Investor challenges Booking Holdings’ balance sheet, buyback strategy

CMF Capital, a long-term investor in Booking Holdings since 2019, has criticized the company’s capital allocation strategy, particularly its aggressive share buyback program. The investor argues that this strategy has significantly increased financial risk by reducing shareholder equity, making the company vulnerable to potential economic downturns. CMF Capital urges Booking Holdings to suspend buybacks, reduce debt, and rebuild its balance sheet to attract long-term investors and better prepare for future shocks in the travel sector.