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We are the largest publicly traded lodging REIT, with a geographically diverse portfolio of luxury and upper-upscale hotels. As of February 20, 2026, our consolidated lodging portfolio consists of 76 primarily luxury and upper-upscale hotels containing approximately 41,700 rooms, with substantially all located in the United States (five of the hotels are located outside of the U.S. in Brazil an…
$23.18
+$0.20 (+0.87%)
Price from 2 days ago
13.98% operating margin is respectable but not wide. ROIC at 9.88%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 7.6%, steady but not accelerating.
Even for strong businesses, today's 16x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
15.8x earnings, 12.7x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$6.17B
▲ +7.6% YoY
Net Income (TTM)
$1.01B
▲ +9.8% YoY
Op. Margin
14.42%
▼ -1.4pp YoY
ROIC
7.30%
▼ -0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.26B
▼ -0.8% YoY
Op. Cash Flow (TTM)
$1.55B
▲ +0.8% YoY
Net Debt
$3.94B
Cash & Equiv.
$1.70B
5Y CAGR: +30.4%
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