A Business at a Glance
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Airbnb, Inc.
ABNB
$87.9B
Mkt Cap
$141.10
+2.57%
Airbnb, Inc. (ABNB) has a current P/E ratio of 35.0, compared to its historical median P/E of 31.0. The stock is currently considered Fair based on its historical valuation range.
Airbnb, Inc. (ABNB) has a 5-year average return on invested capital (ROIC) of 30.8%. This indicates strong capital allocation and a potential competitive advantage.
Airbnb, Inc. (ABNB) has a market capitalization of $85.8B. It is classified as a large-cap stock.
Airbnb, Inc. (ABNB) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.74%.
Based on historical P/E analysis, Airbnb, Inc. (ABNB) appears fair. The current P/E of 35.0 is 13% above its historical median of 31.0. The estimated fair value CAGR (P/E method) is 37.8%.
Airbnb, Inc. (ABNB) operates in the Services-To Dwellings & Other Buildings industry, within the Industrials sector.
Airbnb, Inc. (ABNB) reported annual revenue of $12.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Airbnb operates a global two-sided marketplace connecting over 5 million hosts with guests across more than 220 countries and regions, generating revenue through booking commissions and service fees on stays, experiences, and services. The platform's core business model is asset-light, relying on hosts to provide accommodations while Airbnb handles discovery, payments, trust and safety, and customer support through its technology infrastructure. Hosts benefit from onboarding tools, pricing optimization, co-host networks, and property protection through AirCover for Hosts (up to $3 million damage coverage and $1 million liability per occurrence), while guests access flexible payment options including Reserve Now, Pay Later, and are protected by AirCover for Guests covering cancellations, check-in failures, and inaccurate listings. The company's competitive moat rests on its system of trust—comprising reviews, background checks, fraud detection, AI-powered risk assessment, and 24/7 safety support—combined with a rebuilt technology stack featuring microservices architecture, multilingual real-time support across approximately 20 local payment methods, and AI-driven personalization and search capabilities. Airbnb's growth strategy extends beyond traditional home rentals to include experiences and services (launched May 2025), with plans to expand into hotels, while employing a localized approach to product and marketing in less mature markets like Brazil, Japan, and Germany to drive international penetration.
【Strong momentum with margin resilience】 Management expects underlying demand to remain robust through 2026, supported by product improvements including AI-powered search, unified booking across homes, experiences, and services, and simplified fee structures that are expected to lift take rates modestly. The company anticipates continued investment in efficient marketing, international expansion, and AI capabilities while maintaining profitability, with confidence grounded in strong booking trends, successful monetization initiatives, and a flexible balance sheet. Management is pursuing expansion into hotels and other new business categories with a multi-year investment horizon, though near-term revenue contribution is expected to be limited. The company faces headwinds from geopolitical uncertainty, including approximately 100 basis points of impact from Middle East conflict, and tougher year-over-year comparisons in the back half of 2026 from prior-year Reserve Now, Pay Later rollout, yet remains optimistic about the durability of pricing strength and nights booked growth.
| Metric | Target | Period |
|---|---|---|
| Adjusted EBITDA margin | at least 35% | FY2026 |
| Effective tax rate | high teens | FY2026 |
Adjusted EBITDA margin (FY2026): “For profitability, we're now expecting our adjusted EBITDA margin to be at least 35%.”
Effective tax rate (FY2026): “For 2026, we anticipate our effective tax rate to be in the high teens, down from 20% in 2025 due to the One Big Beautiful Bill Act, primarily due to how foreign earnings are taxed.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.6B | 12.2B | 11.1B | 9.9B | 8.4B | 6.0B |
| Net Income | 2.5B | 2.5B | 2.6B | 4.8B | 1.9B | -352M |
| EPS | $4.03 | $4.03 | $4.11 | $7.24 | $2.79 | $-0.57 |
| Free Cash Flow | 0 | 4.6B | 4.5B | 3.9B | 3.4B | 2.3B |
| ROIC | 7.5% | 24.5% | 2136.3% | 54.1% | 33.2% | 11.2% |
| Gross Margin | - | 51.1% | 52.4% | 54.0% | 51.3% | 47.2% |
| Debt/Equity | 0.32 | 0.28 | 0.27 | 0.28 | 0.42 | 0.51 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 2.6B | 2.5B | 2.6B | 1.5B | 1.8B | 429M |
| Operating Margin | 20.5% | 20.8% | 23.0% | 15.3% | 21.5% | 7.2% |
| ROE | 33.0% | 30.2% | 31.9% | 69.8% | 36.6% | -9.2% |
| Shares Outstanding | 608M | 623M | 644M | 662M | 678M | 618M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 4.8B | 3.4B | 6.0B | 8.4B | 9.9B | 11.1B | 12.2B | 12.6B |
| Gross Margin | 75.1% | 74.1% | 47.2% | 51.3% | 54.0% | 52.4% | 51.1% | N/A |
| R&D | 977M | 2.8B | 1.4B | 1.5B | 1.7B | 2.1B | 2.4B | 2.4B |
| SG&A | 697M | 1.1B | 836M | 950M | 2.0B | 1.2B | 1.3B | 1.3B |
| EBIT | -502M | -3.6B | 429M | 1.8B | 1.5B | 2.6B | 2.5B | 2.6B |
| Op. Margin | -10.4% | -106.3% | 7.2% | 21.5% | 15.3% | 23.0% | 20.8% | 20.5% |
| Net Income | -674M | -4.6B | -352M | 1.9B | 4.8B | 2.6B | 2.5B | 2.5B |
| Net Margin | -14.0% | -135.7% | -5.9% | 22.5% | 48.3% | 23.9% | 20.5% | 19.9% |
| Non-Recurring | 38M | 156M | 234M | 91M | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | N/A | -27.0% | 11.2% | 33.2% | 54.1% | N/M | 24.5% | 7.5% |
| ROE | 101.8% | -438.1% | -9.2% | 36.6% | 69.8% | 31.9% | 30.2% | 33.0% |
| ROA | N/A | -85.9% | -2.9% | 12.7% | 26.1% | 12.7% | 11.6% | 9.4% |
| Cash Flow | ||||||||
| Op. Cash Flow | 223M | -740M | 2.3B | 3.4B | 3.9B | 4.5B | 4.6B | 4.6B |
| Free Cash Flow | 97M | -777M | 2.3B | 3.4B | 3.9B | 4.5B | 4.6B | 0 |
| Owner Earnings | 68M | -3.8B | 1.3B | 2.5B | 2.7B | 3.1B | 3.0B | 2.9B |
| CapEx | 125M | 37M | 25M | 25M | 0 | 0 | 0 | 0 |
| Maint. CapEx | 57M | 67M | 86M | 43M | 31M | 16M | 17M | 17M |
| Growth CapEx | 68M | 0 | 0 | 0 | N/A | N/A | N/A | 0 |
| D&A | 57M | 67M | 86M | 43M | 31M | 16M | 17M | 17M |
| CapEx/OCF | 56.3% | N/A | 1.1% | 0.7% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 1.5B | 2.3B | 3.4B | 3.8B | 4.1B |
| Buyback Yield | N/A | N/A | N/A | 2.7% | 2.5% | 4.0% | 4.4% | 4.7% |
| Stock-Based Comp | 98M | 3.0B | 899M | 930M | 1.1B | 1.4B | 1.6B | 1.6B |
| Debt Repayment | 0 | 5.0M | 2.0B | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -3.0B | -4.1B | -5.9B | -7.3B | -7.8B | -8.3B | -8.7B | -9.5B |
| Cash & Equiv. | 2.0B | 5.5B | 6.1B | 7.4B | 6.9B | 6.9B | 6.6B | 12.0B |
| Long-Term Debt | 0 | 1.8B | 2.0B | 2.0B | 2.0B | 2.0B | 0 | 2.5B |
| Debt/Equity | 0.00 | 0.80 | 0.51 | 0.42 | 0.28 | 0.27 | 0.28 | 0.32 |
| Interest Coverage | -96.9 | -27.6 | 8.6 | 225.3 | 27.6 | 1276.5 | 1272.0 | 1272.0 |
| Equity | -808M | 2.9B | 4.8B | 5.6B | 8.2B | 8.4B | 8.2B | 7.6B |
| Total Assets | N/A | 10.5B | 13.7B | 16.0B | 20.6B | 21.0B | 22.2B | 26.8B |
| Total Liabilities | N/A | 7.6B | 8.9B | 10.5B | 12.5B | 12.5B | 14.0B | 19.2B |
| Intangibles | N/A | 76M | 52M | 34M | 40M | 27M | 16M | 0 |
| Retained Earnings | N/A | -6.0B | -6.4B | -6.0B | -3.4B | -4.2B | -5.5B | -6.4B |
| Working Capital | N/A | 3.8B | 6.0B | 6.9B | 6.6B | 7.0B | 5.1B | 7.2B |
| Current Assets | N/A | 8.9B | 12.4B | 14.9B | 16.5B | 17.2B | 18.8B | 23.6B |
| Current Liabilities | N/A | 5.1B | 6.4B | 8.0B | 9.9B | 10.2B | 13.6B | 16.4B |
| Per Share Data | ||||||||
| EPS | -2.59 | -16.12 | -0.57 | 2.79 | 7.24 | 4.11 | 4.03 | 4.03 |
| Owner EPS | 0.26 | -13.40 | 2.15 | 3.62 | 4.13 | 4.80 | 4.87 | 4.78 |
| Book Value | -3.10 | 10.20 | 7.73 | 8.19 | 12.34 | 13.06 | 13.16 | 12.56 |
| Cash Flow/Share | 0.85 | -2.60 | 3.75 | 5.06 | 5.87 | 7.01 | 7.46 | 4.17 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 260.6M | 284.4M | 617.5M | 678.5M | 661.9M | 644.3M | 623.1M | 608.0M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | N/A | 29.6 | 18.9 | 32.5 | 34.0 | 35.0 |
| P/FCF | N/A | N/A | 45.8 | 16.4 | 23.3 | 19.0 | 18.3 | N/A |
| EV/EBIT | N/A | N/A | 229.5 | 26.8 | 54.4 | 30.3 | 30.8 | 29.4 |
| Price/Book | N/A | 33.0 | 21.9 | 10.1 | 11.1 | 10.2 | 10.4 | 11.2 |
| Price/Sales | N/A | 28.1 | 17.2 | 10.2 | 8.3 | 8.2 | 6.5 | 6.8 |
| FCF Yield | N/A | -0.8% | 2.2% | 6.1% | 4.3% | 5.3% | 5.4% | N/A |
| Market Cap | N/A | 95.8B | 104.8B | 56.0B | 90.7B | 85.9B | 85.2B | 85.8B |
| Avg. Price | N/A | 147.43 | 167.29 | 126.09 | 124.09 | 142.05 | 128.49 | 141.10 |
| Year-End Price | N/A | 149.00 | 169.71 | 82.49 | 137.00 | 133.38 | 136.82 | 141.10 |
Airbnb, Inc. passes 8 of 9 quality checks, indicating strong fundamentals.
Airbnb, Inc. trades at 35.0x trailing earnings, compared to its 15-year median P/E of 31.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 18.9x vs a median of 19.0x. The company's 5-year average ROIC is 30.8% with a gross margin of 51.2%. Total shareholder yield (buybacks) is 4.7%. At current prices, the estimated annualized return to fair value is +34.5%.
Airbnb, Inc. (ABNB) has a net profit margin of 20.5%. This is a strong margin indicating high profitability.
Airbnb, Inc. (ABNB) generated $4.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Airbnb, Inc. (ABNB) has a debt-to-equity ratio of 0.28. This indicates a conservatively financed balance sheet.
Airbnb, Inc. (ABNB) reported earnings per share (EPS) of $4.03 in its most recent fiscal year.
Airbnb, Inc. (ABNB) has a return on equity (ROE) of 30.2%. This indicates the company generates strong returns for shareholders.
Airbnb, Inc. (ABNB) has a 5-year average gross margin of 51.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Airbnb, Inc. (ABNB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Airbnb, Inc. (ABNB) has a book value per share of $13.16, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects underlying demand to remain robust through 2026, supported by product improvements including AI-powered search, unified booking across homes, experiences, and services, and simplified fee structures that are expected to lift take rates modestly. The company anticipates continued investment in efficient marketing, international expansion, and AI capabilities while maintaining profitability, with confidence grounded in strong booking trends, successful monetization initiatives, and a flexible balance sheet. Management is pursuing expansion into hotels and other new business categories with a multi-year investment horizon, though near-term revenue contribution is expected to be limited. The company faces headwinds from geopolitical uncertainty, including approximately 100 basis points of impact from Middle East conflict, and tougher year-over-year comparisons in the back half of 2026 from prior-year Reserve Now, Pay Later rollout, yet remains optimistic about the durability of pricing strength and nights booked growth.
Based on recent SEC filings and earnings calls, Airbnb, Inc. (ABNB) has provided the following forward guidance: Adjusted EBITDA margin: at least 35% (FY2026); Effective tax rate: high teens (FY2026).