Shares of Airbnb (ABNB 0.53%) have been in the doghouse in 2022, dropping 35% despite the company delivering consistently strong growth in recent quarters even in the face of headwinds such as surging inflation and fears about a recession. All that means that this could be a great opportunity for savvy investors to buy a fast-growing company at a compelling valuation.

The holiday homes and apartment rentals company has been growing impressively. More importantly, Airbnb's latest results suggest that its healthy growth is here to stay. Let's look at some key reasons why buying Airbnb stock right now could turn out to be a great move in the long run.

Airbnb is built for long-term growth

Airbnb released its third-quarter results on Nov. 1. The company pointed out that Q3 was its "biggest and most profitable quarter ever despite geopolitical and macroeconomic headwinds," which points toward the strength of its business model.

The company's revenue shot up 29% year over year to $2.9 billion. Excluding the impact of foreign currency changes, Airbnb's revenue would have jumped 36%.

The company's robust revenue growth was driven by healthy demand for travel, which was evident from a 25% year-over-year increase in nights and experiences booked on Airbnb's platform, which reached nearly 100 million in the quarter. Airbnb's net income jumped 46% year over year to a record $1.2 billion last quarter, while free cash flow was $960 million, up a whopping 81% over the year-ago period.

These numbers are proof that Airbnb's business has only become stronger over the past couple of years.

ABNB Revenue (TTM) Chart

ABNB Revenue (TTM) data by YCharts

The company's guidance for the current quarter indicates that the momentum is here to stay. Airbnb's revenue estimate of between $1.80 and $1.88 billion for the fourth quarter points towards around 20% growth year over year. 

Analysts seemingly agree that continued growth is in store for Airbnb; Wall Street expects the company to clock 20% annual earnings growth over the next five years.

But I wouldn't be surprised to see the company maintain its momentum for even longer. That's because the global vacation rental market is expected to clock 17% annual growth through the end of the decade and generate over $111 billion in annual revenue by 2030. Airbnb is in a solid position to take advantage of this opportunity given its estimated market share of 20%-plus in the vacation rental space.

Airbnb's solid market share also allows the company to enjoy robust pricing power. This is evident from the company's average daily rate (ADR) of $156 in the third quarter, which was an increase of 5% over the prior year. Excluding the forex impact, Airbnb's ADR would have increased 12% year over year.

All in all, Airbnb is enjoying a healthy mix of growth in both volume and pricing, a trend that can be expected to last over the next decade as vacation spending grows.

The stock is attractive right now

Airbnb's steep decline in 2022 has made the stock relatively attractive. It is now trading at 9 times sales, compared to last year's expensive price-to-sales multiple of nearly 20. The stock has a trailing earnings multiple of 45 and a forward earnings ratio of 35, which suggest bottom-line growth will continue going forward.

Of course, the multiples are rich when compared to those of the broader market: The Nasdaq 100 index sports a price-to-earnings ratio of 23. But Airbnb's impressive growth and its ability to sustain that growth in the long run make it an ideal growth stock that investors may want to buy at relatively cheap multiples and hold for a long time given its upside potential.