Booking Holdings Inc. (BKNG) vs Norwegian Cruise Line Holdings Ltd. (NCLH)

Booking Holdings Inc. and Norwegian Cruise Line Holdings Ltd. are both Travel Services companies. Booking Holdings Inc. is the larger, with a market value of $119.2B against $6.6B — 18.2× the size. Norwegian Cruise Line Holdings Ltd. trades at the lower P/E: 8.7× against 18.1×. Booking Holdings Inc. grew revenue faster over the last twelve months: 12.9% against 6.21%. Booking Holdings Inc. has the higher net margin (25.5% vs 7.49%) and the lower return on invested capital (0.00% vs 5.51%). Across the 20 metrics below, Booking Holdings Inc. leads on 12 and Norwegian Cruise Line Holdings Ltd. on 8.

Valuation

Metric BKNG NCLH Travel Services median
P/E 18.06 8.75 17.52
P/S 4.46 0.66 2.24
P/B n/m 2.61 2.61
Price to free cash flow 13.21 n/m 12.40
EV/EBITDA 13.08 7.81 12.77
EV/Sales 4.57 2.12 2.38
Earnings yield 5.54% 11.43% 3.30%
Free cash flow yield 7.57% (17.67%) 3.22%

Profitability

Metric BKNG NCLH Travel Services median
Gross margin 100.00% 42.46% 67.64%
Operating margin 32.87% 15.09% 15.06%
Net margin 25.53% 7.49% 6.64%
Free cash flow margin 33.78% (11.67%) 3.21%
Return on equity (82.67%) 36.73% 7.53%
Return on assets 23.88% 3.34% 3.40%
Return on invested capital 0.00% 5.51% 4.65%

Growth

Metric BKNG NCLH Travel Services median
Revenue growth (TTM) 12.85% 6.21% 13.25%
EPS growth (last fiscal year) (4.12%) (51.32%) —
Revenue growth, 5-year CAGR 31.69% 50.33% 28.66%
Net income growth, 5-year CAGR 146.82% 0.00% 0.00%

Health

Metric BKNG NCLH Travel Services median
Debt to equity (1.87) 5.84 0.32
Current ratio 1.09 0.20 1.20
Net debt to EBITDA 0.16 5.29 1.07

Dividend

Metric BKNG NCLH Travel Services median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric BKNG NCLH Travel Services median
Market cap 119.16b 6.56b 4.41b

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