What is Booking Holdings Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Booking Holdings Inc.'s reported free cash flow gives $9,068.33 per share. The share price was $159.26 on November 10, 2026, 98% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $5,458.85 | +3,328% |
| Base | 15.0% | 9.0% | $9,068.33 | +5,594% |
| Bull | 20.0% | 8.0% | $15,789.30 | +9,814% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $11,801.12 | $12,653.21 | $13,694.66 | $14,996.48 | $16,670.24 |
| 8.0% | $9,748.22 | $10,300.80 | $10,953.85 | $11,737.51 | $12,695.32 |
| 9.0% | $8,254.58 | $8,632.39 | $9,068.33 | $9,576.92 | $10,177.99 |
| 10.0% | $7,122.00 | $7,390.67 | $7,695.18 | $8,043.18 | $8,444.72 |
| 11.0% | $6,235.80 | $6,432.77 | $6,652.92 | $6,900.58 | $7,181.26 |
Where the presets come from
Base: years 1 to 5 grow at Booking Holdings Inc.'s revenue growth rate over the last 5 fiscal years (31.7% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions