InterContinental Hotels Group PLC (IHG) 10-Year Financial Performance & Capital Metrics

IHG • • Industrial / General

Consumer CyclicalHotels & LodgingGlobal Hotel FranchisorsGlobal Luxury & Full-Service Franchisors

AboutInterContinental Hotels Group PLC owns, manages, franchises, and leases hotels in the Americas, Europe, Asia, the Middle East, Africa, and Greater China. The company operates hotels under the Six Senses, Regent, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo, EVEN Hotels, HUALUXE, Holiday Inn, Holiday Inn Express, Holiday Inn Club Vacations, avid, Staybridge Suites, Atwell Suites, Candlewood Suites, voco, and Crowne Plaza. It also provides IHG Rewards loyalty program. As of December 31, 2021, the company operated 5,991 hotels and 880,327 rooms in approximately 100 countries. InterContinental Hotels Group PLC was founded in 1777 and is headquartered in Denham, the United Kingdom.Show more

Revenue $4.92B +32.1%
EBITDA $1.19B -2.5%
Net Income $628M -16.3%
EPS (Diluted) 3.85 -12.7%
Gross Margin 29.56% -43.2%
EBITDA Margin 24.09% -26.1%
Operating Margin 21.15% -26.0%
Net Margin 12.76% -36.6%
ROE -
ROIC 207.65% -19.6%
Debt/Equity -
Interest Coverage 5.13 -56.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 4.0% through buybacks
✓Trading near 52-week high
✓Efficient asset utilization: 1.0x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.23%

5Y1.25%

3Y19.2%

TTM41.29%

Profit (Net Income) CAGR

10Y4.85%

5Y10.28%

3Y33.16%

TTM32.32%

EPS CAGR

10Y6.45%

5Y13%

3Y38.47%

TTM46.76%

ROCE

10Y Avg32%

5Y Avg24.36%

3Y Avg33.44%

Latest38.25%

Peer Comparison

Global Luxury & Full-Service Franchisors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLTHilton Worldwide Holdings Inc.	70.16B	301.86	49.16	9.17%	14.19%		2.59%
MARMarriott International, Inc.	87.43B	325.79	39.11	5.85%	10.07%		2.29%
IHGInterContinental Hotels Group PLC	20.75B	137.92	35.82	32.05%	14.79%		3.11%
HHyatt Hotels Corporation	7.1B	169.71	13.42	-8.67%	-2.05%	-2.31%	6.57%	1.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.8B	1.72B	4.08B	4.34B	4.63B	2.39B	2.91B	3.89B	3.73B	4.92B
Revenue Growth %	-0.03%	-0.05%	1.38%	0.06%	0.07%	-0.48%	0.21%	0.34%	-0.04%	0.32%
Cost of Goods Sold+	640M	580M	2.95B	3.26B	3.38B	1.86B	2.01B	2.8B	1.79B	3.47B
COGS % of Revenue	0.35%	0.34%	0.72%	0.75%	0.73%	0.78%	0.69%	0.72%	0.48%	0.7%
Gross Profit+	1.16B	1.14B	1.13B	1.08B	1.24B	536M	893M	1.09B	1.94B	1.46B
Gross Margin %	0.65%	0.66%	0.28%	0.25%	0.27%	0.22%	0.31%	0.28%	0.52%	0.3%
Gross Profit Growth %	0.04%	-0.02%	-0.01%	-0.04%	0.15%	-0.57%	0.67%	0.22%	0.78%	-0.25%
Operating Expenses+	485M	426M	404M	410M	480M	361M	387M	403M	352M	414M
OpEx % of Revenue	0.27%	0.25%	0.1%	0.09%	0.1%	0.15%	0.13%	0.1%	0.09%	0.08%
Selling, General & Admin	395M	339M	709M	738M	791M	351M	292M	353M	338M	359M
SG&A % of Revenue	0.22%	0.2%	0.17%	0.17%	0.17%	0.15%	0.1%	0.09%	0.09%	0.07%
Research & Development	5M	0	0	0	0	0	0	0	0	0
R&D % of Revenue	0%	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-795M	87M	92M	66M	95M	94M	87M	39M	14M	55M
Operating Income+	1.5B	678M	728M	566M	630M	165M	494M	628M	1.07B	1.04B
Operating Margin %	0.83%	0.4%	0.18%	0.13%	0.14%	0.07%	0.17%	0.16%	0.29%	0.21%
Operating Income Growth %	1.2%	-0.55%	0.07%	-0.22%	0.11%	-0.74%	1.99%	0.27%	0.7%	-0.02%
EBITDA+	1.59B	805M	806M	691M	800M	337M	686M	782M	1.22B	1.19B
EBITDA Margin %	0.88%	0.47%	0.2%	0.16%	0.17%	0.14%	0.24%	0.2%	0.33%	0.24%
EBITDA Growth %	1.06%	-0.5%	0%	-0.14%	0.16%	-0.58%	1.04%	0.14%	0.55%	-0.02%
D&A (Non-Cash Add-back)	96M	127M	78M	125M	170M	172M	192M	154M	150M	145M
EBIT	683M	718M	744M	578M	657M	-141M	500M	661M	1.13B	1.1B
Net Interest Income+	-87M	-80M	-72M	-95M	-115M	-140M	-139M	-106M	-52M	-140M
Interest Income	5M	6M	4M	5M	6M	4M	8M	22M	39M	63M
Interest Expense	92M	86M	76M	100M	121M	144M	147M	128M	91M	203M
Other Income/Expense	-87M	-80M	-91M	-100M	-88M	-127M	-133M	-88M	-56M	-144M
Pretax Income+	1.41B	591M	656M	485M	542M	-280M	361M	540M	1.01B	897M
Pretax Margin %	0.78%	0.34%	0.16%	0.11%	0.12%	-0.12%	0.12%	0.14%	0.27%	0.18%
Income Tax+	188M	174M	115M	133M	156M	-20M	96M	164M	260M	269M
Effective Tax Rate %	0.87%	0.7%	0.82%	0.72%	0.71%	0.93%	0.74%	0.69%	0.74%	0.7%
Net Income+	1.22B	414M	540M	351M	385M	-260M	266M	375M	750M	628M
Net Margin %	0.68%	0.24%	0.13%	0.08%	0.08%	-0.11%	0.09%	0.1%	0.2%	0.13%
Net Income Growth %	2.13%	-0.66%	0.3%	-0.35%	0.1%	-1.68%	2.02%	0.41%	1%	-0.16%
Net Income (Continuing)	1.22B	459M	535M	350M	386M	-260M	265M	376M	750M	628M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	10M	8M	7M	8M	8M	8M	7M	7M	4M	4M
EPS (Diluted)+	6.77	2.13	2.93	1.92	2.09	-1.43	1.45	2.04	4.41	3.85
EPS Growth %	2.29%	-0.69%	0.38%	-0.34%	0.09%	-1.68%	2.01%	0.41%	1.16%	-0.13%
EPS (Basic)	6.86	2.15	2.95	1.94	2.10	-1.43	1.45	2.05	4.41	3.90
Diluted Shares Outstanding	180.4M	194.65M	184.3M	182.4M	184M	182M	184M	184M	170M	163.12M
Basic Shares Outstanding	178.12M	192.83M	183.35M	180.5M	183M	181.95M	183M	181M	169.99M	161.03M
Dividend Payout Ratio	0.15%	4.09%	1.1%	0.57%	1.87%	-	-	0.62%	0.33%	0.41%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.61B	778M	863M	1.38B	935M	2.24B	2.07B	1.68B	2.13B	1.87B
Cash & Short-Term Investments	1.14B	226M	184M	705M	199M	1.63B	1.45B	976M	1.33B	1.01B
Cash Only	1.14B	206M	168M	704M	195M	1.63B	1.45B	976M	1.27B	1.01B
Short-Term Investments	0	20M	16M	1M	4M	1M	2M	0	7M	7M
Accounts Receivable	354M	0	0	0	575M	334M	429M	524M	615M	752M
Days Sales Outstanding	71.66	-	-	-	45.36	50.92	53.86	49.14	60.21	55.75
Inventory	3M	3M	3M	5M	6M	5M	4M	4M	5M	4M
Days Inventory Outstanding	1.71	1.89	0.37	0.56	0.65	0.98	0.72	0.52	1.02	0.42
Other Current Assets	38M	85M	108M	33M	78M	152M	108M	70M	88M	27M
Total Non-Current Assets+	2.16B	2.15B	2.15B	2.38B	3.04B	2.8B	2.65B	2.54B	2.68B	2.88B
Property, Plant & Equipment	428M	419M	425M	447M	799M	504M	411M	437M	423M	422M
Fixed Asset Turnover	4.21x	4.09x	9.59x	9.70x	5.79x	4.75x	7.07x	8.91x	8.81x	11.67x
Goodwill	233M	232M	237M	313M	339M	346M	341M	335M	336M	331M
Intangible Assets	993M	626M	1.23B	830M	1.04B	947M	854M	809M	763M	711M
Long-Term Investments	286M	339M	353M	363M	390M	248M	248M	192M	233M	256M
Other Non-Current Assets	174M	51M	327M	364M	410M	638M	649M	639M	926M	1.04B
Total Assets+	3.77B	2.93B	3.01B	3.75B	3.98B	5.04B	4.72B	4.22B	4.81B	4.75B
Asset Turnover	0.48x	0.59x	1.35x	1.16x	1.16x	0.48x	0.62x	0.92x	0.77x	1.04x
Asset Growth %	0.34%	-0.22%	0.03%	0.25%	0.06%	0.27%	-0.06%	-0.11%	0.14%	-0.01%
Total Current Liabilities+	1.37B	1.13B	1.28B	1.37B	1.39B	1.87B	1.62B	1.54B	2.19B	1.93B
Accounts Payable	87M	526M	595M	616M	90M	80M	109M	152M	127M	650M
Days Payables Outstanding	49.62	331.02	73.62	69.05	9.71	15.72	19.75	19.8	25.91	68.41
Short-Term Debt	410M	106M	110M	104M	87M	869M	292M	55M	624M	398M
Deferred Revenue (Current)	-1000K	1000K	1000K	1000K	1000K	1000K	0	0	0	0
Other Current Liabilities	280M	502M	464M	501M	934M	657M	837M	939M	973M	802M
Current Ratio	1.17x	0.69x	0.67x	1.00x	0.67x	1.20x	1.27x	1.09x	0.97x	0.97x
Quick Ratio	1.17x	0.68x	0.67x	1.00x	0.67x	1.20x	1.27x	1.08x	0.97x	0.97x
Cash Conversion Cycle	23.76	-	-	-	36.3	36.19	34.84	29.86	35.32	-12.24
Total Non-Current Liabilities+	2.08B	2.55B	3.03B	3.46B	4.05B	5.02B	4.57B	4.28B	4.57B	5.13B
Long-Term Debt	1.03B	1.61B	1.68B	1.91B	2.08B	2.92B	2.62B	2.35B	2.57B	2.88B
Capital Lease Obligations	207M	210M	589M	615M	595M	416M	384M	401M	396M	388M
Deferred Tax Liabilities	135M	251M	101M	131M	118M	95M	93M	78M	0	18M
Other Non-Current Liabilities	842M	942M	764M	935M	494M	1.69B	1.57B	1.53B	1.61B	552M
Total Liabilities	3.45B	3.69B	4.31B	4.83B	5.44B	6.89B	6.19B	5.82B	6.76B	7.06B
Total Debt+	1.67B	1.71B	2.02B	2.25B	2.83B	4.22B	3.26B	2.82B	3.59B	3.69B
Net Debt	529M	1.51B	1.85B	1.54B	2.63B	2.59B	1.81B	1.85B	2.33B	2.68B
Debt / Equity	5.22x	-	-	-	-	-	-	-	-	-
Debt / EBITDA	1.04x	2.13x	2.50x	3.25x	3.53x	12.51x	4.76x	3.61x	2.95x	3.11x
Net Debt / EBITDA	0.33x	1.87x	2.30x	2.24x	3.29x	7.69x	2.64x	2.36x	1.91x	2.26x
Interest Coverage	16.29x	7.88x	9.58x	5.66x	5.21x	1.15x	3.36x	4.91x	11.71x	5.13x
Total Equity+	319M	-759M	-1.3B	-1.08B	-1.47B	-1.85B	-1.47B	-1.61B	-1.95B	-2.31B
Equity Growth %	1.44%	-3.38%	-0.71%	0.17%	-0.36%	-0.26%	0.2%	-0.09%	-0.21%	-0.19%
Book Value per Share	1.77	-3.90	-7.06	-5.90	-7.96	-10.16	-8.01	-8.74	-11.45	-14.15
Total Shareholders' Equity	309M	-767M	-1.31B	-1.08B	-1.47B	-1.86B	-1.48B	-1.61B	-1.95B	-2.31B
Common Stock	169M	141M	154M	146M	151M	156M	154M	137M	141M	137M
Retained Earnings	2.65B	1.39B	951M	1.17B	809M	568M	904M	607M	396M	34M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.51B	-2.29B	-2.41B	-2.4B	-2.43B	-2.58B	-2.54B	-2.36B	-2.49B	0
Minority Interest	10M	8M	7M	8M	8M	8M	7M	7M	4M	4M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	628M	752M	634M	666M	653M	137M	636M	646M	893M	724M
Operating CF Margin %	0.35%	0.44%	0.16%	0.15%	0.14%	0.06%	0.22%	0.17%	0.24%	0.15%
Operating CF Growth %	0.16%	0.2%	-0.16%	0.05%	-0.02%	-0.79%	3.64%	0.02%	0.38%	-0.19%
Net Income	1.22B	417M	593M	352M	386M	-260M	265M	376M	750M	628M
Depreciation & Amortization	96M	127M	139M	125M	170M	172M	192M	154M	150M	145M
Stock-Based Compensation	19M	17M	21M	38M	42M	32M	41M	46M	56M	67M
Deferred Taxes	-2M	-57M	-160M	-199M	-79M	62M	-165M	0	0	0
Other Non-Cash Items	-720M	174M	68M	255M	194M	169M	193M	-31M	-142M	-172M
Working Capital Changes	11M	74M	-27M	95M	-60M	-38M	110M	101M	79M	56M
Change in Receivables	3M	-27M	-71M	-43M	-70M	38M	-75M	-132M	-70M	0
Change in Inventory	0	0	0	0	0	1M	1M	0	0	0
Change in Payables	0	0	0	0	0	0	75M	0	0	0
Cash from Investing+	589M	-216M	-263M	-189M	-493M	-61M	-12M	-78M	-137M	-99M
Capital Expenditures	-199M	-212M	-273M	-158M	-179M	-76M	-52M	-99M	-28M	-29M
CapEx % of Revenue	0.11%	0.12%	0.07%	0.04%	0.04%	0.03%	0.02%	0.03%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.27B	-4M	-8M	33M	-5M	5M	44M	9M	-54M	-33M
Cash from Financing+	-110M	-1.46B	-446M	86M	-660M	1.35B	-860M	-961M	-417M	-894M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-188M	-1.69B	-593M	-199M	-721M	0	0	-233M	-245M	-259M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	22M	-6M	22M	-33M	-2M	741M	-828M	-36M	-31M	-91M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	429M	540M	361M	508M	474M	61M	584M	547M	811M	646M
FCF Margin %	0.24%	0.31%	0.09%	0.12%	0.1%	0.03%	0.2%	0.14%	0.22%	0.13%
FCF Growth %	0.44%	0.26%	-0.33%	0.41%	-0.07%	-0.87%	8.57%	-0.06%	0.48%	-0.2%
FCF per Share	2.38	2.77	1.96	2.79	2.58	0.34	3.17	2.97	4.77	3.96
FCF Conversion (FCF/Net Income)	0.51x	1.82x	1.17x	1.90x	1.70x	-0.53x	2.39x	1.72x	1.19x	1.15x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	383.07%	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC)	135.13%	63.76%	84.19%	83.4%	57.87%	12.98%	68.48%	162.69%	258.32%	207.65%
Gross Margin	64.5%	66.18%	27.61%	24.93%	26.89%	22.39%	30.72%	28.01%	52.01%	29.56%
Net Margin	67.78%	24.14%	13.25%	8.09%	8.32%	-10.86%	9.15%	9.64%	20.12%	12.76%
Debt / Equity	5.22x	-	-	-	-	-	-	-	-	-
Interest Coverage	16.29x	7.88x	9.58x	5.66x	5.21x	1.15x	3.36x	4.91x	11.71x	5.13x
FCF Conversion	0.51x	1.82x	1.17x	1.90x	1.70x	-0.53x	2.39x	1.72x	1.19x	1.15x
Revenue Growth	-2.96%	-4.88%	137.61%	6.43%	6.69%	-48.26%	21.43%	33.88%	-4.21%	32.05%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Loyalty Programme	-	-	332M	-	-	-	-
Loyalty Programme Growth	-	-	-	-	-	-	-
Other	-	-	39M	-	-	-	-
Other Growth	-	-	-	-	-	-	-
Application and re-licensing fees	-	-	20M	-	-	-	-
Application and re-licensing fees Growth	-	-	-	-	-	-	-
Other brand fees	-	-	11M	-	-	-	-
Other brand fees Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
Americas	853M	-	-	-	-	957M	979M
Americas Growth	-	-	-	-	-	-	2.30%
EMEAA	320M	-	-	-	-	354M	395M
EMEAA Growth	-	-	-	-	-	-	11.58%
China	143M	-	-	-	-	161M	161M
China Growth	-	-	-	-	-	-	0.00%
UNITED STATES	1.95B	1.96B	1.07B	1.26B	1.66B	-	-
UNITED STATES Growth	-	0.36%	-45.48%	18.37%	31.35%	-	-
CHINA	222M	214M	-	-	-	-	-
CHINA Growth	-	-3.60%	-	-	-	-	-
Rest Of World	781M	-	-	-	-	-	-
Rest Of World Growth	-	-	-	-	-	-	-
Central	170M	-	-	-	-	-	-
Central Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

InterContinental Hotels Group PLC (IHG) has a price-to-earnings (P/E) ratio of 35.8x. This suggests investors expect higher future growth.

Growth & Financials

InterContinental Hotels Group PLC (IHG) reported $9.41B in revenue for fiscal year 2024. This represents a 432% increase from $1.77B in 2011.

InterContinental Hotels Group PLC (IHG) grew revenue by 32.1% over the past year. This is strong growth.

Yes, InterContinental Hotels Group PLC (IHG) is profitable, generating $1.39B in net income for fiscal year 2024 (12.8% net margin).

Dividend & Returns

Yes, InterContinental Hotels Group PLC (IHG) pays a dividend with a yield of 1.15%. This makes it attractive for income-focused investors.

InterContinental Hotels Group PLC (IHG) generated $1.56B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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