Airbnb, Inc.
$186.78
+5.65 (+3.12%) · delayed · Nov 13, 2026
Five-year price
52w $110.81 to $197.87
- Market cap
- $116.4B
- Enterprise value
- $111.8B
- P/E
- 46.3×
- EV / EBIT
- 43.9×
- FCF yield
- 4.0%
- ROIC
- 56.0%
- Debt / equity
- 0.24
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ●ROIC > 12% (5y avg)5y avg ROIC 244.7%
- ●ROE > 15% (5y avg)5y avg ROE 29.5%
- ○Stable operating marginsMargin volatility 5.8% (σ, 5y)
- ●Earnings convert to cashFCF / net income 154% (5y avg)
- ●Growing revenueRevenue CAGR 5y 29.4%
- ○Shrinking share countDiluted shares 119.4% over 5y
Value
0
- ○P/E below 15P/E 46.3
- ○EV/EBIT below 12EV/EBIT 43.9
- ○FCF yield above 6%FCF yield 4.0%
- ○Price below Graham NumberGraham Number $34.55
- ○P/B below 3P/B 14.2
Safety
80
- ●Debt / equity below 0.5D/E 0.24
- ●Debt payable in < 4 yrs of earningsNet debt $-4.6B
- ●Interest coverage > 8xCoverage 1272.0x
- ○Current ratio > 1.5Current ratio 1.38
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
n/a
- ●Adequate size (revenue > $2B)Revenue $12.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.38
- –Earnings stability (no loss, 10y)7 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $186.78, the market is pricing in about 8.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$4.6B · 623M shares · 5y revenue CAGR 29.4%
Intrinsic value
$446.32
Price
$186.78
Margin of safety
58%
What the price implies
The market is paying for 8.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Revenue | 4,805 | 3,378 | 5,992 | 8,399 | 9,917 | 11,102 | 12,241 |
| Gross profit | — | — | — | — | — | — | — |
| Operating income | (502) | (3,590) | 429 | 1,802 | 1,518 | 2,553 | 2,544 |
| Operating margin | -10.4% | -106.3% | 7.2% | 21.5% | 15.3% | 23.0% | 20.8% |
| Pre-tax income | (412) | (4,682) | (300) | 1,989 | 2,102 | 3,331 | 3,137 |
| Income tax | 263 | (97) | 52 | 96 | (2,690) | 683 | 626 |
| Net income | (674) | (4,585) | (352) | 1,893 | 4,792 | 2,648 | 2,511 |
| EPS (diluted) | — | — | — | — | — | — | — |
| Diluted shares | 261 | 284 | 616 | 680 | 662 | 645 | 623 |
Who owns it