Booking Holdings Inc. (BKNG) vs Carnival Corporation (CCL)

Booking Holdings Inc. and Carnival Corporation are both Travel Services companies. Booking Holdings Inc. is the larger, with a market value of $119.2B against $30.1B — 4.0× the size. Carnival Corporation trades at the lower P/E: 9.6× against 18.1×. Booking Holdings Inc. grew revenue faster over the last twelve months: 12.9% against 5.16%. Booking Holdings Inc. has the higher net margin (25.5% vs 11.2%) and the lower return on invested capital (0.00% vs 7.83%). Across the 21 metrics below, Carnival Corporation leads on 11 and Booking Holdings Inc. on 10.

Valuation

Metric BKNG CCL Travel Services median
P/E 18.06 9.63 17.52
P/S 4.46 1.13 2.24
P/B n/m 2.37 2.61
Price to free cash flow 13.21 9.57 12.40
EV/EBITDA 13.08 7.18 12.77
EV/Sales 4.57 1.96 2.38
Earnings yield 5.54% 10.38% 3.30%
Free cash flow yield 7.57% 10.45% 3.22%

Profitability

Metric BKNG CCL Travel Services median
Gross margin 100.00% 39.74% 67.64%
Operating margin 32.87% 16.35% 15.06%
Net margin 25.53% 11.23% 6.64%
Free cash flow margin 33.78% 11.77% 3.21%
Return on equity (82.67%) 26.69% 7.53%
Return on assets 23.88% 5.93% 3.40%
Return on invested capital 0.00% 7.83% 4.65%

Growth

Metric BKNG CCL Travel Services median
Revenue growth (TTM) 12.85% 5.16% 13.25%
EPS growth (last fiscal year) (4.12%) 40.28% —
Revenue growth, 5-year CAGR 31.69% 36.61% 28.66%
Net income growth, 5-year CAGR 146.82% 0.00% 0.00%

Health

Metric BKNG CCL Travel Services median
Debt to equity (1.87) 1.92 0.32
Current ratio 1.09 0.33 1.20
Net debt to EBITDA 0.16 3.34 1.07

Dividend

Metric BKNG CCL Travel Services median
Dividend yield — 0.22% —
Payout ratio 0.00 0.00 0.00

Size

Metric BKNG CCL Travel Services median
Market cap 119.16b 30.10b 4.41b

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