Latest Ratios: P/E Ratio 18.9x · EV/EBITDA 15.3x · ROE 39.2%. (2007–2025 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 | $12.9B | $15.3B | $10.8B | $11.2B | $13.2B | $11.6B | $13.2B | $12.2B | $8.7B | $10.6B | $3.7B |
| Enterprise Value | $16.7B | $40.8B | $38.8B | $40.1B | $53.5B | $50.7B | $51.1B | $47.1B | $14.2B | $12.2B | $730M |
| P/E Ratio → | 18.86 | 3.10 | 3.44 | 2.68 | — | — | — | 6.91 | 11.93 | 8.60 | 4.63 |
| P/S Ratio | 3.58 | 0.62 | 0.45 | 0.51 | 0.95 | 0.91 | 1.29 | 1.09 | 0.86 | 1.29 | 0.56 |
| P/B Ratio | 7.18 | 1.18 | 0.88 | 0.91 | 1.50 | 1.05 | 1.15 | 1.63 | 1.38 | 1.63 | 0.68 |
| P/FCF | 12.00 | 2.08 | 1.61 | 1.65 | 25.83 | — | — | 6.94 | 4.69 | 6.51 | 2.39 |
| P/OCF | 10.80 | 1.87 | 1.42 | 1.46 | 8.44 | 8.66 | 21.65 | 3.70 | 2.85 | 4.31 | 1.79 |
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 | — | 1.66 | 1.62 | 1.83 | 3.86 | 3.96 | 5.02 | 4.20 | 1.41 | 1.48 | 0.11 |
| EV / EBITDA | 15.31 | 5.50 | 5.94 | 6.55 | 46.04 | 30.40 | — | 15.21 | 4.39 | 5.49 | 0.47 |
| EV / EBIT | 18.15 | 6.52 | 7.57 | 7.00 | — | — | — | 16.36 | 8.67 | 7.22 | 0.69 |
| EV / FCF | — | 5.57 | 5.77 | 5.93 | 104.70 | — | — | 26.80 | 7.65 | 7.48 | 0.48 |
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 | 39.4% | 39.4% | 41.3% | 34.5% | 11.6% | 11.7% | 4.6% | 35.9% | 35.6% | 31.0% | 24.9% |
| Operating Margin | 25.4% | 25.4% | 21.8% | 21.5% | -2.1% | 1.3% | -16.5% | 18.8% | 23.3% | 17.3% | 12.8% |
| Net Profit Margin | 20.1% | 20.1% | 12.8% | 18.7% | -13.1% | -3.6% | -20.3% | 15.8% | 7.1% | 14.9% | 11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 39.2% | 39.2% | 24.9% | 38.8% | -18.3% | -4.1% | -21.9% | 25.6% | 11.2% | 20.7% | 17.7% |
| ROA | 7.8% | 7.8% | 4.8% | 6.5% | -2.9% | -0.7% | -3.5% | 4.6% | 3.5% | 9.0% | 8.8% |
| ROIC | 11.9% | 11.9% | 9.6% | 7.8% | -0.4% | 0.2% | -2.8% | 5.8% | 17.7% | 20.3% | 25.2% |
| ROCE | 13.2% | 13.2% | 10.9% | 10.0% | -0.6% | 0.3% | -3.7% | 7.8% | 14.8% | 13.8% | 14.1% |
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 | 2.78 | 2.78 | 2.89 | 2.93 | 4.99 | 4.00 | 3.93 | 5.09 | 1.54 | 0.78 | 0.06 |
| Debt / EBITDA | 4.87 | 4.87 | 5.43 | 5.86 | 37.77 | 26.49 | — | 12.31 | 3.02 | 2.28 | 0.19 |
| Net Debt / Equity | — | 1.97 | 2.28 | 2.36 | 4.58 | 3.54 | 3.32 | 4.66 | 0.87 | 0.24 | -0.54 |
| Net Debt / EBITDA | 3.44 | 3.44 | 4.28 | 4.72 | 34.69 | 23.42 | — | 11.27 | 1.70 | 0.71 | -1.91 |
| Debt / FCF | — | 3.48 | 4.16 | 4.27 | 78.87 | — | — | 19.87 | 2.97 | 0.97 | -1.92 |
| Interest Coverage | 19.10 | 19.10 | 16.11 | 14.89 | -2.93 | -0.01 | -3.28 | 9.14 | 6.71 | 19.36 | 96.18 |
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 | 0.91 | 0.91 | 0.99 | 0.69 | 0.70 | 0.63 | 1.22 | 1.06 | 1.17 | 1.53 | 1.41 |
| Quick Ratio | 0.91 | 0.91 | 0.99 | 0.69 | 0.69 | 0.62 | 1.22 | 1.05 | 1.16 | 1.52 | 1.40 |
| Cash Ratio | 0.81 | 0.81 | 0.83 | 0.52 | 0.41 | 0.50 | 1.04 | 0.36 | 0.73 | 0.96 | 1.09 |
| Asset Turnover | — | 0.38 | 0.38 | 0.34 | 0.23 | 0.20 | 0.15 | 0.21 | 0.42 | 0.47 | 0.66 |
| Inventory Turnover | 261.61 | 261.61 | 233.85 | 243.07 | 175.14 | 128.25 | 109.31 | 126.14 | 157.95 | 236.40 | 228.36 |
| Days Sales Outstanding | — | 16.05 | 18.76 | 12.59 | 29.31 | 14.87 | 14.64 | 7.65 | 8.38 | 8.74 | 14.58 |
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 | 4.1% | 24.9% | 32.6% | — | 3.2% | — | 5.1% | 5.4% | 0.1% | 0.1% | 7.5% |
| Payout Ratio | 76.9% | 76.9% | 115.8% | — | — | — | — | 37.2% | 0.7% | 0.9% | 35.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 32.3% | 29.1% | 37.4% | — | — | — | 14.5% | 8.4% | 11.6% | 21.6% |
| FCF Yield | 8.3% | 48.0% | 62.1% | 60.4% | 3.9% | — | — | 14.4% | 21.3% | 15.4% | 41.8% |
| Buyback Yield | 0.9% | 5.0% | 10.8% | 7.6% | 2.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.9% | 29.9% | 43.4% | 7.6% | 5.7% | 0.0% | 5.1% | 5.4% | 0.1% | 0.1% | 7.5% |
| Shares Outstanding | — | $325M | $328M | $335M | $311M | $311M | $293M | $304M | $304M | $293M | $283M |
Cyclicality and lease obligations
Based on current market data, HTHT trades at a TTM P/E of 18.93, which appears to discount the company's historical growth trajectory in favor of a more conservative outlook as the Chinese lodging market matures and competitive pressures from state-owned peers intensify.
The forward P/E of 2.38 suggests that the market may be anticipating a significant earnings reset or is heavily discounting the company's future cash flows due to macroeconomic uncertainty. Investors should monitor whether this valuation gap relative to global peers like Hilton or Marriott is a structural mispricing or a rational response to the company's specific geographic and regulatory risk profile.
According to reported financial statements, HTHT's ROIC has struggled to gain momentum, hovering between 1.3% and 3.7% over the last ten quarters, which suggests that the company's aggressive expansion strategy has yet to yield the compounding returns typically associated with a mature asset-light model.
The persistent gap between ROIC and the company's cost of capital warrants further investigation into whether the capital-intensive nature of the leased portfolio is diluting the high-margin benefits of the manachised segment. This trend indicates that while the brand is scaling, the efficiency of capital deployment remains a primary hurdle for long-term value creation.
As reported in recent filings, the company's cash conversion cycle has remained consistently negative, reaching -7 days in 2026Q1, which suggests that HTHT effectively utilizes its scale to extract favorable payment terms from suppliers while maintaining a high-velocity cash collection model from its franchise network.
This negative CCC is a hallmark of a powerful platform business, indicating that the company effectively finances its operations using float from its franchisees. However, investors should monitor whether this efficiency is sustainable or if it is merely a byproduct of the current expansion phase that could reverse if franchisee sentiment shifts.
Based on the provided figures, the reported debt-to-equity ratio of 3.22 in 2026Q1 appears deceptively low for a company with such a large leased-asset footprint, suggesting that standard leverage metrics may fail to account for the significant off-balance-sheet lease liabilities inherent in the business model.
The interest coverage ratio of 19.67 indicates that the company is currently comfortable servicing its debt, but this metric may be volatile given the cyclical nature of the hospitality industry. A deeper analysis of lease-adjusted leverage is required to understand the true extent of the company's fixed-cost exposure during potential economic downturns.
The most commonly misapplied metric for HTHT is the traditional P/E ratio, which obscures the company's underlying value as a technology-enabled platform rather than a simple hotel operator, leading to a potential undervaluation of its recurring, high-margin franchise fee revenue streams.
Analysts should instead focus on EV/EBITDA or a platform-based valuation that accounts for the scalability of the H-Rewards ecosystem and the manachised model. Relying on standard hotel multiples fails to capture the structural cost advantage provided by the company's centralized IT infrastructure, which differentiates it from legacy peers.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying HTHT stock.
H World Group Limited's current P/E ratio is 18.9x. The historical average is 6.0x. This places it at the 100th percentile of its historical range.
H World Group Limited's current EV/EBITDA is 15.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.4x.
H World Group Limited's return on equity (ROE) is 39.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -13.7%.
Based on historical data, H World Group Limited is trading at a P/E of 18.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
H World Group Limited's current dividend yield is 4.08% with a payout ratio of 76.9%.
H World Group Limited has 39.4% gross margin and 25.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
H World Group Limited's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.