The company's debt-to-equity ratio remains elevated between 2.78 and 3.31, reflecting significant fixed-cost exposure from $31.7 billion in net PPE and associated lease obligations.
| 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 |
|---|
| Total Current Assets | 17.73B | 17.45B | 13.21B | 12.06B | 9.18B | 9.55B | 12.88B | 18.26B | 6.97B | 5.76B | 4.17B | 2.86B | 1.6B | 1.04B | 996.91M | 1.17B | 1.41B | 416.63M | 329.92M | 281.89M |
| Cash & Short-Term Investments | 15.75B | 15.44B | 11.08B | 9.13B | 5.37B | 7.71B | 10.93B | 6.14B | 4.35B | 3.6B | 3.24B | 1.74B | 835.48M | 397.44M | 457.92M | 781.6M | 1.16B | 270.59M | 183.25M | 173.64M |
| Cash Only | 12.45B | 10.54B | 7.47B | 6.95B | 3.58B | 5.12B | 7.03B | 3.23B | 4.26B | 3.47B | 3.24B | 1.24B | 808.87M | 397.44M | 449.84M | 781.6M | 1.06B | 270.59M | 183.25M | 173.64M |
| Short-Term Investments | 3.3B | 4.9B | 3.6B | 2.19B | 1.79B | 2.59B | 3.9B | 2.91B | 89M | 129.91M | 0 | 506.41M | 26.61M | 0 | 8.07M | 0 | 100M | 0 | 0 | 0 |
| Accounts Receivable | 1.1B | 1.08B | 1.23B | 755M | 1.11B | 521M | 409M | 235M | 231M | 197M | 262.51M | 93.96M | 89.24M | 74.9M | 50.63M | 37.42M | 24.8M | 19.79M | 17.95M | 12.19M |
| Days Sales Outstanding | 16.77 | 16.05 | 18.76 | 12.59 | 29.31 | 14.87 | 14.64 | 7.65 | 8.38 | 8.74 | 14.58 | 5.94 | 6.56 | 6.56 | 5.73 | 6.07 | 5.21 | 5.73 | 8.57 | 18.9 |
| Inventory | 51.81M | 57.04M | 60M | 59M | 70M | 88M | 89M | 57M | 41M | 24.01M | 21.61M | 24.53M | 29.88M | 34.01M | 37.97M | 31.23M | 18.29M | 8.88M | 22.65M | 9.53M |
| Days Inventory Outstanding | 1.38 | 1.4 | 1.56 | 1.5 | 2.08 | 2.85 | 3.34 | 2.89 | 2.31 | 1.54 | 1.6 | 1.98 | 2.81 | 3.9 | 5.65 | 6.69 | 5.66 | 3.23 | 12.03 | 15.22 |
| Other Current Assets | 830.88M | 870.55M | 850M | 2.11B | 2.49B | 1.02B | 1.16B | 11.84B | 1.4B | 1.28B | 209.43M | 571.46M | 256.9M | 172.46M | 129.08M | 95.48M | 59.39M | 47.75M | 29.94M | 46.61M |
| Total Non-Current Assets | 46.19B | 47.37B | 49.34B | 51.48B | 52.33B | 53.72B | 52.92B | 34.73B | 17.02B | 11.67B | 5.82B | 4.73B | 4.59B | 4.14B | 3.33B | 2.35B | 1.63B | 1.16B | 1.1B | 554.15M |
| Property, Plant & Equipment | 31.74B | 32.63B | 32.95B | 33.93B | 37.8B | 39.23B | 37.7B | 26.73B | 5.24B | 4.52B | 3.71B | 3.81B | 3.91B | 3.63B | 2.95B | 2.1B | 1.42B | 1.03B | 957.41M | 465.19M |
| Fixed Asset Turnover | 0.79x | 0.75x | 0.73x | 0.64x | 0.37x | 0.33x | 0.27x | 0.42x | 1.92x | 1.82x | 1.77x | 1.52x | 1.27x | 1.15x | 1.09x | 1.07x | 1.22x | 1.23x | 0.80x | 0.51x |
| Goodwill | 5.32B | 5.43B | 5.22B | 5.32B | 5.2B | 5.13B | 4.99B | 2.66B | 2.63B | 2.26B | 171.5M | 108.34M | 64.65M | 64.84M | 64.18M | 42.54M | 41.37M | 18.45M | 19.55M | 15.69M |
| Intangible Assets | 4.88B | 5.03B | 4.95B | 5.46B | 5.48B | 5.59B | 6.16B | 1.88B | 1.83B | 1.78B | 488.21M | 144.81M | 104.54M | 101.84M | 100.98M | 69.78M | 57.35M | 20.39M | 21.97M | 21.45M |
| Long-Term Investments | 6.79B | 1.54B | 2.32B | 2.56B | 1.95B | 1.97B | 1.92B | 1.93B | 6.15B | 2.36B | 1.06B | 356.58M | 229M | 90.52M | 28.13M | -40.97M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.57B | 1.58B | 2.85B | 4.21B | 818M | 933M | 878M | 987M | 660M | 406.99M | 207.76M | 195.45M | 197.23M | 184.01M | 133.54M | 143.02M | 79.95M | 61.17M | 53.48M | 35.2M |
| Total Assets | 63.92B | 64.82B | 62.55B | 63.53B | 61.51B | 63.27B | 65.8B | 52.98B | 23.99B | 17.43B | 9.99B | 7.69B | 6.18B | 5.19B | 4.33B | 3.52B | 3.04B | 1.58B | 1.43B | 836.05M |
| Asset Turnover | 0.40x | 0.38x | 0.38x | 0.34x | 0.23x | 0.20x | 0.15x | 0.21x | 0.42x | 0.47x | 0.66x | 0.75x | 0.80x | 0.80x | 0.74x | 0.64x | 0.57x | 0.80x | 0.53x | 0.28x |
| Asset Growth % | 13.62% | 3.62% | -1.54% | 3.29% | -2.78% | -3.84% | 24.19% | 120.83% | 37.67% | 74.39% | 29.89% | 24.43% | 19.24% | 19.74% | 22.84% | 15.8% | 92.53% | 10.34% | 71.39% | - |
| Total Current Liabilities | 19B | 19.14B | 13.32B | 17.41B | 13.15B | 15.28B | 10.53B | 17.29B | 5.97B | 3.77B | 2.97B | 2.79B | 1.72B | 1.4B | 1.15B | 793.34M | 574.34M | 365.55M | 468.34M | 234.42M |
| Accounts Payable | 958.41M | 1.02B | 983M | 1.02B | 1.17B | 968M | 1.24B | 1.18B | 890M | 766M | 584.73M | 585.35M | 640.69M | 677.3M | 624.82M | 417.61M | 283.2M | 141.57M | 182.8M | 83.78M |
| Days Payables Outstanding | 22.23 | 24.97 | 25.57 | 25.94 | 34.86 | 31.31 | 46.56 | 59.7 | 50.16 | 49.27 | 43.26 | 47.35 | 60.3 | 77.7 | 92.94 | 89.49 | 87.59 | 51.44 | 97.07 | 133.91 |
| Short-Term Debt | 7.25B | 8.88B | 880M | 4.05B | 3.29B | 6.23B | 1.14B | 8.5B | 948M | 130.81M | 298.29M | 324.68M | 0 | 7.11M | 0 | 0 | 0 | 57M | 82M | 37.8M |
| Deferred Revenue (Current) | 7.41B | 1.82B | 1.82B | 1.64B | 1.31B | 1.37B | 1.27B | 1.18B | 1B | 943M | 749.79M | 705.61M | 514.27M | 297.28M | 200.51M | 138.15M | 68.6M | 43.2M | 16.01M | 3.71M |
| Other Current Liabilities | 7.36B | 5.03B | 887M | 6.42B | 2.96B | 2.58B | 3.08B | 3.11B | 71M | 50.19M | 37.65M | 906M | 701K | -6.96M | 0 | 0 | 57.64M | 0 | 33.75M | 21.82M |
| Current Ratio | 0.93x | 0.91x | 0.99x | 0.69x | 0.70x | 0.63x | 1.22x | 1.06x | 1.17x | 1.53x | 1.41x | 1.03x | 0.93x | 0.74x | 0.86x | 1.48x | 2.46x | 1.14x | 0.70x | 1.20x |
| Quick Ratio | 0.93x | 0.91x | 0.99x | 0.69x | 0.69x | 0.62x | 1.22x | 1.05x | 1.16x | 1.52x | 1.40x | 1.02x | 0.91x | 0.72x | 0.83x | 1.44x | 2.43x | 1.12x | 0.66x | 1.16x |
| Cash Conversion Cycle | -4.08 | -7.52 | -5.25 | -11.84 | -3.47 | -13.59 | -28.58 | -49.16 | -39.47 | -38.98 | -27.08 | -39.43 | -50.93 | -67.24 | -81.56 | -76.72 | -76.72 | -42.48 | -76.47 | -99.78 |
| Total Non-Current Liabilities | 33.86B | 32.71B | 36.96B | 33.87B | 39.56B | 36.95B | 43.84B | 28.2B | 11.71B | 7.28B | 1.61B | 1.46B | 1.24B | 954.45M | 684.98M | 475.72M | 344.43M | 313.32M | 993.84M | 496.47M |
| Long-Term Debt | 2.43B | 479.31M | 4.55B | 1.26B | 6.63B | 3.38B | 10.72B | 8.08B | 8.81B | 4.92B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80M | 27.5M | 0 |
| Capital Lease Obligations | 106.67B | 26.73B | 26.48B | 26.91B | 30.15B | 30.88B | 29.68B | 18.5B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 4.26B | 1.19B | 919M | 845M | 858M | 853M | 1.82B | 491M | 475M | 422.09M | 96.33M | 1.47M | 701K | 26.07M | 22.34M | 12.68M | 11.94M | 6.54M | 6.94M | 5.53M |
| Other Non-Current Liabilities | 2.69B | 2.71B | 3.67B | 3.78B | 1.09B | 1.05B | 950M | 566M | 1.96B | 1.76B | 1.35B | 1.28B | 1.09B | 809.56M | 562.85M | 61.57M | 46.62M | 20.45M | 805.05M | 441.45M |
| Total Liabilities | 52.86B | 51.85B | 50.28B | 51.28B | 52.7B | 52.23B | 54.37B | 45.48B | 17.67B | 10.95B | 4.58B | 4.25B | 2.96B | 2.36B | 1.84B | 1.27B | 918.77M | 678.87M | 1.46B | 730.89M |
| Total Debt | 35.63B | 36.09B | 35.45B | 35.88B | 43.89B | 44.16B | 44.98B | 38.16B | 9.76B | 5.05B | 298.29M | 324.68M | 0 | 7.11M | 0 | 0 | 0 | 137M | 109.5M | 37.8M |
| Net Debt | 23.17B | 25.55B | 27.97B | 28.93B | 40.3B | 39.05B | 37.95B | 34.93B | 5.5B | 1.58B | -2.94B | -913.16M | -808.87M | -390.32M | -449.84M | -781.6M | -1.06B | -133.59M | -73.75M | -135.84M |
| Debt / Equity | 3.22x | 2.78x | 2.89x | 2.93x | 4.99x | 4.00x | 3.93x | 5.09x | 1.54x | 0.78x | 0.06x | 0.09x | - | 0.00x | - | - | - | 0.15x | - | 0.36x |
| Debt / EBITDA | 4.35x | 4.87x | 5.43x | 5.86x | 37.77x | 26.49x | - | 12.31x | 3.02x | 2.28x | 0.19x | 0.26x | - | 0.01x | - | - | - | 0.62x | - | - |
| Net Debt / EBITDA | 2.83x | 3.44x | 4.28x | 4.72x | 34.69x | 23.42x | - | 11.27x | 1.70x | 0.71x | -1.91x | -0.72x | -0.84x | -0.46x | -0.79x | -2.27x | -2.48x | -0.60x | - | - |
| Interest Coverage | 22.43x | 19.10x | 16.11x | 14.89x | -2.93x | -0.01x | -3.28x | 9.14x | 6.71x | 19.36x | 96.18x | 166.75x | 270.82x | 478.88x | 285.27x | 163.08x | 105.05x | 8.90x | -124.32x | - |
| Total Equity | 11.06B | 12.97B | 12.27B | 12.25B | 8.8B | 11.04B | 11.43B | 7.5B | 6.32B | 6.47B | 5.42B | 3.44B | 3.22B | 2.83B | 2.49B | 2.26B | 2.13B | 902.26M | -29.24M | 105.15M |
| Equity Growth % | 4.87% | 5.67% | 0.18% | 39.15% | -20.29% | -3.39% | 52.43% | 18.69% | -2.4% | 19.54% | 57.41% | 6.9% | 13.82% | 13.54% | 10.4% | 6.14% | 135.55% | 3185.56% | -127.81% | - |
| Book Value per Share | 33.81 | 39.93 | 37.43 | 36.55 | 28.29 | 35.46 | 39.05 | 24.65 | 20.81 | 22.09 | 19.15 | 13.43 | 12.72 | 11.33 | 10.08 | 9.16 | 9.06 | 4.91 | -0.54 | 2.32 |
| Total Shareholders' Equity | 10.91B | 12.81B | 12.18B | 12.13B | 8.73B | 10.94B | 11.33B | 7.38B | 6.17B | 6.2B | 5.4B | 3.43B | 3.22B | 2.82B | 2.47B | 2.25B | 2.12B | 94.09M | -35.35M | 102.82M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 212K | 204K | 186K | 184K | 182K | 180K | 179K | 178K | 46.49K | 41.79K | 41.79K |
| Retained Earnings | 1.67B | 3.62B | 2.45B | 794M | -1.2B | 1.04B | 1.5B | 3.7B | 2.61B | 2.51B | 1.81B | 1.01B | 847.22M | 539.87M | 260.01M | 85.13M | -29.7M | -245.46M | -288M | -151.84M |
| Treasury Stock | -572.85M | -662.42M | -274M | -906M | -441M | -107M | -107M | -107M | -107M | -107M | -107.33M | -107.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 193.28M | 199.13M | 382M | 386M | 232M | 41M | 127M | -49M | -42M | 167.97M | -4.5M | 59.6M | -12.01M | -39.38M | -38.41M | -39.17M | -22.7M | -12.53M | -12.49M | -5.67M |
| Minority Interest | 153.43M | 154.1M | 94M | 114M | 74M | 109M | 102M | 121M | 145M | 35.58M | 16.56M | 10.64M | 1.75M | 12.04M | 25.38M | 9.79M | 9.18M | 11.36M | 6.11M | 2.33M |
Lease liability accounting complexity
As reported in recent financial statements, H World Group's total assets have remained relatively stable, fluctuating within a narrow range of $61.4 billion to $64.8 billion over the last ten quarters, suggesting a disciplined approach to capital deployment despite the company's ongoing efforts to scale its hotel network.
The stability in total assets indicates that management is likely balancing new property additions with the divestment or optimization of underperforming leased assets. This trajectory suggests that the company is prioritizing operational efficiency over aggressive balance sheet expansion, which aligns with its strategic pivot toward an asset-light manachised model.
Based on the company's quarterly filings, the cash position has shown significant volatility, peaking at $12.5 billion in 2026Q1 from a low of $5.9 billion in 2024Q1, which provides a substantial liquidity buffer to navigate the cyclical nature of the Chinese travel market and potential international expansion requirements.
While the current ratio remains consistently below 1.0, hovering around 0.93 in 2026Q1, this is not necessarily indicative of distress given the company's ability to generate high-margin franchise fees. Investors should monitor whether this cash accumulation is intended for future M&A activity or if it reflects a defensive posture against potential macroeconomic headwinds in the hospitality sector.
According to reported figures, H World Group's debt-to-equity ratio has fluctuated between 2.78 and 3.31 over the past ten quarters, a metric that warrants further investigation as it may not fully capture the impact of significant off-balance-sheet lease liabilities inherent in the company's leased-and-owned hotel portfolio.
The reported debt levels appear relatively stable, yet the high D/E ratio suggests that the company carries a meaningful fixed-cost burden that could amplify volatility during periods of low occupancy. Analysts should interpret these leverage metrics with caution, as the true financial risk may be obscured by the accounting treatment of long-term rental obligations.
As indicated by the company's balance sheet data, the presence of $31.7 billion in net PPE alongside substantial lease-related liabilities suggests that the headline debt figures may understate the firm's actual financial obligations, potentially misleading investors regarding the true extent of the company's fixed-cost exposure.
The reliance on leased properties introduces a layer of operational risk that is not fully reflected in traditional debt metrics. Investors should consider that a significant portion of the company's asset base is tied to these lease agreements, which may limit financial flexibility if market conditions in the travel industry deteriorate rapidly.
Quick answers to the most common questions about buying HTHT stock.
As of 2025, H World Group Limited (HTHT) had total assets of $64.82B including $17.45B in current assets.
H World Group Limited (HTHT) carries total debt of $36.09B, offset by $15.44B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
H World Group Limited (HTHT) has total shareholders' equity (book value) of $12.81B ($39.93 book value per share). Book value represents the net worth of the company belonging to common stock holders.
H World Group Limited (HTHT) reported a current ratio of 0.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.