Airbnb Inc. (NASDAQ:ABNB) 

The price-to-book value ratio has demonstrated a consistent downward trend over the observed period. Initially high, the ratio has decreased significantly from 2021 to 2026, suggesting a changing market valuation relative to the company’s net asset value.

Overall Trend

A marked decline in the price-to-book value ratio is evident. Starting at 43.27 in February 2021, the ratio decreased to 8.61 by February 2026. This represents a substantial reduction in the premium investors are willing to pay for each dollar of net asset value.

Share Price Behavior

The share price experienced a decrease from US$206.35 in February 2021 to US$115.96 in February 2026. While not a monotonic decline, the overall trajectory is downward, contributing to the decreasing P/BV ratio.

Book Value per Share (BVPS) Behavior

Book value per share has consistently increased over the period, rising from US$4.77 in February 2021 to US$13.47 in February 2026. This indicates growth in the company’s net asset base. However, this growth in BVPS has been outpaced by the decline in share price, resulting in the lower P/BV ratio.

P/BV Ratio – Detailed Changes

The most significant decrease in the P/BV ratio occurred between February 2021 and February 2022, falling from 43.27 to 20.88. The rate of decline slowed between February 2022 and February 2023, and again between February 2023 and February 2024. The final two years, February 2024 to February 2026, show a continued, though less dramatic, decrease.

The combination of a decreasing share price and an increasing book value per share has resulted in a substantial contraction of the price-to-book value ratio. This suggests a shift in investor sentiment, potentially reflecting changing expectations regarding the company’s future growth prospects or increased risk perception.