The company maintains a disciplined capital structure with a stable debt-to-equity ratio ranging between 0.80 and 0.84 over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 13.15B | 13.05B | 13.05B | 12.24B | 12.27B | 12.35B | 12.89B | 12.3B | 12.09B | 11.69B | 11.41B | 11.78B | 12.21B | 12.81B | 12.99B | 13.07B | 12.41B | 12.55B | 11.95B | 11.81B | 11.81B | 8.24B | 8.42B | 8.59B | 8.32B | 8.34B | 8.4B | 8.2B | 8.27B | 6.53B | 5.15B |
| Asset Growth % | 5.76% | 0.01% | 6.58% | -0.21% | -0.67% | -4.17% | 4.75% | 1.78% | 3.4% | 2.5% | -3.19% | -3.47% | -4.74% | -1.39% | -0.57% | 5.29% | -1.15% | 5.05% | 1.18% | 0.03% | 43.21% | -2.09% | -1.99% | 3.32% | -0.26% | -0.69% | 2.37% | -0.8% | 26.69% | 26.67% | 44.84% |
| Real Estate & Other Assets | 663M | 671M | 506M | 382M | 459M | 431M | 360M | 171M | 9.35B | 9.43B | 9.81B | 10.19B | 10.27B | 10.65B | 11.27B | 423M | 398M | 323M | 47M | 51M | -260M | -184M | -220M | -74M | -133M | -7.14B | -7.24B | -7.16B | 376M | 651M | 257M |
| PP&E (Net) | 563M | 560M | 11.46B | 10.17B | 10.3B | 10.54B | 10.01B | 10.27B | 587M | 501M | 564M | 738M | 625M | 635M | 695M | 11.38B | 10.51B | 10.23B | 10.86B | 10.59B | 10.68B | 7.58B | 7.42B | 7.08B | 7.03B | 7B | 7.11B | 7.11B | 7.2B | 5.22B | 3.81B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 1.95B | 921M | 911M | 1.56B | 1.37B | 1.33B | 2.5B | 1.81B | 2.11B | 1.44B | 752M | 514M | 883M | 1.12B | 687M | 899M | 1.2B | 1.72B | 817M | 857M | 1.22B | 811M | 1.15B | 1.51B | 1.28B | 547M | 589M | 524M | 658M | 658M | 1.09B |
| Cash & Equivalents | 1.7B | 768M | 554M | 1.14B | 667M | 807M | 2.33B | 1.57B | 1.54B | 913M | 372M | 239M | 684M | 861M | 417M | 826M | 1.11B | 1.64B | 508M | 488M | 364M | 184M | 347M | 764M | 361M | 352M | 313M | 277M | 436M | 511M | 704M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 242M | 217M | 200M | 414M | 139M | 0 | 281M | 251M | 152M | 70M | 0 | 24M | 25M | 0 | 86M | 82M | 0 | 198M | 809M | 586M | 718M | 627M | 789M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 6.14B | 6.32B | 6.27B | 5.42B | 5.39B | 5.78B | 6.46B | 4.84B | 4.4B | 4.52B | 4.21B | 4.56B | 4.61B | 5.36B | 5.98B | 6.36B | 6.08B | 6.34B | 6.25B | 6.34B | 6.37B | 5.8B | 5.82B | 6.24B | 6.48B | 6.52B | 6.49B | 6.19B | 5.89B | 4.78B | 3.48B |
| Total Debt | 5.64B | 5.64B | 5.64B | 4.77B | 4.78B | 5.46B | 6.15B | 4.4B | 3.84B | 3.95B | 3.65B | 4.02B | 3.99B | 4.76B | 5.41B | 5.75B | 5.48B | 5.84B | 5.95B | 5.63B | 5.88B | 5.48B | 5.62B | 5.59B | 5.74B | 5.71B | 5.58B | 5.29B | 5.13B | 3.78B | 2.65B |
| Net Debt | 3.94B | 4.87B | 5.09B | 3.63B | 4.12B | 4.65B | 3.82B | 2.83B | 2.29B | 3.04B | 3.28B | 3.78B | 3.31B | 3.9B | 4.99B | 4.93B | 4.36B | 4.2B | 5.44B | 5.14B | 5.51B | 5.3B | 5.27B | 4.82B | 5.38B | 5.36B | 5.27B | 5.01B | 4.7B | 3.27B | 1.94B |
| Long-Term Debt | 5.08B | 5.08B | 4.09B | 3.22B | 3.22B | 4.21B | 4.07B | 2.81B | 3.79B | 3.95B | 3.65B | 3.72B | 3.79B | 4.44B | 5.18B | 5.35B | 5.48B | 5.84B | 5.95B | 5.63B | 5.88B | 5.37B | 5.52B | 5.49B | 5.52B | 5.6B | 5.32B | 5.07B | 5.13B | 3.78B | 2.65B |
| Short-Term Borrowings | 0 | 42M | 992M | 989M | 994M | 676M | 1.47B | 989M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400M | 0 | 0 | 0 | 0 | 0 | 110M | 98M | 101M | 102M | 106M | 257M | 221M | 0 | 0 | 0 |
| Capital Lease Obligations | 2.22B | 523M | 560M | 563M | 568M | 564M | 610M | 606M | 0 | 2M | 2M | 1M | 1M | 1M | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 42M | 1.4B | 1.46B | 1.43B | 803M | 1.61B | 1.25B | 344M | 457M | 487M | 538M | 502M | 660M | 457M | 444M | 411M | 368M | 302M | 530M | 708M | 458M | 503M | 495M | 593M | 652M | 1.18B | 1.13B | 204M | 97M | 74M |
| Accounts Payable | 0 | 0 | 351M | 408M | 372M | 85M | 71M | 263M | 293M | 283M | 278M | 243M | 298M | 214M | 194M | 175M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 204M | 84M | 74M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.05B | 1.17B | 1.21B | 1.29B | 704M | 946M | 763M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 495M | 677M | 223M | 1.23B | 168M | 198M | 170M | 175M | 266M | 285M | 281M | 298M | 323M | 260M | 341M | 558M | 191M | 139M | 0 | 0 | 0 | -5.37B | -5.52B | -5.49B | -5.54B | -5.6B | -5.32B | -5.07B | 460M | 388M | 290M |
| Total Equity | 7.01B | 6.73B | 6.78B | 6.83B | 6.88B | 6.57B | 6.43B | 7.47B | 7.69B | 7.17B | 7.2B | 7.22B | 7.59B | 7.45B | 7.02B | 6.71B | 6.33B | 6.21B | 5.7B | 5.47B | 5.43B | 2.44B | 2.6B | 2.35B | 1.83B | 1.82B | 1.91B | 2.01B | 2.38B | 1.75B | 1.68B |
| Equity Growth % | -1.34% | -0.66% | -0.72% | -0.77% | 4.67% | 2.14% | -13.83% | -2.95% | 7.32% | -0.4% | -0.37% | -4.85% | 1.89% | 6.2% | 4.53% | 6.02% | 1.95% | 9.02% | 4.17% | 0.63% | 122.47% | -6.15% | 10.53% | 28.48% | 0.77% | -4.56% | -5.32% | -15.28% | 35.77% | 4.35% | 148.44% |
| Shareholders Equity | 6.83B | 6.56B | 6.61B | 6.63B | 6.71B | 6.44B | 6.32B | 7.32B | 7.49B | 6.97B | 6.99B | 7.06B | 7.34B | 7.23B | 6.83B | 6.68B | 6.3B | 6.19B | 5.52B | 5.44B | 5.22B | 2.42B | 2.4B | 2.14B | 1.61B | 1.61B | 1.42B | 1.5B | 1.86B | 1.75B | 1.68B |
| Minority Interest | 187M | 174M | 168M | 193M | 169M | 131M | 113M | 148M | 200M | 196M | 204M | 161M | 257M | 224M | 192M | 36M | 29M | 22M | 180M | 28M | 213M | 26M | 208M | 219M | 223M | 210M | 485M | 508M | 515M | 0 | 0 |
| Common Stock | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 7M | 8M | 8M | 8M | 7M | 7M | 7M | 6M | 5M | 5M | 5M | 4M | 3M | 3M | 3M | 3M | 2M | 2M | 2M | 0 | 0 |
| Additional Paid-in Capital | 7.2B | 7.29B | 7.46B | 7.54B | 7.72B | 7.7B | 7.57B | 7.67B | 8.16B | 8.1B | 8.08B | 8.3B | 8.48B | 8.49B | 8.04B | 7.75B | 7.24B | 6.88B | 5.71B | 5.67B | 5.68B | 3.08B | 2.95B | 2.62B | 2.1B | 2.05B | 1.82B | 1.84B | 1.87B | 0 | 0 |
| Retained Earnings | -314M | -670M | -777M | -839M | -939M | -1.19B | -1.18B | -307M | -610M | -1.07B | -1.01B | -1.14B | -1.1B | -1.26B | -1.23B | -1.08B | -965M | -801M | -299M | -379M | -585M | -923M | -911M | -851M | -830M | -779M | -600M | -539M | -554M | 49M | -1M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97M | 97M | 97M | 97M | 241M | 337M | 339M | 339M | 339M | 0 | 0 | 550M | 0 | 0 |
| Return on Assets (ROA) | 7.75% | 5.86% | 5.51% | 6.04% | 5.14% | -0.09% | -5.81% | 7.54% | 9.14% | 4.88% | 6.57% | 4.65% | 5.85% | 2.46% | 0.47% | -0.12% | -1.04% | -2.06% | 3.59% | 6.16% | 7.36% | 1.99% | -0.75% | 0.17% | -0.19% | 0.61% | 1.88% | 2.56% | 0.64% | 0.86% | -0.3% |
| Return on Equity (ROE) | 14.79% | 11.33% | 10.25% | 10.8% | 9.41% | -0.17% | -10.53% | 12.14% | 14.63% | 7.85% | 10.57% | 7.53% | 9.73% | 4.38% | 0.89% | -0.23% | -2.07% | -4.23% | 7.65% | 13.33% | 18.74% | 6.58% | -2.58% | 0.67% | -0.88% | 2.74% | 7.96% | 9.61% | 2.28% | 2.92% | -1.11% |
| Debt / Assets | 42.91% | 43.22% | 43.25% | 38.98% | 38.98% | 44.16% | 47.72% | 35.76% | 31.74% | 33.82% | 31.99% | 34.09% | 32.7% | 37.14% | 41.64% | 44.02% | 44.13% | 46.49% | 49.8% | 47.62% | 49.78% | 66.46% | 66.75% | 65.03% | 69.02% | 68.46% | 66.45% | 64.5% | 62.06% | 57.97% | 51.38% |
| Debt / Equity | 0.80x | 0.84x | 0.83x | 0.70x | 0.70x | 0.83x | 0.96x | 0.59x | 0.50x | 0.55x | 0.51x | 0.56x | 0.53x | 0.64x | 0.77x | 0.86x | 0.86x | 0.94x | 1.04x | 1.03x | 1.08x | 2.24x | 2.16x | 2.37x | 3.13x | 3.14x | 2.93x | 2.63x | 2.16x | 2.16x | 1.58x |
| Net Debt / EBITDA | 2.36x | 3.00x | 3.11x | 2.38x | 2.86x | 9.08x | - | 1.92x | 1.56x | 2.13x | 2.33x | 2.82x | 2.39x | 3.22x | 4.61x | 5.37x | 5.42x | 4.92x | 4.12x | 3.51x | 4.55x | 5.94x | 6.93x | 7.06x | 6.30x | 5.92x | 6.14x | 5.55x | 6.24x | 22.88x | 149.46x |
| Book Value per Share | 10.11 | 9.70 | 9.60 | 9.58 | 9.59 | 9.25 | 9.11 | 10.21 | 10.39 | 9.70 | 9.68 | 9.60 | 9.65 | 9.96 | 9.75 | 9.69 | 9.65 | 10.58 | 10.80 | 9.65 | 10.99 | 6.73 | 7.45 | 7.68 | 6.68 | 6.17 | 8.33 | 8.39 | 10.88 | 8.33 | 9.38 |
High recurring capital intensity
According to reported financial statements, HST has maintained a relatively stable debt-to-equity ratio of approximately 0.80 to 0.84 over the last ten quarters, suggesting a disciplined approach to capital structure management despite the ongoing strategic rotation of its luxury hotel portfolio toward higher-growth Sunbelt resort markets.
The company's ability to keep leverage metrics consistent while navigating significant asset turnover indicates a conservative capital allocation strategy. Investors should monitor whether this stability persists as the firm continues to fund high-cost renovations required to maintain its competitive positioning in gateway markets.
Based on recent SEC filings, HST has managed its total debt load at approximately $5.6 billion since 2024Q4, which, when paired with a cash position of $1.7 billion in 2026Q1, provides a substantial liquidity cushion to navigate potential volatility in the cyclical lodging sector.
The maintenance of significant cash balances appears to be a deliberate defensive posture against the inherent unpredictability of hotel revenue streams. This liquidity profile suggests the company is well-positioned to meet its debt obligations without resorting to dilutive financing, even if operating margins remain under pressure.
As indicated by the company's reported figures, equity has remained resilient at approximately $6.8 billion in 2026Q1, reflecting a stable base that supports the firm's long-term investment strategy despite the significant non-cash depreciation charges that frequently distort GAAP net income and return on equity metrics.
The consistency in equity levels suggests that management is successfully balancing dividend distributions with the need to retain capital for property-level reinvestment. However, the modest ROE figures warrant further investigation into whether the current asset base is generating sufficient returns to justify the heavy capital expenditure requirements.
According to historical data, the persistent gap between FFO and AFFO highlights the substantial recurring capital expenditure burden, which may suggest that a portion of what is reported as asset value is actually deferred maintenance necessary to keep the luxury portfolio competitive against newer, modern hotel developments.
This reliance on heavy reinvestment implies that the company's balance sheet may be more sensitive to inflationary pressures on construction and labor costs than the headline debt figures suggest. Analysts should remain cautious regarding the potential for these capital requirements to escalate if the portfolio's physical condition requires more aggressive intervention.
Quick answers to the most common questions about buying HST stock.
As of 2025, Host Hotels & Resorts, Inc. (HST) had total assets of $13.05B including $921.0M in current assets.
Host Hotels & Resorts, Inc. (HST) carries total debt of $5.64B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Host Hotels & Resorts, Inc. (HST) has total shareholders' equity (book value) of $6.56B ($9.70 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Host Hotels & Resorts, Inc. (HST) reported a current ratio of 21.93x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.