Airbnb, Inc. ABNB

The business

Airbnb runs a marketplace. Hosts list homes, guests book them, and Airbnb takes a fee from both sides. It owns no property and carries no inventory, which is why it converts revenue to cash better than almost any company of its size, and why its capital spending last year was thirty-three million dollars against four and a half billion of operating cash flow.

The newer element is experiences and services, activities and offerings booked alongside a stay, which the company has folded into its headline booking metric and now calls nights and seats.