The company's financial leverage has escalated significantly, with the debt-to-equity ratio rising to 8.47 in 2026Q1 compared to 2.96 in 2023Q4, signaling increased solvency risk.
| Total Current Assets | 379M | 355M | 467M | 373M | 545M | 720M | 900M | 499M | 851M | 330M | 255M | 271M |
| Cash & Short-Term Investments | 79M | 64M | 103M | 66M | 161M | 171M | 493M | 94M | 366M | 57M | 28M | 38M |
| Cash Only | 79M | 64M | 103M | 66M | 161M | 171M | 493M | 94M | 366M | 57M | 28M | 38M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 300M | 291M | 271M | 241M | 234M | 246M | 295M | 304M | 293M | 194M | 184M | 185M |
| Days Sales Outstanding | 78.32 | 74.33 | 70.25 | 62.97 | 57.02 | 57.37 | 82.83 | 54.05 | 57.25 | 52.57 | 52.92 | 51.9 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40M | 29M | 24M | -44M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 13.62 | 15.8 | 13.54 | - |
| Other Current Assets | 0 | 0 | 49M | 39M | 91M | 252M | 67M | 53M | 152M | 54M | 19M | 22M |
| Total Non-Current Assets | 3.15B | 3.12B | 3.76B | 3.66B | 3.58B | 3.55B | 3.74B | 4.03B | 4.13B | 1.79B | 1.73B | 1.69B |
| Property, Plant & Equipment | 138M | 104M | 94M | 88M | 99M | 106M | 278M | 307M | 326M | 250M | 277M | 293M |
| Fixed Asset Turnover | 13.12x | 13.74x | 14.98x | 15.88x | 15.13x | 14.76x | 4.68x | 6.69x | 5.73x | 5.39x | 4.58x | 4.44x |
| Goodwill | 1.52B | 1.52B | 1.52B | 1.52B | 1.52B | 1.52B | 1.52B | 1.54B | 1.55B | 423M | 377M | 329M |
| Intangible Assets | 275M | 282M | 318M | 1.58B | 1.61B | 1.68B | 1.72B | 1.95B | 1.99B | 943M | 882M | 1.2B |
| Long-Term Investments | 18M | 18M | 18M | 0 | 0 | 0 | 0 | 0 | -399M | -2.14B | -1.98B | -333M |
| Other Non-Current Assets | 1.21B | 1.19B | 1.8B | 468M | 348M | 243M | 226M | 242M | 265M | 176M | 192M | 195M |
| Total Assets | 4.25B | 4.18B | 4.22B | 4.03B | 4.12B | 4.27B | 4.64B | 4.53B | 4.98B | 2.12B | 1.98B | 1.96B |
| Asset Turnover | 0.34x | 0.34x | 0.33x | 0.35x | 0.36x | 0.37x | 0.28x | 0.45x | 0.38x | 0.63x | 0.64x | 0.66x |
| Asset Growth % | 7.17% | -0.97% | 4.71% | -2.18% | -3.42% | -8.07% | 2.45% | -8.9% | 134.5% | 7.01% | 1.23% | - |
| Total Current Liabilities | 1.14B | 497M | 466M | 459M | 406M | 397M | 346M | 462M | 693M | 406M | 372M | 377M |
| Accounts Payable | 0 | 38M | 37M | 32M | 39M | 31M | 28M | 30M | 61M | 38M | 27M | 24M |
| Days Payables Outstanding | 20.31 | 23.59 | - | 20.07 | 21.31 | 14.69 | 13.29 | 9.23 | 20.77 | 20.7 | 15.23 | 12.7 |
| Short-Term Debt | 1.14B | 497M | 43M | 37M | 20M | 21M | 21M | 21M | 21M | 103M | 103M | 95M |
| Deferred Revenue (Current) | 195M | 0 | 121M | 91M | 83M | 70M | 71M | 132M | 109M | 79M | 68M | 60M |
| Other Current Liabilities | 0 | -38M | 18M | 18M | 15M | 32M | 14M | 36M | 28M | 125M | 115M | 120M |
| Current Ratio | 0.33x | 0.71x | 1.00x | 0.81x | 1.34x | 1.81x | 2.60x | 1.08x | 1.23x | 0.81x | 0.69x | 0.72x |
| Quick Ratio | 0.33x | 0.71x | 1.00x | 0.81x | 1.34x | 1.81x | 2.60x | 1.08x | 1.17x | 0.74x | 0.62x | 0.84x |
| Cash Conversion Cycle | 58.01 | - | - | - | - | - | - | - | 50.1 | 47.67 | 51.23 | - |
| Total Non-Current Liabilities | 2.66B | 3.22B | 3.11B | 2.83B | 2.75B | 2.78B | 3.33B | 2.86B | 2.87B | 416M | 500M | 685M |
| Long-Term Debt | 2.65B | 2.56B | 2.42B | 2.16B | 2.06B | 2.06B | 2.58B | 2.1B | 2.12B | 81M | 71M | 0 |
| Capital Lease Obligations | 0 | 0 | 6M | 0 | 0 | 0 | 0 | 0 | 65M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.18B | 271M | 332M | 325M | 345M | 366M | 359M | 387M | 399M | 181M | 273M | 246M |
| Other Non-Current Liabilities | -255M | 386M | 186M | 172M | 189M | 189M | 242M | 220M | 117M | 335M | 75M | 16M |
| Total Liabilities | 3.8B | 3.71B | 3.57B | 3.29B | 3.16B | 3.18B | 3.68B | 3.32B | 3.56B | 822M | 872M | 780M |
| Total Debt | 3.79B | 3.06B | 2.47B | 2.21B | 2.08B | 2.09B | 2.6B | 2.13B | 2.14B | 184M | 174M | 95M |
| Net Debt | 3.71B | 2.99B | 2.36B | 2.14B | 1.92B | 1.92B | 2.11B | 2.03B | 1.77B | 127M | 146M | 57M |
| Debt / Equity | 8.47x | 6.53x | 3.79x | 2.96x | 2.16x | 1.92x | 2.70x | 1.75x | 0.67x | 0.13x | 0.14x | 0.08x |
| Debt / EBITDA | 7.92x | 6.53x | 4.36x | 3.81x | 3.28x | 3.86x | 50.02x | 5.11x | 1.18x | 0.15x | 0.13x | 0.30x |
| Net Debt / EBITDA | 7.76x | 6.40x | 4.17x | 3.69x | 3.02x | 3.54x | 40.54x | 4.89x | 0.98x | 0.10x | 0.11x | 0.18x |
| Interest Coverage | 3.00x | 2.91x | 3.85x | 4.69x | 6.60x | 4.56x | -0.39x | 2.99x | 4.72x | 41.50x | 295.00x | 250.00x |
| Total Equity | 447M | 468M | 650M | 746M | 962M | 1.09B | 963M | 1.21B | 3.19B | 1.43B | 1.26B | 1.18B |
| Equity Growth % | -59.31% | -28% | -12.87% | -22.45% | -11.66% | 13.08% | -20.54% | -62.04% | 123.76% | 13.52% | 6.62% | - |
| Book Value per Share | 5.90 | 6.18 | 8.11 | 8.79 | 10.59 | 11.60 | 10.31 | 12.55 | 31.99 | 14.30 | 12.58 | 11.80 |
| Total Shareholders' Equity | 447M | 468M | 650M | 746M | 962M | 1.09B | 963M | 1.21B | 1.42B | 1.3B | 1.11B | 1.18B |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1.29B | 1.11B | 1.18B |
| Retained Earnings | 498M | 471M | 654M | 488M | 318M | 79M | -82M | 113M | 69M | 1.26B | 1.11B | 0 |
| Treasury Stock | 0 | -21M | -1.67B | -1.36B | -964M | -519M | -408M | -363M | -119M | 0 | 0 | 0 |
| Accumulated OCI | 8M | 3M | 17M | 19M | 38M | -15M | -52M | -27M | -8M | 5M | 1.11B | 1M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.77B | 127M | 146M | 0 |
Elevated leverage and liquidity
According to the latest quarterly filings, Wyndham's total debt has surged to $3.8 billion in 2026Q1, driving the debt-to-equity ratio to a concerning 8.47, which represents a significant departure from the 2.96 level observed in 2023Q4 and warrants close scrutiny regarding long-term solvency.
The rapid accumulation of debt relative to equity suggests that the company is increasingly relying on external financing to support its capital allocation strategy. This trend may limit future financial flexibility and increase interest expense sensitivity, potentially constraining the company's ability to navigate cyclical downturns in the lodging sector.
As reported in recent financial statements, the current ratio has deteriorated to 0.33 in 2026Q1, down from 1.16 in 2025Q3, indicating that the company's immediate liquid assets are insufficient to cover its short-term obligations without relying on external refinancing or operational cash flow.
This liquidity profile appears precarious for a business model that relies on consistent franchisee payments. Investors should monitor whether this tightening liquidity forces management to curtail share repurchases or if it necessitates more expensive, short-term debt instruments to bridge working capital gaps.
Based on the provided balance sheet data, total equity has declined from $746 million in 2023Q4 to $447 million in 2026Q1, a trend that appears driven by aggressive capital return policies that have outpaced the company's ability to retain earnings during periods of operational volatility.
The consistent reduction in the equity base suggests that management is prioritizing shareholder payouts over balance sheet fortification. This strategy may leave the company with a thinner margin of safety, potentially increasing the risk of equity dilution should the company need to raise capital to address its debt load.
As indicated by the reported figures, goodwill remains constant at $1.5 billion, representing a substantial portion of the $4.2 billion total asset base, which suggests that the company's valuation is heavily reliant on intangible brand value rather than tangible, income-generating property assets.
The reliance on goodwill as a primary asset component warrants further investigation into potential impairment risks, especially if franchisee retention rates decline or if the competitive landscape in the economy segment shifts. This concentration may mask the underlying quality of the physical assets and the durability of the franchise network.
Quick answers to the most common questions about buying WH stock.
As of 2025, Wyndham Hotels & Resorts, Inc. (WH) had total assets of $4.18B including $355.0M in current assets.
Wyndham Hotels & Resorts, Inc. (WH) carries total debt of $3.06B, offset by $64.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Wyndham Hotels & Resorts, Inc. (WH) has total shareholders' equity (book value) of $468.0M ($6.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Wyndham Hotels & Resorts, Inc. (WH) reported a current ratio of 0.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.