Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2020
- Price to Sales (P/S) since 2020
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Historical Valuation Ratios (Summary)
Airbnb Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a significant decline overall from early 2022 to late 2025. Starting at a high level of 96.17 in March 2022, the ratio drops sharply to 14.19 by September 2023, indicating a substantial improvement in earnings relative to price. Following this trough, there is some volatility with rises and falls, such as an increase to 50.83 in September 2024, before settling back down to 28.2 by September 2025. This pattern suggests fluctuating investor expectations and earnings performance but generally trending towards more moderate valuation levels over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio largely mirrors the trend seen in the P/E ratio, decreasing from 88.47 in March 2022 to a low of 27.43 by September 2025. Notably, while the ratio decreases steadily, there are intermittent spikes—most prominently an increase to 65.01 in December 2023—indicating periods where price levels rose disproportionately compared to operating profits. The downward trend overall points to improved operating profitability relative to market price, though fluctuations suggest some instability in profit recognition or market sentiment towards operating returns.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a more gradual but consistent decline over the examined periods. It decreases from 11.65 in March 2022 to 6.21 by September 2025. This decline implies a reduction in the market valuation relative to sales, indicating either a moderating investor enthusiasm ranked by revenue generation or improvements in sales paired with less aggressive price growth. The lack of sharp spikes suggests a relatively stable relationship between sales and price compared to earnings or profits.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio reveals a downward trend, starting at 16.27 in March 2022 and falling to 8.62 by September 2025. While the ratio generally decreases, some fluctuations occur, such as a peak of 18.03 in June 2023 followed by a notable drop to 8.49 in September 2023. This indicates changing market perceptions of the company’s net asset value relative to its stock price. The trend towards a lower P/BV ratio suggests a reassessment of the company's book value or a more conservative price relative to net assets over time.
- Overall Insights
- Across all four valuation metrics—P/E, P/OP, P/S, and P/BV—there is a common trend of declining ratios from 2022 through 2025. This pattern implies a general movement toward more moderate valuation levels, reflecting either improved earnings and profitability, changes in investor sentiment, or a combination of these factors. The earnings and operating profit ratios exhibit more pronounced volatility, indicating fluctuations in profitability or market expectations, whereas sales and book value related ratios show smoother declines.
Price to Earnings (P/E)
Airbnb Inc., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||
| Net income (loss) (in millions) | ||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant fluctuations throughout the observed periods. It started at $119.37 in March 2022, declined to a low of $92.02 by September 2022, then recovered to peak at $152.51 in December 2023. Following this peak, the share price showed a declining trend, reaching approximately $120.53 in September 2025. Overall, the share price demonstrated volatility with notable peaks and troughs over the analyzed timeframe.
- Earnings per Share (EPS) Trend
- EPS showed a generally upward trend with some volatility. Beginning at $1.24 in March 2022, EPS steadily increased, reaching a substantial peak of $8.42 in September 2023. After this peak, EPS values decreased sharply by December 2024 to $2.9 but then showed signs of recovery, stabilizing around $4.05 to $4.27 in 2025. The data suggest a period of strong earnings growth followed by a correction and moderate stabilization.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio started at a very high level of 96.17 in March 2022, indicating that the share price was high relative to earnings at that time. Over the following year, the ratio steadily decreased, reaching a low of 14.19 in September 2023, coinciding with the EPS peak and corresponding share price movements. Afterward, the P/E ratio experienced fluctuations, rising again above 50.83 in September 2024 before declining and stabilizing around the 28.2 to 33.58 range in 2025. This pattern reflects changes in market valuation relative to earnings, influenced by the volatility in both share price and EPS.
- Overall Insights
- The data indicate a period characterized by considerable volatility in market valuation metrics. Initial high P/E ratios suggest elevated investor expectations relative to earnings in early 2022, which normalized as EPS grew substantially. The sharp increase in EPS towards late 2023 coincided with a lower P/E ratio, reflecting improved earnings performance. Subsequent corrections in EPS and share price led to a rebound in P/E, indicating renewed uncertainty or adjustments in market expectations. By 2025, the company’s valuation metrics appear to have entered a phase of moderate stabilization after prior fluctuations.
Price to Operating Profit (P/OP)
Airbnb Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||
| Income (loss) from operations (in millions) | ||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025
+ Income (loss) from operationsQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals notable fluctuations in the share price and operating profit per share over the observed quarters, accompanied by corresponding shifts in the price-to-operating-profit (P/OP) ratio.
- Share Price
- The share price exhibited considerable volatility throughout the periods. Initially, the price decreased from approximately $119.37 to $92.02 by the third quarter of 2022, followed by a recovery and an upward trend reaching a peak near $157.90 in the first quarter of 2024. Despite this peak, the share price experienced another decline towards the later quarters, settling around $120.53 by the third quarter of 2025. Overall, the price demonstrated cyclical movements with notable peaks and troughs.
- Operating Profit per Share
- Operating profit per share showed a general upward trajectory across the periods. Beginning at $1.35 in the first quarter of 2022, it consistently increased, reaching over $4.00 by the fourth quarter of 2024. Minor fluctuations appeared in the intermediate quarters, but the long-term trend was positive, highlighting improved operational profitability over time.
- Price-to-Operating-Profit (P/OP) Ratio
- The P/OP ratio exhibited a declining trend overall, starting from a high of 88.47 in the first quarter of 2022 and decreasing substantially to below 30 by the third quarter of 2025. Some period-to-period volatility was present, with jumps corresponding to share price fluctuations. Notably, sharp increases in the ratio often coincided with dips in operating profit per share and elevated share prices. The downward trend indicates the company's shares became relatively more undervalued compared to its operating profit as time progressed.
In summary, the data indicates that operating profitability per share steadily improved while the share price experienced cyclical highs and lows. The decreasing P/OP ratio trend suggests an enhancement in valuation attractiveness relative to operating profit, potentially reflecting market adjustments to the company's improving operational performance.
Price to Sales (P/S)
Airbnb Inc., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||
| Revenue (in millions) | ||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits considerable volatility throughout the observed periods. Initially, there is a decline from 119.37 to 92.02 between March and September 2022, followed by a recovery and increase peaking at 152.51 by December 2023. Subsequent fluctuations occur with the price dropping to 120.53 by September 2025 after reaching highs near 157.9 in early 2024. Overall, the share price demonstrates cyclical ups and downs rather than a consistent trend.
- Sales Per Share Development
- Sales per share show a steady and consistent upward movement across all periods. Beginning at 10.24 in March 2022, the value grows uninterrupted to reach 19.4 by September 2025. This indicates ongoing revenue growth on a per-share basis, reflecting improving sales performance over time.
- Price-to-Sales (P/S) Ratio Movements
- The P/S ratio displays a fluctuating trend with a general downward bias over the timeframe. Starting at 11.65 in March 2022, it declines sharply to a low of 6.21 by September 2025. Notable volatility is present, with intermediate rises and falls, such as peaks around 10 in late 2022 and early 2023, but the overall trajectory suggests the market valuation relative to sales is becoming more conservative.
- Interrelation of Metrics
- While sales per share increase steadily, the share price does not follow a similar consistent upward path, indicating that market sentiment or external factors affect investor valuation independently of sales growth. The declining P/S ratio despite improving sales per share suggests that increases in sales are not fully translating into proportional share price gains, possibly reflecting investor caution or revaluation of future growth prospects.
Price to Book Value (P/BV)
Airbnb Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||
| DoorDash, Inc. | ||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the specified quarterly periods reveals several key trends concerning the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio.
- Share Price
- The share price has exhibited variability with notable fluctuations over the quarters. Initially, it decreased from $119.37 to $92.02 by September 30, 2022, before recovering and peaking at $152.51 by December 31, 2023. Thereafter, the price showed some volatility, experiencing declines and rebounds, with a peak at $157.90 on March 31, 2024, followed by decreases to $120.53 by September 30, 2025. This pattern indicates periods of both strong investor confidence and sell-offs, suggesting the market's reaction to various factors affecting the company.
- Book Value per Share (BVPS)
- BVPS showed a general upward trend with some fluctuations. Starting at $7.34 in March 2022, it grew moderately to $8.68 by December 31, 2022. A significant increase was observed in September 2023, reaching $14.07, displaying possible asset growth or retained earnings accumulation. Despite some minor decreases thereafter, the BVPS remained relatively stable, ending at $13.99 in September 2025. This indicates strengthening of the company’s net asset value on a per-share basis over the analyzed period.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio showed substantial variability reflecting the interplay between share price and book value trends. Initially high at 16.27 in March 2022, it declined sharply to 8.49 by September 2023, coinciding with the surge in BVPS. This suggests that, despite increased book value, market price did not rise proportionally, indicating a potential undervaluation during this period. Subsequently, the ratio oscillated between approximately 8.6 and 15.4, ending lower at 8.62 in September 2025. The decreasing P/BV ratio toward the end of the timeline highlights a moderation in market valuation relative to book value, possibly reflecting market normalization or changing investor sentiment.
In summary, the company experienced increased fundamental book value per share, while its share price was more volatile with pronounced peaks and troughs. The P/BV ratio declined over time, indicating that the share price did not increase commensurately with the growing book value, which could signal shifts in market perception or risk assessment of the company.