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).
Historical Valuation Ratios (Summary)
Airbnb Inc., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio shows a declining trend overall from June 30, 2021 through September 30, 2024, starting at 96.17 and decreasing to a low point near 14.19 on September 30, 2023. After this low, there is a notable increase reaching 50.83 by March 31, 2025. This indicates that the market’s valuation relative to earnings became more moderate, suggesting improved profitability or earnings growth, before market optimism or expectations possibly increased again towards the end of the observed period.
- Price to Operating Profit (P/OP) Ratio
- This ratio exhibits significant fluctuations but generally declines from 232.24 on June 30, 2021 to a range of approximately low 30s by June 30, 2025. The steep initial drop followed by oscillations in the mid-range levels suggests a normalization of market expectations relative to operating profitability. The reduced ratio over time could indicate better operating earnings or a revaluation by investors acknowledging improved operational performance strength in later periods.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio declines substantially from 16.64 on June 30, 2021 to a range between 6.92 and 10.04 in the periods following. This downward trend indicates that the market valuation relative to revenue has decreased, possibly due to stabilization or slower revenue growth, or a more conservative market valuation approach in relation to sales. Variability within this period suggests changing investor sentiment or shifts in revenue quality across quarters.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio starts at a high 28.8 on September 30, 2021 but exhibits a strong decreasing trend until September 30, 2023 reaching as low as 8.49. After this point, it trends upward again, reaching approximately 10.42 by June 30, 2025. The initial strong decline suggests a reduction in market valuation relative to book value, possibly reflecting asset revaluation, increased liabilities, or cautious investor sentiment. The recovery afterward may indicate improved asset performance or renewed investor confidence in the company's net asset value.
Price to Earnings (P/E)
Airbnb Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 621,435,670 | 626,412,755 | 630,539,599 | 633,971,640 | 641,623,465 | 644,043,815 | 647,064,669 | 648,438,059 | 647,283,632 | 639,454,762 | 640,528,494 | 642,377,183 | 648,698,598 | 645,663,190 | 642,872,940 | 635,388,927 | 628,642,803 | 617,522,556 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) (in millions) | 642) | 154) | 461) | 1,368) | 555) | 264) | (349) | 4,374) | 650) | 117) | 319) | 1,214) | 379) | (19) | 55) | 834) | (68) | (1,172) | ||||||
| Earnings per share (EPS)2 | 4.22 | 4.05 | 4.20 | 2.90 | 7.55 | 7.67 | 7.41 | 8.42 | 3.55 | 3.17 | 2.96 | 2.54 | 1.92 | 1.24 | -0.55 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 130.50 | 124.01 | 141.04 | 147.37 | 130.47 | 157.90 | 152.51 | 119.47 | 140.88 | 127.07 | 131.60 | 92.02 | 115.02 | 119.37 | 155.09 | 201.62 | 152.76 | 141.20 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 30.89 | 30.61 | 33.58 | 50.83 | 17.28 | 20.59 | 20.59 | 14.19 | 39.65 | 40.05 | 44.53 | 36.29 | 59.77 | 96.17 | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 37.65 | 29.37 | 28.00 | 29.34 | 24.42 | 24.55 | 31.09 | 18.68 | 22.74 | 23.90 | 29.87 | 28.26 | 50.57 | 164.32 | 86.68 | 261.79 | 206.85 | 136.53 | ||||||
| Chipotle Mexican Grill Inc. | 39.78 | 42.75 | 50.81 | 51.16 | 49.35 | 65.94 | 58.48 | 44.26 | 47.35 | 54.42 | 49.37 | 50.59 | 55.45 | 61.35 | 67.03 | 69.94 | 87.74 | 102.77 | ||||||
| DoorDash, Inc. | 141.17 | 221.23 | 728.78 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 26.16 | 27.33 | 27.00 | 25.61 | 23.42 | 22.51 | 25.23 | 23.23 | 26.39 | 31.34 | 31.22 | 34.24 | 31.53 | 25.65 | 24.15 | 25.57 | 25.43 | 33.98 | ||||||
| Starbucks Corp. | 30.82 | 32.43 | 29.62 | 21.14 | 24.11 | 24.81 | 29.09 | 30.66 | 36.91 | 37.77 | 34.26 | 23.05 | 19.34 | 25.86 | 30.95 | 52.55 | 137.44 | 185.40 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= (642,000,000 + 154,000,000 + 461,000,000 + 1,368,000,000)
÷ 621,435,670 = 4.22
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= 130.50 ÷ 4.22 = 30.89
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations throughout the observed periods. Initially rising from 141.2 US$ in March 2021 to a peak of 201.62 US$ by September 2021, it then declined sharply to 92.02 US$ by September 2022. Following this trough, the price recovered somewhat, reaching values above 150 US$ by December 2023 before trending downwards again towards the range of 124.01 to 130.5 US$ by mid-2025. This pattern indicates volatility with significant peaks and troughs over the four-year span.
Earnings per share (EPS) data began to be reported starting from December 2021, with an initial negative value of -0.55 US$ suggesting a loss during that quarter. Subsequently, EPS improved steadily, reaching a high of 8.42 US$ by December 2023. After this peak, EPS values moderated to a range between approximately 2.9 and 7.67 US$, indicating variability yet maintaining positive earnings. This trend points to a recovery in profitability after the initial loss, followed by stabilization at a lower but still positive level.
The price-to-earnings (P/E) ratio, available from March 2022 onwards, displayed a declining trend from a high of 96.17 to lower levels around 14.19 by December 2023, concurrent with the increase in EPS and fluctuating share price. Following this period, the P/E ratio increased again, reaching values up to 50.83 in March 2025 before decreasing to approximately 30.89 by mid-2025. This suggests changing investor sentiment or expectations about future earnings growth, alongside the EPS and share price volatility.
- Share Price Trends
- Initial rise to a peak in late 2021, followed by a sharp decline through 2022, then partial recovery into 2023, and subsequent gradual decline towards 2025.
- Earnings per Share (EPS)
- Shift from a negative EPS in late 2021 to sustained positive earnings, peaking in late 2023, then stabilizing at moderate positive levels thereafter.
- Price-to-Earnings (P/E) Ratio
- High and decreasing P/E ratio through 2022 and 2023, reflecting improving earnings relative to price, then rising again before settling at mid-range values in 2025, indicating fluctuating market valuation relative to earnings.
Overall, the data reveals a company experiencing volatility in market valuation and earnings performance. The initial earnings challenges gave way to growth and improved profitability, which was reflected in the P/E multiple compression as earnings rose. Subsequently, the market appeared to adjust its valuation expectations, reflected in fluctuating P/E ratios amid ongoing share price volatility. This indicates varying investor confidence and possible changes in growth expectations during the period analyzed.
Price to Operating Profit (P/OP)
Airbnb Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 621,435,670 | 626,412,755 | 630,539,599 | 633,971,640 | 641,623,465 | 644,043,815 | 647,064,669 | 648,438,059 | 647,283,632 | 639,454,762 | 640,528,494 | 642,377,183 | 648,698,598 | 645,663,190 | 642,872,940 | 635,388,927 | 628,642,803 | 617,522,556 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Income (loss) from operations (in millions) | 612) | 38) | 430) | 1,525) | 497) | 101) | (496) | 1,496) | 523) | (5) | 235) | 1,203) | 369) | (5) | 76) | 852) | (51) | (447) | ||||||
| Operating profit per share2 | 4.19 | 3.98 | 4.05 | 2.57 | 2.49 | 2.52 | 2.35 | 3.47 | 3.02 | 2.82 | 2.81 | 2.56 | 1.99 | 1.35 | 0.67 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 130.50 | 124.01 | 141.04 | 147.37 | 130.47 | 157.90 | 152.51 | 119.47 | 140.88 | 127.07 | 131.60 | 92.02 | 115.02 | 119.37 | 155.09 | 201.62 | 152.76 | 141.20 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 31.13 | 31.20 | 34.83 | 57.42 | 52.39 | 62.62 | 65.01 | 34.45 | 46.61 | 45.09 | 46.78 | 35.98 | 57.78 | 88.47 | 232.24 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 22.04 | 20.41 | 21.80 | 22.96 | 19.32 | 19.08 | 22.85 | 15.07 | 16.75 | 17.88 | 17.91 | 14.98 | 19.34 | 28.66 | 40.46 | 66.89 | — | — | ||||||
| Chipotle Mexican Grill Inc. | 31.82 | 34.15 | 40.67 | 40.74 | 38.97 | 52.39 | 46.13 | 34.75 | 36.84 | 42.00 | 38.25 | 40.02 | 45.28 | 50.34 | 54.38 | 65.08 | 81.53 | 109.79 | ||||||
| DoorDash, Inc. | 203.41 | 421.34 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 18.39 | 19.19 | 18.95 | 18.13 | 16.68 | 16.33 | 18.35 | 16.94 | 19.22 | 22.47 | 20.58 | 22.04 | 20.38 | 17.56 | 17.59 | 18.44 | 18.19 | 22.17 | ||||||
| Starbucks Corp. | 21.21 | 22.61 | 20.60 | 14.82 | 17.06 | 17.45 | 20.44 | 21.64 | 25.87 | 26.73 | 24.35 | 19.58 | 16.72 | 22.12 | 26.68 | 37.64 | 77.96 | 98.18 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025
+ Income (loss) from operationsQ4 2024
+ Income (loss) from operationsQ3 2024)
÷ No. shares of common stock outstanding
= (612,000,000 + 38,000,000 + 430,000,000 + 1,525,000,000)
÷ 621,435,670 = 4.19
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 130.50 ÷ 4.19 = 31.13
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, operating profit per share, and the price-to-operating profit ratio over the observed periods.
- Share Price Trends
- The share price exhibited considerable volatility throughout the timeframe. Initially, it rose from 141.20 USD in March 2021 to a peak of 201.62 USD by September 2021, followed by a sharp decline to a low of 92.02 USD in September 2022. Subsequently, the price recovered again, reaching 152.51 USD in December 2023, before experiencing moderate fluctuations and ending at 130.50 USD in June 2025. Overall, the trend indicates elevated variability with a general downward movement from early 2022 through mid-2022, followed by intermittent recovery phases.
- Operating Profit per Share
- Reported operating profit per share data commenced in March 2022 at 0.67 USD with a consistent upward trajectory observed thereafter. From that point, operating profit per share more than tripled, ascending to 4.19 USD by September 2025. This steady increase suggests improved operational efficiency or profitability over time.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio started extremely high at 232.24 in March 2022, indicating that the share price was very elevated relative to operating profit per share at that time. The ratio declined sharply over the successive quarters, reaching a range between approximately 31 to 65 in the last observed periods. Notably, the lowest P/OP ratios occurred concurrently with the highest operating profit per share levels, reflecting a relative revaluation of the share price in relation to profitability increases.
- Interrelation of Metrics
- There appears to be an inverse relationship between the operating profit per share and the P/OP ratio, as expected, with growing profitability leading to a lower ratio. The share price does not always move in line with operating profit per share, indicating that other market factors may be influencing investor sentiment and valuation. Despite rising profitability, the share price experienced fluctuations, suggesting external market dynamics or sector-specific considerations impacting valuation beyond fundamental earnings performance.
In summary, the data reflect a company experiencing significant recovery and improvement in operating profitability, with substantial volatility in share price and valuation metrics, likely driven by a combination of operational results and broader market influences.
Price to Sales (P/S)
Airbnb Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 621,435,670 | 626,412,755 | 630,539,599 | 633,971,640 | 641,623,465 | 644,043,815 | 647,064,669 | 648,438,059 | 647,283,632 | 639,454,762 | 640,528,494 | 642,377,183 | 648,698,598 | 645,663,190 | 642,872,940 | 635,388,927 | 628,642,803 | 617,522,556 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in millions) | 3,096) | 2,272) | 2,480) | 3,732) | 2,748) | 2,142) | 2,218) | 3,397) | 2,484) | 1,818) | 1,902) | 2,884) | 2,104) | 1,509) | 1,532) | 2,237) | 1,335) | 887) | ||||||
| Sales per share2 | 18.63 | 17.93 | 17.61 | 17.10 | 16.37 | 15.90 | 15.33 | 14.81 | 14.04 | 13.62 | 13.11 | 12.50 | 11.38 | 10.24 | 9.32 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 130.50 | 124.01 | 141.04 | 147.37 | 130.47 | 157.90 | 152.51 | 119.47 | 140.88 | 127.07 | 131.60 | 92.02 | 115.02 | 119.37 | 155.09 | 201.62 | 152.76 | 141.20 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 7.00 | 6.92 | 8.01 | 8.62 | 7.97 | 9.93 | 9.95 | 8.07 | 10.03 | 9.33 | 10.04 | 7.36 | 10.11 | 11.65 | 16.64 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Booking Holdings Inc. | 7.24 | 6.63 | 6.94 | 6.41 | 5.48 | 5.36 | 6.24 | 4.80 | 5.24 | 5.29 | 5.35 | 4.30 | 5.33 | 6.83 | 9.22 | 10.85 | 11.93 | 16.99 | ||||||
| Chipotle Mexican Grill Inc. | 5.30 | 5.81 | 6.89 | 6.91 | 6.53 | 8.38 | 7.28 | 5.43 | 5.68 | 6.25 | 5.14 | 4.86 | 5.15 | 5.36 | 5.80 | 6.91 | 7.52 | 6.61 | ||||||
| DoorDash, Inc. | 9.27 | 6.67 | 8.36 | 6.35 | 4.63 | 5.72 | 5.40 | 3.71 | 4.40 | 3.41 | 3.23 | 3.30 | 5.50 | 4.81 | 7.30 | — | — | — | ||||||
| McDonald’s Corp. | 8.42 | 8.68 | 8.56 | 8.14 | 7.55 | 7.51 | 8.38 | 7.74 | 8.72 | 9.20 | 8.32 | 8.70 | 8.13 | 7.68 | 7.85 | 8.27 | 8.07 | 8.94 | ||||||
| Starbucks Corp. | 2.65 | 3.16 | 3.08 | 2.36 | 2.74 | 2.90 | 3.34 | 3.31 | 3.86 | 3.81 | 3.49 | 3.00 | 2.72 | 3.74 | 4.47 | 5.48 | 5.74 | 5.32 | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ No. shares of common stock outstanding
= (3,096,000,000 + 2,272,000,000 + 2,480,000,000 + 3,732,000,000)
÷ 621,435,670 = 18.63
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 130.50 ÷ 18.63 = 7.00
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced notable fluctuations over the observed periods. Initially, it rose from $141.2 in March 2021 to a peak of $201.62 by September 2021. This was followed by a decline to $92.02 in September 2022, reflecting significant volatility. Subsequently, the share price showed partial recovery, reaching around $152.51 in December 2023 before fluctuating moderately within the range of approximately $124 to $157 through mid-2025. Overall, the share price displayed cyclical upswings and downswings without a clearly sustained upward trend after the initial peak in 2021.
- Sales Per Share Development
- Sales per share data, starting from March 2022, exhibits a consistent upward trend. Values increased steadily from $9.32 in March 2022 to $18.63 by March 2025. This represents approximately a doubling of sales per share over the three-year period, indicating robust revenue growth per share. The growth appears relatively stable and incremental quarter over quarter, suggesting steady operational expansion or improved sales efficiency.
- Price-to-Sales (P/S) Ratio Evolution
- The P/S ratio shows a general downward trend from 16.64 in March 2022 to around 7 by June 2025. Early periods demonstrate a high valuation relative to sales, but this valuation metric declined sharply initially, bottoming near 7.36 in December 2021 and then experiencing minor fluctuations between approximately 6.92 and 10.04 in subsequent periods. The declining P/S ratio indicates that the market price has not kept pace with sales growth, resulting in more moderate valuation multiples over time. This may reflect market reassessments of growth expectations or profitability potential.
- Overall Observations
- The data reveals a company undergoing rapid sales growth alongside volatile share price movements. The share price peaked early but has not maintained that level despite continuous improvements in sales per share. The falling P/S ratio suggests increasing investor caution or normalization of valuation multiples in line with matured revenue growth. The steady increase in sales per share is a positive indicator of business performance, yet the market's valuation of that growth appears more conservative in recent periods.
Price to Book Value (P/BV)
Airbnb Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 621,435,670 | 626,412,755 | 630,539,599 | 633,971,640 | 641,623,465 | 644,043,815 | 647,064,669 | 648,438,059 | 647,283,632 | 639,454,762 | 640,528,494 | 642,377,183 | 648,698,598 | 645,663,190 | 642,872,940 | 635,388,927 | 628,642,803 | 617,522,556 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 7,782) | 7,937) | 8,412) | 8,488) | 8,002) | 7,896) | 8,165) | 9,123) | 5,059) | 5,291) | 5,560) | 5,540) | 5,245) | 4,737) | 4,776) | 4,449) | 3,393) | 3,159) | ||||||
| Book value per share (BVPS)2 | 12.52 | 12.67 | 13.34 | 13.39 | 12.47 | 12.26 | 12.62 | 14.07 | 7.82 | 8.27 | 8.68 | 8.62 | 8.09 | 7.34 | 7.43 | 7.00 | 5.40 | 5.12 | ||||||
| Share price1, 3 | 130.50 | 124.01 | 141.04 | 147.37 | 130.47 | 157.90 | 152.51 | 119.47 | 140.88 | 127.07 | 131.60 | 92.02 | 115.02 | 119.37 | 155.09 | 201.62 | 152.76 | 141.20 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 10.42 | 9.79 | 10.57 | 11.01 | 10.46 | 12.88 | 12.09 | 8.49 | 18.03 | 15.36 | 15.16 | 10.67 | 14.23 | 16.27 | 20.88 | 28.80 | 28.30 | 27.60 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | 89.53 | 32.84 | 18.79 | 19.51 | 19.54 | 16.35 | 18.03 | 17.84 | 20.15 | ||||||
| Chipotle Mexican Grill Inc. | 17.38 | 19.12 | 21.32 | 21.01 | 18.75 | 25.43 | 23.47 | 17.95 | 19.07 | 22.64 | 18.74 | 17.58 | 19.46 | 19.67 | 19.05 | 21.50 | 23.66 | 19.92 | ||||||
| DoorDash, Inc. | 12.36 | 8.94 | 11.49 | 8.52 | 6.22 | 7.45 | 6.85 | 4.61 | 5.29 | 3.75 | 3.15 | 2.93 | 4.18 | 5.44 | 7.65 | 15.75 | 14.25 | 10.09 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 7,782,000,000 ÷ 621,435,670 = 12.52
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 130.50 ÷ 12.52 = 10.42
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced significant fluctuations over the observed periods. Initially, it showed an upward trajectory from $141.2 at March 31, 2021, to a peak of $201.62 by September 30, 2021. Subsequently, a decline occurred, hitting a low point around $92.02 in September 30, 2022. Following this low, the share price partially recovered, reaching approximately $157.9 by March 31, 2024, but exhibited volatility thereafter with a decreasing trend towards $130.5 by June 30, 2025.
- Book Value Per Share (BVPS) Dynamics
- BVPS showed a steady increase overall, starting at $5.12 in March 31, 2021, and rising to a high of $14.07 by September 30, 2023. This indicates an improvement in the company's net asset value on a per-share basis. After peaking, the BVPS slightly declined and then stabilized around the $12.5 to $13.5 range in the later periods through June 30, 2025.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio demonstrated considerable variation, beginning at a very elevated level of 27.6 in March 31, 2021, and generally decreasing over time. This decline suggests that the share price grew less proportionally compared to the book value, indicating a possible market revaluation or correction. There were intermittent rises in the ratio, notably in early 2023, but the overall trend was downward, with the ratio dropping to near 10 by mid-2025. This points to a valuation that has become more aligned with the company's fundamental book value metrics over the medium term.
- Overall Observations
- The data reflects a company undergoing volatility in market valuation relative to its book value. While the fundamental book value per share has steadily increased, the share price has been more volatile, experiencing sharp rises and falls. The decreasing P/BV ratio over time suggests the market has adjusted its premium, possibly reflecting changing investor sentiment, risk perception, or business performance factors. The stabilization of book value alongside fluctuating share prices and P/BV ratios indicates evolving market dynamics and valuation methodologies affecting the company's stock performance.