ABNBAirbnb
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (2.2×).
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
Margin-driven, fat margins on slower asset turns. ROE 32% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ABNB?
Airbnb keeps 21% of every revenue dollar as operating profit, against 16% for the median Travel Services name.
Operating margin · Travel Services median 16% · 12 months to Q2 2026
- Cash conversion
- 2.22×
Cash conversion · 2.08× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −4.6%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 19%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −106% |
| FY2021 | 7.2% |
| FY2022 | 21% |
| FY2023 | 15% |
| FY2024 | 23% |
| FY2025 | 21% |
Details›
- Gross margin12 months to Q2 2026
- 83%
- Operating margin12 months to Q2 2026
- 21%
- Net margin12 months to Q2 2026
- 20%
- R&D as % of revenue
- 19%
- Revenue, trailing twelve months
- $13.2B
- Net income, trailing twelve months
- $2.69B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Travel Services
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