A Business at a Glance
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Park Hotels & Resorts Inc.
PK
$2.9B
Mkt Cap
$14.74
+1.03%
Park Hotels & Resorts Inc. (PK) has a 5-year average return on invested capital (ROIC) of 1.5%. This is below average and may indicate limited pricing power.
Park Hotels & Resorts Inc. (PK) has a market capitalization of $3.0B. It is classified as a mid-cap stock.
Yes, Park Hotels & Resorts Inc. (PK) pays a dividend with a trailing twelve-month yield of 6.71%.
Park Hotels & Resorts Inc. (PK) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
Park Hotels & Resorts Inc. (PK) reported annual revenue of $2.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Park Hotels & Resorts Inc. (PK) has a net profit margin of -11.1%. The company is currently unprofitable.
Park Hotels & Resorts Inc. (PK) generated $102 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Park Hotels & Resorts is a publicly-traded lodging REIT with a portfolio of 34 premium-branded hotels and resorts comprising approximately 23,000 rooms located exclusively in U.S. markets and territories, with strategic focus on 21 Core hotels that contribute approximately 90% of Hotel Adjusted EBITDA and over 96% of Core portfolio rooms classified as luxury and upper upscale. The company operates through an umbrella partnership REIT structure, with Park Intermediate Holdings LLC serving as the operating company, and generates revenue through room rentals, group and transient bookings, and ancillary services including food and beverage and meeting space at large multi-use properties. The business model emphasizes active asset management to drive operational performance and profitability, with significant embedded value creation opportunities through capital-intensive renovation and redevelopment projects, including meeting space expansions, guestroom upgrades, and adaptive reuse initiatives across the Core portfolio. The company pursues growth through opportunistic acquisitions and dispositions of non-Core assets, with a strategic capital recycling program targeting $300 million to $400 million in non-Core hotel sales to enhance portfolio quality and reduce leverage. Park's competitive positioning is supported by its portfolio of iconic, market-leading properties in high-barrier-to-entry markets, substantial financial resources, and demonstrated ability to execute complex renovation projects that generate returns on invested capital of 15% to 20%, positioning the company to deliver superior risk-adjusted returns while maintaining a strong and flexible balance sheet.
【Strategic portfolio transformation underway】 Management expects the completion of major renovation projects, including the Royal Palm South Beach reopening in early June 2026 and the Ali'i Tower renovation at Hilton Hawaiian Village, to drive meaningful earnings growth and position the portfolio for acceleration in the lodging cycle. The company anticipates favorable demand tailwinds from easier year-over-year comparisons, major events including the World Cup and America's 250th Anniversary celebrations, and a supportive macroeconomic environment characterized by anticipated lower interest rates, fiscal stimulus, and deregulation. Hawaii is expected to be one of the most meaningful contributors to earnings growth as the market normalizes following disruptions, with both Hawaii resorts forecasted to perform at the upper end of guidance ranges supported by completed tower renovations and improving leisure transient demand. Management remains focused on reducing leverage toward a targeted goal of below 5x through organic growth from the Core portfolio and proceeds from non-Core asset dispositions, while refinancing approximately $1.4 billion of debt maturities in the back half of 2026 at a blended interest rate of approximately 5.5%.
| Metric | Target | Period |
|---|---|---|
| RevPAR growth | flat to +2% | FY2026 |
| Adjusted EBITDA | $580 million-$610 million | FY2026 |
| Adjusted FFO per share | $1.73-$1.89 | FY2026 |
| Capital expenditures | $230 million-$260 million | FY2026 |
| Royal Palm South Beach EBITDA | $3-$4 million | FY2026 |
| Royal Palm South Beach stabilized EBITDA | approximately $28 million | Upon stabilization |
| Ali'i Tower renovation investment | approximately $96 million | FY2026 |
| Hilton Hawaiian Village renovation disruption impact | $1 million-$2 million | FY2026 |
| Refinancing blended spread | approximately 220-225 basis points over SOFR | FY2026 |
| Annualized interest expense increase | approximately $20 million | FY2026 |
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 | 2.5B | 2.5B | 2.6B | 2.7B | 2.5B | 1.4B |
| Net Income | -215M | -283M | 211M | 95M | 162M | -459M |
| EPS | $-1.08 | $-1.43 | $1.01 | $0.44 | $0.71 | $-1.95 |
| Free Cash Flow | 69M | 102M | 202M | 218M | 241M | -191M |
| ROIC | 0.3% | -0.5% | 5.6% | 3.4% | 3.6% | -4.8% |
| Gross Margin | - | 20.6% | 33.2% | 24.7% | 33.3% | 29.1% |
| Debt/Equity | 1.25 | 1.23 | 1.06 | 0.99 | 1.07 | 1.06 |
| Dividends/Share | $0.99 | $1.00 | $2.45 | $0.70 | $0.03 | $0.00 |
| Operating Income | 22M | -33M | 391M | 343M | 296M | -179M |
| Operating Margin | 0.9% | -1.3% | 15.0% | 12.7% | 11.8% | -13.1% |
| ROE | -7.0% | -8.4% | 5.7% | 2.3% | 3.7% | -9.8% |
| Shares Outstanding | 201M | 198M | 209M | 216M | 228M | 235M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 2.7B | 2.7B | 2.8B | 2.7B | 2.8B | 852M | 1.4B | 2.5B | 2.7B | 2.6B | 2.5B | 2.5B |
| Gross Margin | 37.2% | 35.6% | 30.5% | 32.0% | 30.7% | N/A | 29.1% | 33.3% | 24.7% | 33.2% | 20.6% | 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 |
| SG&A | 83M | 71M | 68M | 65M | 62M | 63M | 62M | 63M | 65M | 69M | 72M | 72M |
| EBIT | 586M | 419M | 371M | 504M | 426M | -1.2B | -179M | 296M | 343M | 391M | -33M | 22M |
| Op. Margin | 21.8% | 15.4% | 13.3% | 18.4% | 15.0% | -141.1% | -13.1% | 11.8% | 12.7% | 15.0% | -1.3% | 0.9% |
| Net Income | 292M | 133M | 2.6B | 472M | 306M | -1.4B | -459M | 162M | 95M | 211M | -283M | -215M |
| Net Margin | 10.9% | 4.9% | 94.1% | 17.2% | 10.8% | -169.0% | -33.7% | 6.5% | 3.5% | 8.1% | -11.1% | -8.5% |
| Non-Recurring | 143M | 1.0M | 1.0M | 98M | 21M | 702M | 0 | 19M | 217M | 20M | 320M | 320M |
| Returns on Capital | ||||||||||||
| ROIC | 15.3% | 5.6% | 33.3% | 5.7% | 4.2% | -14.1% | -4.8% | 3.6% | 3.4% | 5.6% | -0.5% | 0.3% |
| ROE | 10.8% | 4.0% | 53.1% | 8.1% | 5.0% | -25.3% | -9.8% | 3.7% | 2.3% | 5.7% | -8.4% | -7.0% |
| ROA | N/A | 2.7% | 26.9% | 4.9% | 3.0% | -13.2% | -4.5% | 1.7% | 1.0% | 2.3% | -3.4% | -2.8% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 519M | 399M | 653M | 444M | 499M | -438M | -137M | 409M | 503M | 429M | 398M | 371M |
| Free Cash Flow | 293M | 172M | 468M | 266M | 259M | -524M | -191M | 241M | 218M | 202M | 102M | 69M |
| Owner Earnings | 232M | 99M | 351M | 151M | 219M | -756M | -437M | 123M | 198M | 153M | 43M | -2.1B |
| CapEx | 226M | 227M | 185M | 178M | 240M | 86M | 54M | 168M | 285M | 227M | 296M | 302M |
| Maint. CapEx | 287M | 300M | 288M | 277M | 264M | 298M | 281M | 269M | 287M | 257M | 336M | 2.5B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 287M | 300M | 288M | 277M | 264M | 298M | 281M | 269M | 287M | 257M | 336M | 2.5B |
| CapEx/OCF | N/A | N/A | 28.3% | 40.1% | 48.1% | N/A | N/A | 41.1% | 56.7% | 52.9% | 74.4% | 81.4% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 81M | 180M | 386M | 464M | 494M | 241M | 0 | 7.0M | 152M | 512M | 280M | 199M |
| Dividend Yield | N/A | N/A | 12.2% | 13.1% | 13.4% | 11.5% | N/A | 0.3% | 7.3% | 18.8% | 13.4% | 6.7% |
| Share Buybacks | 0 | 0 | 0 | 348M | 0 | 66M | 0 | 227M | 180M | 116M | 45M | 0 |
| Buyback Yield | N/A | N/A | N/A | 10.6% | N/A | 2.3% | N/A | 12.3% | 6.4% | 4.3% | 2.1% | 0.0% |
| Stock-Based Comp | N/A | N/A | 14M | 16M | 16M | 20M | 19M | 17M | 18M | 19M | 19M | 19M |
| Debt Repayment | 883M | 3.7B | 55M | 0 | 0 | 6.0M | 20M | 64M | 83M | 22M | 9.0M | 9.0M |
| Balance Sheet | ||||||||||||
| Net Debt | 172M | 2.6B | 2.6B | 2.5B | 3.5B | 4.3B | 4.0B | 3.7B | 3.1B | 3.5B | 3.6B | 3.7B |
| Cash & Equiv. | 144M | 337M | 364M | 410M | 346M | 951M | 688M | 906M | 717M | 402M | 232M | 156M |
| Long-Term Debt | 271M | 2.9B | 3.0B | 3.0B | 3.9B | 5.2B | 4.7B | 4.6B | 3.8B | 3.9B | 3.9B | 3.9B |
| Debt/Equity | 0.11 | 0.77 | 0.49 | 0.53 | 0.60 | 1.07 | 1.06 | 1.07 | 0.99 | 1.06 | 1.23 | 1.25 |
| Interest Coverage | 3.2 | 2.3 | 3.0 | 4.0 | 3.0 | -5.6 | -0.8 | 1.4 | 1.7 | 1.8 | -0.2 | 0.1 |
| Equity | 2.8B | 3.9B | 6.0B | 5.6B | 6.5B | 4.9B | 4.5B | 4.3B | 3.8B | 3.6B | 3.1B | 3.1B |
| Total Assets | N/A | 9.8B | 9.7B | 9.4B | 11.3B | 10.6B | 9.7B | 9.7B | 9.4B | 9.2B | 7.7B | 7.7B |
| Total Liabilities | -16M | 6.0B | 3.8B | 3.8B | 4.8B | 5.7B | 5.3B | 5.4B | 5.7B | 5.6B | 4.6B | 4.6B |
| Intangibles | N/A | 44M | 41M | 27M | 46M | 45M | 44M | 43M | 42M | 41M | 41M | 41M |
| Retained Earnings | N/A | N/A | 2.2B | 2.0B | 1.9B | 376M | -83M | 16M | -344M | -420M | -902M | -937M |
| 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 |
| 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 |
| Current Liabilities | N/A | N/A | 198M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 225M |
| Per Share Data | ||||||||||||
| EPS | 1.48 | 0.67 | 12.21 | 2.31 | 1.44 | -6.11 | -1.95 | 0.71 | 0.44 | 1.01 | -1.43 | -1.08 |
| Owner EPS | 1.18 | 0.50 | 1.63 | 0.74 | 1.03 | -3.21 | -1.86 | 0.54 | 0.92 | 0.73 | 0.22 | -10.60 |
| Book Value | 14.18 | 19.51 | 27.96 | 27.56 | 30.57 | 20.76 | 18.91 | 19.02 | 17.66 | 17.45 | 15.82 | 15.34 |
| Cash Flow/Share | 2.63 | 2.01 | 3.04 | 2.17 | 2.35 | -1.86 | -0.58 | 1.79 | 2.33 | 2.05 | 2.01 | 11.28 |
| Dividends/Share | 0.41 | 0.91 | 1.84 | 1.99 | 1.90 | 1.02 | 0.00 | 0.03 | 0.70 | 2.45 | 1.00 | 0.99 |
| Shares Out. | 197.3M | 198.5M | 215.0M | 204.3M | 212.5M | 235.7M | 235.4M | 228.2M | 215.9M | 208.9M | 197.9M | 201.2M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | 1.3 | 7.0 | 12.0 | N/A | N/A | 11.4 | 29.0 | 12.9 | N/A | -13.7 |
| P/FCF | N/A | N/A | 7.5 | 12.3 | 14.2 | N/A | N/A | 7.7 | 12.6 | 13.4 | 20.5 | 43.0 |
| EV/EBIT | N/A | N/A | 15.6 | 10.8 | 16.1 | N/A | N/A | 2.6 | 6.1 | 6.8 | N/A | 302.9 |
| Price/Book | N/A | N/A | 0.6 | 0.6 | 0.6 | 0.6 | 0.7 | 0.4 | 0.7 | 0.7 | 0.7 | 1.0 |
| Price/Sales | N/A | N/A | 1.1 | 1.3 | 1.3 | 2.5 | 2.4 | 1.0 | 0.8 | 1.1 | 0.8 | 1.2 |
| FCF Yield | N/A | N/A | 13.3% | 8.1% | 7.1% | -18.0% | -6.0% | 13.0% | 7.7% | 7.4% | 4.9% | 2.3% |
| Market Cap | N/A | N/A | 3.5B | 3.3B | 3.7B | 2.9B | 3.2B | 1.8B | 2.8B | 2.7B | 2.1B | 3.0B |
| Avg. Price | N/A | N/A | 14.67 | 17.40 | 17.34 | 8.89 | 13.87 | 11.11 | 9.65 | 13.05 | 10.58 | 14.74 |
| Year-End Price | N/A | N/A | 16.32 | 16.07 | 17.27 | 12.32 | 13.48 | 8.10 | 12.76 | 13.00 | 10.59 | 14.74 |
Park Hotels & Resorts Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 29.1x vs a median of 12.6x. The company's 5-year average ROIC is 1.5% with a gross margin of 28.2%. Total shareholder yield (dividends) is 6.7%. At current prices, the estimated annualized return to fair value is -4.4%.
Park Hotels & Resorts Inc. (PK) has a debt-to-equity ratio of 1.23. This indicates moderate leverage.
Park Hotels & Resorts Inc. (PK) reported earnings per share (EPS) of $-1.43 in its most recent fiscal year.
Park Hotels & Resorts Inc. (PK) has a return on equity (ROE) of -8.4%. A negative ROE may indicate losses or negative equity.
Park Hotels & Resorts Inc. (PK) has a 5-year average gross margin of 28.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 11 years of financial data for Park Hotels & Resorts Inc. (PK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Park Hotels & Resorts Inc. (PK) has a book value per share of $15.82, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects the completion of major renovation projects, including the Royal Palm South Beach reopening in early June 2026 and the Ali'i Tower renovation at Hilton Hawaiian Village, to drive meaningful earnings growth and position the portfolio for acceleration in the lodging cycle. The company anticipates favorable demand tailwinds from easier year-over-year comparisons, major events including the World Cup and America's 250th Anniversary celebrations, and a supportive macroeconomic environment characterized by anticipated lower interest rates, fiscal stimulus, and deregulation. Hawaii is expected to be one of the most meaningful contributors to earnings growth as the market normalizes following disruptions, with both Hawaii resorts forecasted to perform at the upper end of guidance ranges supported by completed tower renovations and improving leisure transient demand. Management remains focused on reducing leverage toward a targeted goal of below 5x through organic growth from the Core portfolio and proceeds from non-Core asset dispositions, while refinancing approximately $1.4 billion of debt maturities in the back half of 2026 at a blended interest rate of approximately 5.5%.
Based on recent SEC filings and earnings calls, Park Hotels & Resorts Inc. (PK) has provided the following forward guidance: RevPAR growth: flat to +2% (FY2026); Adjusted EBITDA: $580 million-$610 million (FY2026); Adjusted FFO per share: $1.73-$1.89 (FY2026); Capital expenditures: $230 million-$260 million (FY2026); Royal Palm South Beach EBITDA: $3-$4 million (FY2026), plus 5 additional metrics.
RevPAR growth (FY2026): “we are establishing a full year 2026 RevPAR growth range of flat to +2%”
Adjusted EBITDA (FY2026): “adjusted EBITDA is forecast to be $580 million-$610 million”
Adjusted FFO per share (FY2026): “adjusted FFO per share is expected to be in the range of $1.73-$1.89”
Capital expenditures (FY2026): “we expect a lower level of capital investment for 2026, with $230 million-$260 million of spend planned”
Royal Palm South Beach EBITDA (FY2026): “we expect Royal Palm to generate approximately $3-$4 million of hotel Adjusted EBITDA this year”
Royal Palm South Beach stabilized EBITDA (Upon stabilization): “with the hotel forecasted to more than double its EBITDA from $14 million to nearly $28 million once stabilized”
Ali'i Tower renovation investment (FY2026): “Total investment for the project is expected to be approximately $96 million”
Hilton Hawaiian Village renovation disruption impact (FY2026): “Overall, we expect renovation-related disruption at Hilton Hawaiian Village to be $1 million-$2 million in 2026”