A Business at a Glance
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Hilton Worldwide Holdings Inc.
HLT
$77.4B
Mkt Cap
$324.97
+1.50%
Hilton Worldwide Holdings Inc. (HLT) has a current P/E ratio of 53.1, compared to its historical median P/E of 38.5. The stock is currently considered Expensive based on its historical valuation range.
Hilton Worldwide Holdings Inc. (HLT) has a 5-year average return on invested capital (ROIC) of 23.2%. This indicates strong capital allocation and a potential competitive advantage.
Hilton Worldwide Holdings Inc. (HLT) has a market capitalization of $74.2B. It is classified as a large-cap stock.
Yes, Hilton Worldwide Holdings Inc. (HLT) pays a dividend with a trailing twelve-month yield of 0.19%. The company also returns capital through share buybacks, with a buyback yield of 4.22%.
Based on historical P/E analysis, Hilton Worldwide Holdings Inc. (HLT) appears expensive. The current P/E of 53.1 is 38% above its historical median of 38.5. The estimated fair value CAGR (P/E method) is 19.9%.
Hilton Worldwide Holdings Inc. (HLT) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
Hilton is one of the world's largest hospitality companies, operating 9,158 properties comprising 1,351,351 rooms across 143 countries and territories through a capital-light, asset-light business model centered on management and franchise agreements with third-party property owners. The company operates through two segments: management and franchise (which generates revenues from management fees, franchise fees, and licensing fees from strategic partners) and ownership (which derives revenues from nightly room sales, food and beverage, and other services at consolidated hotels). Hilton's diverse brand portfolio spans luxury, lifestyle, full-service, focused-service, and all-suites categories, with 243 million members in its Hilton Honors loyalty program that drives repeat business and generates significant non-RevPAR revenues through co-branded credit cards, strategic partnerships, and redemption economics. The company's competitive moat is built on industry-leading brand premiums that deliver superior RevPAR and profitability for owners, a robust development pipeline of 3,703 hotels (520,500 rooms) positioned to require minimal capital investment, and a powerful commercial engine combining strong conversion momentum and new construction starts. Hilton serves diverse customer segments including corporate travelers, leisure guests, group business, and international visitors, with geographic diversification across the U.S., Europe, Asia-Pacific, and emerging markets, supported by continuous innovation in technology and guest experience.
【Strengthening demand convergence】 Management expects 2026 to deliver stronger performance than 2025, driven by a "C-shaped economy" where RevPAR strength is moving downstream from luxury toward mid-chain and lower-chain scales, supported by favorable tax policy, expected lower interest rates, increased private sector investment in AI infrastructure, and public infrastructure spending benefiting middle and lower-income consumers. The company anticipates group bookings to lead demand recovery, followed by business and leisure transient segments, with real lead volumes and bookings tracking in line with forecasts and improved sentiment across corporate travel. Development momentum remains robust with new construction starts expected to be up over 20% globally, conversions anticipated to be up on a nominal basis across every region, and sustained net unit growth of 6%-7% expected for the full year despite geopolitical uncertainty, signaling continued developer confidence and owner appetite for Hilton brands.
| Metric | Target | Period |
|---|---|---|
| System-wide RevPAR growth | 2%-3% | FY2026 |
| Net unit growth | 6%-7% | FY2026 |
| Adjusted EBITDA | $4.02 billion - $4.06 billion | FY2026 |
| Diluted EPS adjusted for special items | $8.79 - $8.91 | FY2026 |
| Capital return to shareholders | approximately $3.5 billion | FY2026 |
| New development construction starts growth | over 20% | FY2026 |
System-wide RevPAR growth (FY2026): “For the full year, our system-wide RevPAR growth expectations are now 2%-3%, factoring in a range of scenarios for the Middle East conflict and recovery.”
Net unit growth (FY2026): “As a result, for the full year, our system-wide RevPAR growth expectations are now 2%-3%, factoring in a range of scenarios for the Middle East conflict and recovery. For the year, we continue to expect group to lead, followed by business and leisure transient. Turning to development, during the first quarter, we opened 131 hotels, totaling over 16,000 rooms, representing our second strongest first quarter for hotel openings in our history. Conversions overall are expected to be up on a nominal basis in 2026 across every region, demonstrating the performance our system delivers to owners. Despite the current macro uncertainty, signings and starts continue to have momentum. In India, we signed a strategic agreement with Royal Orchid Hotels to open 125 Hampton hotels in the market, which puts us on track to exceed 400 hotels in the market in the coming years and reaffirms our commitment to expanding in this key emerging economy. We continue to build out our presence in the fast-growing and expansive region of APAC ex-China, where approvals, openings, and new development construction starts were all up double-digits in the first quarter. Globally, we now expect new development construction starts to be up over 20% for the year, with the strongest growth in the U.S. and EMEA, signaling continued developer confidence and a strong desire to have hotels open in conjunction with a rebounding RevPAR environment. As we look ahead, we expect that our robust global pipeline, strength in conversions, construction start momentum, and industry-leading brand premiums will support sustained net unit growth of between 6% to 7% for the full year, even with the current geopolitical uncertainty.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.3B | 12.0B | 11.2B | 10.2B | 8.8B | 5.8B |
| Net Income | 1.5B | 1.5B | 1.5B | 1.1B | 1.3B | 410M |
| EPS | $6.64 | $6.12 | $6.14 | $4.33 | $4.53 | $1.46 |
| Free Cash Flow | 2.2B | 2.0B | 1.9B | 1.8B | 1.6B | 74M |
| ROIC | 34.1% | 29.1% | 31.4% | 22.6% | 21.8% | 11.0% |
| Gross Margin | - | 32.3% | 31.3% | 31.7% | 34.8% | 34.7% |
| Debt/Equity | 0.00 | -2.45 | -3.22 | -4.29 | -8.79 | -11.91 |
| Dividends/Share | $0.62 | $0.60 | $0.60 | $0.60 | $0.45 | $0.00 |
| Operating Income | 2.8B | 2.7B | 2.4B | 2.2B | 2.1B | 1.0B |
| Operating Margin | 23.1% | 22.4% | 21.2% | 21.7% | 23.9% | 17.4% |
| ROE | 0.0% | -32.0% | -50.4% | -65.9% | -130.5% | -35.5% |
| Shares Outstanding | 228M | 238M | 250M | 264M | 277M | 281M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 10.5B | 7.1B | 6.6B | 8.1B | 8.9B | 9.5B | 4.3B | 5.8B | 8.8B | 10.2B | 11.2B | 12.0B | 12.3B |
| Gross Margin | 44.3% | 28.5% | 29.7% | 27.8% | 28.9% | 29.4% | 15.2% | 34.7% | 34.8% | 31.7% | 31.3% | 32.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 491M | 537M | 409M | 439M | 443M | 441M | 311M | 405M | 382M | 408M | 415M | 393M | 402M |
| EBIT | 1.7B | 900M | 868M | 1.1B | 1.4B | 1.7B | -418M | 1.0B | 2.1B | 2.2B | 2.4B | 2.7B | 2.8B |
| Op. Margin | 15.9% | 12.6% | 13.2% | 13.9% | 16.1% | 17.5% | -9.7% | 17.4% | 23.9% | 21.7% | 21.2% | 22.4% | 23.1% |
| Net Income | 673M | 1.4B | 338M | 1.1B | 764M | 881M | -715M | 410M | 1.3B | 1.1B | 1.5B | 1.5B | 1.5B |
| Net Margin | 6.4% | 19.7% | 5.1% | 13.3% | 8.6% | 9.3% | -16.6% | 7.1% | 14.3% | 11.1% | 13.7% | 12.1% | 12.6% |
| Non-Recurring | 27M | 267M | 45M | 0 | 0 | 81M | 145M | -7.0M | 0 | 38M | 5.0M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 6.6% | 5.9% | 6.5% | 7.1% | 18.9% | 15.2% | -8.7% | 11.0% | 21.8% | 22.6% | 31.4% | 29.1% | 34.1% |
| ROE | 14.8% | 26.2% | 5.7% | 28.6% | 68.2% | N/A | 72.5% | -35.5% | -130.5% | -65.9% | -50.4% | -32.0% | 0.0% |
| ROA | 2.6% | 5.4% | 1.3% | 5.4% | 5.4% | 6.1% | -4.5% | 2.5% | 8.1% | 7.4% | 9.6% | 8.8% | 9.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 1.4B | 1.3B | 849M | 1.3B | 1.4B | 708M | 109M | 1.7B | 1.9B | 2.0B | 2.1B | 2.3B |
| Free Cash Flow | 1.0B | 1.1B | 993M | 791M | 1.2B | 1.3B | 662M | 74M | 1.6B | 1.8B | 1.9B | 2.0B | 2.2B |
| Owner Earnings | -640M | 937M | 866M | 392M | 803M | 884M | 280M | -272M | 1.4B | 1.6B | 1.7B | 1.8B | 1.9B |
| CapEx | 268M | 310M | 317M | 58M | 72M | 81M | 46M | 35M | 39M | 151M | 96M | 101M | 91M |
| Maint. CapEx | 1.9B | 385M | 353M | 336M | 325M | 346M | 331M | 188M | 162M | 147M | 146M | 177M | 186M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.0M | 0 | 0 | 0 |
| D&A | 1.9B | 385M | 353M | 336M | 325M | 346M | 331M | 188M | 162M | 147M | 146M | 177M | 186M |
| CapEx/OCF | 19.6% | 22.0% | 23.2% | 6.8% | 5.7% | 5.9% | 6.5% | 32.1% | 2.3% | 7.8% | 4.8% | 4.7% | 4.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 138M | 277M | 195M | 181M | 172M | 42M | 0 | 123M | 158M | 150M | 143M | 141M |
| Dividend Yield | N/A | 2.4% | 5.8% | 1.0% | 0.8% | 0.7% | 0.2% | N/A | 0.3% | 0.4% | 0.3% | 0.2% | 0.2% |
| Share Buybacks | 0 | 0 | 0 | 891M | 1.7B | 1.5B | 296M | 0 | 1.6B | 2.3B | 2.9B | 3.2B | 3.1B |
| Buyback Yield | N/A | N/A | N/A | 3.5% | 8.1% | 4.8% | 1.0% | N/A | 4.7% | 4.9% | 4.6% | 4.6% | 4.2% |
| Stock-Based Comp | 78M | 124M | 91M | 121M | 127M | 154M | 97M | 193M | 162M | 169M | 176M | 170M | 179M |
| Debt Repayment | 1.4B | 1.6B | 4.4B | 1.9B | 1.0B | 1.5B | 2.1B | 3.2B | 48M | 183M | 330M | 1.9B | 1.9B |
| Balance Sheet | |||||||||||||
| Net Debt | 10.2B | 9.4B | 5.6B | 6.0B | 6.9B | 8.6B | 8.4B | 8.3B | 8.5B | 9.3B | 10.7B | 12.3B | 11.8B |
| Cash & Equiv. | 566M | 609M | 1.1B | 570M | 403M | 538M | 3.2B | 1.4B | 1.2B | 800M | 1.3B | 918M | 564M |
| Long-Term Debt | 10.8B | 9.9B | 6.6B | 6.6B | 7.3B | 8.0B | 10.4B | 8.7B | 8.7B | 9.2B | 10.6B | 12.3B | 12.3B |
| Debt/Equity | 2.28 | 1.67 | 1.12 | 3.91 | 13.22 | -19.01 | -7.80 | -11.91 | -8.79 | -4.29 | -3.22 | -2.45 | 0.00 |
| Interest Coverage | 2.7 | 2.4 | 2.6 | 3.2 | 3.9 | 4.0 | -1.0 | 2.5 | 5.0 | 4.8 | 4.2 | 4.3 | 113.4 |
| Equity | 4.8B | 6.0B | 5.9B | 1.7B | 551M | -482M | -1.5B | -821M | -1.1B | -2.4B | -3.7B | -5.4B | -5.9B |
| Total Assets | 26.1B | 25.6B | 26.2B | 14.2B | 14.0B | 15.0B | 16.8B | 15.4B | 15.5B | 15.4B | 16.5B | 16.8B | 16.4B |
| Total Liabilities | 21.4B | 19.7B | 20.4B | 12.5B | 13.4B | 15.4B | 18.2B | 16.3B | 16.6B | 17.7B | 20.2B | 22.1B | 22.3B |
| Intangibles | 2.0B | 1.7B | 1.5B | 1.3B | 872M | 780M | 653M | 4.9B | 4.8B | 298M | 429M | 447M | 5.0B |
| Retained Earnings | -4.7B | -3.4B | -3.3B | -7.0B | -6.4B | -6.0B | -6.7B | -6.3B | -5.2B | -4.2B | -2.8B | -1.5B | -1.2B |
| Working Capital | 242M | 142M | 873M | -455M | -632M | -778M | 1.8B | -148M | -502M | -1.1B | -1.4B | -1.5B | -1.8B |
| Current Assets | 2.5B | 2.6B | 3.6B | 2.0B | 2.0B | 2.1B | 4.2B | 2.9B | 2.9B | 2.6B | 3.3B | 3.0B | 2.8B |
| Current Liabilities | 2.3B | 2.4B | 2.7B | 2.5B | 2.6B | 2.9B | 2.4B | 3.0B | 3.4B | 3.7B | 4.7B | 4.5B | 4.6B |
| Per Share Data | |||||||||||||
| EPS | 2.05 | 12.78 | 3.09 | 3.32 | 2.50 | 3.04 | -2.58 | 1.46 | 4.53 | 4.33 | 6.14 | 6.12 | 6.64 |
| Owner EPS | -1.95 | 8.53 | 7.92 | 1.20 | 2.63 | 3.05 | 1.01 | -0.97 | 4.90 | 6.19 | 6.76 | 7.49 | 8.45 |
| Book Value | 14.48 | 54.48 | 53.93 | 5.17 | 1.80 | -1.66 | -5.38 | -2.92 | -3.98 | -8.96 | -14.91 | -22.63 | -25.86 |
| Cash Flow/Share | 3.98 | 13.16 | 11.98 | 2.60 | 4.11 | 4.78 | 2.55 | 0.39 | 6.07 | 7.38 | 8.05 | 8.94 | 7.57 |
| Dividends/Share | 0.00 | 1.26 | 2.52 | 0.60 | 0.60 | 0.60 | 0.15 | 0.00 | 0.45 | 0.60 | 0.60 | 0.60 | 0.62 |
| Shares Out. | 328.2M | 109.9M | 109.4M | 326.5M | 305.6M | 289.8M | 277.1M | 280.8M | 277.0M | 263.5M | 250.0M | 238.1M | 228.3M |
| Valuation | |||||||||||||
| P/E Ratio | 36.5 | 10.0 | 50.4 | 23.5 | 27.8 | 36.4 | N/A | 104.8 | 27.1 | 41.7 | 40.6 | 47.9 | 48.9 |
| P/FCF | 16.1 | 4.1 | 5.9 | 32.3 | 17.9 | 24.6 | 44.4 | 580.7 | 20.7 | 26.5 | 32.5 | 34.4 | 33.7 |
| EV/EBIT | 20.5 | 10.9 | 23.2 | 27.4 | 19.4 | 23.6 | N/A | 48.5 | 19.3 | 24.8 | 30.1 | 29.9 | 30.3 |
| Price/Book | 5.2 | 2.3 | 3.0 | 15.1 | 38.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Sales | 2.1 | 1.5 | 2.0 | 2.5 | 2.6 | 2.7 | 5.6 | 6.1 | 4.3 | 3.8 | 4.8 | 5.1 | 6.0 |
| FCF Yield | 4.2% | 8.1% | 5.7% | 3.1% | 5.6% | 4.1% | 2.3% | 0.2% | 4.8% | 3.8% | 3.1% | 2.9% | 3.0% |
| Market Cap | 24.6B | 14.0B | 17.5B | 25.5B | 21.2B | 32.1B | 29.4B | 43.0B | 34.0B | 47.6B | 62.3B | 69.8B | 74.2B |
| Avg. Price | 45.54 | 51.65 | 43.98 | 62.23 | 76.70 | 89.34 | 87.31 | 125.62 | 134.71 | 147.89 | 214.83 | 256.84 | 324.97 |
| Year-End Price | 50.97 | 42.48 | 53.43 | 78.18 | 69.48 | 110.78 | 106.00 | 153.03 | 122.85 | 180.74 | 249.25 | 293.34 | 324.97 |
Hilton Worldwide Holdings Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Hilton Worldwide Holdings Inc. trades at 53.1x trailing earnings, compared to its 15-year median P/E of 38.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 36.7x vs a median of 26.5x. The company's 5-year average ROIC is 23.2% with a gross margin of 32.9%. Total shareholder yield (dividends + buybacks) is 4.4%. At current prices, the estimated annualized return to fair value is +19.7%.
Hilton Worldwide Holdings Inc. (HLT) reported annual revenue of $12.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Hilton Worldwide Holdings Inc. (HLT) has a net profit margin of 12.1%. This is a healthy margin.
Hilton Worldwide Holdings Inc. (HLT) generated $2.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Hilton Worldwide Holdings Inc. (HLT) reported earnings per share (EPS) of $6.12 in its most recent fiscal year.
Hilton Worldwide Holdings Inc. (HLT) has a return on equity (ROE) of -32.0%. A negative ROE may indicate losses or negative equity.
Hilton Worldwide Holdings Inc. (HLT) has a 5-year average gross margin of 32.9%. This indicates decent pricing power.
The Ledger Terminal provides 14 years of financial data for Hilton Worldwide Holdings Inc. (HLT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Hilton Worldwide Holdings Inc. (HLT) has a book value per share of $-22.63, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver stronger performance than 2025, driven by a "C-shaped economy" where RevPAR strength is moving downstream from luxury toward mid-chain and lower-chain scales, supported by favorable tax policy, expected lower interest rates, increased private sector investment in AI infrastructure, and public infrastructure spending benefiting middle and lower-income consumers. The company anticipates group bookings to lead demand recovery, followed by business and leisure transient segments, with real lead volumes and bookings tracking in line with forecasts and improved sentiment across corporate travel. Development momentum remains robust with new construction starts expected to be up over 20% globally, conversions anticipated to be up on a nominal basis across every region, and sustained net unit growth of 6%-7% expected for the full year despite geopolitical uncertainty, signaling continued developer confidence and owner appetite for Hilton brands.
Based on recent SEC filings and earnings calls, Hilton Worldwide Holdings Inc. (HLT) has provided the following forward guidance: System-wide RevPAR growth: 2%-3% (FY2026); Net unit growth: 6%-7% (FY2026); Adjusted EBITDA: $4.02 billion - $4.06 billion (FY2026); Diluted EPS adjusted for special items: $8.79 - $8.91 (FY2026); Capital return to shareholders: approximately $3.5 billion (FY2026), plus 1 additional metric.
Adjusted EBITDA (FY2026): “For the full year, we expect RevPAR growth of 2%- 3%, driven by strengthening underlying fundamentals across chain scales and segments and factoring for a range of scenarios for the Middle East. As a result, we expect adjusted EBITDA of between $4.02 billion and $4.06 billion, and diluted EPS adjusted for special items of between $8.79 and $8.91.”
Diluted EPS adjusted for special items (FY2026): “For the full year, we expect RevPAR growth of 2%- 3%, driven by strengthening underlying fundamentals across chain scales and segments and factoring for a range of scenarios for the Middle East. As a result, we expect adjusted EBITDA of between $4.02 billion and $4.06 billion, and diluted EPS adjusted for special items of between $8.79 and $8.91.”
Capital return to shareholders (FY2026): “For 2026, we expect to return approximately $3.5 billion to shareholders in the form of buybacks and dividends.”
New development construction starts growth (FY2026): “Globally, we now expect new development construction starts to be up over 20% for the year, with the strongest growth in the U.S. and EMEA, signaling continued developer confidence and a strong desire to have hotels open in conjunction with a rebounding RevPAR environment.”