Airbnb Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss)	4,792)	1,893)	(352)	(4,585)
Net noncash charges	(1,628)	1,218)	1,904)	4,240)
Changes in operating assets and liabilities, net of acquisitions	720)	319)	638)	(285)
Net cash provided by (used in) operating activities	3,884)	3,430)	2,190)	(630)
Cash paid for interest, net of tax¹	43)	8)	39)	127)
Purchases of property and equipment	(47)	(25)	(25)	(37)
Free cash flow to the firm (FCFF)	3,880)	3,413)	2,204)	(540)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Airbnb Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Airbnb Inc. FCFF increased from 2021 to 2022 and from 2022 to 2023.

Airbnb Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	21.00%	4.80%	21.00%	2.10%
Interest Paid, Net of Tax
Cash paid for interest, before tax	55)	8)	50)	130)
Less: Cash paid for interest, tax²	12)	—)	10)	3)
Cash paid for interest, net of tax	43)	8)	39)	127)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 55 × 21.00% = 12

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Airbnb Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	77,665)
Free cash flow to the firm (FCFF)	3,880)
Valuation Ratio
EV/FCFF	20.01
Benchmarks
EV/FCFF, Competitors¹
Booking Holdings Inc.	21.89
Chipotle Mexican Grill Inc.	—
McDonald’s Corp.	29.49
Starbucks Corp.	30.12
EV/FCFF, Sector
Consumer Services	24.01
EV/FCFF, Industry
Consumer Discretionary	40.04

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Airbnb Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	90,604)	76,659)	93,363)	120,985)
Free cash flow to the firm (FCFF)²	3,880)	3,413)	2,204)	(540)
Valuation Ratio
EV/FCFF³	23.35	22.46	42.36	—
Benchmarks
EV/FCFF, Competitors⁴
Booking Holdings Inc.	17.62	14.11	36.39	—
Chipotle Mexican Grill Inc.	57.71	51.53	50.61	146.36
McDonald’s Corp.	30.11	35.39	26.32	34.80
Starbucks Corp.	32.25	42.44	28.09	281.97
EV/FCFF, Sector
Consumer Services	26.60	27.99	31.26	115.64
EV/FCFF, Industry
Consumer Discretionary	32.71	50.20	59.78	45.72

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 90,604 ÷ 3,880 = 23.35

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Airbnb Inc. EV/FCFF ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Airbnb Inc. (NASDAQ:ABNB)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical