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Held by 1,855 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 14 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BKNG | $118.3B | 0.9× | 12.7× | 4.4× | 13.4% | — | — | — | — | 0.2× | 1,855 |
| EXPE | $32.8B | 27.9× | 12.2× | 2.2× | 7.6% | — | 8.8% | 101% | 17.4% | 0.3× | 1,091 |
| EXPD | $25.4B | 32.8× | 21.7× | 2.3× | 4.4% | — | 7.3% | 34.4% | 34.4% | -1.2× | 924 |
| XPO | $21.2B | 68.6× | 21.5× | 2.6× | 1.1% | — | 3.9% | 17.0% | 6.2% | 2.6× | 722 |
| CHRW | $16.1B | 28.6× | 20.6× | 1.0× | -8.4% | — | 3.6% | 31.8% | 20.0% | 1.1× | 848 |
| GATX | $5.9B | 18.3× | 15.7× | 3.4× | 9.8% | — | 19.2% | 12.1% | 2.2% | 10.5× | 390 |
| GXO | $5.3B | 166.1× | 10.8× | 0.4× | 12.5% | — | 0.2% | 1.1% | 0.5% | 3.1× | 475 |
| GBTG | $5.0B | 43.2× | 18.5× | 1.8× | 12.2% | — | 4.1% | 6.9% | 3.7% | 3.1× | 188 |
| RXO | $4.7B | — | 138.0× | 0.8× | 26.2% | — | -1.7% | -6.5% | -5.1% | 10.5× | 298 |
| BCO | $4.3B | 22.2× | 7.5× | 0.8× | 5.0% | 25.8% | 3.8% | 71.9% | 4.6% | 2.6× | 348 |
| LIND | $2.4B | — | 25.8× | 3.1× | 19.6% | 45.8% | -3.9% | 10.4% | -7.9% | 3.8× | 214 |
| HUBG | $1.6B | 15.5× | 5.3× | 0.4× | -6.1% | — | 2.6% | 6.3% | 5.4% | 0.5× | 279 |
| FWRD | $526M | — | 11.2× | 0.2× | 0.8% | — | -4.3% | -95.1% | -6.0% | 8.4× | 188 |
| VRRM | $457M | 3.5× | 4.0× | 3.4× | 14.6% | — | — | 46.6% | 10.3% | 2.7× | 308 |
| RLGT | $425M | 23.2× | 12.6× | 0.5× | 3.5% | — | 2.0% | 7.8% | 7.8% | -0.8× | 124 |
Peers = companies sharing BKNG's sector (Transportation Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $160.68 today, the market must believe free cash flow compounds 3.7%/yr for a decade (off $7.99B on the 3-yr avg basis).
On the basis ($7.41B) the requirement is 4.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.7% is more conservative than its 9-yr track record.
Default is 9.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.75B shares (market data) · net debt $1.53B
mean 12.8% · volatility σ 68% · implied rate exceeded in 6/8 yrs
Central path = implied 3.7%/yr growth; shaded band = ±1σ (68%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 14% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.25B dividends + $6.44B buybacks = $7.69B returned on $9.09B FCF.
2 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 13th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROIC is not available for this period, so the share of ROE attributable to leverage cannot be separated out.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 4.8 | 5.3 | 8.5 | 4.8 | 4.5 | 7.3 | 4.4 | 3.2 |
| Operating Income | 36.8 | 35.5 | -9.3 | 22.8 | 29.9 | 27.3 | 31.8 | 32.8 |
| Income Tax | 5.8 | 7.3 | 7.5 | 2.7 | 5.1 | 5.6 | 5.9 | 5.3 |
| Net Income | — | — | — | 10.6 | 17.9 | 20.1 | 24.8 | 20.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BKNG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~8.6% on $18.74B of debt.
Cash of $17.20B fully covers short-term debt of $1.88B.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 96.1% | 27.1% | not reported |
| FY2017 | 98.1% | 35.8% | not reported |
| FY2018 | not reported | 36.8% | not reported |
| FY2019 | not reported | 35.5% | not reported |
| FY2020 | not reported | -9.3% | not reported |
| FY2021 | not reported | 22.8% | not reported |
| FY2022 | not reported | 29.9% | not reported |
| FY2023 | not reported | 27.3% | not reported |
| FY2024 | not reported | 31.8% | not reported |
| FY2025 | not reported | 32.8% | not reported |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
Covers interest 3.8x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.46x |
| 5% | 5.18x |
| 10% | 4.91x |
| 15% | 4.64x |
| 20% | 4.37x |
| 25% | 4.09x |
| 30% | 3.82x |
| 35% | 3.55x |
| 40% | 3.27x |
| 45% | 3.00x |
| 50% | 2.73x |
| 55% | 2.46x |
| 60% | 2.18x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 5.5x today but falls to 3.8x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $157.51, free cash flow must compound 3.55%/yr for 10 years. It has done 12.44%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −104.5% | 3.6% |
| FY2022 | 145.9% | 3.6% |
| FY2023 | 13.1% | 3.6% |
| FY2024 | 12.8% | 3.6% |
| FY2025 | 15.1% | 3.6% |
The implied rate has been matched or beaten in 4 of the last 5 years.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.92B 100.0% | $23.74B 100.0% | $21.36B 100.0% | $17.09B 100.0% | $10.96B 100.0% | $6.80B 100.0% | $15.07B 100.0% | $14.53B 100.0% | $12.68B 100.0% | $10.74B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | — | $242.0M 1.9% | $415.0M 3.9% |
| Gross Profit | — | — | — | — | — | — | — | — | $12.44B 98.1% | $10.33B 96.1% |
| Selling, General & Admin | $857.0M 3.2% | $1.04B 4.4% | $1.56B 7.3% | $766.0M 4.5% | $522.0M 4.8% | $581.0M 8.5% | $797.0M 5.3% | $699.0M 4.8% | $576.0M 4.5% | $452.0M 4.2% |
| Total Operating Expenses | $18.09B 67.2% | $16.18B 68.2% | $15.53B 72.7% | $11.99B 70.1% | $8.46B 77.2% | $7.43B 109.3% | $9.72B 64.5% | $9.19B 63.2% | $7.90B 62.3% | $7.42B 69.1% |
| Operating Income | $8.82B 32.8% | $7.55B 31.8% | $5.83B 27.3% | $5.10B 29.9% | $2.50B 22.8% | -$631.0M -9.3% | $5.34B 35.5% | $5.34B 36.8% | $4.54B 35.8% | $2.91B 27.1% |
| Interest Expense | $1.62B 6.0% | $1.29B 5.5% | $897.0M 4.2% | $391.0M 2.3% | $334.0M 3.0% | $356.0M 5.2% | $266.0M 1.8% | $269.0M 1.9% | $254.0M 2.0% | $208.0M 1.9% |
| Interest & Investment Income | — | — | — | — | — | — | — | $187.0M 1.3% | $157.0M 1.2% | $95.0M 0.9% |
| Other Income (Expense), net | -$1.30B -4.8% | -$82.0M -0.3% | -$477.0M -2.2% | -$1.01B -5.9% | -$697.0M -6.4% | $1.55B 22.9% | $613.0M 4.1% | -$506.0M -3.5% | -$139.0M -1.1% | -$193.0M -1.8% |
| Pretax Income | $6.83B 25.4% | $7.29B 30.7% | $5.48B 25.7% | $3.92B 23.0% | $1.47B 13.4% | $567.0M 8.3% | $5.96B 39.5% | $4.83B 33.3% | $4.40B 34.7% | $2.71B 25.3% |
| Income Tax Expense | $1.43B 5.3% | $1.41B 5.9% | $1.19B 5.6% | $865.0M 5.1% | $300.0M 2.7% | $508.0M 7.5% | $1.09B 7.3% | $837.0M 5.8% | $2.06B 16.2% | $578.0M 5.4% |
| Net Income | $5.40B 20.1% | $5.88B 24.8% | $4.29B 20.1% | $3.06B 17.9% | $1.17B 10.6% | — | — | — | — | — |
| Per Share | ||||||||||
| EPS (Basic) | $166.52 | $174.96 | $118.67 | $76.70 | $28.39 | $1.45 | $112.93 | $84.26 | $47.78 | $43.14 |
| EPS (Diluted) | $165.57 | $172.69 | $117.40 | $76.35 | $28.17 | $1.44 | $111.82 | $83.26 | $46.86 | $42.65 |
| Weighted Avg Shares (Basic) | 32.5M | 33.6M | 36.1M | 39.9M | 41.0M | 41.0M | 43.1M | 47.4M | 49.0M | 49.5M |
| Weighted Avg Shares (Diluted) | 32.6M | 34.1M | 36.5M | 40.1M | 41.4M | 41.2M | 43.5M | 48.0M | 50.0M | 50.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.