Airbnb Inc., FCFE 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)
Purchases of property and equipment	(47)	(25)	(25)	(37)
Principal repayment of long-term debt	—)	—)	(1,995)	(5)
Prepayment penalty on long-term debt	—)	—)	(213)	—)
Proceeds from issuance of long-term debt and warrants, net of issuance costs	—)	—)	—)	1,929)
Proceeds from issuance of convertible senior notes, net of issuance costs	—)	—)	1,979)	—)
Purchases of capped calls related to convertible senior notes	—)	—)	(100)	—)
Free cash flow to equity (FCFE)	3,837)	3,405)	1,835)	1,257)

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
FCFE	Free cash flow to equity is the cash flow available to Airbnb Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Airbnb Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Airbnb Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	633,971,640
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,837)
FCFE per share	6.05
Current share price (P)	131.44
Valuation Ratio
P/FCFE	21.72
Benchmarks
P/FCFE, Competitors¹
Booking Holdings Inc.	19.63
Chipotle Mexican Grill Inc.	0.07
McDonald’s Corp.	20.33
Starbucks Corp.	27.63
P/FCFE, Sector
Consumer Services	20.48
P/FCFE, Industry
Consumer Discretionary	38.45

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

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.

Airbnb Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	647,064,669	640,528,494	642,872,940	608,434,746
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,837)	3,405)	1,835)	1,257)
FCFE per share³	5.93	5.32	2.86	2.07
Share price^1, 4	152.51	131.60	155.09	206.35
Valuation Ratio
P/FCFE⁵	25.72	24.76	54.32	99.90
Benchmarks
P/FCFE, Competitors⁶
Booking Holdings Inc.	15.89	11.52	69.03	37.59
Chipotle Mexican Grill Inc.	58.77	52.59	51.88	149.64
McDonald’s Corp.	20.85	28.85	30.21	22.96
Starbucks Corp.	29.75	34.82	45.80	20.79
P/FCFE, Sector
Consumer Services	22.99	23.78	42.78	32.80
P/FCFE, Industry
Consumer Discretionary	30.84	36.19	82.92	32.04

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,837,000,000 ÷ 647,064,669 = 5.93

⁴ Closing price as at the filing date of Airbnb Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 152.51 ÷ 5.93 = 25.72

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Airbnb Inc. P/FCFE ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Airbnb Inc. (NASDAQ:ABNB)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical