<p>Booking Holdings (BKNG) 一直在忙于重塑其故事，第三季度业绩超出预期，成本节约目标更高，以及新的合作伙伴关系使其更深入地进入高利润的支付和企业旅行领域。</p>
<p>查看我们对 Booking Holdings 的最新分析。</p>
<p>投资者对这一转变给予了回报，最新股价为 $5,197.04，7 天股价回报为 5.75%，帮助抵消了 90 天股价回报为 -6.69% 的疲软表现。三年总股东回报为 161.49%，仍然显示出强劲的长期动能。</p>
<p>如果 Booking 的转型让你更广泛地思考旅行和体验，现在可能是探索航空航天和国防股票的好时机，这也是寻找与全球流动性和需求相关公司的另一种方式。</p>
<p>尽管实现了两位数的增长、利润率上升和积极的回购，股价仍低于分析师目标价，关键问题是 Booking 是否被低估，还是市场已经在定价其下一阶段的增长。</p>
<h2>最受欢迎的叙述：16.3% 被低估</h2>
<p>由于公允价值估计明显高于最后收盘价 $5,197.04，当前叙述将 Booking 描绘为一个被错误定价的复合增长者，驱动因素是盈利能力而非炒作。</p>
<blockquote>
<p><em>分析师对 Booking Holdings 的共识目标价为 $6100.361，基于他们对未来盈利增长、利润率和其他风险因素的预期。然而，分析师之间存在一定程度的分歧，最乐观的分析师报告的目标价为 $7218.0，而最悲观的分析师报告的目标价仅为 $5200.0.</em></p>
</blockquote>
<p>阅读完整叙述。</p>
<p>想看看这个上行案例背后隐藏着什么吗？这个故事依赖于更快的利润增长、扩大的利润率和更高的盈利倍数。好奇这些因素如何结合成那个公允价值吗？</p>
<p><strong>结果：公允价值为 $6,207（被低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，日益增长的人工智能驱动竞争和更谨慎的消费者旅行支出可能会压缩利润率，并挑战 Booking 当前盈利能力的持久性假设。</p>
<p>了解与 Booking Holdings 叙述相关的关键风险。</p>
<h2>估值的另一种角度</h2>
<p>从盈利倍数来看，Booking 远非明显便宜。它的市盈率为 33.2 倍，远高于美国酒店业平均的 21.2 倍，甚至高于同行平均的 28.5 倍，这增加了预期已经被拉伸的风险。</p>
<p>这一溢价部分被公允比率 39.1 倍所抵消，这表明如果 Booking 继续执行，市场仍可能上涨。当前股价与该公允比率之间的差距使投资者在权衡上行潜力与增长放缓时可能出现的急剧降级风险之间。你更愿意站在哪一边？</p>
<p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d9bbae42-5343-419f-9ded-6cc1fe345f70/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1640" height="650" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d9bbae42-5343-419f-9ded-6cc1fe345f70/chart/pe-multiple-vs-industry"/></p>
<p>NasdaqGS:BKNG 截至 2025 年 12 月的市盈率</p>
<h2>构建你自己的 Booking Holdings 叙述</h2>
<p>如果你不同意这种框架或更喜欢自己深入数字，你可以在几分钟内使用 Do it your way 构建个性化视图。</p>
<p>你对 Booking Holdings 研究的一个很好的起点是我们的分析，强调 3 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
<h2>准备好进行下一次投资吗？</h2>
<p>不要止步于 Booking，现在就使用 Simply Wall Street 筛选器，发掘其他投资者尚未关注的新机会。</p>
<ul>
<li>通过审查这 908 只基于现金流的被低估股票，为潜在的错误定价调整你的投资组合，如果市场情绪追赶基本面，这些股票可能会提供吸引人的上行空间。</li>
<li>通过扫描这 26 只利用人工智能加速增长和重塑行业的 AI 小盘股，捕捉技术转型的上行潜力。</li>
<li>通过评估这 15 只收益率超过 3% 的股息股票，增强你的收入流，这些股票结合了稳健的收益和长期总回报的潜力。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 对提到的任何股票没有持仓。</em></p>

BKNG

<p>Booking Holdings (BKNG) 在第三季度业绩超预期、削减成本以及在支付和企业旅行方面扩展后，正在重新评估其估值。尽管最近的股价为 $5,197.04，分析师认为其被低估，公允价值估计为 $6,207。该公司面临来自人工智能竞争和谨慎消费支出的风险，但其长期势头依然强劲。分析师们的目标价格各不相同，反映出对其增长潜力的不同看法。投资者被鼓励探索其他被低估的股票和人工智能驱动的机会</p>

<p>Booking Holdings (BKNG) has been busy reshaping its story, with a Q3 earnings beat, bigger cost savings targets, and fresh partnerships that push it deeper into higher margin payments and corporate travel.</p>
<div class="lb-trans"><p>Booking Holdings (BKNG) 一直在忙于重塑其故事，第三季度业绩超出预期，成本节约目标更高，以及新的合作伙伴关系使其更深入地进入高利润的支付和企业旅行领域。</p>
</div><p>See our latest analysis for Booking Holdings.</p>
<div class="lb-trans"><p>查看我们对 Booking Holdings 的最新分析。</p>
</div><p>Investors have been rewarding that shift, with the latest share price at $5,197.04 and a 7 day share price return of 5.75% helping offset a softer 90 day share price return of minus 6.69%. The three year total shareholder return of 161.49% still signals powerful long term momentum.</p>
<div class="lb-trans"><p>投资者对这一转变给予了回报，最新股价为 $5,197.04，7 天股价回报为 5.75%，帮助抵消了 90 天股价回报为 -6.69% 的疲软表现。三年总股东回报为 161.49%，仍然显示出强劲的长期动能。</p>
</div><p>If Booking’s transformation has you thinking more broadly about travel and experiences, it could be a good moment to explore aerospace and defense stocks as another way to find companies linked to global mobility and demand.</p>
<div class="lb-trans"><p>如果 Booking 的转型让你更广泛地思考旅行和体验，现在可能是探索航空航天和国防股票的好时机，这也是寻找与全球流动性和需求相关公司的另一种方式。</p>
</div><p>With shares still trading at a discount to analyst targets despite double digit growth, rising margins, and aggressive buybacks, the key question now is whether Booking is quietly undervalued or if markets are already pricing in its next leg of growth.</p>
<div class="lb-trans"><p>尽管实现了两位数的增长、利润率上升和积极的回购，股价仍低于分析师目标价，关键问题是 Booking 是否被低估，还是市场已经在定价其下一阶段的增长。</p>
</div><h2>Most Popular Narrative Narrative: 16.3% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：16.3% 被低估</h2>
</div><p>With the fair value estimate sitting meaningfully above the last close of $5,197.04, the prevailing narrative frames Booking as a mispriced compounder driven by earnings power rather than hype.</p>
<div class="lb-trans"><p>由于公允价值估计明显高于最后收盘价 $5,197.04，当前叙述将 Booking 描绘为一个被错误定价的复合增长者，驱动因素是盈利能力而非炒作。</p>
</div><blockquote>
<p><em>The analysts have a consensus price target of $6100.361 for Booking Holdings based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of $7218.0, and the most bearish reporting a price target of just $5200.0.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>分析师对 Booking Holdings 的共识目标价为 $6100.361，基于他们对未来盈利增长、利润率和其他风险因素的预期。然而，分析师之间存在一定程度的分歧，最乐观的分析师报告的目标价为 $7218.0，而最悲观的分析师报告的目标价仅为 $5200.0.</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Want to see what is hiding behind this upside case? The story hinges on faster profit growth, expanding margins, and a richer earnings multiple. Curious how those pieces fit together into that fair value?</p>
<div class="lb-trans"><p>想看看这个上行案例背后隐藏着什么吗？这个故事依赖于更快的利润增长、扩大的利润率和更高的盈利倍数。好奇这些因素如何结合成那个公允价值吗？</p>
</div><p><strong>Result: Fair Value of $6,207 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 $6,207（被低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, rising AI driven competition and more cautious consumer travel spending could compress margins and challenge the assumption that Booking’s current earnings power is durable.</p>
<div class="lb-trans"><p>然而，日益增长的人工智能驱动竞争和更谨慎的消费者旅行支出可能会压缩利润率，并挑战 Booking 当前盈利能力的持久性假设。</p>
</div><p>Find out about the key risks to this Booking Holdings narrative.</p>
<div class="lb-trans"><p>了解与 Booking Holdings 叙述相关的关键风险。</p>
</div><h2>Another Angle on Valuation</h2>
<div class="lb-trans"><h2>估值的另一种角度</h2>
</div><p>Looked at through earnings multiples, Booking is far from obviously cheap. It trades on a price to earnings ratio of 33.2 times, well above the US hospitality average of 21.2 times and even richer than peer averages around 28.5 times, which raises the risk that expectations are already stretched.</p>
<div class="lb-trans"><p>从盈利倍数来看，Booking 远非明显便宜。它的市盈率为 33.2 倍，远高于美国酒店业平均的 21.2 倍，甚至高于同行平均的 28.5 倍，这增加了预期已经被拉伸的风险。</p>
</div><p>This premium is partly offset by a fair ratio of 39.1 times, suggesting the market could still move higher if Booking keeps executing. The gap between where the shares trade today and where that fair ratio points leaves investors weighing upside potential against the risk of a sharp de rating if growth stumbles. Which side of that trade would you rather be on?</p>
<div class="lb-trans"><p>这一溢价部分被公允比率 39.1 倍所抵消，这表明如果 Booking 继续执行，市场仍可能上涨。当前股价与该公允比率之间的差距使投资者在权衡上行潜力与增长放缓时可能出现的急剧降级风险之间。你更愿意站在哪一边？</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这个价格的看法——在我们的估值分析中了解更多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/d9bbae42-5343-419f-9ded-6cc1fe345f70/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/d9bbae42-5343-419f-9ded-6cc1fe345f70/chart/pe-multiple-vs-industry"/></p>
<p>NasdaqGS:BKNG PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>NasdaqGS:BKNG 截至 2025 年 12 月的市盈率</p>
</div><h2>Build Your Own Booking Holdings Narrative</h2>
<div class="lb-trans"><h2>构建你自己的 Booking Holdings 叙述</h2>
</div><p>If you disagree with this framing or prefer to dive into the numbers yourself, you can build a personalized view in just minutes with Do it your way.</p>
<div class="lb-trans"><p>如果你不同意这种框架或更喜欢自己深入数字，你可以在几分钟内使用 Do it your way 构建个性化视图。</p>
</div><p>A great starting point for your Booking Holdings research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>你对 Booking Holdings 研究的一个很好的起点是我们的分析，强调 3 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
</div><h2>Ready for your next investing move?</h2>
<div class="lb-trans"><h2>准备好进行下一次投资吗？</h2>
</div><p>Do not stop at Booking, use the Simply Wall Street Screener now to uncover fresh opportunities before other investors crowd into them.</p>
<div class="lb-trans"><p>不要止步于 Booking，现在就使用 Simply Wall Street 筛选器，发掘其他投资者尚未关注的新机会。</p>
</div><ul>
<li>Position your portfolio for potential mispricing by reviewing these 908 undervalued stocks based on cash flows that could offer attractive upside if sentiment catches up with fundamentals.</li>
<li>Capture the upside of a technology shift by scanning these 26 AI penny stocks that are leveraging artificial intelligence to accelerate growth and reshape industries.</li>
<li>Strengthen your income stream by assessing these 15 dividend stocks with yields &gt; 3% that combine solid yields with the potential for long term total returns.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过审查这 908 只基于现金流的被低估股票，为潜在的错误定价调整你的投资组合，如果市场情绪追赶基本面，这些股票可能会提供吸引人的上行空间。</li>
<li>通过扫描这 26 只利用人工智能加速增长和重塑行业的 AI 小盘股，捕捉技术转型的上行潜力。</li>
<li>通过评估这 15 只收益率超过 3% 的股息股票，增强你的收入流，这些股票结合了稳健的收益和长期总回报的潜力。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也不考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 对提到的任何股票没有持仓。</em></p>
</div>

Booking Holdings (BKNG)：在第三季度业绩超预期、成本削减以及支付和企业差旅扩张后重新评估估值