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.
Impact and considerations
Booking Holdings' financial strategy is being questioned, potentially affecting its stock price and investor confidence, with implications for the OTA industry.
Key points
- CMF Capital criticizes Booking Holdings' buyback program.
- Equity ratio declined from 39% in 2019 to 11% in 2022 and turned negative.
- Investor urges suspending buybacks and reducing debt.
Sources and time
- Primary source
- PhocusWire / Phocuswright
- Other sources
- 0
- First source publication
- 10 Mar 2026, 04:35
- Page published
- 15 Aug 2026, 08:10
- Last updated
- 10 Mar 2026, 04:35
- Original links
- PhocusWire All News：Investor challenges Booking Holdings’ balance sheet, buyback strategy | PhocusWire (opens in a new tab)Primary source · en · Published 10 Mar 2026, 04:35