Airbnb Inc
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Airbnb Inc AI Insights
Informational only. Not investment advice.Snapshot
- FCF margin 38% (4.6B TTM) vs industry median 3.5% - 11x advantage funds 4B buybacks at 0.26 debt/equity[Free Cash Flow TTM]
- Gross margin 83% TTM vs industry 37% - platform model captures 2.2x more per revenue dollar[Gross Margin TTM]
- Current liabilities 14B exceed current assets ex-cash 12B - negative working capital business model[Working Capital]
Watch Triggers
- Free Cash Flow TTM: Falls below 3.5B or FCF margin below 30% — Signals platform economics degrading or competition forcing higher spend
- Gross Margin TTM: Declines below 80% — Would indicate take-rate pressure from hosts/guests or regulatory costs
- Research and Development TTM: Exceeds 25% of revenue without revenue acceleration — R&D at 19% already high - further increases without growth signals competitive pressure
Bull Case
Platform economics: 83% gross margin + asset-light model (272M PPE) generates 4.6B FCF with minimal reinvestment needs
ROIC 24% TTM vs industry 4% - 6x capital efficiency with 19% R&D investment rate building competitive moat
Bear Case
P/S 6.3x vs industry 1.5x (4.3x premium) and P/E 29x prices in perfection - limited margin of safety
Current debt 2B due near-term with 14B current liabilities - refinancing risk if travel demand softens
Bull vs Bear Balance
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Forward Thesis
FCF conversion will sustain 8-10% annual buyback yield, compressing share count 25%+ by 2028
- 4.6B FCF on 75.8B market cap = 6% yield before growth
- 4B annual buyback pace vs 621M shares = 6.4% reduction/year
- Minimal capex needs (<1% of revenue) preserves cash generation
Valuation Context
Caveats
Public Strategies Rankings
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ABNB Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$77.54B | — | ||
$73.04B | — | ||
31 | — | ||
$12.24B | +10.3% | — | |
$4.03 | -1.9% | — | |
20.8% | -2.2% | — | |
20.5% | -3.3% | — | |
$4.65B | +2.8% | — | |
30.2% | -1.7% | — | |
Beta 5Y (Monthly) | unknown | — |
ABNB Dividend History
ABNB Stock Splits
ABNB SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/12/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/13/25 | 12/31/24 | 10-K | |
11/07/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/17/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/13/21 | 06/30/21 | 10-Q | |
05/14/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
12/11/20 | 09/30/20 | 424B4 | |
08/13/21 | 06/30/20 | 10-Q | |
05/14/21 | 03/31/20 | 10-Q | |
12/11/20 | 12/31/19 | 424B4 |