Latest Ratios: P/E Ratio -10.0x · EV/EBITDA 12.2x · ROE -8.5%. (2014–2025 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 | $2.8B | $2.1B | $2.9B | $3.3B | $2.7B | $4.5B | $4.0B | $5.5B | $5.3B | $6.2B | $5.9B |
| Enterprise Value | $6.9B | $6.1B | $7.3B | $7.3B | $6.6B | $8.7B | $8.5B | $10.0B | $7.8B | $8.7B | $8.6B |
| P/E Ratio → | -9.97 | — | 13.93 | 34.77 | 16.61 | — | — | 17.97 | 11.25 | 2.35 | 44.63 |
| P/S Ratio | 1.12 | 0.82 | 1.13 | 1.22 | 1.07 | 3.27 | 4.75 | 1.94 | 1.94 | 2.20 | 2.17 |
| P/B Ratio | 0.92 | 0.68 | 0.82 | 0.87 | 0.63 | 1.01 | 0.84 | 0.85 | 0.95 | 1.03 | 1.55 |
| P/FCF | 27.94 | 20.41 | 14.56 | 15.09 | 11.15 | — | — | 21.28 | 20.70 | 13.15 | 34.42 |
| P/OCF | 7.16 | 5.23 | 6.85 | 6.54 | 6.57 | — | — | 11.04 | 11.94 | 9.42 | 14.84 |
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 | — | 2.40 | 2.82 | 2.70 | 2.65 | 6.42 | 9.93 | 3.50 | 2.86 | 3.13 | 3.17 |
| EV / EBITDA | 12.23 | 10.87 | 11.31 | 11.56 | 11.74 | 85.73 | — | 14.44 | 2.77 | 3.21 | 3.18 |
| EV / EBIT | 30.42 | — | 16.70 | 18.40 | 15.79 | — | — | 20.30 | 12.50 | 21.39 | 21.49 |
| EV / FCF | — | 59.87 | 36.29 | 33.42 | 27.52 | — | — | 38.48 | 30.62 | 18.70 | 50.23 |
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 | 2.0% | 2.0% | 28.7% | 27.7% | 27.7% | 16.7% | -18.9% | 30.3% | 30.0% | 29.2% | 30.0% |
| Operating Margin | 8.9% | 8.9% | 15.0% | 12.7% | 11.8% | -13.1% | -141.1% | 15.0% | 18.4% | 13.3% | 15.4% |
| Net Profit Margin | -11.1% | -11.1% | 8.2% | 3.6% | 6.5% | -33.7% | -169.0% | 10.8% | 17.2% | 94.1% | 4.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.5% | -8.5% | 5.8% | 2.4% | 3.7% | -9.9% | -25.5% | 5.1% | 8.2% | 53.7% | 4.0% |
| ROA | -3.4% | -3.4% | 2.3% | 1.0% | 1.7% | -4.5% | -13.2% | 3.0% | 4.9% | 26.9% | 1.4% |
| ROIC | 2.2% | 2.2% | 3.7% | 3.2% | 2.6% | -1.5% | -8.9% | 3.4% | 4.5% | 3.7% | 4.7% |
| ROCE | 3.1% | 3.1% | 4.5% | 3.8% | 3.2% | -1.9% | -11.6% | 4.3% | 5.6% | 4.0% | 4.5% |
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 | 1.38 | 1.38 | 1.33 | 1.25 | 1.13 | 1.13 | 1.11 | 0.74 | 0.53 | 0.50 | 0.79 |
| Debt / EBITDA | 7.57 | 7.57 | 7.39 | 7.48 | 8.59 | 48.79 | — | 6.96 | 1.04 | 1.09 | 1.11 |
| Net Debt / Equity | — | 1.31 | 1.22 | 1.06 | 0.92 | 0.97 | 0.91 | 0.69 | 0.45 | 0.44 | 0.71 |
| Net Debt / EBITDA | 7.16 | 7.16 | 6.77 | 6.34 | 6.98 | 42.05 | — | 6.46 | 0.90 | 0.95 | 1.00 |
| Debt / FCF | — | 39.46 | 21.73 | 18.33 | 16.37 | — | — | 17.20 | 9.91 | 5.55 | 15.81 |
| Interest Coverage | -0.01 | -0.01 | 1.60 | 1.57 | 1.70 | -0.74 | -5.81 | 3.51 | 4.94 | 3.30 | 2.22 |
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 | 0.22 | 0.22 | 2.45 | 2.28 | 2.70 | 3.35 | 1.25 | 1.91 | 1.45 | 1.19 | 1.15 |
| Quick Ratio | 0.22 | 0.22 | 2.45 | 2.28 | 2.70 | 3.35 | 1.25 | 1.91 | 1.45 | 1.19 | 1.15 |
| Cash Ratio | 0.14 | 0.14 | 0.67 | 0.97 | 2.17 | 2.58 | 1.14 | 0.92 | 0.90 | 0.74 | 0.63 |
| Asset Turnover | — | 0.33 | 0.28 | 0.29 | 0.26 | 0.14 | 0.08 | 0.25 | 0.29 | 0.29 | 0.28 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 9.9% | 13.5% | 17.4% | 4.6% | 0.3% | 5.4% | 6.0% | 9.0% | 8.8% | 6.3% | 3.0% |
| Payout Ratio | — | — | 241.5% | 156.7% | 4.3% | — | — | 161.4% | 98.3% | 14.7% | 135.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 7.2% | 2.9% | 6.0% | — | — | 5.6% | 8.9% | 42.5% | 2.2% |
| FCF Yield | 3.6% | 4.9% | 6.9% | 6.6% | 9.0% | — | — | 4.7% | 4.8% | 7.6% | 2.9% |
| Buyback Yield | 1.6% | 2.2% | 3.9% | 5.5% | 8.4% | 0.1% | 1.6% | 0.1% | 6.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 11.5% | 15.6% | 21.4% | 10.1% | 8.7% | 5.5% | 7.6% | 9.1% | 15.3% | 6.3% | 3.0% |
| Shares Outstanding | — | $199M | $209M | $215M | $228M | $236M | $236M | $213M | $204M | $214M | $198M |
High Operating Leverage Exposure
As reported in recent financial data, PK's P/FFO multiple has remained stagnant near 15x-17x, suggesting that the market is heavily discounting the REIT's future earnings potential due to the persistent volatility in its core urban and resort-heavy portfolio performance.
The lack of a consistent P/FFO multiple reflects investor skepticism regarding the sustainability of earnings in a high-fixed-cost lodging model. Given the recent negative FFO per share in late 2025, the valuation appears to be anchored more by asset liquidation value than by a clear path to earnings growth.
Based on quarterly filings, PK's NOI margins have exhibited extreme instability, swinging from a negative 78.2% in 2025Q4 to a theoretical 100% in 2026Q1, which indicates that the company's profitability is highly sensitive to non-recurring charges and operational disruptions.
This erratic margin profile suggests that the company struggles to maintain consistent property-level profitability when occupancy fluctuates. Investors should monitor whether the recent margin recovery is a result of structural cost-cutting or merely a temporary accounting anomaly following the divestiture of underperforming assets.
According to reported figures, the FFO payout ratio has fluctuated between 3.8% and 79.0% over the last ten quarters, demonstrating that the company's dividend policy is frequently disconnected from its underlying cash-generating capacity during periods of operational stress.
The wide variance in payout ratios suggests that the dividend is not supported by a stable, recurring cash flow base. This inconsistency warrants caution, as the company appears to rely on balance sheet liquidity to maintain distributions rather than consistent FFO growth.
As indicated by the dramatic shift in debt-to-equity ratios from 1.25 in 2023Q4 to 0.07 in 2026Q1, the company has undergone a significant balance sheet restructuring that obscures the true long-term leverage profile of the remaining hotel assets.
The sudden reduction in debt suggests a strategic exit from distressed properties rather than organic deleveraging. Analysts should investigate whether the remaining debt load is sustainable given the current interest coverage ratios, which have frequently dipped near or below 1.0x.
The market's frequent reliance on P/E ratios for PK is fundamentally flawed, as it fails to account for the massive non-cash depreciation charges inherent in luxury hotel ownership, which artificially depress net income and obscure the actual cash-generating capacity of the portfolio.
Using P/E instead of P/FFO or P/AFFO ignores the significant capital expenditures required to maintain brand standards, which are a recurring economic reality for PK. Investors should prioritize FFO and AFFO metrics to better understand the true economic earnings of the REIT.
Includes 30+ ratios · 12 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PK stock.
Park Hotels & Resorts Inc.'s current P/E ratio is -10.0x. The historical average is 20.2x.
Park Hotels & Resorts Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.2x.
Park Hotels & Resorts Inc.'s return on equity (ROE) is -8.5%. The historical average is 4.7%.
Based on historical data, Park Hotels & Resorts Inc. is trading at a P/E of -10.0x. Compare with industry peers and growth rates for a complete picture.
Park Hotels & Resorts Inc.'s current dividend yield is 9.94%.
Park Hotels & Resorts Inc. has 2.0% gross margin and 8.9% operating margin.
Park Hotels & Resorts Inc.'s Debt/EBITDA ratio is 7.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.