Booking Holdings Inc (BKNG)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	12,223,000	11,856,000	13,198,000	11,272,000	11,985,000	7,950,000	8,190,000	8,435,000	8,937,000	9,876,000	9,986,000	9,930,000	11,029,000	10,829,000	10,633,000	7,553,000	7,640,000	7,512,000	7,686,000	7,619,000
Total stockholders’ equity	US$ in thousands	-2,744,000	-625,000	-665,000	1,074,000	2,782,000	3,670,000	4,002,000	4,373,000	6,178,000	5,545,000	4,799,000	4,764,000	4,893,000	4,913,000	3,999,000	3,831,000	5,933,000	5,951,000	5,307,000	6,915,000
Debt-to-capital ratio		1.29	1.06	1.05	0.91	0.81	0.68	0.67	0.66	0.59	0.64	0.68	0.68	0.69	0.69	0.73	0.66	0.56	0.56	0.59	0.52

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $12,223,000K ÷ ($12,223,000K + $-2,744,000K)
= 1.29

The debt-to-capital ratio of Booking Holdings Inc has shown an increasing trend over the past eight quarters, reaching 1.24 in Q4 2023 from 0.69 in Q1 2022. This indicates that the company has been relying more on debt financing relative to its capital structure over time. The ratio exceeding 1 suggests that Booking Holdings Inc has more debt than equity in its capital structure, which may raise concerns about its financial leverage and solvency. Investors and creditors may monitor this trend closely to assess the company's ability to repay its debts and manage its financial risks effectively.