NYSE : GHG
GreenTree Hospitality Group Ltd. — Financial statements
Consumer Discretionary · Lodging · China
Last price 0.989899 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 99.88M
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Financial statements
GreenTree Hospitality Group Ltd. (GHG) reported revenue of 1.01B 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 | 1.01B | 1.10B | 1.34B | 1.63B | 1.47B | 1.97B |
| Revenue | 1.01B | 1.10B | 1.34B | 1.63B | 1.47B | 1.97B |
| Cost of Revenue | 649.38M | 714.39M | 822.59M | 947.44M | 1.07B | 1.31B |
| Gross Profit | 356.72M | 382.96M | 520.85M | 679.82M | 402.56M | 655.30M |
| Selling, General & Admin | 225.29M | 268.12M | 291.91M | 343.61M | 794.54M | 528.86M |
| Other Operating Expenses | -30.87M | -31.04M | -52.57M | -16.69M | -20.10M | -20.16M |
| Operating Expenses | 194.41M | 237.08M | 239.34M | 326.92M | 774.44M | 508.70M |
| Operating Income | 162.31M | 145.88M | 281.52M | 352.90M | -371.88M | 146.60M |
| Interest Expense | -7.50M | -7.64M | -6.31M | -14.05M | -27.99M | -15.30M |
| Interest & Investment Income | 36.34M | 37.81M | 40.07M | 41.37M | 48.11M | 60.66M |
| Earnings From Equity Investments | 1.38M | 4.16M | -1.17M | -1.39M | -1.60M | 382.87K |
| Currency Exchange Gain (Loss) | -45.83M | -45.83M | 16.47M | 10.76M | ||
| Other Non Operating Income (Expenses) | -85.61M | 45.04M | 12.03M | 24.40M | 11.75M | |
| EBT Excluding Unusual Items | 61.08M | 179.42M | 330.59M | 401.61M | -328.96M | 204.08M |
| Impairment of Goodwill | -66.49M | -66.49M | -81.01M | -91.24M | ||
| Gain (Loss) on Sale of Investments | -19.80M | 5.00M | -14.95M | -5.38M | -62.16M | 9.17M |
| Gain (Loss) on Sale of Assets | 108.64M | 108.64M | 488.23K | -1.22M | -4.52M | -3.35M |
| Asset Writedown | -17.33M | -17.33M | -39.07M | -16.03M | -18.89M | -14.05M |
| Pretax Income | 66.10M | 209.24M | 196.04M | 378.98M | -505.76M | 195.86M |
| Income Tax Expense | 35.23M | 45.88M | 88.73M | 118.45M | -44.07M | 112.29M |
| Earnings From Continuing Operations | 30.87M | 163.36M | 107.31M | 260.53M | -461.69M | 83.57M |
| Minority Interest in Earnings | 1.75M | 3.43M | 2.69M | 8.79M | 36.54M | 5.13M |
| Net Income | 32.62M | 166.79M | 110.00M | 269.32M | -425.15M | 88.71M |
| Net Income to Common | 32.62M | 166.79M | 110.00M | 269.32M | -425.15M | 88.71M |
| Shares Outstanding (Basic) | 100.88M | 101.13M | 101.54M | 102.08M | 102.96M | 103.05M |
| Shares Outstanding (Diluted) | 100.88M | 101.13M | 101.54M | 102.08M | 102.96M | 103.05M |
| EPS (Basic) | 0.32 | 1.65 | 1.08 | 2.64 | -4.13 | 0.86 |
| EPS (Diluted) | 0.32 | 1.65 | 1.08 | 2.64 | -4.13 | 0.86 |
| Free Cash Flow | -23.17M | 20.12M | 293.80M | 367.29M | 210.82M | -202.33M |
| Free Cash Flow Per Share | -0.23 | 0.20 | 2.89 | 3.60 | 2.05 | -1.96 |
| Dividend Per Share | 0.44 | 0.71 | 3.49 | |||
| Gross Margin | 35.46% | 34.90% | 38.77% | 41.78% | 27.40% | 33.30% |
| Operating Margin | 16.13% | 13.29% | 20.95% | 21.69% | -25.31% | 7.45% |
| Profit Margin | 3.24% | 15.20% | 8.19% | 16.55% | -28.94% | 4.51% |
| Free Cash Flow Margin | -2.30% | 1.83% | 21.87% | 22.57% | 14.35% | -10.28% |
| EBITDA | 243.01M | 234.81M | 397.26M | 469.77M | -246.54M | 265.93M |
| EBITDA Margin | 24.15% | 21.40% | 29.57% | 28.87% | -16.78% | 13.51% |
| D&A For EBITDA | 80.70M | 88.93M | 115.75M | 116.87M | 125.34M | 119.34M |
| EBIT | 162.31M | 145.88M | 281.52M | 352.90M | -371.88M | 146.60M |
| EBIT Margin | 16.13% | 13.29% | 20.95% | 21.69% | -25.31% | 7.45% |
| Effective Tax Rate | 53.29% | 21.93% | 45.26% | 31.26% | 57.33% | |
| Revenue as Reported | 1.01B | 1.10B | 1.34B | 1.63B | 1.47B | 1.97B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.69B | 1.65B | 1.49B | 765.55M | 699.24M | 298.43M |
| Short-Term Investments | 285.57M | 10.87M | 13.42M | 459.85M | 244.17M | 726.62M |
| Cash & Short-Term Investments | 1.98B | 1.66B | 1.50B | 1.23B | 943.41M | 1.03B |
| Accounts Receivable | 86.88M | 93.87M | 113.45M | 138.10M | 149.21M | 104.40M |
| Other Receivables | 57.19M | 59.30M | 72.02M | 456.07M | 409.95M | |
| Receivables | 131.31M | 189.85M | 258.22M | 339.64M | 786.94M | 761.88M |
| Inventory | 5.14M | 4.92M | 6.88M | 20.46M | 21.92M | 2.30M |
| Prepaid Expenses | 15.45M | |||||
| Restricted Cash | 6.21M | 7.39M | 16.10M | 6.58M | 7.94M | 3.30M |
| Other Current Assets | 100.33M | 30.81M | 50.27M | 34.68M | 54.37M | 23.23M |
| Total Current Assets | 2.22B | 1.90B | 1.84B | 1.63B | 1.81B | 1.83B |
| Property, Plant & Equipment | 1.64B | 1.69B | 1.98B | 2.35B | 2.56B | 1.05B |
| Long-Term Investments | 154.75M | 156.93M | 184.02M | 184.76M | 176.85M | 218.79M |
| Goodwill | 25.65M | 25.72M | 96.07M | 177.08M | 177.08M | 120.82M |
| Other Intangible Assets | 54.61M | 56.40M | 75.68M | 117.72M | 159.69M | 520.12M |
| Long-Term Deferred Tax Assets | 233.67M | 237.10M | 245.76M | 241.97M | 232.00M | 161.57M |
| Other Long-Term Assets | 454.42M | 712.00M | 516.99M | 297.54M | 386.54M | 478.24M |
| Total Assets | 4.80B | 4.79B | 4.95B | 5.07B | 5.68B | 4.67B |
| Accounts Payable | 44.67M | 47.24M | 60.63M | 76.78M | 125.25M | 26.96M |
| Accrued Expenses | 598.78M | 238.06M | 236.78M | 228.06M | 230.86M | 206.97M |
| Short-Term Debt | 116.80M | 156.30M | 356.00M | |||
| Current Portion of Long-Term Debt | 256.00M | 56.80M | 400.00K | 200.00K | 141.80M | 50.20M |
| Current Portion of Leases | 163.90M | 184.67M | 241.36M | 267.54M | 272.70M | |
| Current Income Taxes Payable | 36.88M | 72.13M | 88.88M | 112.78M | 79.92M | 70.90M |
| Current Unearned Revenue | 186.08M | 191.09M | 200.73M | 208.67M | 218.96M | 254.92M |
| Other Current Liabilities | 16.19M | 390.39M | 336.69M | 330.77M | 318.29M | 284.00M |
| Total Current Liabilities | 1.30B | 1.18B | 1.17B | 1.34B | 1.54B | 1.25B |
| Long-Term Debt | 45.60M | 199.40M | 256.20M | 56.80M | 160.00M | 301.80M |
| Long-Term Leases | 1.05B | 1.03B | 1.22B | 1.39B | 1.52B | |
| Long-Term Unearned Revenue | 115.47M | 134.41M | 176.35M | 207.91M | 234.37M | 314.47M |
| Long-Term Deferred Tax Liabilities | 50.68M | 55.94M | 79.67M | 94.72M | 92.71M | 228.20M |
| Other Long-Term Liabilities | 578.15M | 575.44M | 561.05M | 493.84M | 478.06M | 529.71M |
| Total Liabilities | 3.14B | 3.18B | 3.45B | 3.59B | 4.03B | 2.62B |
| Common Stock | 338.12M | 338.12M | 338.12M | 338.12M | 338.12M | 338.12M |
| Additional Paid-In Capital | 1.57B | 1.57B | 1.61B | 1.68B | 2.08B | 1.15B |
| Retained Earnings | -255.25M | -291.55M | -458.34M | -568.34M | -817.54M | 326.30M |
| Treasury Stock | -48.05M | -48.05M | -37.04M | -36.68M | -16.97M | |
| Comprehensive Income & Other | 23.09M | 11.09M | 6.03M | 28.40M | 27.73M | 41.88M |
| Total Common Equity | 1.62B | 1.58B | 1.46B | 1.44B | 1.61B | 1.86B |
| Minority Interest | 30.59M | 31.60M | 33.86M | 37.82M | 46.60M | 185.24M |
| Shareholders' Equity | 1.66B | 1.61B | 1.49B | 1.48B | 1.66B | 2.04B |
| Total Liabilities & Equity | 4.80B | 4.79B | 4.95B | 5.07B | 5.68B | 4.67B |
| Total Debt | 1.51B | 1.47B | 1.71B | 1.83B | 2.25B | 708.00M |
| Net Cash (Debt) | 461.81M | 189.71M | -210.08M | -607.84M | -1.30B | 317.04M |
| Net Cash Per Share | 4.58 | 1.88 | -2.07 | -5.95 | -12.66 | 3.08 |
| Filing Date Shares Outstanding | 100.90M | 100.90M | 101.52M | 101.54M | 102.18M | 103.05M |
| Total Common Shares Outstanding | 100.90M | 100.90M | 101.52M | 101.54M | 102.18M | 103.05M |
| Working Capital | 915.69M | 715.64M | 669.65M | 285.16M | 270.50M | 581.26M |
| Book Value Per Share | 16.10 | 15.63 | 14.37 | 14.20 | 15.77 | 18.03 |
| Tangible Book Value | 1.54B | 1.49B | 1.29B | 1.15B | 1.28B | 1.22B |
| Tangible Book Value Per Share | 15.31 | 14.81 | 12.68 | 11.30 | 12.48 | 11.81 |
| Land | 49.78M | 40.97M | ||||
| Buildings | 570.89M | 562.42M | 685.78M | 685.78M | 626.91M | |
| Machinery | 250.62M | 254.25M | 295.39M | 298.65M | 96.65M | |
| Construction In Progress | 22.45M | 2.68M | 19.96M | 22.30M | 127.42M | |
| Leasehold Improvements | 577.90M | 651.69M | 654.86M | 700.72M | 630.69M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 32.62M | 166.79M | 110.00M | 269.32M | -425.15M | 88.71M |
| Depreciation & Amortization | 88.93M | 88.93M | 115.75M | 116.87M | 125.34M | 119.34M |
| Loss (Gain) From Sale of Assets | 40.96M | 40.96M | -25.83M | 3.39M | 20.64M | 3.35M |
| Asset Writedown & Restructuring Costs | 104.72M | 104.72M | 132.68M | 56.59M | 175.37M | 20.29M |
| Loss (Gain) From Sale of Investments | -169.01M | -169.01M | 14.95M | 7.00M | 62.16M | -9.14M |
| Loss (Gain) on Equity Investments | -382.87K | |||||
| Stock-Based Compensation | 2.46M | |||||
| Provision & Write-off of Bad Debts | 81.70M | 81.70M | 56.24M | 38.86M | 431.18M | 136.91M |
| Other Operating Activities | 312.11M | 201.30M | 217.53M | 255.02M | 129.50M | -10.50M |
| Change in Accounts Receivable | 3.47M | 3.47M | -4.02M | -5.36M | -53.61M | -24.38M |
| Change in Inventory | 1.96M | 1.96M | 14.62M | 4.76M | 10.63M | 9.40M |
| Change in Accounts Payable | -18.96M | -18.96M | -3.02M | -50.45M | -15.93M | 5.37M |
| Change in Unearned Revenue | -51.51M | -51.51M | -39.48M | -36.75M | -96.59M | -51.29M |
| Change in Income Taxes | 1.11M | 1.11M | 34.75M | 61.43M | 27.81M | 23.04M |
| Change in Other Net Operating Assets | -170.19M | -170.19M | -250.80M | -265.62M | -96.79M | 25.55M |
| Operating Cash Flow | 257.91M | 281.27M | 373.38M | 455.05M | 294.54M | 379.25M |
| Capital Expenditures | -281.09M | -261.15M | -79.58M | -87.76M | -83.72M | -581.58M |
| Sale of Property, Plant & Equipment | 796.83K | 429.14K | 139.90M | 2.95M | 5.95M | 2.96M |
| Cash Acquisitions | -187.09M | |||||
| Divestitures | 2.81M | 37.80M | 79.67M | 1.69M | ||
| Sale (Purchase) of Intangibles | -101.46K | -37.06K | -740.41K | -108.03K | -201.75K | |
| Investment in Securities | 79.66M | 188.07M | 429.11M | -95.67M | 505.46M | 321.26M |
| Other Investing Activities | -6.50M | 1.96M | -222.72M | -63.34M | -121.89M | -74.74M |
| Investing Cash Flow | -215.08M | -62.78M | 345.39M | -93.71M | 420.45M | -978.05M |
| Short-Term Debt Issued | 272.50K | 5.10M | 9.69M | |||
| Long-Term Debt Issued | 200.00M | 174.00M | 305.60M | 858.00M | ||
| Total Debt Issued | 46.75M | 200.00M | 174.27M | 310.70M | 867.69M | |
| Long-Term Debt Repaid | -400.00K | -117.20M | -458.30M | -605.50M | -315.30M | |
| Total Debt Repaid | -400.00K | -400.00K | -117.20M | -458.30M | -605.50M | -315.30M |
| Net Debt Issued (Repaid) | 46.35M | -400.00K | 82.80M | -284.03M | -294.80M | 552.39M |
| Repurchase of Common Stock | -5.33K | -5.33K | -365.28K | -19.71M | ||
| Common Dividends Paid | -43.02M | -43.02M | -70.94M | -41.00M | -320.25M | |
| Other Financing Activities | -966.00K | 400.00K | 8.19M | |||
| Financing Cash Flow | 3.33M | -43.43M | 10.53M | -303.73M | -335.40M | 240.33M |
| Foreign Exchange Rate Adjustments | -28.33M | -21.83M | 4.30M | 32.09K | 1.25M | -1.41M |
| Net Cash Flow | 17.83M | 153.24M | 733.60M | 57.64M | 380.84M | -359.88M |
| Free Cash Flow | -23.17M | 20.12M | 293.80M | 367.29M | 210.82M | -202.33M |
| Free Cash Flow Margin | -2.30% | 1.83% | 21.87% | 22.57% | 14.35% | -10.28% |
| Free Cash Flow Per Share | -0.23 | 0.20 | 2.89 | 3.60 | 2.05 | -1.96 |
| Levered Free Cash Flow | -35.34M | 27.88M | 244.67M | 693.74M | -143.89M | -631.29M |
| Unlevered Free Cash Flow | -30.65M | 32.65M | 248.62M | 702.52M | -126.40M | -621.72M |
| Cash Interest Paid | 7.77M | 7.77M | 7.88M | 14.05M | 27.99M | 15.30M |
| Cash Income Tax Paid | 56.82M | 56.82M | 82.58M | 61.74M | 59.44M | 50.60M |
| Change in Working Capital | -234.12M | -234.12M | -247.95M | -291.99M | -224.49M | 28.21M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 97.76M | 171.58M | 259.95M | 384.19M | 382.31M | 816.15M |
| Enterprise Value | 29.77M | 184.80M | 294.15M | 464.86M | 350.56M | 730.64M |
| Last Close Price | 0.94 | 1.69 | 2.49 | 3.57 | 3.52 | 7.51 |
| PE Ratio | 20.35 | 7.20 | 17.25 | 10.12 | 58.45 | |
| Forward PE | 5.69 | 5.69 | 7.15 | 11.50 | 12.20 | |
| PS Ratio | 0.65 | 1.09 | 1.41 | 1.67 | 1.79 | 2.63 |
| PB Ratio | 0.40 | 0.75 | 1.27 | 1.84 | 1.59 | 2.54 |
| P/TBV Ratio | 0.42 | 0.80 | 1.47 | 2.37 | 2.07 | 4.26 |
| P/FCF Ratio | 59.65 | 6.46 | 7.42 | 12.51 | ||
| P/OCF Ratio | 2.47 | 4.27 | 5.08 | 5.99 | 8.95 | 13.67 |
| PEG Ratio | 0.47 | 0.47 | 0.47 | 0.31 | 0.42 | |
| EV/Sales Ratio | 0.19 | 1.18 | 1.60 | 2.03 | 1.65 | 2.36 |
| EV/EBITDA Ratio | 0.78 | 5.50 | 5.41 | 7.02 | 17.45 | |
| EV/EBIT Ratio | 1.16 | 8.86 | 7.63 | 9.34 | 31.66 | |
| EV/FCF Ratio | 64.24 | 7.31 | 8.97 | 11.47 | ||
| Debt / Equity Ratio | 0.91 | 0.92 | 1.15 | 1.24 | 1.35 | 0.35 |
| Debt / EBITDA Ratio | 3.49 | 3.53 | 3.04 | 2.84 | 238.04 | 2.66 |
| Debt / FCF Ratio | 73.23 | 5.83 | 4.99 | 10.66 | ||
| Net Debt / Equity Ratio | -0.28 | -0.12 | 0.14 | 0.41 | 0.79 | -0.15 |
| Net Debt / EBITDA Ratio | -1.90 | -0.81 | 0.53 | 1.29 | -5.29 | -1.19 |
| Net Debt / FCF Ratio | 19.93 | -9.43 | 0.71 | 1.66 | 6.18 | 1.57 |
| Asset Turnover | 0.20 | 0.23 | 0.27 | 0.30 | 0.28 | 0.45 |
| Inventory Turnover | 104.66 | 121.05 | 60.17 | 44.71 | 88.08 | 430.17 |
| Quick Ratio | 1.58 | 1.54 | 1.44 | 1.07 | 1.00 | 1.23 |
| Current Ratio | 1.70 | 1.61 | 1.57 | 1.21 | 1.18 | 1.47 |
| Return on Equity (ROE) | 1.85% | 10.54% | 7.22% | 16.60% | -24.95% | 3.89% |
| Return on Assets (ROA) | 2.03% | 1.87% | 3.51% | 4.10% | -4.49% | 2.09% |
| Return on Invested Capital (ROIC) | 6.44% | 7.30% | 8.13% | 9.61% | -15.87% | 4.21% |
| Return on Capital Employed (ROCE) | 4.60% | 4.00% | 7.40% | 9.50% | -9.00% | 4.30% |
| Earnings Yield | 4.91% | 13.90% | 5.80% | 9.89% | -16.12% | 1.71% |
| FCF Yield | -3.64% | 1.68% | 15.48% | 13.48% | 7.99% | -3.90% |
| Dividend Yield | 6.19% | 2.34% | 2.64% | 6.94% | ||
| Payout Ratio | 25.79% | 64.49% | 361.03% | |||
| Buyback Yield / Dilution | 0.58% | 0.40% | 0.53% | 0.85% | 0.08% | |
| Total Shareholder Return | 6.91% | 0.40% | 2.88% | 3.50% | 0.08% | 6.94% |