Hilton Worldwide (HLT)
Consumer Discretionary · $69.5B market cap · SEC CIK 0001585689
fundamentals score out of 100
Next reports on Oct 20, 2026, before the open, with analysts expecting $2.38 in earnings per share.
The case for HLT
- Generated $2.0B of free cash flow in FY2025, 17% of revenue.
- Revenue growing 8.7% year over year.
- Has compounded revenue at 22.8% a year over five years.
The case against
- Pricey at 43.9× earnings, against a long-run market average nearer 20×.
- Owes more than it owns: shareholder equity is -$5.4B, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
- Growth is slowing: revenue up 8.7% this year against 22.8% a year over five.
- Current liabilities exceed current assets (ratio 0.65).
- Price/sales of 5.6× is higher than 91% of Consumer Discretionary companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 26 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 70 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 59 |
| Momentumhow the price has behaved lately | 48 |
| Stabilityhow violently it moves, what it owes and what it pays you | 33 |
- Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 43.9× |
|---|---|
| Price / book | n/m (negative equity) |
| Price / sales | 5.6× |
| Revenue growth (YoY) | +8.7% |
| EPS growth (YoY) | +4.5% |
| Gross margin | 38% |
| Operating margin | 23% |
| Net margin | 13% |
| Return on assets | 9.5% (ROE not meaningful: negative equity) |
| Debt / equity | n/m (negative equity) |
| Current ratio | 0.65 |
| Dividend yield | 0.35% |
| Beta | 1.11 |
| 52-week range | $253.54 – $358.00 |
| Position in that range | 53% of the way up |
| 3-month return | -12.0% |
| 1-year return | +14.3% |
Five years of financials, as filed
Pulled from Hilton Worldwide's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $12.0B | $11.2B | $10.2B | $8.8B | $5.8B |
| Operating income | $2.7B | $2.4B | $2.2B | $2.1B | $1.0B |
| Net income | $1.5B | $1.5B | $1.1B | $1.3B | $410M |
| Operating cash flow | $2.1B | $2.0B | $1.9B | $1.7B | $109M |
| Capital expenditure | $101M | $96.0M | $151M | $39.0M | $35.0M |
| Total assets | $16.8B | $16.5B | $15.4B | $15.5B | $15.4B |
| Total liabilities | $22.1B | $20.2B | $17.7B | $16.6B | $16.3B |
| Shareholder equity | -$5.4B | -$3.7B | -$2.4B | -$1.1B | -$821M |
| Cash | $918M | $1.3B | $800M | $1.2B | $1.4B |
| Free cash flow | $2.0B | $1.9B | $1.8B | $1.6B | $74.0M |
| Operating margin | 22.4% | 21.2% | 21.7% | 23.9% | 17.4% |
| Net margin | 12.1% | 13.7% | 11.1% | 14.3% | 7.1% |
| Diluted shares | 238M | 250M | 264M | 277M | 281M |
Share count is down 15.3% over 4 years. Buybacks have been shrinking the pie.
What Hilton Worldwide says it does
Overview Hilton is one of the largest global hospitality companies, with 9,158 properties comprising 1,351,351 rooms in 143 countries and territories as of December 31, 2025. Founded in 1919, Hilton has been an innovator in the industry for over 105 years, driven by the vision of founder Conrad Hilton "to fill the earth with the light and warmth of hospitality." Our premier brand portfolio includes luxury, lifestyle, full service, focused service and all-suites hotel brands, as well as timeshare brands. As of December 31, 2025, we had 243 million members in our award-winning guest loyalty program, Hilton Honors, an increase of 15 percent from December 31, 2024; refer to "—Our Brand Portfolio" and "—Our Guest Loyalty Program" below for additional information on our brands, including Hilton Honors. We operate our business through: (i) a management and franchise segment and (ii) an ownership segment, each of which is reported as a segment…
Risk factors HLT lists in its 10-K
- Terms Used and Basis of Presentation in this Annual Report on Form 10-K
- As of or for the Year Ended December 31, 2025
- Sustainability and Community Impact
- Our People: Building Opportunities for All
- Career Opportunities, Development and Training
- Our Hotels: Creating Sustainable Stays
- Our Communities: Strengthening Where We Live, Work and Stay
- Responsible Business: Operating with Accountability, Integrity and Transparency
- Governance, Ethics and Regulatory Compliance
- Where You Can Find More Information
- In addition to the other information in this Annual Report on Form 10-K, the following risk factors should be considered carefully in evaluating our company and our business
- We are subject to the business, financial and operating risks inherent to the hospitality industry, any of which could reduce our revenues and limit opportunities for growth
- Macroeconomic conditions, geopolitical activity, public health concerns and other factors beyond our control can adversely affect and reduce demand for our products and services
- Contraction in the global economy or low levels of economic growth could adversely affect our revenues and profitability, as well as limit or slow our future growth