Airbnb Inc (ABNB) is overvalued and Royal Caribbean Group (RCL) is slightly undervalued.
Against our estimates of intrinsic value, RCL trades at the wider discount: a margin of safety of +5%, 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 11.5% (average of 3 methods) values the shares at $247.87; the price of $234.89 is 5% below that value, and 69% of that value comes from beyond year five.
Leak Score 45/100 on 10 of 12 signals
| Metric | ABNB | RCL |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $161.81 | $234.89 |
| Intrinsic value | $83.63 | $247.87 |
| Margin of safety | -93% | +5% |
| Leak Score | 71/100 (6/12) | 45/100 (10/12) |
| Market cap | $96.9B | $63.0B |
| Revenue growth, 5 years | 29.5% | 52.0% |
| Operating margin | 21.2% | 27.1% |
| Net margin | 20.4% | 23.5% |
| Return on equity | 34.5% | 45.3% |
| Debt to equity | 0.32 | 2.30 |
| P/E | 36.8x | 14.5x |
| Forward P/E | 25.9x | 11.6x |
| P/B | 12.2x | 6.1x |
| Dividend yield | — | 2.3% |