H World Group Ltd
$50.39
+0.44 (+0.88%) · delayed · Nov 13, 2026
Five-year price
52w $39.86 to $56.64
- Market cap
- $154.8B
- Enterprise value
- $154.1B
- P/E
- 219.1×
- 279.9× on 3y avg EPS
- EV / EBIT
- 158.1×
- FCF yield
- 0.8%
- ROIC
- 58.3%
- Debt / equity
- 0.45
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ●ROIC > 12% (5y avg)5y avg ROIC 25.2%
- ○ROE > 15% (5y avg)5y avg ROE 14.6%
- ○Stable operating marginsMargin volatility 11.9% (σ, 5y)
- ●Earnings convert to cashFCF / net income 200% (5y avg)
- ●Growing revenueRevenue CAGR 5y 18.3%
- ○Shrinking share countDiluted shares 10.9% over 5y
Value
0
- ○P/E below 15P/E 219.1
- ○EV/EBIT below 12EV/EBIT 158.1
- ○FCF yield above 6%FCF yield 0.8%
- ○Price below Graham NumberGraham Number $1.76
- ○P/B below 3P/B 84.5
Safety
80
- ●Debt / equity below 0.5D/E 0.45
- ●Debt payable in < 4 yrs of earningsNet debt $-0.7B
- ●Interest coverage > 8xCoverage 20.3x
- ○Current ratio > 1.5Current ratio 0.91
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
14
- ●Adequate size (revenue > $2B)Revenue $3.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.91
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -62%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 279.9
- ○P/E × P/B ≤ 22.5Product 23663.7
Valuation lab
What do you have to believe?
At $50.39, the market is pricing in about 30.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$654M · 3072M shares · 5y revenue CAGR 18.3%
Intrinsic value
$20.00
Price
$50.39
Premium paid
152%
What the price implies
The market is paying for 30.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
69% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 942 | 1,256 | 1,464 | 1,611 | 1,563 | 2,006 | 2,010 | 3,082 | 3,274 | 3,618 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 125 | 221 | 341 | 304 | (257) | 26 | (43) | 662 | 713 | 975 |
| Operating margin | 13.3% | 17.6% | 23.3% | 18.9% | -16.4% | 1.3% | -2.1% | 21.5% | 21.8% | 26.9% |
| Pre-tax income | 155 | 247 | 203 | 369 | (350) | (64) | (233) | 752 | 659 | 1,044 |
| Income tax | 41 | 55 | 83 | 92 | (33) | 2 | 30 | 168 | 228 | 309 |
| Net income | 116 | 190 | 104 | 254 | (336) | (73) | (264) | 575 | 418 | 726 |
| EPS (diluted) | 0.41 | 0.65 | 0.36 | 0.85 | -1.15 | -0.02 | -0.08 | 0.18 | 0.13 | 0.23 |
| Diluted shares | 283 | 293 | 304 | 3,043 | 2,927 | 3,114 | 3,111 | 3,351 | 3,278 | 3,247 |
Who owns it