Online travel · 18/36 against 24/36 checks · to 2026-09-08
BKNG vs EXPE.
Booking HoldingsRuns Booking.com, Priceline and Kayak, taking a commission on travel bookings.
ExpediaRuns Expedia, Hotels.com and Vrbo, taking a commission on travel bookings.→Booking (BKNG) is 4.3 times the size of Expedia (EXPE) at $135.5B against $31.4B, and on the filings Expedia passes more, 24 checks of 36 against 18.
Which passes more checks?
widest gap first→No axis separates them by more than 2 of six checks, and the widest is Quality.
| BKNG | EXPE | |
|---|---|---|
| Quality | 4/6 | 6/6 |
| Shareholder returns | 3/6 | 5/6 |
| Value | 3/6 | 4/6 |
| Trend analysis | 1/6 | 2/6 |
| Growth | 4/6 | 4/6 |
| Health | 3/6 | 3/6 |
| All checks | 18/36 | 24/36 |
→Booking turns over $28.2B to Expedia's $15.7B, 1.8 times as much. Booking keeps 25.5% of revenue as profit against 13.0% at Expedia.
Which keeps more of each sale?
→Expedia keeps more of each sale: gross margin of 86.2% against 44.0%, a gap of 42 points that flows into everything below it.
| BKNG | EXPE | |
|---|---|---|
| Gross margin | 44.0% | 86.2% |
| Operating margin | 32.9% | 16.0% |
| Return on equity | - | 169.0% |
Which hands more back to owners?
→Both pay: Booking yields the more at 0.9% against 0.6%. A yield rises when a price falls, so read it beside the payout checks in each report.
| BKNG | EXPE | |
|---|---|---|
| Dividend yield | 0.9% | 0.6% |
| Payout ratio | 17.3% | 9.8% |
| Years of unbroken dividend | - | - |
Which is cheaper?
→Booking is the cheaper of the two on earnings, 0.8x against 17.7x. Against their own histories, Booking is below its 1.1x median and Expedia is below its 43.8x.
| BKNG | EXPE | |
|---|---|---|
| Share price | $180.30 | $274.55 |
| Market cap | $135.5B | $31.4B |
| P/E | 0.8x | 17.7x |
| P/E, own median own 11-year median / own 10-year median | 1.1x | 43.8x |
| P/S | 4.8x | 2.0x |
| Free cash flow yield | 7.0% | 14.2% |
Which is growing faster, BKNG or EXPE?
→Booking and Expedia grew revenue at much the same rate last year, +12.9% against +12.0%. Over three years the order is the same, Booking at +16.3% and Expedia at +8.1%.
| BKNG | EXPE | |
|---|---|---|
| Revenue (TTM) | $28.2B | $15.7B |
| Revenue growth, 1 year | +12.9% | +12.0% |
| Revenue CAGR, 3 years | +16.3% | +8.1% |
| Net income (TTM) | $7.2B | $2.0B |
| Free cash flow (TTM) | $9.5B | $4.5B |
Which balance sheet is stronger?
| BKNG | EXPE | |
|---|---|---|
| Debt / equity | - | 4.52x |
| Interest coverage | 8.4x | 7.1x |
| Cash and short-term investments | $17.2B | $7.1B |
Where they differ most
the checks behind the gapQuality: Expedia 2 ahead
- Better gross margins than peers 86.2% vs 52.5% (market 70th pct)
- Runs leaner than peers (operating margin) 16.0% vs 13.0% (market 70th pct)
- Actually profitable TTM net income $2.0B
- Better gross margins than peers 44.0% vs 52.5% (market 70th pct)
- Earns well on shareholders' money negative equity
Shareholder returns: Expedia 2 ahead
- Share count isn't climbing shares down 18.4% over 3 years
- Buybacks outpace the stock issued to staff $1.9B bought back vs $412M of stock compensation
- What it hands back fits inside its cash flow 47.8% vs 100.0%
- What it hands back fits inside its cash flow 123.8% vs 100.0%
- Reliable payer, never cut paid 2/10 years, worst year-on-year change 6.3%