Booking Holdings Inc (BKNG) is undervalued and Expedia Group Inc (EXPE) is fairly valued.
Against our estimates of intrinsic value, BKNG trades at the wider discount: a margin of safety of +39%, against -2% for EXPE.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $268.01; the price of $164.22 is 39% below that value, and 75% of that value comes from beyond year five.
Leak Score 97/100 on 8 of 12 signals
Discounting its cash flows at 10.8% (average of 3 methods) values the shares at $274.56; the price of $280.70 is 2% above that value, and 70% of that value comes from beyond year five.
Leak Score 65/100 on 10 of 12 signals
| Metric | BKNG | EXPE |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $164.22 | $280.70 |
| Intrinsic value | $268.01 | $274.56 |
| Margin of safety | +39% | -2% |
| Leak Score | 97/100 (8/12) | 65/100 (10/12) |
| Market cap | $123.4B | $33.7B |
| Revenue growth, 5 years | 31.7% | 23.2% |
| Operating margin | 35.2% | 16.6% |
| Net margin | 25.5% | 13.0% |
| Return on equity | — | 199.1% |
| Debt to equity | — | 4.70 |
| P/E | 18.2x | 17.5x |
| Forward P/E | 13.3x | 11.5x |
| P/B | — | 27.9x |
| Dividend yield | 0.9% | 0.5% |