Added to YB: 2026-02-24
Pitch date: 2026-02-20
BKNG [neutral]
Booking Holdings Inc.
-4.47%
current return
Author Info
No bio for this author
Company Info
Booking Holdings Inc., together with its subsidiaries, provides online and traditional travel and restaurant reservations and related services in the United States, the Netherlands, the United Kingdom, and internationally.
Market Cap
$129.1B
Pitch Price
$4.1K
Price Target
10.0K (+158%)
Dividend
1.03%
EV/EBITDA
12.64
P/E
24.62
EV/Sales
4.86
Sector
Hotels, Restaurants and Leisure
Category
growth
Booking 4Q25: The Toll Road
BKNG (earnings): AI disrupts discovery (metasearch), but Booking owns execution layer: merchant-of-record at 70% mix (up from 50% 2yr ago), handling payments, fraud, FX, compliance. Key risk: toll extraction if AI agents dominate routing (new 'Google tax'). Q4: +9% room nights, +16% rev, +19% EBITDA, 22% EPS growth to $228. Connected Trip rebundling thesis gaining traction. At 16x fwd P/E, market prices toll road risk; bull case: $8-10k by 2028 (double), base: $5.5-6.5k. Watch: merchant mix toward 75%, AI CAC vs Google, marketing cost trend.
Read full article (8 min)