Latest Ratios: P/E Ratio 21.1x · EV/EBITDA 12.8x · ROE 11.3%. (1996–2025 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 | $16.0B | $12.3B | $12.4B | $13.9B | $11.5B | $12.4B | $10.3B | $13.6B | $12.3B | $14.7B | $14.0B |
| Enterprise Value | $20.9B | $17.2B | $17.5B | $17.5B | $15.6B | $17.0B | $14.1B | $16.4B | $14.6B | $17.7B | $17.3B |
| P/E Ratio → | 21.14 | 16.12 | 17.70 | 18.72 | 18.24 | — | — | 14.72 | 11.34 | 26.12 | 18.47 |
| P/S Ratio | 2.61 | 2.01 | 2.18 | 2.61 | 2.35 | 4.27 | 6.37 | 2.48 | 2.23 | 2.72 | 2.58 |
| P/B Ratio | 2.40 | 1.83 | 1.82 | 2.03 | 1.67 | 1.88 | 1.61 | 1.82 | 1.60 | 2.05 | 1.95 |
| P/FCF | 18.63 | 14.34 | 13.02 | 17.46 | 12.63 | — | — | 19.60 | 14.95 | 15.39 | 18.61 |
| P/OCF | 10.64 | 8.19 | 8.26 | 9.63 | 8.13 | 42.30 | — | 10.85 | 9.50 | 11.93 | 10.75 |
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 | — | 2.81 | 3.07 | 3.30 | 3.19 | 5.88 | 8.73 | 3.00 | 2.65 | 3.29 | 3.18 |
| EV / EBITDA | 12.82 | 10.56 | 10.66 | 11.49 | 10.86 | 33.20 | — | 11.11 | 9.93 | 12.41 | 12.28 |
| EV / EBIT | 25.09 | 16.31 | 18.65 | 17.96 | 18.95 | 191.01 | — | 13.84 | 9.91 | 21.81 | 18.03 |
| EV / FCF | — | 20.02 | 18.38 | 22.02 | 17.14 | — | — | 23.68 | 17.72 | 18.59 | 22.96 |
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 | 2.6% | 2.6% | 53.4% | 53.7% | 55.2% | 51.7% | 30.1% | 52.5% | 52.0% | 51.7% | 51.7% |
| Operating Margin | 13.6% | 13.6% | 15.4% | 15.6% | 15.8% | -8.7% | -58.8% | 14.6% | 9.6% | 12.5% | 12.6% |
| Net Profit Margin | 12.5% | 12.5% | 12.3% | 13.9% | 12.9% | -0.4% | -45.2% | 16.8% | 19.7% | 10.5% | 14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | 10.2% | 10.8% | 9.4% | -0.2% | -10.5% | 12.1% | 14.6% | 7.9% | 10.6% |
| ROA | 5.9% | 5.9% | 5.5% | 6.0% | 5.1% | -0.1% | -5.8% | 7.5% | 9.1% | 4.9% | 6.6% |
| ROIC | 5.3% | 5.3% | 5.9% | 5.8% | 5.2% | -1.7% | -7.0% | 5.9% | 3.9% | 4.9% | 4.8% |
| ROCE | 6.7% | 6.7% | 7.8% | 7.7% | 6.9% | -2.2% | -8.5% | 7.0% | 4.6% | 6.1% | 6.2% |
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 | 0.84 | 0.84 | 0.83 | 0.70 | 0.70 | 0.83 | 0.96 | 0.59 | 0.50 | 0.55 | 0.51 |
| Debt / EBITDA | 3.47 | 3.47 | 3.45 | 3.13 | 3.32 | 10.65 | — | 2.98 | 2.60 | 2.77 | 2.59 |
| Net Debt / Equity | — | 0.72 | 0.75 | 0.53 | 0.60 | 0.71 | 0.59 | 0.38 | 0.30 | 0.42 | 0.46 |
| Net Debt / EBITDA | 3.00 | 3.00 | 3.11 | 2.38 | 2.86 | 9.08 | — | 1.92 | 1.56 | 2.13 | 2.33 |
| Debt / FCF | — | 5.68 | 5.36 | 4.56 | 4.51 | — | — | 4.09 | 2.78 | 3.19 | 4.35 |
| Interest Coverage | 4.48 | 4.48 | 4.35 | 5.21 | 5.29 | 0.47 | -5.08 | 5.33 | 8.39 | 4.86 | 6.23 |
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 | 21.93 | 21.93 | 0.65 | 1.07 | 0.96 | 1.66 | 1.55 | 1.45 | 6.13 | 3.15 | 1.54 |
| Quick Ratio | 21.93 | 21.93 | 0.65 | 1.07 | 0.96 | 1.66 | 1.55 | 1.45 | 5.51 | 2.72 | 1.26 |
| Cash Ratio | 18.29 | 18.29 | 0.40 | 0.78 | 0.47 | 1.00 | 1.45 | 1.26 | 4.48 | 2.00 | 0.76 |
| Asset Turnover | — | 0.47 | 0.44 | 0.43 | 0.40 | 0.23 | 0.13 | 0.44 | 0.46 | 0.46 | 0.48 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 12.50 | 13.35 | 19.16 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 3.9% | 5.1% | 6.0% | 3.9% | 1.3% | — | 3.1% | 4.6% | 5.1% | 4.3% | 4.3% |
| Payout Ratio | 81.4% | 81.4% | 105.7% | 73.9% | 23.7% | — | — | 67.7% | 57.9% | 111.3% | 78.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 6.2% | 5.7% | 5.3% | 5.5% | — | — | 6.8% | 8.8% | 3.8% | 5.4% |
| FCF Yield | 5.4% | 7.0% | 7.7% | 5.7% | 7.9% | — | — | 5.1% | 6.7% | 6.5% | 5.4% |
| Buyback Yield | 1.3% | 1.7% | 0.9% | 1.3% | 0.2% | 0.0% | 1.6% | 3.6% | 0.0% | 0.0% | 1.6% |
| Total Shareholder Yield | 5.1% | 6.7% | 6.8% | 5.3% | 1.5% | 0.0% | 4.7% | 8.1% | 5.1% | 4.3% | 5.8% |
| Shares Outstanding | — | $694M | $706M | $713M | $718M | $710M | $706M | $731M | $741M | $739M | $744M |
High recurring capital intensity
Based on reported figures, HST trades at a P/FFO multiple of approximately 10.11x as of 2026Q1, which appears to discount the inherent volatility of the lodging sector while failing to fully account for the significant capital expenditure requirements necessary to maintain its luxury asset portfolio's competitive market position.
The current valuation multiple suggests that investors are pricing the company based on its historical ability to navigate economic cycles rather than its immediate earnings growth potential. Given the wide variance between FFO and AFFO, the market may be overestimating the quality of earnings by ignoring the substantial cash outflows required for ongoing property renovations.
As reported in financial statements, the company's NOI margin experienced a sharp contraction to 1.6% in 2025Q4, a significant deviation from the 50% plus levels observed in prior quarters, suggesting that rising operating costs or seasonal revenue shifts are severely impacting the company's core property-level profitability.
This volatility in NOI margins indicates that the company is struggling to achieve operating leverage amidst rising labor and utility costs in its primary gateway markets. Investors should monitor whether these margin pressures are structural or merely a temporary byproduct of the current portfolio rotation toward Sunbelt resort assets.
According to recent SEC filings, HST maintains an FFO payout ratio that fluctuated between 33% and 70% over the last ten quarters, suggesting that while the dividend appears covered by FFO, the true sustainability is constrained by the heavy recurring capital expenditure burden required for luxury hotel maintenance.
The dividend safety margin appears adequate on an FFO basis, but the analysis changes significantly when considering AFFO, which accounts for the necessary FF&E reserves. The company's ability to sustain its dividend depends heavily on its capacity to balance these capital requirements with the cyclical nature of its room revenue streams.
Based on reported financial statements, HST has maintained a relatively stable debt-to-equity ratio of approximately 0.80 to 0.84 over the last ten quarters, suggesting a disciplined approach to capital structure management despite the ongoing strategic rotation of its luxury hotel portfolio toward higher-growth Sunbelt resort markets.
The company's consistent leverage profile provides a necessary liquidity buffer to navigate potential volatility in the cyclical lodging sector. This balance sheet strength appears to be a key defensive feature, allowing the firm to avoid dilutive equity raises even during periods of elevated interest rates and operational uncertainty.
The most commonly misapplied metric for HST is the standard P/E ratio, which, as indicated by historical data, fails to account for the massive non-cash depreciation charges inherent in owning high-value real estate, thereby obscuring the company's true cash-generating capacity and distorting its valuation relative to peers.
Investors should prioritize P/FFO or P/AFFO over P/E to better reflect the company's operational performance. Relying on P/E leads to an artificial inflation of valuation multiples that ignores the significant gap between GAAP net income and the actual cash flow available for distribution or reinvestment.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HST stock.
Host Hotels & Resorts, Inc.'s current P/E ratio is 21.1x. The historical average is 38.8x. This places it at the 62th percentile of its historical range.
Host Hotels & Resorts, Inc.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
Host Hotels & Resorts, Inc.'s return on equity (ROE) is 11.3%. The historical average is 5.3%.
Based on historical data, Host Hotels & Resorts, Inc. is trading at a P/E of 21.1x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Host Hotels & Resorts, Inc.'s current dividend yield is 3.86% with a payout ratio of 81.4%.
Host Hotels & Resorts, Inc. has 2.6% gross margin and 13.6% operating margin. Operating margin between 10-20% is typical for established companies.
Host Hotels & Resorts, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.