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We are a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of compelling brands at different price and service points. Consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties (less than one percent of our system).
15.81% operating margin is respectable but not wide. ROIC at 141.98%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 4.3%, steady but not accelerating.
ROIC dropped from 145.26% to 141.98%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$26.58B
▲ +4.3% YoY
Net Income (TTM)
$2.58B
▲ +9.5% YoY
Op. Margin
16.02%
▲ +0.8pp YoY
ROIC
144.65%
▼ -3.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.82B
▲ +30.5% YoY
Op. Cash Flow (TTM)
$3.42B
▲ +16.8% YoY
Net Debt
$1.77B
Cash & Equiv.
$454M
5Y CAGR: +19.9%
5Y CAGR: +11.6%
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