Want to find your lens? Five questions, no jargon — they tell you which of four reads fits how you already think.
Cheap and healthy — worth a proper look.
The math shows a margin of safety, and nothing is obviously deteriorating.
Price against fair value
Free cash flow — 10-year history ($B)
What the math is really telling you. Watch whether cash flow is compounding — that, more than any single year, is what a value read hangs on.
The read — lights & verdict
- Good:UndervaluedFair value ~$223 vs $193 — a margin of safety of 15%.
- Good:Price is in line with its recordPriced for ~3%/yr, roughly what it has delivered (13.7%/yr).
- Good:Revenue still growingUp 13.4% last year — demand isn't the problem.
- Good:Cash flow compoundingFree cash flow up ~13.7%/yr — the engine is growing.
- Caution:Manageable net debtNet debt of $2B — about 0.2× annual free cash flow. Normal for a mature company.
How this was built. Every figure is computed from Booking Holdings Inc.'s SEC filings — no estimates, no AI. Two-stage DCF: 9% discount rate, 5% free-cash-flow growth for 10 years, 2.5% terminal. Free cash flow is operating cash flow less capital spending. Net cash is cash and marketable securities less borrowings, commercial paper and finance leases; operating leases are disclosed but never counted as debt. Fundamentals are from the FY25 annual report and change only when a new one is filed. There was a stock split after the last annual report, so the share count is the diluted figure filed in the 10-Q to 2026-06-30 rather than the annual average, which is on a basis that no longer exists. Price of $193.29 taken 2026-09-04 (Google Finance, manual entry, 2026-08-28) — it is not live and does not move during the day.
TickerMath is an educational tool, not investment advice — it computes one model from SEC filings and can be wrong. How we compute this →