NASDAQ · Consumer Cyclical

Airbnb, Inc.

ABNB · Travel Services

$138.77

▼ -2.89 (-2.04%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Airbnb, Inc. at $138.77.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 83.0%

Operating Margin 20.8%

Net Income Margin 20.5%

Fin. Health A

Years to Pay Off Debt 0.8 yrs

Working Capital $5.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 7.09x

Cash Flow A

Free Cash Flow $4.6B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $82.5B

Enterprise Value $76.2B

P/E (TTM) 34.52

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 83.0%

Operating Margin 20.8%

Net Margin 20.5%

Company Info

Sector Consumer Cyclical

Industry Travel Services

Employees 8200

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Airbnb, Inc. at $138.77.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $138.77, the stock trades at a 229% premium to its Graham Number of $42.13. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 12.1x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Airbnb, Inc.

Airbnb, Inc., together with its subsidiaries, operates a platform for stays, experiences, and services worldwide. The company's marketplace connects hosts and guests online or through mobile devices to book spaces, experiences, and services. It also offers gift cards. The company was formerly known as AirBed & Breakfast, Inc. and changed its name to Airbnb, Inc. in November 2010. Airbnb, Inc. was founded in 2007 and is headquartered in San Francisco, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	83.0% ▼	83.1%	82.8%	82.2%	N/A
Operating Margin %	20.8% ▼	23.0%	15.3%	22.5%	N/A
Net Income %	20.5% ▼	23.9%	48.3%	22.5%	N/A
Diluted EPS	4.03 ▼	4.11	7.24	2.79	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$22.2B	$21.0B	$20.6B	$16.0B	N/A
Total Debt	$2.1B ↑	$2.1B	$2.3B	$2.3B	N/A
Working Capital	$5.1B ▼	$7.0B	$6.6B	$6.9B	N/A
Years to Pay Debt	0.82	0.78	0.48	1.24	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.6B ▲	$4.5B	$3.9B	$3.4B	N/A
Owner Earnings	N/A	N/A	N/A	$2.0B	N/A
CapEx % of Net Income	N/A	N/A	N/A	1.3%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	0	0	0	-4,272
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	2,544,000	2,553,000	1,518,000	2,061,000
Total Unusual Items		0	0	-89,000	-113,000
Total Unusual Items Excluding Goodwill		0	0	-89,000	-113,000
Net Income From Continuing Operation Net Minority Interest	2,511,000	2,648,000	4,792,000	1,893,000
Reconciled Depreciation		65,000	44,000	81,000	138,000
Reconciled Cost Of Revenue	2,086,000	1,878,000	1,703,000	1,499,000
EBITDA	2,544,000	2,553,000	1,518,000	1,972,000
EBIT	2,544,000	2,553,000	1,518,000	1,891,000
Net Interest Income	705,000	818,000	721,000	186,000
Interest Expense			83,000	24,000	438,000
Interest Income	705,000	818,000	721,000	186,000
Normalized Income	2,511,000	2,648,000	4,792,000	1,977,728
Net Income From Continuing And Discontinued Operation	2,511,000	2,648,000	4,792,000	1,893,000
Total Expenses	9,697,000	8,549,000	8,399,000	6,508,000
Total Operating Income As Reported	2,544,000	2,553,000	1,518,000	1,802,000
Diluted Average Shares	623,000	645,000	662,000	680,000
Basic Average Shares	613,000	632,000	637,000	637,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,514,000	2,652,000	4,795,000	1,893,000
Average Dilution Earnings	3,000	4,000	3,000
Net Income Common Stockholders	2,511,000	2,648,000	4,792,000	1,893,000
Net Income	2,511,000	2,648,000	4,792,000	1,893,000
Net Income Including Noncontrolling Interests	2,511,000	2,648,000	4,792,000	1,893,000
Net Income Continuous Operations	2,511,000	2,648,000	4,792,000	1,893,000
Tax Provision	626,000	683,000	-2,690,000	96,000
Pretax Income	3,137,000	3,331,000	2,102,000	1,989,000
Other Income Expense	-112,000	-40,000	-137,000	-88,000
Other Non Operating Income Expenses	-112,000	-40,000	-137,000	1,000
Special Income Charges		0	0	-89,000	-113,000
Restructuring And Mergern Acquisition		0	0	89,000	113,000
Net Non Operating Interest Income Expense	705,000	818,000	721,000	186,000
Interest Expense Non Operating			83,000	24,000	438,000
Interest Income Non Operating	705,000	818,000	721,000	186,000
Operating Income	2,544,000	2,553,000	1,518,000	1,891,000
Operating Expense	7,611,000	6,671,000	6,696,000	5,009,000
Other Operating Expenses	1,327,000	1,282,000	1,186,000	1,041,000
Research And Development	2,354,000	2,056,000	1,722,000	1,502,000
Selling General And Administration	3,930,000	3,333,000	3,788,000	2,466,000
Selling And Marketing Expense	2,588,000	2,148,000	1,763,000	1,516,000
General And Administrative Expense	1,342,000	1,185,000	2,025,000	950,000
Other Gand A	1,342,000	1,185,000	2,025,000	950,000
Gross Profit	10,155,000	9,224,000	8,214,000	6,900,000
Cost Of Revenue	2,086,000	1,878,000	1,703,000	1,499,000
Total Revenue	12,241,000	11,102,000	9,917,000	8,399,000
Operating Revenue	12,241,000	11,102,000	9,917,000	8,399,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	9,200	9,200	9,200	9,000
Ordinary Shares Number	602,000	623,000	638,000	631,000
Share Issued	611,200	632,200	638,000	640,000
Total Debt	2,067,000	2,058,000	2,304,000	2,341,000
Tangible Book Value	7,429,000	7,635,000	7,373,000	4,876,000
Invested Capital	10,198,000	10,407,000	10,156,000	7,547,000
Working Capital	5,148,000	7,019,000	6,559,000	6,883,000
Net Tangible Assets	7,429,000	7,635,000	7,373,000	4,876,000
Capital Lease Obligations	68,000	63,000	313,000	354,000
Common Stock Equity	8,199,000	8,412,000	8,165,000	5,560,000
Total Capitalization	8,199,000	10,407,000	10,156,000	7,547,000
Total Equity Gross Minority Interest	8,199,000	8,412,000	8,165,000	5,560,000
Stockholders Equity	8,199,000	8,412,000	8,165,000	5,560,000
Gains Losses Not Affecting Retained Earnings	-62,000	35,000	-49,000	-32,000
Other Equity Adjustments	-62,000	35,000	-49,000	-32,000
Retained Earnings	-5,502,000	-4,225,000	-3,425,000	-5,965,000
Additional Paid In Capital	13,763,000	12,602,000	11,639,000	11,557,000
Total Liabilities Net Minority Interest	14,009,000	12,547,000	12,480,000	10,478,000
Total Non Current Liabilities Net Minority Interest	360,000	2,386,000	2,530,000	2,500,000
Other Non Current Liabilities	360,000	391,000	287,000	218,000
Long Term Debt And Capital Lease Obligation		1,995,000	2,243,000	2,282,000	2,355,000
Long Term Capital Lease Obligation		236,000	252,000	295,000	372,000
Long Term Debt		1,995,000	1,991,000	1,987,000	1,983,000
Current Liabilities	13,649,000	10,161,000	9,950,000	7,978,000
Other Current Liabilities			897,000	813,000	552,000
Current Deferred Liabilities	1,743,000	1,616,000	1,427,000	1,182,000
Current Deferred Revenue	1,743,000	1,616,000	1,427,000	1,182,000
Current Deferred Taxes Liabilities				206,000	183,000
Current Debt And Capital Lease Obligation	2,067,000	63,000	61,000	59,000
Current Capital Lease Obligation	68,000	63,000	61,000	59,000
Current Debt	1,999,000
Other Current Borrowings	1,999,000
Pensionand Other Post Retirement Benefit Plans Current	593,000	498,000	436,000	380,000
Payables And Accrued Expenses	9,246,000	7,984,000	8,026,000	6,357,000
Current Accrued Expenses	923,000	856,000	897,000	813,000
Payables	8,323,000	7,128,000	7,129,000	5,544,000
Other Payable	6,959,000	5,931,000	5,869,000	4,783,000
Total Tax Payable	1,132,000	1,055,000	1,119,000	624,000
Income Tax Payable					25,112
Accounts Payable	232,000	142,000	141,000	137,000
Total Assets	22,208,000	20,959,000	20,645,000	16,038,000
Total Non Current Assets	3,411,000	3,779,000	4,136,000	1,177,000
Other Non Current Assets	282,000	272,000	184,000	218,000
Non Current Deferred Assets	2,102,000	2,439,000	2,881,000	16,000
Non Current Deferred Taxes Assets	2,102,000	2,439,000	2,881,000	16,000
Goodwill And Other Intangible Assets	770,000	777,000	792,000	684,000
Other Intangible Assets	16,000	27,000	40,000	34,000
Goodwill	754,000	750,000	752,000	650,000
Net PPE	257,000	291,000	279,000	259,000
Accumulated Depreciation	-203,000	-141,000	-110,000	-312,000
Gross PPE	460,000	432,000	389,000	571,000
Leases	114,000	110,000	90,000	152,000
Construction In Progress		16,000	82,000	45,000	30,000
Other Properties	199,000	200,000	119,000	138,000
Machinery Furniture Equipment	147,000	122,000	81,000	219,000
Buildings And Improvements		17,000	17,000	17,000	17,000
Current Assets	18,797,000	17,180,000	16,509,000	14,861,000
Other Current Assets	638,000	491,000	364,000	256,000
Restricted Cash					14,764
Prepaid Assets					333,669
Receivables	7,145,000	6,078,000	6,074,000	4,983,000
Other Receivables	6,959,000	5,931,000	5,869,000	4,783,000
Accounts Receivable	186,000	147,000	205,000	200,000
Allowance For Doubtful Accounts Receivable	-39,000	-28,000	-44,000	-39,000
Gross Accounts Receivable	225,000	175,000	249,000	239,000
Cash Cash Equivalents And Short Term Investments	11,014,000	10,611,000	10,071,000	9,622,000
Other Short Term Investments	4,454,000	3,747,000	3,197,000	2,244,000
Cash And Cash Equivalents	6,560,000	6,864,000	6,874,000	7,378,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,646,000	4,518,000	3,884,000	3,430,000
Repurchase Of Capital Stock	-3,789,000	-3,430,000	-2,252,000	-1,500,000
Repayment Of Debt			0	0	-2,208,000
Issuance Of Debt			0	0	1,979,000
Capital Expenditure				-25,000	-25,322
Interest Paid Supplemental Data	2,000	2,000	55,000	8,000
Income Tax Paid Supplemental Data	232,000	350,000	132,000	68,000
End Cash Position	13,486,000	12,760,000	12,667,000	12,103,000
Beginning Cash Position	12,760,000	12,667,000	12,103,000	9,727,000
Effect Of Exchange Rate Changes	655,000	-237,000	152,000	-337,000
Changes In Cash	71,000	330,000	412,000	2,713,000
Financing Cash Flow	-3,827,000	-3,572,000	-2,430,000	-689,000
Cash Flow From Continuing Financing Activities	-3,827,000	-3,572,000	-2,430,000	-689,000
Net Other Financing Charges	-160,000	-310,000	-288,000	723,000
Proceeds From Stock Option Exercised	122,000	168,000	110,000	88,000
Net Common Stock Issuance	-3,789,000	-3,430,000	-2,252,000	-1,500,000
Common Stock Payments	-3,789,000	-3,430,000	-2,252,000	-1,500,000
Net Issuance Payments Of Debt			0	0	-229,000
Net Long Term Debt Issuance			0	0	-229,000
Long Term Debt Payments			0	0	-2,208,000
Long Term Debt Issuance			0	0	1,979,000
Investing Cash Flow	-748,000	-616,000	-1,042,000	-28,000
Cash Flow From Continuing Investing Activities	-748,000	-616,000	-1,042,000	-28,000
Net Other Investing Changes	-46,000	-75,000	-114,000	-27,000
Net Investment Purchase And Sale	-702,000	-541,000	-928,000	-1,000
Sale Of Investment	2,736,000	2,605,000	2,380,000	4,071,000
Purchase Of Investment	-3,438,000	-3,146,000	-3,308,000	-4,072,000
Net PPE Purchase And Sale				-25,000	-25,322
Purchase Of PPE				-25,000	-25,322
Operating Cash Flow	4,646,000	4,518,000	3,884,000	3,430,000
Cash Flow From Continuing Operating Activities	4,646,000	4,518,000	3,884,000	3,430,000
Change In Working Capital	-106,000	-67,000	720,000	319,000
Change In Other Working Capital	122,000	200,000	242,000	280,000
Change In Other Current Liabilities				-69,000	-33,774
Change In Other Current Assets				41,000	25,156
Change In Payables And Accrued Expense	118,000	-104,000	580,000	224,000
Change In Accrued Expense	118,000	-104,000	580,000	224,000
Change In Payable				20,000	39,946
Change In Account Payable				20,000	39,946
Change In Prepaid Assets	-346,000	-163,000	-102,000	-185,000
Other Non Cash Items	273,000	97,000	127,000	117,000
Stock Based Compensation	1,592,000	1,407,000	1,120,000	930,000
Asset Impairment Charge		0	0	91,000	113,000
Deferred Tax	376,000	433,000	-2,875,000	-1,000
Deferred Income Tax	376,000	433,000	-2,875,000	-1,000
Depreciation Amortization Depletion		65,000	44,000	81,000	138,000
Depreciation And Amortization		65,000	44,000	81,000	138,000
Operating Gains Losses				60,000	669,000
Gain Loss On Investment Securities				-2,000	292,000
Net Foreign Currency Exchange Gain Loss				62,000	24,371
Net Income From Continuing Operations	2,511,000	2,648,000	4,792,000	1,893,000

These metrics estimate what Airbnb, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$42.13

Margin of Safety

Market Cap ÷ Company Value

1.00

P/B Ratio

7.09

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$12.2B

vs > $1.5B revenue

❌ Strong Financial Condition

1.38x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

✅ Earnings Growth

+44.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

34.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

7.09x P/B (P/E×P/B: 244.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$11.43

Trading at 12.1x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$67.48

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	1.3%	N/A
Repurchase of Capital Stock	-$3.8B	-$3.4B	-$2.3B	-$1.5B	N/A
Free Cash Flow	$4.6B ▲	$4.5B ▲	$3.9B ▲	$3.4B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	$2.0B	N/A

Peers & Industry Comparison

Travel Services — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
ABNB	$138.77	$82.5B	34.52	83.0%	20.5%	$12.2B
BKNG Booking Holdings Inc. Common St	$165.87	$128.5B	21.9	87.0%	22.2%	$27.7B
EXPE Expedia Group, Inc.	$248.10	$29.8B	25.3	90.1%	8.8%	$14.7B
TRIP TripAdvisor, Inc.	$11.34	$1.3B	36.6	62.9%	2.1%	$1.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

1.37%

Low — management has little skin in the game

Return on Equity (ROE)

30.6%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

11.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$3.8B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+0.4% YoY

Debt is roughly stable

Leadership Team

Brian Chesky

Co-Founder, CEO & Chairman of the Board

Age 43

Pay: $242,122

0.010% of net income

Nathan Blecharczyk

Co-Founder, Chief Strategy Officer & Director

Age 41

Pay: $1,310,067

0.052% of net income

Joseph Gebbia

Co-Founder & Director

Age 43

Pay: $62,500

0.002% of net income

Elinor Mertz

Chief Financial Officer

Age 48

Pay: $1,361,006

0.054% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.14%	38,283,087
Blackrock Inc.	7.52%	31,504,726
Harris Associates L.P.	4.46%	18,694,408
State Street Corporation	4.28%	17,922,560
Morgan Stanley	3.16%	13,234,861
Geode Capital Management, LLC	2.41%	10,076,465
FMR, LLC	2.18%	9,145,617
AQR Capital Management, LLC	1.61%	6,762,784

Risk Analysis

Beta (Market Risk)

1.21

Moderate volatility — moves slightly more than market

Short Interest

3.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.28x

Conservative balance sheet — low financial risk

Current Ratio