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: 2025-03-31), 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 P/E ratio exhibits a generally declining trend from a peak of 96.17 in March 2022 to a low of 14.19 in September 2023. Following this trough, the ratio experiences a moderate increase, fluctuating between 17.28 and 50.83 until March 2025, where it ends at 30.61. This pattern indicates an initial period of high valuation relative to earnings, followed by a notable correction and subsequent volatility in market sentiment or earnings expectations.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a sharp decrease from an extremely elevated level of 232.24 in March 2022 to 34.45 in December 2022. After this decline, the ratio rises again to a range between approximately 31.2 and 65.01 through March 2025. This indicates significant variability in the valuation of operating profits over time, with an initial overvaluation followed by a period of more normalized but still fluctuating multiples.
- Price to Sales (P/S) Ratio
- The P/S ratio declines gradually from 16.64 in March 2022 to a lower range between 6.92 and 10.04 from late 2023 onward. The overall downward trend suggests that the market's valuation relative to sales has become more conservative over the observed period, possibly reflecting normalization in revenue growth expectations or increased scrutiny of sales quality.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio decreases from 27.6 in March 2021 to a trough of 8.49 in September 2023, signaling a significant re-rating of the company's equity value relative to its book value. Subsequently, the ratio experiences moderate fluctuations within a range of about 9.79 to 18.03, stabilizing somewhat but remaining lower than earlier levels. This movement may reflect changes in perceived asset quality, profitability, or risk factors influencing the company's net asset valuation.
Price to Earnings (P/E)
Airbnb Inc., historical P/E calculation (quarterly data)
| 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 | 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) | 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 | 4.05 | 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 | 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 | 30.61 | 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. | 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. | 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 | ||||||
| McDonald’s Corp. | 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. | 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: 2025-03-31), 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 Q1 2025 Calculation
EPS
= (Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024
+ Net income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= (154,000,000 + 461,000,000 + 1,368,000,000 + 555,000,000)
÷ 626,412,755 = 4.05
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 124.01 ÷ 4.05 = 30.61
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the reported quarters, demonstrating fluctuations in share price, earnings per share (EPS), and price-to-earnings (P/E) ratios.
- Share Price
- The share price exhibited significant volatility throughout the period. It peaked early in the timeframe around September 2021, reaching above 200 US$, before declining sharply by the end of 2022 to values close to 92 US$. Subsequently, the share price showed partial recovery, climbing above 150 US$ in December 2023, followed by fluctuations and a general downward trend starting from early 2024 into the first quarter of 2025. The share price dropped again to approximately 124 US$ by March 2025, indicating a less stable market valuation in the later periods.
- Earnings Per Share (EPS)
- EPS data is first available from March 2022 and shows a positive trend through the end of 2023, where EPS increased steadily from 1.24 US$ to a peak of 8.42 US$ in December 2023. This represents substantial profitability growth during this interval. After reaching this high, EPS declined sharply in early 2024, settling near 2.9 US$ by March 2025. The decline suggests a reduction in earnings momentum or increased expenses affecting net income in the most recent periods.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio demonstrates considerable variability, reflecting changes in both the market valuation and earnings performance over time. Initially, the ratio was quite elevated, exceeding 96 in early 2022 and gradually reducing to as low as approximately 14.19 by the end of 2023, coinciding with the peak EPS and recovery in share price. This decrease signals an improvement in earnings relative to price, potentially making the stock more attractive. However, starting in 2024, the P/E ratio rose again, reaching above 50 temporarily before declining to around 30.6 by March 2025, which could indicate renewed market uncertainty or shifts in investor sentiment despite moderate earnings.
Overall, the data reveals a cycle of initial share price strength and high valuation ratios, followed by a period of earnings growth and improved valuation metrics, then transitioning into more recent volatility marked by declining EPS and fluctuating valuation ratios. These patterns suggest dynamic market conditions and varying profitability challenges impacting investor perceptions and share valuation.
Price to Operating Profit (P/OP)
Airbnb Inc., historical P/OP calculation (quarterly data)
| 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 | 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) | 38) | 430) | 1,525) | 497) | 101) | (496) | 1,496) | 523) | (5) | 235) | 1,203) | 369) | (5) | 76) | 852) | (51) | (447) | ||||||
| Operating profit per share2 | 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 | 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 | 31.20 | 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. | 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. | 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 | ||||||
| McDonald’s Corp. | 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. | 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: 2025-03-31), 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 Q1 2025 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2025
+ Income (loss) from operationsQ4 2024
+ Income (loss) from operationsQ3 2024
+ Income (loss) from operationsQ2 2024)
÷ No. shares of common stock outstanding
= (38,000,000 + 430,000,000 + 1,525,000,000 + 497,000,000)
÷ 626,412,755 = 3.98
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 124.01 ÷ 3.98 = 31.20
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable volatility over the observed periods. Initially, it increased from $141.2 in March 2021 to a peak of $201.62 in September 2021, followed by a sharp decline to $92.02 in September 2022. Subsequently, the price recovered and fluctuated between $124.01 and $157.9 during 2023 and 2024, indicating intermittent periods of investor optimism and correction. The general trend in the latter half of the data suggests stabilization with moderate fluctuations around the $130-$150 range.
- Operating Profit Per Share (OPPS)
- The operating profit per share was not reported until March 2022, after which it showed a generally upward trend with periodic variations. Starting at $0.67 in March 2022, it rose steadily to reach its highest values of $4.05 and $3.98 in the last two quarters (December 2024 and March 2025). Despite minor dips, the overall trajectory indicates improved operational profitability per share, highlighting enhancing operational efficiencies or margin expansion over time.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio displayed a significant decrease from an extremely high level of 232.24 in March 2022 to values consistently below 100 thereafter. This decline reflects a combination of rising operating profitability and a share price that, while fluctuating, did not increase proportionally to profit gains. The ratio stabilized in the range of 30 to 65 in the later quarters, signaling a more balanced valuation relative to operating earnings compared to early 2022.
- Overall Insights
- The data reveals a period of initial market exuberance followed by correction and a return to more normalized valuation metrics. Operating profit per share growth is a positive indicator of core business performance improvements, while the decreasing and stabilizing P/OP ratio suggests that market valuations are beginning to align more closely with actual operating profitability. The share price movements, characterized by volatility and partial recovery, underscore the market's evolving assessment of the company’s financial health and growth prospects.
Price to Sales (P/S)
Airbnb Inc., historical P/S calculation (quarterly data)
| 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 | 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) | 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 | 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 | 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 | 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. | 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. | 5.81 | 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 | ||||||
| McDonald’s Corp. | 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. | 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: 2025-03-31), 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 Q1 2025 Calculation
Sales per share
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ No. shares of common stock outstanding
= (2,272,000,000 + 2,480,000,000 + 3,732,000,000 + 2,748,000,000)
÷ 626,412,755 = 17.93
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 124.01 ÷ 17.93 = 6.92
5 Click competitor name to see calculations.
The financial data exhibits several notable trends over the observed periods. Share price demonstrates considerable volatility, with an initial increase reaching a peak around September 2021, followed by a significant decline through September 2022. A partial recovery is evident through the end of 2023, though the share price again decreases gradually from early 2024 to March 2025.
Sales per share data, available from March 2022 onward, shows a consistent and steady upward trajectory. This suggests ongoing growth in revenue generated on a per-share basis without the fluctuations seen in the share price.
The price-to-sales (P/S) ratio reflects the market valuation relative to sales per share and shows a pattern of decline from early 2022 to late 2022. Although periodic increases appear between December 2022 and early 2024, the overall trend remains downward, indicating the market is valuing the company at progressively lower multiples of its sales over time. This may reflect changing investor sentiment or market conditions impacting valuation.
- Share Price
- Experienced strong growth up to late 2021, peaking in the third quarter of 2021, then declined sharply through late 2022. A recovery occurred during 2023 before a gradual decrease resumed in 2024 and early 2025.
- Sales Per Share
- Consistently increased each quarter starting from March 2022, indicating steady operational growth and improving revenue generation.
- Price-to-Sales (P/S) Ratio
- Declined notably between early 2022 and late 2022, with intermittent rises afterwards, but generally trending downward. This suggests the market valuation is declining relative to sales growth over the observed period.
Overall, while operational performance as indicated by sales per share improves consistently, market valuation represented by share price and P/S ratio shows greater volatility and a downward bias after a peak in 2021. This divergence implies that factors beyond sales growth, such as market sentiment, risk perception, or broader economic conditions, are likely influencing investor valuation.
Price to Book Value (P/BV)
Airbnb Inc., historical P/BV calculation (quarterly data)
| 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 | 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) | 7,937) | 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 | 12.67 | 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 | 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 | 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. | 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 | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 Q1 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 7,937,000,000 ÷ 626,412,755 = 12.67
3 Closing price as at the filing date of Airbnb Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 124.01 ÷ 12.67 = 9.79
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends and patterns over the examined periods.
- Share Price
- The share price exhibited notable volatility throughout the period. Starting at $141.20, it increased significantly to a peak of $201.62 by September 2021, before declining sharply to $92.02 in September 2022. Following this trough, the share price recovered moderately, reaching $157.90 in March 2024. However, from this peak, the share price experienced a gradual decline, closing at $124.01 by March 2025. This pattern indicates cyclical fluctuations with periods of strong growth followed by corrections.
- Book Value Per Share (BVPS)
- BVPS showed a general upward trend, increasing from $5.12 in March 2021 to a peak of $14.07 in September 2023. After this peak, BVPS slightly decreased but remained relatively high, settling around $12.67 by March 2025. The gradual increase in BVPS suggests ongoing accumulation of equity or retained earnings, contributing to a stronger book value base over time.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displayed a declining trend over the period, reflecting a reduction in the market's valuation of the company relative to its book value. The ratio started at a very high level of 27.6 in March 2021, peaked slightly to 28.8 in September 2021, and then dropped sharply to 8.49 in September 2023. Afterward, it fluctuated moderately, remaining below 13, finally reaching 9.79 by March 2025. This declining ratio, coupled with the rising BVPS, indicates that while the company's intrinsic value per share improved, the market price adjusted downward relative to book value, possibly suggesting a more conservative investor sentiment or market reassessment of growth prospects.
Overall, the financial data points to a period marked by initial share price growth and heightened valuation multiples, followed by significant corrections and stabilization. The increase in book value per share demonstrates strengthening underlying equity, while the decreasing P/BV ratio may reflect market normalization or recalibration of expectations regarding the company's future performance.