Airbnb (ABNB 1.09%) shares have quietly posted some impressive gains in 2023 so far, with the stock up 36% through mid-February. This rebound came amid a wider rally in the tech world and in growth stocks that got punished last year.

But Airbnb has some distinguishing characteristics that make it a more attractive stock than some of its tech peers. Let's look at three key factors that set this rental platform provider apart as an investment.

1. Airbnb is profitable

The middleman approach can be an incredibly efficient operating model when deployed correctly, and Airbnb is on the right track here. In contrast with many other high-growth stocks, the room and home rental specialist is generating solid profits and cash flow.

Net income landed at $1.2 billion in the most recent quarter compared to $2.9 billion of revenue. If it can maintain that positive momentum, Airbnb can reasonably target higher a profit margin than mature e-commerce peers such as eBay. "Our Q3 results," Airbnb executives said in early November, "demonstrate that Airbnb continues to drive growth and profitability at scale."

2. Airbnb managed well through tough times

Some investors are concerned that Airbnb faces a difficult period ahead, especially if a recession grips key markets like the U.S. and Europe. Spending on vacations tends to plunge in such times as consumers look to cut down on discretionary purchases.

Yet Airbnb differs from a hotel chain, a cruise ship stock, or a travel booking service in some critical ways. Many people use its platform for long-term stays, for example, rather than simply weekend getaways. Those bookings accounted for 20% of the business last quarter.

And Airbnb can earn more business during times of increased pressure on consumers. The company got its start in the wake of the Great Recession when people were looking for ways to turn underutilized space into side income. That factor might not protect sales growth in the event of a sharp downturn, but it does imply more stability than other consumer discretionary stocks.

3. Airbnb shares look attractive

Wall Street pushed Airbnb's stock valuation up to reflect many of these operating advantages. You now have to pay nearly 10 times sales for the stock, up from a low of just over 6 times sales in late 2022. eBay is priced at 2.9 times sales, for context, and Etsy, which is at a more comparable stage in its growth story, is priced at 8.2 times revenue.

Smart investors shouldn't let that premium scare them away from Airbnb's stock. Yes, it is priced for strong growth, both in sales and in profitability. These gains might not arrive in 2023, especially in the event of a recession. But investors can hold the stock through the volatility ahead with an eye toward market-beating returns over the next several years.

And with Airbnb stock, you don't have to take inordinate risks that the business will be forced into survival mode during a spending downturn. Its positive earnings and cash flow, plus growing engagement levels, point to solid operating results through a wide range of potential economic conditions over the next year or so.