth20.4%

MA CrossoverRecent Golden Cross (31 days ago)

Support

$155.55$144.43$125.96

Resistance

$192.14$203.44$221.74

Monthly support is marked at $155.55, then $144.43 and $125.96, with the nearest monthly level sitting just below the current price. Broader resistance is layered at $192.14, $203.44, and $221.74, while the 52-week high is $225 and the 52-week low is $150.14, framing the current price in the lower portion of the annual range.

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Frequently asked questions about Booking Holdings Inc.

Does Booking Holdings Inc. (BKNG) have an economic moat?: MoatScan AI rates Booking Holdings Inc. (BKNG) 71/100 for moat strength, assessed across five sources of competitive advantage: network effects, switching costs, intangible assets, cost advantages and efficient scale. Booking Holdings is one of the strongest online travel intermediaries, with a global marketplace spanning Booking.com, Priceline, Agoda, KAYAK, and OpenTable.Sign in free to see the Moat Type verdict and the pillar-by-pillar reasoning.
What is Booking Holdings Inc.'s moat score?: Booking Holdings Inc. (BKNG) has a moat score of 71/100. The score is a weighted average of five pillar ratings: network effects, switching costs, intangible assets, cost advantages, and efficient scale. A higher score means the competitive advantages MoatScan AI identifies are wider and more durable.Sign in free to see each pillar rating, the Moat Type verdict and the moat trend.
How does BKNG's share price compare with its estimated fair value?: MoatScan AI estimates BKNG's intrinsic value with a discounted cash flow (DCF) model and shows how that estimate compares with the market price at the time of analysis. The estimate updates with each new financial analysis and is a research estimate, not a recommendation.Sign in free to see the fair value estimate and how it compares with the price.
What is Booking Holdings Inc.'s fair value estimate?: MoatScan AI derives Booking Holdings Inc.'s (BKNG) fair value per share from a discounted cash flow (DCF) model built on the company's reported financials, analyst growth forecasts, and a discount rate reflecting its cost of capital. The Financial Analysis tab shows the estimate alongside every assumption behind it.Sign in free to see the estimate and the full assumptions behind it.

Disclaimer: The analysis on this page is generated by AI and is provided for informational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any security. Always conduct your own due diligence and consult a qualified financial adviser before making any investment decisions. MoatScan AI is an educational research tool. It is not licensed or registered with the Securities Commission Malaysia or any other financial regulator, and it holds no positions in, and receives no compensation from, any company analysed.

BKNG$159.02

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Frequently asked questions about Booking Holdings Inc.

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