Latest Ratios: P/E Ratio 20.1x · EV/EBITDA 12.3x · ROE 11.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.2B | $12.3B | $12.4B | $13.9B | $11.5B | $12.4B | $10.3B | $13.6B | $12.3B | $14.7B | $14.0B |
| Enterprise Value | $20.0B | $17.2B | $17.5B | $17.5B | $15.6B | $17.0B | $14.1B | $16.4B | $14.6B | $17.7B | $17.3B |
| P/E Ratio → | 20.14 | 16.12 | 17.70 | 18.72 | 18.24 | — | — | 14.72 | 11.34 | 26.12 | 18.47 |
| P/S Ratio | 2.48 | 2.01 | 2.18 | 2.61 | 2.35 | 4.27 | 6.37 | 2.48 | 2.23 | 2.72 | 2.58 |
| P/B Ratio | 2.28 | 1.83 | 1.82 | 2.03 | 1.67 | 1.88 | 1.61 | 1.82 | 1.60 | 2.05 | 1.95 |
| P/FCF | 17.68 | 14.34 | 13.02 | 17.46 | 12.63 | — | — | 19.60 | 14.95 | 15.39 | 18.61 |
| P/OCF | 10.10 | 8.19 | 8.26 | 9.63 | 8.13 | 42.30 | — | 10.85 | 9.50 | 11.93 | 10.75 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.81 | 3.07 | 3.30 | 3.19 | 5.88 | 8.73 | 3.00 | 2.65 | 3.29 | 3.18 |
| EV / EBITDA | 12.33 | 10.56 | 10.66 | 11.49 | 10.86 | 33.20 | — | 11.11 | 9.93 | 12.41 | 12.28 |
| EV / EBIT | 24.12 | 16.31 | 18.65 | 17.96 | 18.95 | 191.01 | — | 13.84 | 9.91 | 21.81 | 18.03 |
| EV / FCF | — | 20.02 | 18.38 | 22.02 | 17.14 | — | — | 23.68 | 17.72 | 18.59 | 22.96 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 2.6% | 2.6% | 53.4% | 53.7% | 55.2% | 51.7% | 30.1% | 52.5% | 52.0% | 51.7% | 51.7% |
| Operating Margin | 13.6% | 13.6% | 15.4% | 15.6% | 15.8% | -8.7% | -58.8% | 14.6% | 9.6% | 12.5% | 12.6% |
| Net Profit Margin | 12.5% | 12.5% | 12.3% | 13.9% | 12.9% | -0.4% | -45.2% | 16.8% | 19.7% | 10.5% | 14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | 10.2% | 10.8% | 9.4% | -0.2% | -10.5% | 12.1% | 14.6% | 7.9% | 10.6% |
| ROA | 5.9% | 5.9% | 5.5% | 6.0% | 5.1% | -0.1% | -5.8% | 7.5% | 9.1% | 4.9% | 6.6% |
| ROIC | 5.3% | 5.3% | 5.9% | 5.8% | 5.2% | -1.7% | -7.0% | 5.9% | 3.9% | 4.9% | 4.8% |
| ROCE | 6.7% | 6.7% | 7.8% | 7.7% | 6.9% | -2.2% | -8.5% | 7.0% | 4.6% | 6.1% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.84 | 0.84 | 0.83 | 0.70 | 0.70 | 0.83 | 0.96 | 0.59 | 0.50 | 0.55 | 0.51 |
| Debt / EBITDA | 3.47 | 3.47 | 3.45 | 3.13 | 3.32 | 10.65 | — | 2.98 | 2.60 | 2.77 | 2.59 |
| Net Debt / Equity | — | 0.72 | 0.75 | 0.53 | 0.60 | 0.71 | 0.59 | 0.38 | 0.30 | 0.42 | 0.46 |
| Net Debt / EBITDA | 3.00 | 3.00 | 3.11 | 2.38 | 2.86 | 9.08 | — | 1.92 | 1.56 | 2.13 | 2.33 |
| Debt / FCF | — | 5.68 | 5.36 | 4.56 | 4.51 | — | — | 4.09 | 2.78 | 3.19 | 4.35 |
| Interest Coverage | 4.48 | 4.48 | 4.35 | 5.21 | 5.29 | 0.47 | -5.08 | 5.33 | 8.39 | 4.86 | 6.23 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 21.93 | 21.93 | 0.65 | 1.07 | 0.96 | 1.66 | 1.55 | 1.45 | 6.13 | 3.15 | 1.54 |
| Quick Ratio | 21.93 | 21.93 | 0.65 | 1.07 | 0.96 | 1.66 | 1.55 | 1.45 | 5.51 | 2.72 | 1.26 |
| Cash Ratio | 18.29 | 18.29 | 0.40 | 0.78 | 0.47 | 1.00 | 1.45 | 1.26 | 4.48 | 2.00 | 0.76 |
| Asset Turnover | — | 0.47 | 0.44 | 0.43 | 0.40 | 0.23 | 0.13 | 0.44 | 0.46 | 0.46 | 0.48 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 12.50 | 13.35 | 19.16 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 5.1% | 6.0% | 3.9% | 1.3% | — | 3.1% | 4.6% | 5.1% | 4.3% | 4.3% |
| Payout Ratio | 81.4% | 81.4% | 105.7% | 73.9% | 23.7% | — | — | 67.7% | 57.9% | 111.3% | 78.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 6.2% | 5.7% | 5.3% | 5.5% | — | — | 6.8% | 8.8% | 3.8% | 5.4% |
| FCF Yield | 5.7% | 7.0% | 7.7% | 5.7% | 7.9% | — | — | 5.1% | 6.7% | 6.5% | 5.4% |
| Buyback Yield | 1.4% | 1.7% | 0.9% | 1.3% | 0.2% | 0.0% | 1.6% | 3.6% | 0.0% | 0.0% | 1.6% |
| Total Shareholder Yield | 5.4% | 6.7% | 6.8% | 5.3% | 1.5% | 0.0% | 4.7% | 8.1% | 5.1% | 4.3% | 5.8% |
| Shares Outstanding | — | $694M | $706M | $713M | $718M | $710M | $706M | $731M | $741M | $739M | $744M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HST stock.
Host Hotels & Resorts, Inc.'s current P/E ratio is 20.1x. The historical average is 38.8x. This places it at the 52th percentile of its historical range.
Host Hotels & Resorts, Inc.'s current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
Host Hotels & Resorts, Inc.'s return on equity (ROE) is 11.3%. The historical average is 5.3%.
Based on historical data, Host Hotels & Resorts, Inc. is trading at a P/E of 20.1x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Host Hotels & Resorts, Inc.'s current dividend yield is 4.05% with a payout ratio of 81.4%.
Host Hotels & Resorts, Inc. has 2.6% gross margin and 13.6% operating margin. Operating margin between 10-20% is typical for established companies.
Host Hotels & Resorts, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Business travel recovery uncertainty
Metrics are mathematically derived from official filings.
P/FFO Discount Reflects Cyclicality
HST trades at 9.2x forward FFO, a discount to peers like RHP at 15.2x EV/EBITDA, reflecting cyclical risk and slower business travel recovery.
The P/FFO of 9.2x in Q2 2026 is below the historical average for lodging REITs, suggesting the market is pricing in continued volatility in RevPAR. Compared to RHP's EV/EBITDA of 15.2x, HST's 12.6x indicates a relative discount, possibly due to its larger exposure to urban markets. The implied cap rate, derived from NOI and enterprise value, appears attractive relative to private market transactions, but investors should monitor whether the discount narrows as business travel normalizes.
NOI Margin Volatility Masks Stability
NOI margin swung from 54.4% in Q2 2025 to 7.9% in Q2 2026, but FFO per share remained stable at $0.62, suggesting one-time items distort margins.
The dramatic drop in NOI margin appears to be driven by accounting reclassifications or asset sales, as FFO per share only declined slightly year-over-year. Excluding the anomaly, underlying profitability appears stable, with EBITDAre margins likely in the mid-20s. The stability in FFO despite revenue growth of only 3.4% indicates that cost controls are offsetting wage inflation, but the low gross margin of 2.62% warrants scrutiny into operating expense classification.
Payout Ratio Provides Comfortable Buffer
FFO payout ratio of 31.6% in Q2 2026 is well below the 70.5% in Q1 2024, indicating a strong dividend safety margin and retained cash flow.
The payout ratio has improved significantly from 70.5% in Q1 2024 to 31.6% in Q2 2026, driven by higher FFO and disciplined dividend growth. AFFO coverage of 2.3x in Q2 2026 further underscores the safety of the dividend, with retained cash flow available for reinvestment or debt reduction. However, the cyclicality of hotel earnings means investors should stress-test the payout ratio under a downturn scenario, where FFO could decline by 30% or more.
Leverage Stable with Ample Liquidity
Debt-to-equity of 0.88 and interest coverage of 5.47x in Q2 2026 indicate a healthy balance sheet, with cash of $2.0B providing dry powder.
Total debt has remained steady at $5.6B for five quarters, while cash increased to $2.0B, boosting liquidity. Interest coverage of 5.47x is adequate, though it dipped from 9.78x in Q1 2026, reflecting seasonal working capital needs. The fixed-rate exposure is not disclosed, but the stable debt level suggests limited refinancing risk in the near term. The low debt-to-gross-assets ratio (approximately 42%) provides flexibility for acquisitions or renovations without straining the balance sheet.
Occupancy and G&A Efficiency Solid
Occupancy rates remain high in the mid-70s, and G&A as a percentage of revenue is low at 1.2%, indicating efficient corporate overhead.
The portfolio's concentration in luxury and upper-upscale properties in gateway markets like New York and Hawaii provides pricing power, but also exposes HST to regional economic shocks. G&A efficiency is strong, with costs representing only 1.2% of revenue, below the peer average. However, the reliance on third-party operators like Marriott and Hyatt means HST has limited control over labor costs, which could pressure margins if wage inflation persists.
P/E Misleads Due to Depreciation
Standard P/E of 20.68 is distorted by non-cash depreciation, obscuring HST's true earnings power; P/FFO of 9.2x is the appropriate metric.
GAAP net income is significantly lower than FFO due to depreciation charges, making P/E appear elevated. For REITs, P/FFO is the standard valuation metric, and HST's 9.2x is more representative of its cash-generating ability. Additionally, D/E using book value can be misleading; debt-to-gross-assets is a better leverage measure. Investors should focus on FFO and AFFO, which adjust for depreciation and maintenance capex, to assess true performance.