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STOCK COMPARISON

Booking Holdings vs Global Business Travel Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Booking Holdings (BKNG) and Global Business Travel Group (GBTG) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees Booking Holdings as the more attractively valued of the two: Booking Holdings trades at $157 versus a fair value of $193 (+23%), while Global Business Travel Group trades at $9.47 versus $4.45 (-53%).
Booking Holdings
BKNG · USD · Consumer Discretionary
+23%
upside to fair value
undervalued
Price$157
Fair Value$193
Quality88/100
Global Business Travel Group
GBTG · USD · Consumer Discretionary
-53%
upside to fair value
overvalued
Price$9.47
Fair Value$4.45
Quality35/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Booking HoldingsGlobal Business Travel Group
Valuation
17.3×P/E (TTM)59.2×
21.9×P/E ex one-offs (FY2025)29.6×
4.29×P/S (TTM)1.69×
Negative equityP/B3.08× · book value is mostly goodwill
11.6×EV/EBITDA17.5×
0.61×PEGn/a
+22.6%Fair value upside−53.1%
1.0%Dividend yieldn/a
$1.61Dividend per sharen/a
Profitability
34%Operating margin5%
Negative equityReturn on equity6%
20%Return on assets3%
Growth
8%Revenue growth (YoY)35%
16.3%Avg. growth/yr (3Y)13.7%
31.7%Avg. growth/yr (5Y)27.9%
+44.4%Value creation/yr−21.1%
Balance & size
5.7×Interest coverage (EBIT/interest)1.9×
Negative equityDebt / equity0.85×
$121BMarket cap$5B
healthyGrowth qualitymixed
The P/E excluding one-off items is scored: for at least one of the two companies, special items (write-downs, restructuring, litigation) move the reported P/E by 15 % or more. The trailing P/E is shown for reference.

Booking Holdings leads: 10 to 1 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Booking Holdingsof which business quality 84 · market factors 31 Global Business Travel Groupof which business quality 37 · market factors 60
ProfitabilityMargins and returns on capital today
87
37
Quality GrowthAre margins and returns improving?
43
61
CashflowEarnings quality: real cash, not paper profit
96
46
Fin. StrengthBalance sheet, leverage, solvency risk
83
29
InvestmentDisciplined investing over empire-building
92
52
Low VolatilityCalm price path (market factor)
53
37
MomentumPrice trend over the last 3–12 months (market factor)
32
67
52W MomentumDistance to the 52-week high (market factor)
4
75
Net IssuanceShare count: buybacks or dilution?
100
0

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyBooking HoldingsPrice $157Global Business Travel GroupPrice $9.47
DCF Models+80%above the price$283-37%below the price$5.99
Earnings-Based-14%close to the price$136-63%below the price$3.55
Dividend Discount-81%below the price$29.23n/a
Multiples+1%close to the price$158-57%below the price$4.03
Asset-Basedn/a-78%below the price$2.06
Growth DCF+72%above the price$271-35%below the price$6.16
Economic Profit-26%below the price$117-81%below the price$1.82
Growth Earnings+23%above the price$193-45%below the price$5.23
Minimum-81%below the price$29.23-81%below the price$1.82
Maximum+80%above the price$283-35%below the price$6.16
Median+1%close to the price$158-57%below the price$4.03
Geometric mean-11%close to the price$140-60%below the price$3.74

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Booking Holdings: 10 of 23 models see the stock below the current price.

Global Business Travel Group: 22 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Booking Holdings
Price $157
Fair Value $193
Bear $135Bull $251
Global Business Travel Group
Price $9.47
Fair Value $4.45
Bear $2.26Bull $5.78

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Booking Holdings · Consumer Discretionary

Quality score88 · Top 25%
Fair value upside+23% · above median

Global Business Travel Group · Consumer Discretionary

Quality score35 · bottom 25%
Fair value upside-53% · bottom 25%

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees Booking Holdings as the more attractively valued of the two: Booking Holdings trades at $157 versus a fair value of $193 (+23%), while Global Business Travel Group trades at $9.47 versus $4.45 (-53%).

Booking Holdings has the higher quality score (88/100).

Open Booking Holdings live analysis →
Booking Holdings · Global Business Travel Group

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.