Latest Ratios: P/E Ratio 55.7x · EV/EBITDA 32.2x · ROE N/A. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $77.7B | $68.4B | $61.2B | $48.1B | $35.0B | $43.8B | $31.0B | $32.2B | $21.9B | $26.1B | $18.4B |
| Enterprise Value | $92.4B | $83.1B | $71.9B | $57.4B | $43.5B | $52.2B | $39.5B | $40.8B | $28.8B | $32.1B | $24.0B |
| P/E Ratio → | 55.74 | 46.94 | 40.25 | 42.15 | 27.89 | 106.84 | — | 36.48 | 28.72 | 24.05 | 53.15 |
| P/S Ratio | 6.45 | 5.68 | 5.47 | 4.70 | 3.99 | 7.57 | 7.21 | 3.40 | 2.46 | 7.67 | 2.80 |
| P/B Ratio | — | — | — | — | — | — | — | — | 39.25 | 12.59 | 3.15 |
| P/FCF | 38.29 | 33.71 | 33.70 | 28.29 | 22.17 | 1461.11 | 50.39 | 27.28 | 19.98 | 36.47 | 20.53 |
| P/OCF | 36.48 | 32.11 | 30.39 | 24.70 | 20.82 | 402.14 | 43.84 | 23.24 | 17.45 | 28.26 | 13.64 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.90 | 6.43 | 5.61 | 4.96 | 9.02 | 9.16 | 4.32 | 3.23 | 9.44 | 3.65 |
| EV / EBITDA | 32.18 | 28.94 | 28.57 | 24.20 | 19.27 | 43.56 | — | 20.36 | 16.38 | 21.90 | 15.56 |
| EV / EBIT | 34.29 | 30.84 | 30.56 | 26.62 | 20.23 | 54.53 | — | 24.60 | 19.86 | 29.12 | 27.43 |
| EV / FCF | — | 40.96 | 39.60 | 33.78 | 27.54 | 1739.41 | 64.04 | 34.60 | 26.26 | 44.90 | 26.73 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.1% | 41.1% | 27.4% | 28.6% | 30.8% | 28.6% | 13.5% | 25.8% | 25.3% | 57.7% | 25.7% |
| Operating Margin | 22.4% | 22.4% | 21.2% | 21.7% | 23.9% | 17.4% | -9.7% | 17.5% | 16.1% | 33.3% | 13.2% |
| Net Profit Margin | 12.1% | 12.1% | 13.7% | 11.1% | 14.3% | 7.1% | -16.6% | 9.3% | 8.6% | 31.8% | 5.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | 2048.8% | 58.0% | 27.4% | 5.7% |
| ROA | 8.8% | 8.8% | 9.6% | 7.4% | 8.1% | 2.5% | -4.5% | 6.1% | 5.4% | 5.4% | 1.3% |
| ROIC | 24.7% | 24.7% | 25.4% | 23.2% | 21.1% | 10.5% | -4.2% | 15.9% | 13.8% | 8.7% | 4.8% |
| ROCE | 19.0% | 19.0% | 20.2% | 18.7% | 17.1% | 7.6% | -3.2% | 14.1% | 12.3% | 6.4% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | 13.05 | 3.18 | 1.13 |
| Debt / EBITDA | 5.46 | 5.46 | 4.77 | 4.27 | 4.30 | 8.16 | — | 4.57 | 4.14 | 4.50 | 4.29 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | 12.33 | 2.91 | 0.95 |
| Net Debt / EBITDA | 5.12 | 5.12 | 4.25 | 3.93 | 3.76 | 6.97 | — | 4.31 | 3.92 | 4.11 | 3.60 |
| Debt / FCF | — | 7.25 | 5.90 | 5.49 | 5.37 | 278.30 | 13.65 | 7.32 | 6.28 | 8.42 | 6.19 |
| Interest Coverage | 4.34 | 4.34 | 4.13 | 4.65 | 5.18 | 2.41 | -1.15 | 4.00 | 3.91 | 3.15 | 2.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.81 | 10.81 | 0.70 | 0.70 | 0.85 | 0.95 | 1.73 | 0.73 | 0.76 | 0.82 | 1.33 |
| Quick Ratio | 10.81 | 10.81 | 0.70 | 0.70 | 0.85 | 0.95 | 1.73 | 0.73 | 0.76 | 0.82 | 1.12 |
| Cash Ratio | 3.94 | 3.94 | 0.28 | 0.21 | 0.36 | 0.47 | 1.32 | 0.19 | 0.15 | 0.23 | 0.40 |
| Asset Turnover | — | 0.72 | 0.68 | 0.66 | 0.57 | 0.37 | 0.26 | 0.63 | 0.64 | 0.24 | 0.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 9.04 |
| Days Sales Outstanding | — | 51.24 | 51.71 | 53.03 | 55.21 | 67.35 | 65.34 | 48.70 | 47.13 | 111.62 | 42.63 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.2% | 0.2% | 0.3% | 0.4% | — | 0.1% | 0.5% | 0.8% | 0.7% | 1.5% |
| Payout Ratio | 9.8% | 9.8% | 9.8% | 13.8% | 9.8% | — | — | 19.5% | 23.7% | 18.0% | 82.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.1% | 2.5% | 2.4% | 3.6% | 0.9% | — | 2.7% | 3.5% | 4.2% | 1.9% |
| FCF Yield | 2.6% | 3.0% | 3.0% | 3.5% | 4.5% | 0.1% | 2.0% | 3.7% | 5.0% | 2.7% | 4.9% |
| Buyback Yield | 4.2% | 4.8% | 4.7% | 4.9% | 4.5% | 0.0% | 1.0% | 4.8% | 7.9% | 3.4% | 0.1% |
| Total Shareholder Yield | 4.4% | 5.0% | 5.0% | 5.2% | 4.9% | 0.0% | 1.1% | 5.3% | 8.7% | 4.2% | 1.6% |
| Shares Outstanding | — | $238M | $248M | $264M | $277M | $281M | $279M | $290M | $305M | $327M | $330M |
Negative equity and leverage
Based on current market data, Hilton trades at a forward P/E of 36.85, which suggests investors are pricing in significant long-term unit growth and fee-based margin expansion that exceeds the valuation multiples observed for peers like IHG and Marriott International within the global lodging sector.
The elevated EV/EBITDA multiple of 31.52 indicates that the market assigns a premium to Hilton's asset-light model, likely due to its superior organic unit growth and loyalty program dominance. Investors should monitor whether this valuation remains sustainable if the pace of pipeline conversion slows due to higher interest rates impacting developer financing.
As reported in recent financial statements, Hilton's ROIC has fluctuated between 4.3% and 8.9% over the last ten quarters, a trend that appears modest given the asset-light nature of the business and the company's aggressive strategy of returning capital to shareholders through persistent share repurchases.
While the asset-light model theoretically supports high returns on capital, the persistent erosion of the equity base complicates the interpretation of ROIC and ROE metrics. The company's ability to generate returns is heavily dependent on the efficiency of its franchise fee streams rather than physical asset productivity.
According to quarterly data, Hilton's interest coverage ratio has remained between 3.14x and 5.19x, suggesting that despite a D/EBITDA ratio reaching 17.94 in 2026Q1, the company maintains sufficient cash flow from its management and franchise segments to service its debt obligations under current market conditions.
The reliance on debt to fund share repurchases creates a structural vulnerability, as the company lacks a traditional equity buffer to absorb potential cyclical downturns. Analysts should monitor the interest coverage trend closely, as any significant decline in RevPAR could rapidly tighten the margin of safety for debt service.
Based on the latest balance sheet disclosures, Hilton’s current ratio remains constrained at 0.61 as of 2026Q1, which suggests that the company maintains minimal liquid assets relative to its short-term obligations, relying heavily on ongoing operational cash flow to meet immediate working capital requirements.
This low liquidity profile is a deliberate feature of the asset-light strategy, which prioritizes capital return over holding cash on the balance sheet. While this maximizes shareholder returns, it leaves the company with little room for error should there be a sudden, severe disruption in global travel demand.
The Price-to-Book ratio is frequently misapplied to Hilton, as the company's aggressive share repurchase program has resulted in negative shareholder equity, rendering traditional book-value-based valuation metrics entirely meaningless for assessing the company's intrinsic value or its competitive position within the global lodging industry.
Investors should instead focus on EV/EBITDA or P/FCF, which better capture the cash-generative capacity of the franchise fee model. Relying on P/B in this context obscures the reality that Hilton is a service-based brand engine rather than a traditional capital-intensive hotel owner.
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Quick answers to the most common questions about buying HLT stock.
Hilton Worldwide Holdings Inc.'s current P/E ratio is 55.7x. The historical average is 39.7x. This places it at the 92th percentile of its historical range.
Hilton Worldwide Holdings Inc.'s current EV/EBITDA is 32.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.8x.
Based on historical data, Hilton Worldwide Holdings Inc. is trading at a P/E of 55.7x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Hilton Worldwide Holdings Inc.'s current dividend yield is 0.18% with a payout ratio of 9.8%.
Hilton Worldwide Holdings Inc. has 41.1% gross margin and 22.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Hilton Worldwide Holdings Inc.'s Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.