Investor challenges Booking Holdings' balance sheet, buyback strategy

CMF Capital, an investor in Booking Holdings, sent a letter to the board criticizing its aggressive share buyback program for increasing financial risk. CMF noted that the company's equity ratio declined from about 39% in 2019 to 11% by end of 2022 and has since turned negative. The investor urges suspending buybacks and using cash flow to reduce debt and rebuild equity. Booking Holdings has not responded.