A Business at a Glance
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HOST HOTELS & RESORTS, INC.
HST
$17.0B
Mkt Cap
$24.50
+2.25%
HOST HOTELS & RESORTS, INC. (HST) has a current P/E ratio of 22.3, compared to its historical median P/E of 15.8. The stock is currently considered Expensive based on its historical valuation range.
HOST HOTELS & RESORTS, INC. (HST) has a 5-year average return on invested capital (ROIC) of 8.0%. This is below average and may indicate limited pricing power.
HOST HOTELS & RESORTS, INC. (HST) has a market capitalization of $16.8B. It is classified as a large-cap stock.
Yes, HOST HOTELS & RESORTS, INC. (HST) pays a dividend with a trailing twelve-month yield of 3.90%. The company also returns capital through share buybacks, with a buyback yield of 1.07%.
Based on historical P/E analysis, HOST HOTELS & RESORTS, INC. (HST) appears expensive. The current P/E of 22.3 is 41% above its historical median of 15.8. The estimated fair value CAGR (P/E method) is 1.1%.
HOST HOTELS & RESORTS, INC. (HST) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Host Inc. is the largest publicly traded lodging REIT, owning a geographically diverse portfolio of 76 primarily luxury and upper-upscale hotels with approximately 41,700 rooms, substantially all located in the United States, plus non-controlling interests in seven domestic lodging joint ventures. The company operates as a self-managed and self-administered REIT through Host L.P., generating revenue through hotel operations under respected brand names including Marriott and Hyatt properties, supplemented by ancillary revenues from food and beverage, meetings, and other guest services. Host's business model emphasizes disciplined capital allocation, combining organic growth through value-enhancement initiatives and ROI projects on existing assets with selective acquisitions and dispositions of upper-upscale and luxury properties in major urban and resort destinations with favorable supply-demand dynamics. The company leverages its scale and integrated analytics platform to benchmark performance, identify revenue opportunities, and drive operational efficiencies across its portfolio, while maintaining an investment-grade balance sheet to ensure financial flexibility throughout lodging cycles. Host targets markets with diverse demand generators, high barriers to entry, and attractive long-term RevPAR growth, focusing on resort destinations with limited supply, convention hotels with group orientation, and high-end urban properties with multiple demand drivers for both business and leisure travelers.
【Strong leisure demand momentum】 Management expects continued strength in leisure transient demand driven by special events including the World Cup, with modest improvements anticipated in short-term group booking trends and stable business transient demand throughout 2026. The company is optimistic about the travel environment and expects year-over-year margin comparisons to moderate as the year progresses, primarily driven by lower average rate growth expectations in the second half. Host's transformational capital programs are expected to contribute meaningfully to EBITDA, with 34 hotels having undergone or undergoing comprehensive renovations expected to contribute approximately 60% of total hotel EBITDA in 2026, supported by operating profit guarantees that offset most disruption costs. The company continues to pursue disciplined capital allocation, evaluating potential acquisitions of iconic upper-upscale and luxury properties while executing strategic dispositions and returning capital to shareholders, with wage rate growth expected to increase approximately 5% in 2026.
| Metric | Target | Period |
|---|---|---|
| Comparable hotel RevPAR growth | 3%-4.5% | FY2026 |
| Comparable hotel total RevPAR growth | 3.5%-5% | FY2026 |
| Comparable hotel EBITDA margin | Up 20 basis points to up 50 basis points year-over-year | FY2026 |
| Adjusted EBITDAre | $1,810 million | FY2026 |
| Capital expenditure | $545 million to $655 million | FY2026 |
| Maui EBITDA contribution | Approximately $120 million | FY2026 |
Comparable hotel RevPAR growth (FY2026): “we are raising our 2026 comparable hotel RevPAR guidance range to 3%-4.5% over 2025”
Comparable hotel total RevPAR growth (FY2026): “our comparable hotel total RevPAR growth guidance range to 3.5%-5% over last year”
Comparable hotel EBITDA margin (FY2026): “We expect comparable hotel EBITDA margins to be up 20 basis points year-over-year at the low end of our guidance to up 50 basis points at the high end”
Adjusted EBITDAre (FY2026): “Our 2026 full year adjusted EBITDAre midpoint is $1,810 million”
Capital expenditure (FY2026): “For 2026, our capital expenditure guidance range is $545 million to $655 million”
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 | 6.2B | 6.1B | 5.7B | 5.3B | 4.9B | 2.9B |
| Net Income | 1.0B | 765M | 697M | 740M | 633M | -11M |
| EPS | $1.47 | $1.10 | $0.99 | $1.04 | $0.88 | $-0.02 |
| Free Cash Flow | 1.3B | 1.2B | 1.2B | 1.2B | 1.1B | -1.0M |
| ROIC | 13.7% | 9.8% | 10.9% | 10.1% | 9.2% | -0.2% |
| Gross Margin | - | 19.9% | 21.3% | 21.7% | 21.2% | 1.4% |
| Debt/Equity | 0.15 | 0.43 | 0.37 | 0.35 | 0.35 | 0.41 |
| Dividends/Share | $0.95 | $0.95 | $0.90 | $0.90 | $0.21 | $0.00 |
| Operating Income | 889M | 855M | 875M | 827M | 775M | -250M |
| Operating Margin | 14.4% | 14.0% | 15.4% | 15.6% | 15.8% | -8.7% |
| ROE | 14.8% | 11.6% | 10.5% | 11.1% | 9.6% | -0.2% |
| Shares Outstanding | 685M | 695M | 704M | 712M | 719M | 550M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 5.3B | 5.3B | 5.4B | 5.4B | 5.5B | 5.5B | 1.6B | 2.9B | 4.9B | 5.3B | 5.7B | 6.1B | 6.2B |
| Gross Margin | 2.5% | 2.4% | 1.6% | 2.0% | 14.7% | 20.6% | N/A | 1.4% | 21.2% | 21.7% | 21.3% | 19.9% | 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 | 43M | 94M | 106M | 98M | 104M | 107M | 89M | 99M | 107M | 132M | 123M | 124M | 121M |
| EBIT | 694M | 631M | 684M | 676M | 530M | 799M | -953M | -250M | 775M | 827M | 875M | 855M | 889M |
| Op. Margin | 13.0% | 11.8% | 12.6% | 12.5% | 9.6% | 14.6% | -58.8% | -8.7% | 15.8% | 15.6% | 15.4% | 14.0% | 14.4% |
| Net Income | 732M | 558M | 762M | 564M | 1.1B | 920M | -732M | -11M | 633M | 740M | 697M | 765M | 1.0B |
| Net Margin | 13.8% | 10.4% | 14.0% | 10.5% | 19.7% | 16.8% | -45.2% | -0.4% | 12.9% | 13.9% | 12.3% | 12.5% | 16.4% |
| Non-Recurring | 242M | 95M | 253M | 151M | 1.2B | 14M | 148M | 397M | 18M | 69M | 0 | 151M | 151M |
| Returns on Capital | |||||||||||||
| ROIC | 7.7% | 6.8% | 7.1% | 6.7% | 5.8% | 10.2% | -10.1% | -0.2% | 9.2% | 10.1% | 10.9% | 9.8% | 13.7% |
| ROE | 10.1% | 7.8% | 10.8% | 8.1% | 15.0% | 12.4% | -10.7% | -0.2% | 9.6% | 11.1% | 10.5% | 11.6% | 14.8% |
| ROA | 5.9% | 4.7% | 6.6% | 4.9% | 9.1% | 7.5% | -5.8% | -0.1% | 5.1% | 6.0% | 5.5% | 5.9% | 7.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.1B | 1.2B | 1.3B | 1.2B | 1.3B | 1.3B | -307M | 292M | 1.4B | 1.4B | 1.5B | 1.5B | 1.5B |
| Free Cash Flow | 824M | 777M | 1.0B | 1.0B | 1.0B | 914M | -650M | -1.0M | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B |
| Owner Earnings | 425M | 441M | 566M | 468M | 342M | 559M | -989M | -488M | 726M | 714M | 712M | 689M | -9.4B |
| CapEx | 316M | 383M | 293M | 205M | 274M | 336M | 343M | 293M | 307M | 195M | 260M | 282M | 287M |
| Maint. CapEx | 693M | 708M | 724M | 751M | 944M | 676M | 665M | 762M | 664M | 697M | 762M | 795M | 10.9B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 693M | 708M | 724M | 751M | 944M | 676M | 665M | 762M | 664M | 697M | 762M | 795M | 10.9B |
| CapEx/OCF | 28.2% | 33.0% | 22.5% | 16.7% | 15.4% | 26.9% | N/A | 100.3% | 21.7% | 13.5% | 17.4% | 18.7% | 18.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 469M | 646M | 596M | 628M | 629M | 623M | 320M | 0 | 150M | 547M | 737M | 623M | 654M |
| Dividend Yield | 4.6% | 6.7% | 7.2% | 6.3% | 5.7% | 6.1% | 4.4% | N/A | 1.4% | 5.3% | 6.2% | 5.7% | 3.9% |
| Share Buybacks | 0 | 675M | 218M | 0 | 0 | 482M | 147M | 0 | 27M | 182M | 107M | 205M | 180M |
| Buyback Yield | N/A | 8.6% | 2.2% | N/A | N/A | 4.4% | 1.7% | N/A | 0.3% | 1.4% | 0.9% | 1.6% | 1.1% |
| Stock-Based Comp | 22M | 11M | 12M | 11M | 14M | 15M | 17M | 18M | 26M | 30M | 24M | 26M | 26M |
| Debt Repayment | 2.0M | 30M | 0 | 0 | 0 | 50M | 35M | 22M | 0 | 3.0M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 1.6B | 2.3B | 2.0B | 1.8B | -38M | 467M | 1.2B | 1.9B | 1.7B | 1.2B | 1.9B | 2.1B | -706M |
| Cash & Equiv. | 666M | 221M | 372M | 913M | 1.5B | 1.6B | 2.3B | 807M | 667M | 1.1B | 554M | 768M | 1.7B |
| Long-Term Debt | 1.6B | 1.3B | 1.2B | 1.5B | 455M | 445M | 442M | 436M | 758M | 746M | 896M | 1.3B | 1.3B |
| Debt/Equity | 0.31 | 0.36 | 0.35 | 0.38 | 0.20 | 0.28 | 0.56 | 0.41 | 0.35 | 0.35 | 0.37 | 0.43 | 0.15 |
| Interest Coverage | 3.4 | 2.8 | 4.4 | 4.0 | 3.0 | 3.6 | -4.9 | -1.3 | 5.0 | 4.3 | 4.1 | 3.6 | 444.5 |
| Equity | 7.3B | 7.1B | 7.0B | 7.0B | 7.5B | 7.3B | 6.3B | 6.4B | 6.7B | 6.6B | 6.6B | 6.6B | 6.8B |
| Total Assets | 12.2B | 11.7B | 11.4B | 11.7B | 12.1B | 12.3B | 12.9B | 12.4B | 12.3B | 12.2B | 13.0B | 13.0B | 13.2B |
| Total Liabilities | 4.6B | 4.4B | 4.2B | 4.5B | 4.4B | 4.8B | 6.5B | 5.8B | 5.4B | 5.4B | 6.3B | 6.3B | 6.1B |
| Intangibles | 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 |
| Retained Earnings | -1.1B | -1.1B | -1.0B | -1.1B | -610M | -307M | -1.2B | -1.2B | -939M | -839M | -777M | -670M | -314M |
| Working Capital | 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 |
| Current Assets | 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 |
| Current Liabilities | 298M | 243M | 278M | 283M | 293M | 263M | N/A | N/A | 372M | 408M | 351M | 355M | 246M |
| Per Share Data | |||||||||||||
| EPS | 0.96 | 0.74 | 1.02 | 0.76 | 1.47 | 1.26 | -1.04 | -0.02 | 0.88 | 1.04 | 0.99 | 1.10 | 1.47 |
| Owner EPS | 0.56 | 0.58 | 0.76 | 0.63 | 0.46 | 0.77 | -1.41 | -0.89 | 1.01 | 1.00 | 1.01 | 0.99 | -13.71 |
| Book Value | 9.62 | 9.37 | 9.36 | 9.40 | 10.13 | 10.02 | 8.98 | 11.71 | 9.33 | 9.32 | 9.39 | 9.43 | 9.97 |
| Cash Flow/Share | 1.50 | 1.54 | 1.74 | 1.66 | 1.76 | 1.71 | -0.44 | 0.53 | 1.97 | 2.03 | 2.13 | 2.17 | 17.41 |
| Dividends/Share | 0.75 | 0.80 | 0.85 | 0.85 | 0.85 | 0.85 | 0.45 | 0.00 | 0.21 | 0.90 | 0.90 | 0.95 | 0.95 |
| Shares Out. | 762.5M | 754.1M | 747.1M | 742.1M | 739.5M | 730.2M | 703.8M | 550.0M | 719.3M | 711.5M | 704.0M | 695.5M | 684.9M |
| Valuation | |||||||||||||
| P/E Ratio | 16.1 | 14.1 | 12.9 | 19.6 | 8.8 | 12.0 | N/A | N/A | 15.1 | 17.0 | 16.9 | 16.4 | 16.6 |
| P/FCF | 14.3 | 10.2 | 9.7 | 10.8 | 9.3 | 12.1 | N/A | N/A | 8.6 | 10.1 | 9.5 | 10.2 | 13.3 |
| EV/EBIT | 19.7 | 17.6 | 18.5 | 19.5 | 19.4 | 14.6 | N/A | N/A | 15.9 | 17.4 | 17.9 | 18.7 | 18.1 |
| Price/Book | 1.6 | 1.1 | 1.4 | 1.6 | 1.3 | 1.5 | 1.3 | 3.2 | 1.4 | 1.9 | 1.8 | 1.9 | 2.5 |
| Price/Sales | 1.9 | 1.8 | 1.5 | 1.8 | 2.0 | 1.9 | 4.5 | 6.7 | 2.2 | 2.0 | 2.1 | 1.8 | 2.7 |
| FCF Yield | 7.0% | 9.8% | 10.3% | 9.3% | 10.7% | 8.3% | -7.7% | -0.0% | 11.6% | 9.9% | 10.5% | 9.8% | 7.5% |
| Market Cap | 11.8B | 7.9B | 9.8B | 11.1B | 9.6B | 11.0B | 8.5B | 20.5B | 9.5B | 12.6B | 11.7B | 12.6B | 16.8B |
| Avg. Price | 13.48 | 12.72 | 11.10 | 13.39 | 15.02 | 14.09 | 10.40 | 13.64 | 14.96 | 14.61 | 16.91 | 15.63 | 24.50 |
| Year-End Price | 15.44 | 10.47 | 13.14 | 14.90 | 12.92 | 15.11 | 12.03 | 14.45 | 13.26 | 17.68 | 16.68 | 18.09 | 24.50 |
HOST HOTELS & RESORTS, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
HOST HOTELS & RESORTS, INC. trades at 22.3x trailing earnings, compared to its 15-year median P/E of 15.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 13.7x vs a median of 9.9x. The company's 5-year average ROIC is 8.0% with a gross margin of 17.1%. Total shareholder yield (dividends + buybacks) is 5.0%. At current prices, the estimated annualized return to fair value is +10.7%.
HOST HOTELS & RESORTS, INC. (HST) reported annual revenue of $6.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
HOST HOTELS & RESORTS, INC. (HST) has a net profit margin of 12.5%. This is a healthy margin.
HOST HOTELS & RESORTS, INC. (HST) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HOST HOTELS & RESORTS, INC. (HST) has a debt-to-equity ratio of 0.43. This indicates a conservatively financed balance sheet.
HOST HOTELS & RESORTS, INC. (HST) reported earnings per share (EPS) of $1.10 in its most recent fiscal year.
HOST HOTELS & RESORTS, INC. (HST) has a return on equity (ROE) of 11.6%. This indicates moderate shareholder returns.
HOST HOTELS & RESORTS, INC. (HST) has a 5-year average gross margin of 17.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for HOST HOTELS & RESORTS, INC. (HST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HOST HOTELS & RESORTS, INC. (HST) has a book value per share of $9.43, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strength in leisure transient demand driven by special events including the World Cup, with modest improvements anticipated in short-term group booking trends and stable business transient demand throughout 2026. The company is optimistic about the travel environment and expects year-over-year margin comparisons to moderate as the year progresses, primarily driven by lower average rate growth expectations in the second half. Host's transformational capital programs are expected to contribute meaningfully to EBITDA, with 34 hotels having undergone or undergoing comprehensive renovations expected to contribute approximately 60% of total hotel EBITDA in 2026, supported by operating profit guarantees that offset most disruption costs. The company continues to pursue disciplined capital allocation, evaluating potential acquisitions of iconic upper-upscale and luxury properties while executing strategic dispositions and returning capital to shareholders, with wage rate growth expected to increase approximately 5% in 2026.
Based on recent SEC filings and earnings calls, HOST HOTELS & RESORTS, INC. (HST) has provided the following forward guidance: Comparable hotel RevPAR growth: 3%-4.5% (FY2026); Comparable hotel total RevPAR growth: 3.5%-5% (FY2026); Comparable hotel EBITDA margin: Up 20 basis points to up 50 basis points year-over-year (FY2026); Adjusted EBITDAre: $1,810 million (FY2026); Capital expenditure: $545 million to $655 million (FY2026), plus 1 additional metric.
Maui EBITDA contribution (FY2026): “we continue to expect Maui to contribute approximately $120 million of EBITDA in 2026”