Is The Market Underpricing Airbnb Stock?

Airbnb (ABNB) stock trades at 38.3 times its earnings over the four quarters to fiscal Q2 2026. This valuation sits above the 28.3 average recorded at quarter-ends over the last twelve fiscal quarters, excluding readings above 100. Investors paying this premium may be betting that the company will continue to add guests and keep more of each booking as profit. If Airbnb does both, would the business be worth more than buyers pay today.