Airbnb, Inc. (ABNB) intrinsic value & 10-year financials
Airbnb, Inc. (ABNB) has a Graham intrinsic value of $120.87 per share. At $173.70 on Oct 17, 2026, the stock trades 44% above that value. Over the last 8 fiscal years revenue grew 16.9% a year to $12.2B, with an average return on invested capital of 241.7%.
- Graham intrinsic value
- $120.87
- Share price (Oct 17, 2026)
- $173.70
- Price vs Graham value
- 44% above
- Market cap
- $108.2B
- Revenue (FY2025)
- $12.2B
- Revenue growth (8-yr CAGR)
- 16.9%
- ROIC (10-yr avg)
- 241.7%
- Free cash flow (FY2025)
- —
ABNB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $12.2B | $2.5B | — | — | 20.8% | 53.4% |
| FY2024 | $11.1B | $2.6B | — | — | 23.0% | 55.5% |
| FY2023 | $9.9B | $4.8B | — | — | 15.3% | 75.9% |
| FY2022 | $8.4B | $1.9B | — | $3.4B | 21.5% | 224.6% |
| FY2021 | $6.0B | -$352.0M | — | $2.2B | 7.2% | 115.9% |
| FY2020 | $3.4B | -$4.6B | — | -$667.1M | -106.3% | 1090.8% |
| FY2019 | $4.8B | -$674.3M | — | $97.3M | -10.4% | 75.7% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Airbnb revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Airbnb has earned high returns on invested capital, averaging 52.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Airbnb capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Airbnb is modeled at 13.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $120.87 per share.