NASDAQ : HTHT
H World Group Limited — Financial statements
Consumer Discretionary · Lodging · China
Last price 48 USD (Oct 30, 2026, 1:10 PM EDT) · Market cap 14.74B
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Financial statements
H World Group Limited (HTHT) reported revenue of 26.60B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 25.66B | 24.64B | 23.34B | 21.49B | 13.55B | 12.52B |
| Other Revenue | 943.00M | 668.00M | 550.00M | 392.00M | 309.00M | 263.00M |
| Revenue | 26.60B | 25.31B | 23.89B | 21.88B | 13.86B | 12.79B |
| Cost of Revenue | 15.67B | 15.34B | 15.29B | 14.34B | 12.26B | 11.28B |
| Gross Profit | 10.94B | 9.97B | 8.61B | 7.54B | 1.60B | 1.50B |
| Selling, General & Admin | 3.68B | 3.53B | 3.68B | 3.16B | 2.29B | 2.25B |
| Other Operating Expenses | -458.00M | -424.00M | -328.00M | -370.00M | -487.00M | -928.00M |
| Operating Expenses | 3.28B | 3.15B | 3.41B | 2.82B | 1.90B | 1.34B |
| Operating Income | 7.66B | 6.82B | 5.20B | 4.72B | -294.00M | 164.00M |
| Interest Expense | -311.00M | -337.00M | -318.00M | -385.00M | -409.00M | -405.00M |
| Interest & Investment Income | 242.00M | 223.00M | 210.00M | 248.00M | 87.00M | 89.00M |
| Earnings From Equity Investments | 13.00M | -26.00M | -41.00M | -14.00M | -36.00M | -60.00M |
| Currency Exchange Gain (Loss) | -122.00M | 569.00M | -272.00M | 90.00M | -641.00M | -317.00M |
| Other Non Operating Income (Expenses) | -27.00M | 38.00M | 51.00M | 573.00M | 10.00M | 157.00M |
| EBT Excluding Unusual Items | 7.45B | 7.29B | 4.83B | 5.23B | -1.28B | -372.00M |
| Impairment of Goodwill | -4.00M | |||||
| Gain (Loss) on Sale of Investments | -7.00M | -10.00M | -66.00M | 109.00M | -359.00M | -96.00M |
| Pretax Income | 7.44B | 7.28B | 4.76B | 5.33B | -1.64B | -468.00M |
| Income Tax Expense | 2.39B | 2.16B | 1.66B | 1.20B | 207.00M | 12.00M |
| Earnings From Continuing Operations | 5.06B | 5.12B | 3.10B | 4.13B | -1.85B | -480.00M |
| Minority Interest in Earnings | -21.00M | -35.00M | -54.00M | -46.00M | 28.00M | 15.00M |
| Net Income | 5.04B | 5.08B | 3.05B | 4.08B | -1.82B | -465.00M |
| Net Income to Common | 5.04B | 5.08B | 3.05B | 4.08B | -1.82B | -465.00M |
| Shares Outstanding (Basic) | 309.30M | 307.09M | 311.51M | 318.32M | 311.12M | 311.41M |
| Shares Outstanding (Diluted) | 325.94M | 324.75M | 327.83M | 335.14M | 311.12M | 311.41M |
| EPS (Basic) | 16.28 | 16.54 | 9.78 | 12.83 | -5.85 | -1.49 |
| EPS (Diluted) | 15.72 | 15.97 | 9.64 | 12.55 | -5.90 | -1.50 |
| Free Cash Flow | 8.03B | 7.55B | 6.63B | 6.78B | 515.00M | -316.00M |
| Free Cash Flow Per Share | 24.65 | 23.25 | 20.24 | 20.23 | 1.66 | -1.01 |
| Dividend Per Share | 14.87 | 14.76 | 11.68 | 4.40 | ||
| Gross Margin | 41.10% | 39.39% | 36.02% | 34.46% | 11.56% | 11.76% |
| Operating Margin | 28.78% | 26.95% | 21.77% | 21.56% | -2.12% | 1.28% |
| Profit Margin | 18.93% | 20.07% | 12.76% | 18.67% | -13.14% | -3.64% |
| Free Cash Flow Margin | 30.20% | 29.84% | 27.77% | 30.98% | 3.72% | -2.47% |
| EBITDA | 8.89B | 8.08B | 6.53B | 6.13B | 1.16B | 1.67B |
| EBITDA Margin | 33.41% | 31.91% | 27.34% | 28.02% | 8.38% | 13.04% |
| D&A For EBITDA | 1.23B | 1.26B | 1.33B | 1.41B | 1.46B | 1.50B |
| EBIT | 7.66B | 6.82B | 5.20B | 4.72B | -294.00M | 164.00M |
| EBIT Margin | 28.78% | 26.95% | 21.77% | 21.56% | -2.12% | 1.28% |
| Effective Tax Rate | 32.07% | 29.70% | 34.89% | 22.57% | ||
| Revenue as Reported | 26.60B | 25.31B | 23.89B | 21.88B | 13.86B | 12.79B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 14.25B | 10.39B | 7.47B | 6.95B | 3.58B | 5.12B |
| Short-Term Investments | 1.31B | 4.89B | 3.60B | 2.19B | 1.79B | 2.59B |
| Cash & Short-Term Investments | 15.56B | 15.28B | 11.08B | 9.13B | 5.37B | 7.71B |
| Accounts Receivable | 839.00M | 723.00M | 817.00M | 755.00M | 1.11B | 521.00M |
| Other Receivables | 104.00M | 272.00M | 297.00M | 210.00M | 178.00M | 149.00M |
| Receivables | 1.02B | 1.08B | 1.23B | 1.15B | 1.43B | 888.00M |
| Inventory | 52.00M | 57.00M | 60.00M | 59.00M | 70.00M | 88.00M |
| Restricted Cash | 142.00M | 146.00M | 50.00M | 764.00M | 1.50B | 25.00M |
| Other Current Assets | 986.00M | 870.00M | 800.00M | 949.00M | 809.00M | 847.00M |
| Total Current Assets | 17.76B | 17.43B | 13.21B | 12.06B | 9.18B | 9.55B |
| Property, Plant & Equipment | 32.19B | 32.61B | 32.95B | 33.93B | 37.80B | 39.23B |
| Long-Term Investments | 1.35B | 1.37B | 2.32B | 2.56B | 1.95B | 1.97B |
| Goodwill | 5.29B | 5.43B | 5.22B | 5.32B | 5.20B | 5.13B |
| Other Intangible Assets | 4.97B | 5.18B | 4.95B | 5.46B | 5.48B | 5.59B |
| Long-Term Deferred Tax Assets | 1.14B | 1.16B | 1.05B | 1.04B | 1.09B | 862.00M |
| Other Long-Term Assets | 796.00M | 1.46B | 2.66B | 3.00B | 694.00M | 835.00M |
| Total Assets | 63.62B | 64.77B | 62.55B | 63.53B | 61.51B | 63.27B |
| Accounts Payable | 1.04B | 1.02B | 983.00M | 1.02B | 1.17B | 968.00M |
| Accrued Expenses | 1.95B | 2.09B | 1.83B | 1.75B | 1.29B | 1.12B |
| Short-Term Debt | 660.00M | 1.40B | 38.00M | 329.00M | 3.04B | 692.00M |
| Current Portion of Long-Term Debt | 251.00M | 3.94B | 842.00M | 3.72B | 253.00M | 5.54B |
| Current Portion of Leases | 3.62B | 3.54B | 3.54B | 3.65B | 3.81B | 3.67B |
| Current Income Taxes Payable | 1.12B | 1.19B | 813.00M | 562.00M | 500.00M | 418.00M |
| Current Unearned Revenue | 2.42B | 2.28B | 2.15B | 1.90B | 1.47B | 1.50B |
| Other Current Liabilities | 3.63B | 3.68B | 3.12B | 4.47B | 1.61B | 1.37B |
| Total Current Liabilities | 14.70B | 19.13B | 13.32B | 17.41B | 13.15B | 15.28B |
| Long-Term Debt | 3.31B | 479.00M | 4.55B | 1.26B | 6.63B | 3.56B |
| Long-Term Leases | 26.38B | 26.72B | 26.48B | 26.91B | 30.15B | 30.70B |
| Long-Term Unearned Revenue | 1.67B | 1.60B | 1.35B | 1.07B | 828.00M | 785.00M |
| Pension & Post-Retirement Benefits | 100.00M | 109.00M | 111.00M | 124.00M | 110.00M | 144.00M |
| Long-Term Deferred Tax Liabilities | 1.12B | 1.19B | 919.00M | 845.00M | 858.00M | 853.00M |
| Other Long-Term Liabilities | 2.08B | 2.60B | 3.56B | 3.65B | 977.00M | 903.00M |
| Total Liabilities | 49.38B | 51.82B | 50.28B | 51.28B | 52.70B | 52.23B |
| Additional Paid-In Capital | 13.13B | 9.65B | 9.62B | 11.86B | 10.14B | 9.96B |
| Retained Earnings | 3.13B | 3.61B | 2.45B | 794.00M | -1.20B | 1.04B |
| Treasury Stock | -2.30B | -662.00M | -274.00M | -906.00M | -441.00M | -107.00M |
| Comprehensive Income & Other | 118.00M | 199.00M | 382.00M | 386.00M | 232.00M | 41.00M |
| Total Common Equity | 14.08B | 12.80B | 12.18B | 12.13B | 8.73B | 10.94B |
| Minority Interest | 155.00M | 154.00M | 94.00M | 114.00M | 74.00M | 109.00M |
| Shareholders' Equity | 14.23B | 12.96B | 12.27B | 12.25B | 8.80B | 11.04B |
| Total Liabilities & Equity | 63.62B | 64.77B | 62.55B | 63.53B | 61.51B | 63.27B |
| Total Debt | 34.23B | 36.07B | 35.45B | 35.88B | 43.89B | 44.16B |
| Net Cash (Debt) | -18.67B | -20.79B | -24.37B | -26.75B | -38.52B | -36.46B |
| Net Cash Per Share | -57.28 | -64.02 | -74.33 | -79.80 | -123.80 | -117.07 |
| Filing Date Shares Outstanding | 315.41M | 307.52M | 306.94M | 313.79M | 318.69M | 321.82M |
| Total Common Shares Outstanding | 315.41M | 307.15M | 308.39M | 315.90M | 311.24M | 312.07M |
| Working Capital | 3.06B | -1.69B | -106.00M | -5.36B | -3.97B | -5.73B |
| Book Value Per Share | 44.64 | 41.69 | 39.49 | 38.41 | 28.05 | 35.04 |
| Tangible Book Value | 3.82B | 2.19B | 2.01B | 1.36B | -1.94B | 212.00M |
| Tangible Book Value Per Share | 12.10 | 7.14 | 6.50 | 4.29 | -6.24 | 0.68 |
| Buildings | 736.00M | 782.00M | 791.00M | 791.00M | 843.00M | 305.00M |
| Machinery | 2.48B | 2.49B | 2.37B | 2.45B | 2.52B | 2.35B |
| Construction In Progress | 221.00M | 204.00M | 108.00M | 259.00M | 193.00M | 778.00M |
| Leasehold Improvements | 10.73B | 10.87B | 11.19B | 11.05B | 10.95B | 10.47B |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 5.04B | 5.08B | 3.05B | 4.08B | -1.82B | -465.00M |
| Depreciation & Amortization | 1.23B | 1.26B | 1.33B | 1.41B | 1.46B | 1.50B |
| Other Amortization | 5.00M | 34.00M | 57.00M | 60.00M | ||
| Asset Writedown & Restructuring Costs | 270.00M | 242.00M | 537.00M | 516.00M | 491.00M | 380.00M |
| Loss (Gain) From Sale of Investments | 979.00M | 321.00M | -188.00M | |||
| Loss (Gain) on Equity Investments | 17.00M | 81.00M | 97.00M | 72.00M | 85.00M | 60.00M |
| Stock-Based Compensation | 438.00M | 420.00M | 322.00M | 143.00M | 87.00M | 109.00M |
| Provision & Write-off of Bad Debts | -18.00M | -18.00M | 3.00M | 89.00M | 82.00M | 105.00M |
| Other Operating Activities | 1.65B | 1.62B | 2.74B | 1.36B | 2.25B | 1.99B |
| Change in Accounts Receivable | 117.00M | 117.00M | -95.00M | 296.00M | -621.00M | -113.00M |
| Change in Unearned Revenue | 231.00M | 231.00M | 467.00M | 576.00M | -19.00M | 224.00M |
| Change in Income Taxes | 378.00M | 378.00M | 251.00M | 62.00M | 82.00M | 83.00M |
| Change in Other Net Operating Assets | -1.55B | -1.03B | -1.19B | -974.00M | -884.00M | -2.41B |
| Operating Cash Flow | 8.78B | 8.38B | 7.52B | 7.67B | 1.56B | 1.34B |
| Capital Expenditures | -748.00M | -828.00M | -883.00M | -894.00M | -1.05B | -1.66B |
| Cash Acquisitions | -57.00M | -742.00M | ||||
| Sale (Purchase) of Intangibles | -10.00M | -10.00M | -15.00M | -7.00M | -4.00M | -17.00M |
| Investment in Securities | 1.86B | -357.00M | -1.45B | -537.00M | 536.00M | 973.00M |
| Other Investing Activities | 59.00M | 69.00M | 74.00M | 50.00M | 15.00M | 56.00M |
| Investing Cash Flow | 1.23B | -1.04B | -2.24B | -1.48B | -522.00M | -1.40B |
| Short-Term Debt Issued | 3.60B | 77.00M | 745.00M | 4.25B | 2.29B | |
| Long-Term Debt Issued | 28.00M | 562.00M | 424.00M | 2.85B | 91.00M | |
| Total Debt Issued | 5.17B | 3.62B | 639.00M | 1.17B | 7.10B | 2.38B |
| Short-Term Debt Repaid | -2.27B | -367.00M | -3.44B | -1.94B | -2.47B | |
| Long-Term Debt Repaid | -973.00M | -278.00M | -2.48B | -5.86B | -1.72B | |
| Total Debt Repaid | -4.13B | -3.25B | -645.00M | -5.92B | -7.79B | -4.20B |
| Net Debt Issued (Repaid) | 1.04B | 378.00M | -6.00M | -4.75B | -693.00M | -1.82B |
| Issuance of Common Stock | 38.00M | 38.00M | 1.97B | |||
| Repurchase of Common Stock | -2.20B | -783.00M | -1.17B | -848.00M | -334.00M | |
| Common Dividends Paid | -4.62B | -3.91B | -3.48B | -416.00M | ||
| Other Financing Activities | -41.00M | -32.00M | -846.00M | -94.00M | 49.00M | 18.00M |
| Financing Cash Flow | -5.78B | -4.31B | -5.50B | -3.72B | -1.39B | -1.80B |
| Foreign Exchange Rate Adjustments | -359.00M | -30.00M | 30.00M | 164.00M | 297.00M | -88.00M |
| Miscellaneous Cash Flow Adjustments | 5.00M | 7.00M | 9.00M | -17.00M | ||
| Net Cash Flow | 3.88B | 3.01B | -186.00M | 2.62B | -55.00M | -1.95B |
| Free Cash Flow | 8.03B | 7.55B | 6.63B | 6.78B | 515.00M | -316.00M |
| Free Cash Flow Margin | 30.20% | 29.84% | 27.77% | 30.98% | 3.72% | -2.47% |
| Free Cash Flow Per Share | 24.65 | 23.25 | 20.24 | 20.23 | 1.66 | -1.01 |
| Levered Free Cash Flow | 7.37B | 6.23B | 3.79B | 7.95B | -1.19B | -620.62M |
| Unlevered Free Cash Flow | 7.57B | 6.44B | 3.98B | 8.15B | -986.75M | -427.50M |
| Cash Interest Paid | 179.00M | 169.00M | 166.00M | 263.00M | 256.00M | 297.00M |
| Cash Income Tax Paid | 2.01B | 1.63B | 1.31B | 1.13B | 385.00M | 477.00M |
| Change in Working Capital | -826.00M | -303.00M | -566.00M | -40.00M | -1.44B | -2.21B |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 14.74B | 14.44B | 10.09B | 10.66B | 13.72B | 12.04B |
| Enterprise Value | 17.49B | 17.83B | 14.10B | 14.86B | 19.07B | 17.69B |
| Last Close Price | 46.89 | 45.02 | 30.00 | 29.73 | 36.72 | 32.15 |
| PE Ratio | 20.75 | 19.88 | 24.15 | 18.50 | ||
| Forward PE | 16.24 | 22.70 | 18.99 | 20.60 | 86.89 | 34.43 |
| PS Ratio | 3.77 | 3.99 | 3.08 | 3.45 | 6.83 | 5.98 |
| PB Ratio | 7.14 | 7.79 | 6.00 | 6.17 | 10.75 | 6.93 |
| P/TBV Ratio | 26.30 | 46.04 | 36.70 | 55.74 | 360.85 | |
| P/FCF Ratio | 12.24 | 13.37 | 11.10 | 11.15 | 183.75 | |
| P/OCF Ratio | 11.20 | 12.05 | 9.79 | 9.85 | 60.51 | 57.00 |
| PEG Ratio | 1.01 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| EV/Sales Ratio | 4.47 | 4.93 | 4.31 | 4.81 | 9.49 | 8.79 |
| EV/EBITDA Ratio | 13.40 | 15.44 | 15.76 | 17.18 | 113.21 | 67.40 |
| EV/EBIT Ratio | 15.55 | 18.29 | 19.79 | 22.33 | 685.08 | |
| EV/FCF Ratio | 14.52 | 16.51 | 15.51 | 15.54 | 255.43 | |
| Debt / Equity Ratio | 2.40 | 2.78 | 2.89 | 2.93 | 4.99 | 4.00 |
| Debt / EBITDA Ratio | 2.63 | 2.95 | 3.27 | 3.49 | 8.83 | 8.03 |
| Debt / FCF Ratio | 4.26 | 4.78 | 5.34 | 5.29 | 85.22 | |
| Net Debt / Equity Ratio | 1.31 | 1.60 | 1.99 | 2.18 | 4.38 | 3.30 |
| Net Debt / EBITDA Ratio | 2.10 | 2.57 | 3.73 | 4.36 | 33.15 | 21.87 |
| Net Debt / FCF Ratio | 2.32 | 2.75 | 3.67 | 3.94 | 74.79 | -115.37 |
| Asset Turnover | 0.41 | 0.40 | 0.38 | 0.35 | 0.22 | 0.20 |
| Inventory Turnover | 274.88 | 262.20 | 256.89 | 222.34 | 155.19 | 127.48 |
| Quick Ratio | 1.12 | 0.85 | 0.92 | 0.58 | 0.51 | 0.55 |
| Current Ratio | 1.21 | 0.91 | 0.99 | 0.69 | 0.70 | 0.62 |
| Return on Equity (ROE) | 38.13% | 40.55% | 25.30% | 39.25% | -18.63% | -4.27% |
| Return on Assets (ROA) | 7.45% | 6.69% | 5.16% | 4.72% | -0.29% | 0.16% |
| Return on Invested Capital (ROIC) | 16.23% | 13.62% | 8.95% | 8.46% | -0.62% | 0.35% |
| Return on Capital Employed (ROCE) | 15.70% | 14.90% | 10.60% | 10.20% | -0.60% | 0.30% |
| Earnings Yield | 4.82% | 5.03% | 4.14% | 5.40% | -1.92% | -0.61% |
| FCF Yield | 8.17% | 7.48% | 9.01% | 8.97% | 0.54% | -0.41% |
| Dividend Yield | 4.40% | 4.49% | 4.89% | 1.84% | ||
| Payout Ratio | 92.09% | 76.91% | 114.17% | |||
| Buyback Yield / Dilution | -0.36% | 0.94% | 2.18% | -7.72% | 0.09% | -6.38% |
| Total Shareholder Return | 4.02% | 5.43% | 7.07% | -5.88% | 0.09% | -6.38% |