Price to FCFE (P/FCFE)
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Airbnb Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2020
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
Airbnb Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 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).
- Operating Activities Cash Flow
- The net cash provided by operating activities exhibited a significant upward trend from 2020 through 2024. In 2020, there was a net cash outflow of $630 million, indicating operational challenges during that period. However, starting in 2021, a strong recovery is observed with a positive cash inflow of $2,190 million. This positive momentum continued with increasing cash flows of $3,430 million in 2022, $3,884 million in 2023, and reaching $4,518 million by 2024. The steady increase suggests improving efficiency and profitability in core operations over the five-year span.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity also demonstrated robust growth from 2020 to 2024. Beginning at $1,257 million in 2020, FCFE rose consistently each year to $1,835 million in 2021 and $3,405 million in 2022. The upward trend persisted with FCFE reaching $3,837 million in 2023 and further increasing to $4,484 million in 2024. This trend reflects enhanced cash generation capacity available to equity shareholders, indicating a strengthening financial position and potentially greater flexibility for reinvestment, dividend payments, or debt reduction.
- Overall Financial Cash Flow Trends
- The analysis reveals a strong recovery and sustainable growth pattern in both operating cash flow and free cash flow to equity after the negative operational cash flow in 2020. The marked improvement from 2021 onwards highlights effective management strategies leading to increased liquidity and shareholder value. The consistent year-over-year increases in these cash flow metrics suggest stable operational performance and enhanced financial health over the examined period.
Price to FCFE Ratio, Current
Airbnb Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Booking Holdings Inc. | |
| Chipotle Mexican Grill Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| P/FCFE, Sector | |
| Consumer Services | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Airbnb Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/FCFE, Sector | ||||||
| Consumer Services | ||||||
| P/FCFE, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Airbnb Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price shows a downward trend from 206.35 US$ at the end of 2020 to 131.6 US$ by the end of 2022. A partial recovery is noted in 2023 with the price rising to 152.51 US$, followed by a slight decline to 141.04 US$ in 2024. Overall, the share price has decreased over this five-year period, indicating potential market concerns or external factors impacting valuation.
- Free Cash Flow to Equity (FCFE) per Share Trend
- The FCFE per share exhibits consistent growth throughout the period. Starting at 2.07 US$ in 2020, it increases steadily each year to reach 7.11 US$ by 2024. This indicates that the company has been generating increasingly higher free cash flows available to equity shareholders, suggesting improved operational efficiency or profitability over time.
- Price to FCFE Ratio (P/FCFE) Analysis
- The P/FCFE ratio declines significantly from 99.9 in 2020 to 19.83 in 2024. This sharp contraction results from the combined effect of decreasing share price and increasing FCFE per share. The declining ratio may reflect a market correction in valuation multiples, potentially signaling a transition to a more realistic valuation level or increased investor confidence in the quality of earnings.
- Overall Insights
- There is a clear divergence between share price and underlying cash flow generation. While the market price experienced volatility with an overall decline and partial recovery, the FCFE per share consistently improved. The decreasing valuation ratio suggests that the company’s cash flow generating capacity is strengthening relative to its market price, which might indicate increased attractiveness from a fundamental perspective despite price fluctuations. Investors could interpret these trends as signs of long-term financial health improvement amidst market pricing adjustments.