As of Q4'25, Airbnb's P/B Ratio stands at 8.609, reflecting a continued decline from the previous quarter's value of 8.617. This latest figure marks the lowest point in the observed period, which spans from Q1'23 to Q4'25. Throughout this timeframe, the P/B Ratio exhibited significant volatility, peaking at 18.025 in Q2'23 before experiencing a sharp drop to 8.492 in Q3'23. After a brief recovery to above 12 in late 2023 and early 2024, the ratio has generally trended downward, stabilizing below 11 from Q3'24 onward. The overall pattern suggests a normalization in valuation following earlier fluctuations.