Is Booking's Slowdown A Pause Or Its New Pace?

Booking (BKNG) turns 35% of its sales into operating profit, against 18.6% for the S&P 500. Yet its stock lost 29% in the year to September 23, 2026, while the index returned 13%. Booking expects third-quarter 2026 revenue to grow just 4% to 6%. The question you face is whether that slower growth is a pause or Booking's new pace. Start with what the current price already asks you to pay.