Stock Analysis on Net
Stock Analysis on Net

Airbnb Inc. (NASDAQ:ABNB)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Airbnb Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Dec 31, 2023 58.69% = 23.21% × 2.53
Sep 30, 2023 59.85% = 25.47% × 2.35
Jun 30, 2023 45.46% = 10.85% × 4.19
Mar 31, 2023 38.34% = 10.13% × 3.78
Dec 31, 2022 34.05% = 11.80% × 2.88
Sep 30, 2022 29.40% = 10.13% × 2.90
Jun 30, 2022 23.80% = 6.55% × 3.63
Mar 31, 2022 16.92% = 4.70% × 3.60
Dec 31, 2021 -7.37% = -2.57% × 2.87
Sep 30, 2021 — = — × 3.05
Jun 30, 2021 — = — × 4.56
Mar 31, 2021 — = — × 3.91

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Airbnb Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 58.69% = 48.32% × 0.48 × 2.53
Sep 30, 2023 59.85% = 56.87% × 0.45 × 2.35
Jun 30, 2023 45.46% = 25.31% × 0.43 × 4.19
Mar 31, 2023 38.34% = 23.30% × 0.44 × 3.78
Dec 31, 2022 34.05% = 22.54% × 0.52 × 2.88
Sep 30, 2022 29.40% = 20.29% × 0.50 × 2.90
Jun 30, 2022 23.80% = 16.91% × 0.39 × 3.63
Mar 31, 2022 16.92% = 12.12% × 0.39 × 3.60
Dec 31, 2021 -7.37% = -5.88% × 0.44 × 2.87
Sep 30, 2021 — = — × — × 3.05
Jun 30, 2021 — = — × — × 4.56
Mar 31, 2021 — = — × — × 3.91

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Airbnb Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Dec 31, 2023 58.69% = 2.28 × 0.96 × 22.03% × 0.48 × 2.53
Sep 30, 2023 59.85% = 1.93 × 0.99 × 29.65% × 0.45 × 2.35
Jun 30, 2023 45.46% = 0.95 × 0.99 × 26.81% × 0.43 × 4.19
Mar 31, 2023 38.34% = 0.95 × 0.99 × 24.68% × 0.44 × 3.78
Dec 31, 2022 34.05% = 0.95 × 0.99 × 23.97% × 0.52 × 2.88
Sep 30, 2022 29.40% = 0.95 × 0.99 × 21.65% × 0.50 × 2.90
Jun 30, 2022 23.80% = 0.96 × 0.98 × 17.88% × 0.39 × 3.63
Mar 31, 2022 16.92% = 0.93 × 0.98 × 13.29% × 0.39 × 3.60
Dec 31, 2021 -7.37% = — × -2.19 × 2.29% × 0.44 × 2.87
Sep 30, 2021 — = — × — × — × — × 3.05
Jun 30, 2021 — = — × — × — × — × 4.56
Mar 31, 2021 — = — × — × — × — × 3.91

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The primary reason for the decrease in return on equity ratio (ROE) over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Airbnb Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Dec 31, 2023 23.21% = 48.32% × 0.48
Sep 30, 2023 25.47% = 56.87% × 0.45
Jun 30, 2023 10.85% = 25.31% × 0.43
Mar 31, 2023 10.13% = 23.30% × 0.44
Dec 31, 2022 11.80% = 22.54% × 0.52
Sep 30, 2022 10.13% = 20.29% × 0.50
Jun 30, 2022 6.55% = 16.91% × 0.39
Mar 31, 2022 4.70% = 12.12% × 0.39
Dec 31, 2021 -2.57% = -5.88% × 0.44
Sep 30, 2021 — = — × —
Jun 30, 2021 — = — × —
Mar 31, 2021 — = — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Airbnb Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Dec 31, 2023 23.21% = 2.28 × 0.96 × 22.03% × 0.48
Sep 30, 2023 25.47% = 1.93 × 0.99 × 29.65% × 0.45
Jun 30, 2023 10.85% = 0.95 × 0.99 × 26.81% × 0.43
Mar 31, 2023 10.13% = 0.95 × 0.99 × 24.68% × 0.44
Dec 31, 2022 11.80% = 0.95 × 0.99 × 23.97% × 0.52
Sep 30, 2022 10.13% = 0.95 × 0.99 × 21.65% × 0.50
Jun 30, 2022 6.55% = 0.96 × 0.98 × 17.88% × 0.39
Mar 31, 2022 4.70% = 0.93 × 0.98 × 13.29% × 0.39
Dec 31, 2021 -2.57% = — × -2.19 × 2.29% × 0.44
Sep 30, 2021 — = — × — × — × —
Jun 30, 2021 — = — × — × — × —
Mar 31, 2021 — = — × — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The primary reason for the decrease in return on assets ratio (ROA) over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Airbnb Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Dec 31, 2023 48.32% = 2.28 × 0.96 × 22.03%
Sep 30, 2023 56.87% = 1.93 × 0.99 × 29.65%
Jun 30, 2023 25.31% = 0.95 × 0.99 × 26.81%
Mar 31, 2023 23.30% = 0.95 × 0.99 × 24.68%
Dec 31, 2022 22.54% = 0.95 × 0.99 × 23.97%
Sep 30, 2022 20.29% = 0.95 × 0.99 × 21.65%
Jun 30, 2022 16.91% = 0.96 × 0.98 × 17.88%
Mar 31, 2022 12.12% = 0.93 × 0.98 × 13.29%
Dec 31, 2021 -5.88% = — × -2.19 × 2.29%
Sep 30, 2021 — = — × — × —
Jun 30, 2021 — = — × — × —
Mar 31, 2021 — = — × — × —

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The primary reason for the decrease in net profit margin ratio over Q4 2023 is the decrease in operating profitability measured by EBIT margin ratio.