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BKNG (Booking Holdings) Piotroski F-Score : 7 (As of Oct. 31, 2024)


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What is Booking Holdings Piotroski F-Score?

Good Sign:

Piotroski F-Score is 7, indicates a very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Booking Holdings has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Booking Holdings's Piotroski F-Score or its related term are showing as below:

BKNG' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 7
Current: 7

During the past 13 years, the highest Piotroski F-Score of Booking Holdings was 7. The lowest was 3. And the median was 6.


Booking Holdings Piotroski F-Score Historical Data

The historical data trend for Booking Holdings's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Booking Holdings Piotroski F-Score Chart

Booking Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 5.00 6.00 6.00 7.00

Booking Holdings Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 7.00 6.00 7.00 -

Competitive Comparison of Booking Holdings's Piotroski F-Score

For the Travel Services subindustry, Booking Holdings's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Booking Holdings's Piotroski F-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Booking Holdings's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Booking Holdings's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was 222 + 776 + 1521 + 2517 = $5,036 Mil.
Cash Flow from Operations was 1346 + 2704 + 2525 + 2373 = $8,948 Mil.
Revenue was 4784 + 4415 + 5859 + 7994 = $23,052 Mil.
Gross Profit was 4784 + 4415 + 5859 + 7994 = $23,052 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(25635 + 24342 + 27728 + 28541 + 27978) / 5 = $26844.8 Mil.
Total Assets at the begining of this year (Sep23) was $25,635 Mil.
Long-Term Debt & Capital Lease Obligation was $14,301 Mil.
Total Current Assets was $20,529 Mil.
Total Current Liabilities was $16,678 Mil.
Net Income was 1235 + 266 + 1290 + 2511 = $5,302 Mil.

Revenue was 4049 + 3778 + 5462 + 7341 = $20,630 Mil.
Gross Profit was 4049 + 3778 + 5462 + 7341 = $20,630 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(22063 + 25361 + 25206 + 26558 + 25635) / 5 = $24964.6 Mil.
Total Assets at the begining of last year (Sep22) was $22,063 Mil.
Long-Term Debt & Capital Lease Obligation was $12,403 Mil.
Total Current Assets was $18,479 Mil.
Total Current Liabilities was $12,832 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Booking Holdings's current Net Income (TTM) was 5,036. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Booking Holdings's current Cash Flow from Operations (TTM) was 8,948. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep23)
=5036/25635
=0.19645017

ROA (Last Year)=Net Income/Total Assets (Sep22)
=5302/22063
=0.24031183

Booking Holdings's return on assets of this year was 0.19645017. Booking Holdings's return on assets of last year was 0.24031183. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Booking Holdings's current Net Income (TTM) was 5,036. Booking Holdings's current Cash Flow from Operations (TTM) was 8,948. ==> 8,948 > 5,036 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=14301/26844.8
=0.53272887

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=12403/24964.6
=0.4968235

Booking Holdings's gearing of this year was 0.53272887. Booking Holdings's gearing of last year was 0.4968235. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep24)=Total Current Assets/Total Current Liabilities
=20529/16678
=1.23090299

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=18479/12832
=1.4400717

Booking Holdings's current ratio of this year was 1.23090299. Booking Holdings's current ratio of last year was 1.4400717. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Booking Holdings's number of shares in issue this year was 33.864. Booking Holdings's number of shares in issue last year was 35.987. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=23052/23052
=1

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=20630/20630
=1

Booking Holdings's gross margin of this year was 1. Booking Holdings's gross margin of last year was 1. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep23)
=23052/25635
=0.89923932

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=20630/22063
=0.93504963

Booking Holdings's asset turnover of this year was 0.89923932. Booking Holdings's asset turnover of last year was 0.93504963. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+1+0+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Booking Holdings has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Booking Holdings  (NAS:BKNG) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Booking Holdings Piotroski F-Score Related Terms

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Booking Holdings Business Description

Address
800 Connecticut Avenue, Norwalk, CT, USA, 06854
Booking is the world's largest online travel agency by sales, offering booking and payment services for hotel and alternative accommodation rooms, airline tickets, rental cars, restaurant reservations, cruises, experiences, and other vacation packages. The company operates several branded travel booking sites, including Booking.com, Agoda, OpenTable, and Rentalcars.com, and has expanded into travel media with the acquisitions of Kayak and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.
Executives
Paulo Pisano officer: Chief Human Resources Officer 800 CONNECTICUT AVENUE, NORWALK CT 06854
Susana D'emic officer: SVP, CAO & Controller C/O TIME INC., 225 LIBERTY STREET, NEW YORK NY 10281
Glenn D Fogel officer: Hd Worldwide Strat & Planning PRICELINE.COM INCORPORATED, 800 CONNECTICUT AVENUE, NORWALK CT 06854
Radakovich Lynn Vojvodich director C/O BOOKING HOLDINGS INC., 800 CONNECTICUT AVENUE, NORWALK CT 06854
David I Goulden officer: Chief Financial Officer 176 SOUTH STREET, HOPKINTON MA 01748
Nicholas Read director C/O BOOKING HOLDINGS INC., 800 CONNECTICUT AVENUE, NORWALK CT 06854
Larry Quinlan director 2225 LAWSON LANE, SANTA CLARA CA 95054
Mylod Robert J Jr officer: Vice Chairman
Sumit Singh director C/O CHEWY, INC., 7700 WEST SUNRISE BLVD, PLANTATION FL 33322
Peter J Millones officer: Executive VP, General Counsel
Jeffery H Boyd director C/O ASPEN GROVE CAPITAL, LLC, PO BOX 9389, AVON CO 81620
Dijk Bob Van director C/O BOOKING HOLDINGS INC., 800 CONNECTICUT AVENUE, NORWALK CT 06854
Gillian Tans officer: President & COO, Booking.com C/O THE PRICELINE GROUP INC., 800 CONNECTICUT AVENUE, NORWALK CT 06854
Vanessa Ames Wittman director C/O MARSH & MCLENNAN COMPANIES, INC., 1166 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Wei Hopeman director C/O BOOKING HOLDINGS INC., 800 CONNECTICUT AVENUE, NORWALK CT 06854