As of Q4'25, Airbnb’s EV/Sales ratio stands at 23.77, reflecting a notable decrease from its recent peak of 44.75 in Q1'24. This latest data point suggests a moderation in valuation relative to sales as of the end of 2025. Over the period from Q1'23 to Q4'25, the EV/Sales ratio has exhibited significant volatility, with sharp rises and falls. After reaching a high of 44.75 in Q1'24, the ratio declined substantially, hitting a low of 16.77 in Q3'25 before recovering slightly. The overall trend indicates fluctuating investor sentiment and valuation multiples, with the most recent quarters showing a downward adjustment from earlier highs.