Today's market is full of opportunities, but some stocks make better buys than others. At the top of my shopping list is Airbnb (ABNB -3.18%), the market leader in alternative stays. Airbnb is also breaking into the experience market, further broadening its reach.

I've identified four reasons why Airbnb is a top buy right now, but there are likely many more.

1. Strong growth

Airbnb's revenue rose 29% year over year (YOY) in the third quarter to $2.9 billion. Many investors were worried about weakening consumer demand in that same time frame, but Airbnb's growth numbers downplay this notion. Additionally, Airbnb expects to maintain strong growth in the fourth quarter, with management guiding for around 20% sales growth.

With Airbnb operating off of a tollbooth model, it makes more money as hosts raise their prices, so it will almost always have some source of growth.

Next year, analysts expect Airbnb to grow its revenue by 12.7%, which is impressive considering many think the economy will be in a recession next year. Airbnb continues to post strong growth numbers and will likely do so for years due to hosts raising their rates and new hosts coming onto the platform.

2. Profitability

Rapid growth means nothing if a business isn't converting its revenue into cash. Over the past 12 months, Airbnb has produced $3.3 billion in free cash flow (FCF). That's a 5.3% FCF yield (FCF divided by market cap), which indicates the company is producing a large amount of FCF relative to its size. A quick rule of thumb is if you can buy a stock with a FCF yield greater than the 10-year treasury note, it has the potential to be an excellent investment. With the 10-year note at 3.77%, Airbnb meets this criteria and then some.

Additionally, Airbnb posted $1.2 billion in net income -- a 42% profit margin. While this is a world-class margin, it should be taken with a grain of salt because Airbnb's business has some seasonality. Investors will need to watch how this fluctuates throughout a whole year, but it's hard to find fault in earnings like Airbnb generates.

3. Valuation

The inverse of free-cash-flow yield is Airbnb's price-to-free-cash-flow ratio, which has reached an investible level.

ABNB Price to Free Cash Flow Chart

ABNB Price to Free Cash Flow data by YCharts

That prices the stock lower than Microsoft or Visa, despite Airbnb growing faster than both. Investors shouldn't fret about whether they are overpaying for Airbnb's stock, as it is reasonably valued from a historical and peer perspective.

4. Leadership

If you look at some of the world's biggest companies, one thing most have in common is that they were founded and led by visionary leaders. In Airbnb's case, it has three of them. Brian Chesky (CEO), Nathan Blecharczyk (chief strategy officer), and Joe Gebbia (chairman of Airbnb.org, its charity wing) are still involved with the company.

These three collectively own 204.3 million shares of Airbnb valued at around $21 billion. That's about one-third of the company. They are highly incentivized for the business to do well and have done a great job building the company.

Investors may be able to find more reasons to buy Airbnb stock, but these are my top four. With Airbnb's strong execution, cheap valuation, and visionary leadership, I won't be surprised if the stock beats the market over the next three to five years.