<p>Booking Holdings (BKNG) 一直在忙於重塑其故事，第三季度業績超出預期，成本節約目標更高，以及新的合作伙伴關係使其更深入地進入高利潤的支付和企業旅行領域。</p>
<p>查看我們對 Booking Holdings 的最新分析。</p>
<p>投資者對這一轉變給予了回報，最新股價為 $5,197.04，7 天股價回報為 5.75%，幫助抵消了 90 天股價回報為 -6.69% 的疲軟表現。三年總股東回報為 161.49%，仍然顯示出強勁的長期動能。</p>
<p>如果 Booking 的轉型讓你更廣泛地思考旅行和體驗，現在可能是探索航空航天和國防股票的好時機，這也是尋找與全球流動性和需求相關公司的另一種方式。</p>
<p>儘管實現了兩位數的增長、利潤率上升和積極的回購，股價仍低於分析師目標價，關鍵問題是 Booking 是否被低估，還是市場已經在定價其下一階段的增長。</p>
<h2>最受歡迎的敍述：16.3% 被低估</h2>
<p>由於公允價值估計明顯高於最後收盤價 $5,197.04，當前敍述將 Booking 描繪為一個被錯誤定價的複合增長者，驅動因素是盈利能力而非炒作。</p>
<blockquote>
<p><em>分析師對 Booking Holdings 的共識目標價為 $6100.361，基於他們對未來盈利增長、利潤率和其他風險因素的預期。然而，分析師之間存在一定程度的分歧，最樂觀的分析師報告的目標價為 $7218.0，而最悲觀的分析師報告的目標價僅為 $5200.0.</em></p>
</blockquote>
<p>閲讀完整敍述。</p>
<p>想看看這個上行案例背後隱藏着什麼嗎？這個故事依賴於更快的利潤增長、擴大的利潤率和更高的盈利倍數。好奇這些因素如何結合成那個公允價值嗎？</p>
<p><strong>結果：公允價值為 $6,207（被低估）</strong></p>
<p>完整閲讀敍述，瞭解預測背後的原因。</p>
<p>然而，日益增長的人工智能驅動競爭和更謹慎的消費者旅行支出可能會壓縮利潤率，並挑戰 Booking 當前盈利能力的持久性假設。</p>
<p>瞭解與 Booking Holdings 敍述相關的關鍵風險。</p>
<h2>估值的另一種角度</h2>
<p>從盈利倍數來看，Booking 遠非明顯便宜。它的市盈率為 33.2 倍，遠高於美國酒店業平均的 21.2 倍，甚至高於同行平均的 28.5 倍，這增加了預期已經被拉伸的風險。</p>
<p>這一溢價部分被公允比率 39.1 倍所抵消，這表明如果 Booking 繼續執行，市場仍可能上漲。當前股價與該公允比率之間的差距使投資者在權衡上行潛力與增長放緩時可能出現的急劇降級風險之間。你更願意站在哪一邊？</p>
<p>查看數字對這個價格的看法——在我們的估值分析中瞭解更多。</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>構建你自己的 Booking Holdings 敍述</h2>
<p>如果你不同意這種框架或更喜歡自己深入數字，你可以在幾分鐘內使用 Do it your way 構建個性化視圖。</p>
<p>你對 Booking Holdings 研究的一個很好的起點是我們的分析，強調 3 個關鍵獎勵和 1 個重要警示信號，這可能會影響你的投資決策。</p>
<h2>準備好進行下一次投資嗎？</h2>
<p>不要止步於 Booking，現在就使用 Simply Wall Street 篩選器，發掘其他投資者尚未關注的新機會。</p>
<ul>
<li>通過審查這 908 只基於現金流的被低估股票，為潛在的錯誤定價調整你的投資組合，如果市場情緒追趕基本面，這些股票可能會提供吸引人的上行空間。</li>
<li>通過掃描這 26 只利用人工智能加速增長和重塑行業的 AI 小盤股，捕捉技術轉型的上行潛力。</li>
<li>通過評估這 15 只收益率超過 3% 的股息股票，增強你的收入流，這些股票結合了穩健的收益和長期總回報的潛力。</li>
</ul>
<p><em>本文由 Simply Wall St 撰寫，內容具有一般性。<strong>我們基於歷史數據和分析師預測提供評論，採用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 這並不構成買入或賣出任何股票的推薦，也不考慮你的目標或財務狀況。我們的目標是為你提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 對提到的任何股票沒有持倉。</em></p>

BKNG

<p>Booking Holdings (BKNG) 在第三季度業績超預期、削減成本以及在支付和企業旅行方面擴展後，正在重新評估其估值。儘管最近的股價為 $5,197.04，分析師認為其被低估，公允價值估計為 $6,207。該公司面臨來自人工智能競爭和謹慎消費支出的風險，但其長期勢頭依然強勁。分析師們的目標價格各不相同，反映出對其增長潛力的不同看法。投資者被鼓勵探索其他被低估的股票和人工智能驅動的機會</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) 一直在忙於重塑其故事，第三季度業績超出預期，成本節約目標更高，以及新的合作伙伴關係使其更深入地進入高利潤的支付和企業旅行領域。</p>
</div><p>See our latest analysis for Booking Holdings.</p>
<div class="lb-trans"><p>查看我們對 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>投資者對這一轉變給予了回報，最新股價為 $5,197.04，7 天股價回報為 5.75%，幫助抵消了 90 天股價回報為 -6.69% 的疲軟表現。三年總股東回報為 161.49%，仍然顯示出強勁的長期動能。</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 的轉型讓你更廣泛地思考旅行和體驗，現在可能是探索航空航天和國防股票的好時機，這也是尋找與全球流動性和需求相關公司的另一種方式。</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>儘管實現了兩位數的增長、利潤率上升和積極的回購，股價仍低於分析師目標價，關鍵問題是 Booking 是否被低估，還是市場已經在定價其下一階段的增長。</p>
</div><h2>Most Popular Narrative Narrative: 16.3% Undervalued</h2>
<div class="lb-trans"><h2>最受歡迎的敍述：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>由於公允價值估計明顯高於最後收盤價 $5,197.04，當前敍述將 Booking 描繪為一個被錯誤定價的複合增長者，驅動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>分析師對 Booking Holdings 的共識目標價為 $6100.361，基於他們對未來盈利增長、利潤率和其他風險因素的預期。然而，分析師之間存在一定程度的分歧，最樂觀的分析師報告的目標價為 $7218.0，而最悲觀的分析師報告的目標價僅為 $5200.0.</em></p>
</blockquote>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>閲讀完整敍述。</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>想看看這個上行案例背後隱藏着什麼嗎？這個故事依賴於更快的利潤增長、擴大的利潤率和更高的盈利倍數。好奇這些因素如何結合成那個公允價值嗎？</p>
</div><p><strong>Result: Fair Value of $6,207 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>結果：公允價值為 $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>完整閲讀敍述，瞭解預測背後的原因。</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，日益增長的人工智能驅動競爭和更謹慎的消費者旅行支出可能會壓縮利潤率，並挑戰 Booking 當前盈利能力的持久性假設。</p>
</div><p>Find out about the key risks to this Booking Holdings narrative.</p>
<div class="lb-trans"><p>瞭解與 Booking Holdings 敍述相關的關鍵風險。</p>
</div><h2>Another Angle on Valuation</h2>
<div class="lb-trans"><h2>估值的另一種角度</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>從盈利倍數來看，Booking 遠非明顯便宜。它的市盈率為 33.2 倍，遠高於美國酒店業平均的 21.2 倍，甚至高於同行平均的 28.5 倍，這增加了預期已經被拉伸的風險。</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>這一溢價部分被公允比率 39.1 倍所抵消，這表明如果 Booking 繼續執行，市場仍可能上漲。當前股價與該公允比率之間的差距使投資者在權衡上行潛力與增長放緩時可能出現的急劇降級風險之間。你更願意站在哪一邊？</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看數字對這個價格的看法——在我們的估值分析中瞭解更多。</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>構建你自己的 Booking Holdings 敍述</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>如果你不同意這種框架或更喜歡自己深入數字，你可以在幾分鐘內使用 Do it your way 構建個性化視圖。</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>你對 Booking Holdings 研究的一個很好的起點是我們的分析，強調 3 個關鍵獎勵和 1 個重要警示信號，這可能會影響你的投資決策。</p>
</div><h2>Ready for your next investing move?</h2>
<div class="lb-trans"><h2>準備好進行下一次投資嗎？</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>不要止步於 Booking，現在就使用 Simply Wall Street 篩選器，發掘其他投資者尚未關注的新機會。</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>通過審查這 908 只基於現金流的被低估股票，為潛在的錯誤定價調整你的投資組合，如果市場情緒追趕基本面，這些股票可能會提供吸引人的上行空間。</li>
<li>通過掃描這 26 只利用人工智能加速增長和重塑行業的 AI 小盤股，捕捉技術轉型的上行潛力。</li>
<li>通過評估這 15 只收益率超過 3% 的股息股票，增強你的收入流，這些股票結合了穩健的收益和長期總回報的潛力。</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 撰寫，內容具有一般性。<strong>我們基於歷史數據和分析師預測提供評論，採用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 這並不構成買入或賣出任何股票的推薦，也不考慮你的目標或財務狀況。我們的目標是為你提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 對提到的任何股票沒有持倉。</em></p>
</div>

Booking Holdings (BKNG)：在第三季度業績超預期、成本削減以及支付和企業差旅擴張後重新評估估值