Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Current Valuation Ratios
Airbnb Inc., current price multiples
| Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | McDonald’s Corp. | Starbucks Corp. | Consumer Services | Consumer Discretionary | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2024-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Airbnb Inc., historical price multiples
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio is available from 2022 onwards. It shows a significant decrease from 44.53 in 2022 to 20.59 in 2023, indicating an improvement in earnings relative to the stock price. However, in 2024, the ratio increased again to 33.58, suggesting some volatility or a reduction in earnings growth relative to price.
- Price to Operating Profit (P/OP) Ratio
- This ratio demonstrates a notable downward trend starting from an extremely high 232.24 in 2021, dropping sharply to 46.78 in 2022. Afterward, it increases to 65.01 in 2023 but then decreases again to 34.83 in 2024. This pattern suggests fluctuating investor expectations or operating profit margins, with a general improvement from the peak valuation in 2021.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio shows a consistent and steady decline over the five-year period. From 37.16 in 2020, it decreases significantly to 8.01 by 2024. This steady decrease indicates that the stock price is becoming more aligned with sales revenue, possibly reflecting increased sales or a moderation in stock price growth.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio also follows a declining trend from 43.27 in 2020 to 10.57 in 2024. This reduction suggests the market valuation is becoming closer to the company’s net asset value, indicating either a growth in book value or a relative adjustment in stock price.
Price to Earnings (P/E)
Airbnb Inc., historical P/E 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$) | ||||||
| Net income (loss) (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/E Ratio, 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.
2 2024 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over the five-year period reflects significant shifts in the company's market valuation and profitability metrics.
- Share Price
- The share price experienced a notable decline from US$206.35 at the end of 2020 to US$131.60 by the end of 2022. This represents a reduction of approximately 36% over two years. Thereafter, the share price partially recovered to US$152.51 in 2023, before declining again to US$141.04 in 2024. Overall, the share price displayed volatility with an initial downward trend followed by moderate recovery and a slight decrease.
- Earnings Per Share (EPS)
- EPS showed a marked improvement across the observed period. Starting with a significant loss of US$-7.54 in 2020, the EPS loss narrowed drastically to US$-0.55 in 2021. From 2022 onward, the company reported positive earnings, reaching US$2.96 in 2022, further increasing to US$7.41 in 2023, before decreasing to US$4.20 in 2024. This trend indicates a strong turnaround from losses to profitability, with some fluctuation in the most recent year.
- Price-to-Earnings Ratio (P/E)
- P/E ratios are only reported from 2022 to 2024, corresponding with the period of positive earnings. In 2022, the ratio was 44.53, suggesting investors were willing to pay a relatively high price for each dollar of earnings, which may reflect expectations of future growth. In 2023, the P/E dropped significantly to 20.59, indicating the share price growth slowed relative to earnings or that earnings growth outpaced the share price increase. In 2024, the P/E increased to 33.58, showing a rise in market valuation relative to earnings compared to the previous year, possibly reflecting renewed investor optimism or valuation adjustments despite the decrease in EPS.
Price to Operating Profit (P/OP)
Airbnb Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Income (loss) from operations (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/OP Ratio, 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.
2 2024 Calculation
Operating profit per share = Income (loss) from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a declining trend from 206.35 US$ at the end of 2020 to 131.6 US$ by the end of 2022. Thereafter, it showed some recovery, rising to 152.51 US$ in 2023, but slightly decreased again to 141.04 US$ in 2024. Overall, the price did not return to its 2020 levels within the observed period.
- Operating Profit per Share
- The operating profit per share experienced a significant improvement over the years. Starting from a negative value of -5.9 US$ in 2020, it turned positive in 2021 at 0.67 US$ and continued to rise to 2.81 US$ in 2022. There was a slight decrease to 2.35 US$ in 2023, followed by another increase to 4.05 US$ in 2024. This indicates an overall positive trajectory in operational profitability per share after an initial loss.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio was not available in 2020 but displayed extreme volatility in subsequent years. It was very high at 232.24 in 2021, substantially declining to 46.78 in 2022. The ratio increased again to 65.01 in 2023 before decreasing to 34.83 in 2024. This fluctuation reflects varying market valuations relative to operating profit, with a general trend towards a lower multiple by the end of the period.
Price to Sales (P/S)
Airbnb Inc., historical P/S 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$) | ||||||
| Revenue (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/S Ratio, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a declining trend from 206.35 US$ at the end of 2020 to 131.6 US$ by the end of 2022, indicating a significant depreciation over the first three years. In 2023, the share price recovered somewhat to 152.51 US$, though it declined again to 141.04 US$ by the end of 2024. Overall, the share price demonstrated volatility with a general downward trend from the starting point in 2020.
- Sales Per Share
- Sales per share showed consistent growth throughout the observed periods. Starting at 5.55 US$ in 2020, sales per share increased steadily to 9.32 US$ in 2021, then to 13.11 US$ in 2022. This upward momentum continued in 2023 at 15.33 US$ and reached 17.61 US$ by the end of 2024. This reflects a strong and sustained increase in sales efficiency or revenue generation per share over the five-year period.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio declined sharply from a high of 37.16 in 2020 to 16.64 in 2021. This declining trend continued more moderately in subsequent years, reaching 10.04 in 2022, then stabilizing somewhat around 9.95 in 2023 before decreasing further to 8.01 in 2024. The falling P/S ratio suggests that the market valuation relative to sales has been compressing, potentially indicating that the share price has not kept pace with the growth in sales per share or that investors are valuing sales less highly than in previous years.
Price to Book Value (P/BV)
Airbnb Inc., historical P/BV 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$) | ||||||
| Stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/BV Ratio, 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.
2 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Airbnb Inc. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a declining trend from 206.35 US dollars at the end of 2020 to 131.6 US dollars by the end of 2022. In the subsequent two years, there was a partial recovery, with the price rising to 152.51 US dollars in 2023 before slightly decreasing to 141.04 US dollars in 2024. Overall, the share price decreased over the five-year period, reflecting possible market adjustments or shifts in investor sentiment.
- Book Value per Share (BVPS)
- Book value per share showed consistent growth across the entire period. Starting at 4.77 US dollars in 2020, it increased steadily each year to reach 13.34 US dollars by the end of 2024. This upward trend indicates improving underlying equity value per share, suggesting strengthened company fundamentals or accumulation of retained earnings over time.
- Price-to-Book Value Ratio (P/BV)
- The price-to-book value ratio demonstrated a notable decline from a very high level of 43.27 in 2020 to 10.57 in 2024. This significant decrease signals a compression of the market valuation relative to the book value. The consistent drop suggests that the market’s premium on the company's net assets has diminished, potentially reflecting changes in market expectations, risk perceptions, or relative valuation adjustments.