ABNBAirbnb, Inc.
Services-To Dwellings & Other Buildings
- Revenue
- $12.2B
- 10% YoY
- Operating margin
- 20.8%
- 9.6% YoY
- EBITDA
- $2.6B
- 0.3% YoY
- Market cap
- $99.0B
- Employees
- 8,200
- $1M revenue each
- Net debt / EBITDA
- -1.7×
- −$4.3B net debt
- AI in 10-K
- 9.0
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$242K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo185% of net incomeCash flow under 80% of net income
- Dilutive SBCYes13% of revenueOver 10% of revenue
- Payouts exceed cash flowNo82% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 87th pctBottom quartile of its SIC industry
- Quiet on AINo9.0 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.7× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$99.0B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$1.1B netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.0B | $8.4B | $9.9B | $11.1B | $12.2B | 10% |
| Operating income | $429M | $1.8B | $1.5B | $2.6B | $2.5B | 0.4% |
| Net income | −$352M | $1.9B | $4.8B | $2.6B | $2.5B | 5.2% |
| Operating cash flow | $2.3B | $3.4B | $3.9B | $4.5B | $4.6B | 2.8% |
| Capex | $25M | $25M | — | — | — | |
| Stock-based comp | $899M | $930M | $1.1B | $1.4B | $1.6B | 13% |
| Buybacks | $0 | $1.5B | $2.3B | $3.4B | $3.8B | 10% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $1.1B · 317
- Net
- −$1.1B
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $242K | −$89M | 92 | 258 |
| FY2024 | $186K | $5M | 90 | 208 |
| FY2023 | $295K | $303M | 93 | 152 |
| FY2022 | $311K | −$585M | 58 | 97 |
| FY2021 | $132K | $301M | 113 | 135 |