Booking Holdings Inc
Held by 8 superinvestors (BKNG).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
Method & numbers
Owner-earnings DCF $1,404.68 – $2,525.04 · Greenwald zero-growth $2,190.61 · zero-growth base $2,190.61
Moat Not assessable · terminal value 43% of present value · owner-earnings yield 71% vs 10Y 4.4%.
Graham earnings-power value (normalized NOPAT)$1,783.78 – $2,190.61 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 264% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$1,189.94 – $1,454.37 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Asset floor: Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 10% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.90%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-06-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
8 superinvestors hold it · $4.60B combined
Largest holder Dodge & Cox
Held by 8 superinvestors of Booking Holdings Inc (BKNG); this quarter 3 added, 5 trimmed, 1 exited (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
Want to see which stocks look cheap against a conservative value band?
Browse all valued stocks, ranked by value bandSuperinvestors Holding This Security
- Value$4.20BWeight (prev→now)2.1% → 2.3% ▲
- Value$210.2MWeight (prev→now)3.5% → 4.1% ▲
- Value$88.9MWeight (prev→now)3.8% → 3.3% ▼
- Value$69.2MWeight (prev→now)7.6% → 5.5% ▲
- Value$23.2MWeight (prev→now)5.8% → 4.8% ▼
- Value$10.1MWeight (prev→now)0.2% → 0.1% ▼
- Value$736,806Weight (prev→now)0.1% → 0.0% ▼
- Value$227,357Weight (prev→now)1.6% → 0.0% ▼
Ownership overview
Booking Holdings Inc (BKNG) is held by 8 of the superinvestors tracked on Compounder, with a combined $4.60B in reported 13F value. The largest position belongs to Dodge & Cox, where it makes up 2.3% of the portfolio.
Other notable holders by value include Nicolai Tangen (4.1% of its book), François Rochon (3.3% of its book) and Pat Dorsey (5.5% of its book).
Over the latest quarter, 0 of the tracked filers opened a new position in BKNG, 3 added to existing ones, 5 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 10 → 8.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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