Consumer Discretionary · Hotels, Resorts & Cruise Lines · US stock · price as of 16 Oct 2026
Key indicators
Price
$173.70
52-week range
$110.81 – $193.45
Market cap
$103.7B
P/E (trailing)
39.5×
EV / EBITDA
34.4×
Free-cash-flow yield
4.7%
Dividend yield
–
Revenue (last 12 months)
$13.2B
Revenue growth (3y a year)
13.4%
Operating margin
20.8%
Return on invested capital
–
Net debt / EBITDA
-3.5×
Fair value
Blended fair value$143.02 range $121 – $157
Versus priceFair−18% to fair value
Peer multiples
$92.96
10-year DCF (market-scaled)
$193.08
Earnings power value (floor, not blended)
$51.37
Model uncertainty
Medium
X-Ray Score
51/ 100 · Medium confidence · ahead of 60% of sector peers
Valuation17
Growth79
Profitability52
Financial health67
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Airbnb runs an online marketplace that connects people who want to rent out homes and unique places with travellers looking for stays and experiences. Hosts set their own prices and rules, while the company handles search, payments, reviews and customer support. It earns money by charging service fees to guests and hosts on each booking, so its revenue follows travel demand and the number of nights booked on the platform.
Revenue over the last twelve months came to $13.2 billion, and sales grew by 13.4% a year on average across the past three years. Operating margin is 20.8%. Net debt to EBITDA is -3.5 times, which means it holds more cash than debt. The company does not pay a dividend. These figures describe past results and the present financial position only.
StocksXray gives Airbnb, Inc. an X-Ray Score of 51 out of 100 (medium confidence), ahead of 60% of the S&P 500 stocks in its sector. Its strongest lens is growth (79) and its weakest is valuation (17).
Our fair value blend is $143.02 (range $120.56 to $157.01). At $173.70 the stock trades 21% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Airbnb, Inc. (ABNB)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$166.49
$85.50
$136.14
$131.41
$135.72
$173.70
Market cap
$102.6B
$58.1B
$90.1B
$84.8B
$84.6B
$103.7B
P/E
–
–
–
–
–
39.5×
EV / revenue
16.1×
6.0×
8.3×
6.9×
6.2×
7.2×
EV / EBITDA
187.0×
27.4×
54.0×
29.8×
29.7×
34.4×
Price / free cash flow
44.8×
17.1×
23.2×
18.8×
18.2×
21.3×
Free-cash-flow yield
2.2%
5.9%
4.3%
5.3%
5.5%
4.7%
Price / book
21.5×
10.5×
11.0×
10.1×
10.3×
13.3×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 7 Good · ● 2 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.5%Good
Risk models
Altman Z score2.0×Average
Piotroski F-Score6 of 9Average
Growth
Revenue growth (3y)13.4%Good
Growth consistency100%Good
Balance sheet
Current ratio1.4×Good
Net debt / EBITDA-3.5×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield2.9%Bad
Profitability
Operating margin20.8%Good
Gross profitability37.9%Bad
XStocksXray
Airbnb, Inc. (ABNB)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,992
8,399
9,917
11,102
12,241
13,159
Gross profit
4,836
6,900
8,214
9,224
10,155
10,909
Operating income
429
1,802
1,518
2,553
2,544
2,738
Net income
-352
1,893
4,792
2,648
2,511
2,691
Diluted EPS ($)
–
–
–
–
–
4.40
Free cash flow
2,288
3,405
3,884
4,518
4,646
4,860
Gross margin
80.7%
82.2%
82.8%
83.1%
83.0%
82.9%
Operating margin
7.2%
21.5%
15.3%
23.0%
20.8%
20.8%
Net margin
−5.9%
22.5%
48.3%
23.9%
20.5%
20.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
13,708
16,038
20,645
20,959
22,208
28,754
Cash
6,067
7,378
6,874
6,864
6,560
6,821
Total debt
1,983
1,987
1,991
1,995
1,999
2,476
Equity
4,775
5,560
8,165
8,412
8,199
7,799
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.