Airbnb, Inc. (ABNB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-33.9%

$113.71

vs $172.04 price

Levered DCF

$130.51

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.6

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	33.1×	31.36×	18.1×	28.79×	-292.09×	-19.02×	-113.94×	-4,550.63×
P/B	10.15×	9.87×	10.62×	9.8×	21.48×	30.05×	-95.13×	-148.52×
P/S	6.76×	7.48×	8.74×	6.48×	17.12×	25.82×	15.99×	21.04×
EV / EBITDA	29.22×	23.11×	36.86×	25.06×	358.37×	-19.17×	-261.63×	480.1×
Gross margin	72.3%	83.1%	82.8%	82.2%	80.7%	74.1%	75.1%	76.3%
Operating margin	21.2%	23.0%	15.3%	21.5%	7.2%	-106.3%	-10.4%	0.5%
Net margin	20.4%	23.9%	48.3%	22.5%	-5.9%	-135.7%	-14.0%	-0.5%
Current ratio	1.38×	1.69×	1.66×	1.86×	1.95×	1.73×	1.25×	1.57×
Debt / equity	0.28×	0.27×	0.28×	0.42×	0.51×	0.8×	-0.52×	0×
Interest coverage	0×	0×	18.29×	75.08×	0.98×	-20.91×	-50.32×	0.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	30.6%	31.5%	58.7%	34.0%	-7.4%	-158.0%	83.5%	3.3%
Return on invested capital	19.7%	18.7%	14.1%	21.1%	5.8%	-64.7%	-16.1%	-0.2%
Return on assets	11.3%	12.6%	23.2%	11.8%	-2.6%	-43.7%	-8.1%	-0.3%
Free cash flow yield	5.6%	5.4%	4.5%	6.3%	2.3%	-0.8%	0.1%	0.7%
Earnings yield	3.0%	3.2%	5.5%	3.5%	-0.3%	-5.3%	-0.9%	-0.0%
Enterprise value	$78.9B	$78.5B	$82.2B	$49.4B	$98.9B	$84.1B	$75.2B	$74.7B
Net debt / EBITDA	-1.59×	-1.35×	-2.05×	-2.55×	-13.22×	0.72×	5.54×	-13.76×
Cash conversion cycle (days)	187	172	193	183	189	202	193	201