Airbnb Inc (ABNB) is overvalued and Booking Holdings Inc (BKNG) is undervalued.
Against our estimates of intrinsic value, BKNG trades at the wider discount: a margin of safety of +39%, against -93% for ABNB.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.8% (average of 3 methods) values the shares at $83.63; the price of $161.81 is 93% above that value, and 71% of that value comes from beyond year five.
Leak Score 71/100 on 6 of 12 signals
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $268.01; the price of $164.22 is 39% below that value, and 75% of that value comes from beyond year five.
Leak Score 97/100 on 8 of 12 signals
| Metric | ABNB | BKNG |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $161.81 | $164.22 |
| Intrinsic value | $83.63 | $268.01 |
| Margin of safety | -93% | +39% |
| Leak Score | 71/100 (6/12) | 97/100 (8/12) |
| Market cap | $96.9B | $123.4B |
| Revenue growth, 5 years | 29.5% | 31.7% |
| Operating margin | 21.2% | 35.2% |
| Net margin | 20.4% | 25.5% |
| Return on equity | 34.5% | — |
| Debt to equity | 0.32 | — |
| P/E | 36.8x | 18.2x |
| Forward P/E | 25.9x | 13.3x |
| P/B | 12.2x | — |
| Dividend yield | — | 0.9% |