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As of Q4'25, Airbnb's EV/EBITDA ratio stands at 21.047, reflecting a continued decline from the previous quarter's 20.266. This marks the lowest point in the observed period, indicating a significant contraction in valuation multiples relative to EBITDA. From Q1'23 to Q4'25, the EV/EBITDA ratio for Airbnb has shown considerable volatility, peaking at 42.195 in Q4'23 before entering a sustained downward trend. After reaching its high, the ratio steadily decreased through 2024 and 2025, suggesting either EBITDA growth outpacing enterprise value or a market reassessment of the company's future earnings potential. This trend may signal changing investor sentiment or improved operational efficiency over the covered period.