Price to Book Value (P/BV)
since 2020
Calculation
Airbnb Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2025 | 10.57 | = | 141.04 | ÷ | 13.34 | 13.34 | = | 8,412 | ÷ | 630,539,599 | |
| Feb 16, 2024 | 12.09 | = | 152.51 | ÷ | 12.62 | 12.62 | = | 8,165 | ÷ | 647,064,669 | |
| Feb 17, 2023 | 15.16 | = | 131.60 | ÷ | 8.68 | 8.68 | = | 5,560 | ÷ | 640,528,494 | |
| Feb 25, 2022 | 20.88 | = | 155.09 | ÷ | 7.43 | 7.43 | = | 4,776 | ÷ | 642,872,940 | |
| Feb 26, 2021 | 43.27 | = | 206.35 | ÷ | 4.77 | 4.77 | = | 2,902 | ÷ | 608,434,746 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
- Share Price Trend
- The share price has shown a declining trend over the observed periods, dropping from $206.35 in February 2021 to $141.04 in February 2025. There was an initial sharp decline to $155.09 by February 2022, followed by a further decline to $131.60 in February 2023. A moderate recovery to $152.51 occurred in February 2024 before falling again to $141.04 in February 2025.
- Book Value per Share (BVPS) Trend
- The book value per share exhibited consistent growth throughout the periods. Starting at $4.77 in February 2021, it increased steadily to $13.34 by February 2025. This represents nearly a threefold increase in the book value per share over four years, with the most substantial increments occurring between February 2023 and February 2025.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio has decreased substantially from 43.27 in February 2021 to 10.57 in February 2025. This decline indicates that the market valuation relative to the company's book value has compressed significantly. Although the share price fell, the faster growth in book value per share has contributed to the reduced P/BV ratio, signaling potentially a more balanced or undervalued stock price relative to its net asset value.
- Overall Insights
- The data presents a scenario where the market price of the shares has declined, whereas the book value per share has considerably strengthened, resulting in a notable decrease in the P/BV ratio. This may suggest increasing intrinsic company value not fully reflected in the market price, or a shift in investor perception leading to a more conservative valuation multiple. The moderate recovery of share price in 2024 suggests some market confidence improvement, but the subsequent decline in 2025 reflects persisting market caution. The growing book value per share points to improving financial fundamentals.
Comparison to Competitors
Airbnb Inc., P/BV, long-term trends, comparison to competitors
| Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|
| Feb 13, 2025 | 10.57 | — | 21.32 | — | — |
| Feb 16, 2024 | 12.09 | — | 23.47 | — | — |
| Feb 17, 2023 | 15.16 | 32.84 | 18.74 | — | — |
| Feb 25, 2022 | 20.88 | 16.35 | 19.05 | — | — |
| Feb 26, 2021 | 43.27 | 20.46 | 21.52 | — | — |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Comparison to Sector (Consumer Services)
Airbnb Inc., P/BV, long-term trends, comparison to sector (consumer services)
| Airbnb Inc. | Consumer Services | |
|---|---|---|
| Feb 13, 2025 | 10.57 | — |
| Feb 16, 2024 | 12.09 | — |
| Feb 17, 2023 | 15.16 | — |
| Feb 25, 2022 | 20.88 | 167.21 |
| Feb 26, 2021 | 43.27 | — |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
Comparison to Industry (Consumer Discretionary)
Airbnb Inc., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Airbnb Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 13, 2025 | 10.57 | 32.00 |
| Feb 16, 2024 | 12.09 | 10.11 |
| Feb 17, 2023 | 15.16 | 9.55 |
| Feb 25, 2022 | 20.88 | 13.30 |
| Feb 26, 2021 | 43.27 | 18.17 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).