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Airbnb Inc-Class A

ABNBWithin bandExpectations · modest

Held by 6 superinvestors.

Price$190.21
Holders6
Total value$3.17B

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+10.3%
Net margin
20.5%
ROE
30.6%
FCF margin
—
Revenue $3.38B → $12.24B · 6y
What makes a business high quality

Valuation · value band

In fair-value range

$68/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$190
cheaperpricier

Zero-growth floor

$39

Central IV

$68

Optimistic top

$218

Airbnb Inc-Class A (ABNB): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $39–$218 / sh. Today’s price sits inside both (price $190 as of 2026-08-24).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 7% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $39

Price as of 2026-08-24 · yahoo · DGS10 4.7% @ 2026-08-24.

Method & numbers

Model cautions

  • The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).
  • Growth nearly matches the discount rate — the estimate is sensitive to assumptions.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $42.46 – $83.99 · Greenwald $114.40 – $218.00 (neutral $164.65) · zero-growth base $50.25 · reproduction $19.66

Moat Franchise (moat) · terminal value 50% of present value · owner-earnings yield 2% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$42.44 – $50.25 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$38.81 – $47.43 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $7.03B + capitalized R&D $4.71B（FY 2026, 2024, 2023, 2022） = $19.66 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value: if the moat holds for 10 yr at ROIIC ≈ 270%, $64.15–$167.75 / sh (neutral $114.40). Conservative, not a forecast.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 7% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.20%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 83%.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 26.5% a year in owner-earnings for the next few years. Revenue actually grew 27.3% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 8 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

6 holders · $3.17B combined · this quarter +0 opened / -0 exited

This quarter1 added4 trimmed
Holders 6 → 6 · last 8q
  • Bill Nygren
    Value$2.70BWeight (prev→now)3.2% → 3.6% ▲
  • Polen Capital
    Value$236.1MWeight (prev→now)2.0% → 2.0% ▲
  • Chuck Akre
    Value$169.4MWeight (prev→now)4.2% → 3.3% ▼
  • Thomas Gayner
    Value$34.7MWeight (prev→now)0.3% → 0.3% ▲
  • Ray Dalio
    Value$33.9MWeight (prev→now)0.0% → 0.1% ▲
  • Bill Miller
    Value$1.3MWeight (prev→now)0.5% → 0.3% ▼

SEC 13F · notes

Written summary

Airbnb Inc-Class A (ABNB) is held by 6 of the superinvestors tracked on Compounder, with a combined $3.17B in reported 13F value. The largest position belongs to Bill Nygren, where it makes up 3.6% of the portfolio.

Other notable holders by value include Polen Capital (2.0% of its book), Chuck Akre (3.3% of its book) and Thomas Gayner (0.3% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in ABNB, 1 added to existing ones, 4 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Airbnb Inc-Class A (ABNB) also commonly hold →

ABNB's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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