Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Airbnb Inc., current price multiples
| Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | Consumer Services | Consumer Discretionary | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | $133.39 | ||||||||||
| No. shares of common stock outstanding | 608,713,958 | ||||||||||
| Growth rate (g) | 29.75% | ||||||||||
| Earnings per share (EPS) | $4.13 | ||||||||||
| Next year expected EPS | $5.35 | ||||||||||
| Operating profit per share | $4.18 | ||||||||||
| Sales per share | $20.11 | ||||||||||
| Book value per share (BVPS) | $13.47 | ||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | 32.34 | 25.33 | 28.71 | 78.75 | 26.98 | 62.26 | 32.80 | 41.70 | |||
| Price to next year expected earnings | 24.92 | 13.79 | 20.44 | 84.63 | — | — | 9.04 | 33.99 | |||
| Price-earnings-growth (PEG) | 1.09 | 0.30 | 0.71 | — | — | — | 0.12 | 1.84 | |||
| Price to operating profit (P/OP) | 31.92 | 15.51 | 22.77 | 101.83 | 18.64 | 39.36 | 23.25 | 35.39 | |||
| Price to sales (P/S) | 6.63 | 5.09 | 3.70 | 5.37 | 8.59 | 3.11 | 5.30 | 3.28 | |||
| Price to book value (P/BV) | 9.90 | — | 15.58 | 7.34 | — | — | 121.92 | 8.75 | |||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Airbnb Inc., historical price multiples
Based on: 10-K (reporting date: 2025-12-31), 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).
The valuation ratios demonstrate a consistent pattern of decline across the observed period. Initially high, these multiples generally decreased from 2022 through 2025, suggesting a changing investor perception of the company’s value relative to its financial performance.
- Price to Earnings (P/E)
- The Price to Earnings ratio was not reported for 2021, but stood at 44.53 in 2022. A substantial decrease to 20.59 was observed in 2023, followed by increases to 33.58 in 2024 and a further decline to 28.11 in 2025. This indicates fluctuating investor confidence in earnings growth.
- Price to Operating Profit (P/OP)
- A significant reduction in the Price to Operating Profit ratio is apparent. Starting at 232.24 in 2021, the ratio fell dramatically to 46.78 in 2022, then to 65.01 in 2023. Continued declines were recorded in 2024 (34.83) and 2025 (27.75), suggesting increasing efficiency or decreasing investor willingness to pay for each dollar of operating profit.
- Price to Sales (P/S)
- The Price to Sales ratio exhibited a steady downward trend. Beginning at 16.64 in 2021, it decreased to 10.04 in 2022 and 9.95 in 2023. This decline continued with values of 8.01 in 2024 and 5.77 in 2025, indicating a diminishing premium investors were willing to pay for each dollar of revenue.
- Price to Book Value (P/BV)
- The Price to Book Value ratio also showed a consistent decreasing trend. Starting at 20.88 in 2021, it decreased to 15.16 in 2022, 12.09 in 2023, 10.57 in 2024, and finally to 8.61 in 2025. This suggests a decreasing market valuation of the company’s net assets.
Collectively, the ratios suggest a shift in market sentiment, with investors assigning lower valuations to the company based on its earnings, operating profit, sales, and book value over the analyzed timeframe. The consistent declines across all observed multiples point to a potential re-evaluation of growth prospects or increased risk perception.
Price to Earnings (P/E)
Airbnb Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 608,713,958 | 630,539,599 | 647,064,669 | 640,528,494 | 642,872,940 | |
| Selected Financial Data (US$) | ||||||
| Net income (loss) (in millions) | 2,511) | 2,648) | 4,792) | 1,893) | (352) | |
| Earnings per share (EPS)2 | 4.13 | 4.20 | 7.41 | 2.96 | -0.55 | |
| Share price1, 3 | 115.96 | 141.04 | 152.51 | 131.60 | 155.09 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 28.11 | 33.58 | 20.59 | 44.53 | — | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Booking Holdings Inc. | 25.03 | 28.00 | 31.09 | 29.87 | 86.68 | |
| Chipotle Mexican Grill Inc. | 33.86 | 50.81 | 58.48 | 49.37 | 67.03 | |
| DoorDash, Inc. | 80.56 | 728.78 | — | — | — | |
| McDonald’s Corp. | 27.63 | 27.00 | 25.23 | 31.22 | 24.15 | |
| Starbucks Corp. | 51.93 | 29.62 | 29.09 | 34.26 | 30.95 | |
| P/E Ratio, Sector | ||||||
| Consumer Services | 32.02 | 34.04 | 30.62 | 39.20 | 46.48 | |
| P/E Ratio, Industry | ||||||
| Consumer Discretionary | 96.58 | 39.33 | 33.63 | 46.01 | 39.27 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= 2,511,000,000 ÷ 608,713,958 = 4.13
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 115.96 ÷ 4.13 = 28.11
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibits considerable fluctuation over the observed period. Initially, a P/E ratio is not available for the December 31, 2021 period, coinciding with a negative earnings per share (EPS) value. Subsequent years demonstrate a clear trend of decreasing, then increasing, and finally stabilizing P/E ratios.
- P/E Ratio Trend
- The P/E ratio increased significantly from 44.53 in 2022 to 20.59 in 2023, indicating a substantial change in investor valuation relative to earnings. This decrease suggests that the market price did not increase as rapidly as earnings during this period. Following this decrease, the P/E ratio increased to 33.58 in 2024, before decreasing again to 28.11 in 2025. This suggests a period of volatility in investor sentiment.
The relationship between share price and EPS appears to be a key driver of the P/E ratio’s movement. The initial negative EPS in 2021 prevents a P/E calculation. The positive EPS values in subsequent years allow for P/E ratio calculation, and the changes in these values, combined with share price fluctuations, directly influence the observed trends. The share price decreased from 2021 to 2022, then increased to 2023, and subsequently decreased in 2024 and 2025. This movement, coupled with the EPS changes, explains the P/E ratio’s pattern.
- Earnings Per Share (EPS) Impact
- EPS increased substantially from -0.55 in 2021 to 2.96 in 2022, and continued to rise to 7.41 in 2023. This strong earnings growth likely contributed to the initial decrease in the P/E ratio from 2022 to 2023, as the denominator of the ratio increased significantly. EPS then decreased to 4.20 in 2024 and 4.13 in 2025, which contributed to the increase and subsequent stabilization of the P/E ratio.
The P/E ratio in 2025, at 28.11, represents a stabilization compared to the more volatile figures observed in the preceding years. However, it remains higher than the 2023 value, suggesting that investors are willing to pay a higher premium for each dollar of earnings compared to that year.
Price to Operating Profit (P/OP)
Airbnb Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 608,713,958 | 630,539,599 | 647,064,669 | 640,528,494 | 642,872,940 | |
| Selected Financial Data (US$) | ||||||
| Income from operations (in millions) | 2,544) | 2,553) | 1,518) | 1,802) | 429) | |
| Operating profit per share2 | 4.18 | 4.05 | 2.35 | 2.81 | 0.67 | |
| Share price1, 3 | 115.96 | 141.04 | 152.51 | 131.60 | 155.09 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 27.75 | 34.83 | 65.01 | 46.78 | 232.24 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Booking Holdings Inc. | 15.33 | 21.80 | 22.85 | 17.91 | 40.46 | |
| Chipotle Mexican Grill Inc. | 26.87 | 40.67 | 46.13 | 38.25 | 54.38 | |
| DoorDash, Inc. | 104.18 | — | — | — | — | |
| McDonald’s Corp. | 19.09 | 18.95 | 18.35 | 20.58 | 17.59 | |
| Starbucks Corp. | 32.83 | 20.60 | 20.44 | 24.35 | 26.68 | |
| P/OP Ratio, Sector | ||||||
| Consumer Services | 22.69 | 25.92 | 26.47 | 26.12 | 32.01 | |
| P/OP Ratio, Industry | ||||||
| Consumer Discretionary | 81.96 | 31.45 | 29.18 | 27.24 | 41.03 | |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= 2,544,000,000 ÷ 608,713,958 = 4.18
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 115.96 ÷ 4.18 = 27.75
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the observed period demonstrates significant fluctuation. Initially high, the ratio decreased substantially before stabilizing and exhibiting a slight downward trend towards the end of the period. This movement correlates with changes in both share price and operating profit per share.
- Share Price
- The share price began at 155.09 US$ in 2021, decreased to 131.60 US$ in 2022, and then increased to 152.51 US$ in 2023. A subsequent decline to 141.04 US$ in 2024 was followed by a further decrease to 115.96 US$ in 2025. This indicates overall price volatility throughout the five-year period.
- Operating Profit Per Share
- Operating profit per share showed a marked increase from 0.67 US$ in 2021 to 2.81 US$ in 2022. While it decreased to 2.35 US$ in 2023, it rose again to 4.05 US$ in 2024 and continued to 4.18 US$ in 2025. This suggests a generally positive trend in profitability, despite some intermediate fluctuation.
- P/OP Ratio Trend
- The P/OP ratio started at a high of 232.24 in 2021. A dramatic decrease was observed in 2022, falling to 46.78. The ratio continued to decline, albeit at a slower pace, to 65.01 in 2023, then 34.83 in 2024, and finally 27.75 in 2025. The initial decline in the P/OP ratio can be attributed to the substantial increase in operating profit per share, while the subsequent movements reflect the combined influence of share price and operating profit per share changes. The ratio’s stabilization towards the end of the period suggests a potential equilibrium between price and operating performance.
The observed decrease in the P/OP ratio over the period could indicate that the market is placing a lower valuation on each dollar of operating profit generated by the company, or that operating profit growth is being priced into the share price. Further investigation into industry trends and competitor valuations would be necessary to provide a more comprehensive assessment.
Price to Sales (P/S)
Airbnb Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 608,713,958 | 630,539,599 | 647,064,669 | 640,528,494 | 642,872,940 | |
| Selected Financial Data (US$) | ||||||
| Revenue (in millions) | 12,241) | 11,102) | 9,917) | 8,399) | 5,992) | |
| Sales per share2 | 20.11 | 17.61 | 15.33 | 13.11 | 9.32 | |
| Share price1, 3 | 115.96 | 141.04 | 152.51 | 131.60 | 155.09 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 5.77 | 8.01 | 9.95 | 10.04 | 16.64 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Booking Holdings Inc. | 5.02 | 6.94 | 6.24 | 5.35 | 9.22 | |
| Chipotle Mexican Grill Inc. | 4.36 | 6.89 | 7.28 | 5.14 | 5.80 | |
| DoorDash, Inc. | 5.49 | 8.36 | 5.40 | 3.23 | 7.30 | |
| McDonald’s Corp. | 8.80 | 8.56 | 8.38 | 8.32 | 7.85 | |
| Starbucks Corp. | 2.59 | 3.08 | 3.34 | 3.49 | 4.47 | |
| P/S Ratio, Sector | ||||||
| Consumer Services | 5.17 | 6.34 | 6.15 | 5.69 | 7.25 | |
| P/S Ratio, Industry | ||||||
| Consumer Discretionary | 7.60 | 3.45 | 2.63 | 2.27 | 3.57 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 12,241,000,000 ÷ 608,713,958 = 20.11
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 115.96 ÷ 20.11 = 5.77
5 Click competitor name to see calculations.
The price to sales ratio demonstrates a consistent decline over the five-year period. Initially, the ratio stood at 16.64 in 2021, and subsequently decreased to 5.77 by 2025. This downward trend is accompanied by increasing sales per share, suggesting that the market valuation relative to revenue generation has become more favorable for investors over time.
- Price to Sales Ratio Trend
- From 2021 to 2022, the price to sales ratio experienced a substantial decrease, falling from 16.64 to 10.04. This represents a significant contraction in the premium investors were willing to pay for each dollar of sales. The decline moderated between 2022 and 2023, with the ratio decreasing slightly to 9.95. A more pronounced decrease was observed from 2023 to 2024, with the ratio falling to 8.01. The most substantial decrease occurred between 2024 and 2025, where the ratio dropped to 5.77.
- Sales per Share Trend
- Sales per share exhibited a consistent upward trend throughout the period. Starting at 9.32 in 2021, it increased to 13.11 in 2022, 15.33 in 2023, 17.61 in 2024, and reached 20.11 in 2025. This indicates a steady growth in revenue generated per outstanding share.
The combined effect of decreasing price to sales ratio and increasing sales per share suggests that the company’s stock has become relatively undervalued based on its revenue generation capabilities during the observed period. The market appears to be assigning a lower valuation multiple to each dollar of sales, even as sales per share are increasing.
- Relationship between P/S and Sales per Share
- The inverse relationship between the price to sales ratio and sales per share is notable. As sales per share increased, the price to sales ratio decreased, indicating that the stock price did not increase at the same rate as revenue generation. This could be due to various factors, including changes in investor sentiment, broader market conditions, or company-specific concerns not reflected in the provided information.
Price to Book Value (P/BV)
Airbnb Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 608,713,958 | 630,539,599 | 647,064,669 | 640,528,494 | 642,872,940 | |
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in millions) | 8,199) | 8,412) | 8,165) | 5,560) | 4,776) | |
| Book value per share (BVPS)2 | 13.47 | 13.34 | 12.62 | 8.68 | 7.43 | |
| Share price1, 3 | 115.96 | 141.04 | 152.51 | 131.60 | 155.09 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 8.61 | 10.57 | 12.09 | 15.16 | 20.88 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Booking Holdings Inc. | — | — | — | 32.84 | 16.35 | |
| Chipotle Mexican Grill Inc. | 18.37 | 21.32 | 23.47 | 18.74 | 19.05 | |
| DoorDash, Inc. | 7.51 | 11.49 | 6.85 | 3.15 | 7.65 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| P/BV Ratio, Sector | ||||||
| Consumer Services | 119.02 | 163.88 | 264.40 | 198.47 | 74.08 | |
| P/BV Ratio, Industry | ||||||
| Consumer Discretionary | 20.27 | 11.08 | 10.06 | 9.41 | 13.21 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 8,199,000,000 ÷ 608,713,958 = 13.47
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 115.96 ÷ 13.47 = 8.61
5 Click competitor name to see calculations.
The price to book value ratio demonstrates a consistent decline over the five-year period. Initially, the ratio stood at 20.88 in 2021, and subsequently decreased to 8.61 by 2025. This suggests a changing market perception of the company’s net asset value relative to its market capitalization.
- Price to Book Value (P/BV) Trend
- A clear downward trend is evident in the P/BV ratio. From 2021 to 2022, the ratio decreased from 20.88 to 15.16, representing a substantial reduction. The decline continued, albeit at a slower pace, to 12.09 in 2023 and 10.57 in 2024. The most significant decrease occurred between 2024 and 2025, with the ratio falling to 8.61.
The book value per share exhibited an upward trend throughout the observed period. Starting at US$7.43 in 2021, it increased to US$8.68 in 2022, US$12.62 in 2023, and further to US$13.34 in 2024, reaching US$13.47 in 2025. This indicates a growth in the company’s net asset value per share.
- Share Price Trend
- The share price experienced fluctuations. It decreased from US$155.09 in 2021 to US$131.60 in 2022, then increased to US$152.51 in 2023 before declining to US$141.04 in 2024 and finally to US$115.96 in 2025. The volatility suggests external factors or company-specific events may be influencing investor sentiment.
The combined effect of increasing book value per share and decreasing share price resulted in the observed decline in the P/BV ratio. While the company’s net asset value, as reflected in BVPS, grew, the market assigned a progressively lower valuation multiple to those assets. This could indicate increased investor skepticism, changing market conditions, or a shift in growth expectations.