← All companies ← HTCO Manual HTLM → ← HLT Hotels & Resorts IHG →

HTHT, H World Group Limited

Hotels & Resorts capital-intensive Cyclical

A hotel and lodging business, earning on rooms filled and the brand that fills them.

Latest annual: FY2025 20-F · figures as filed, in CNY · 1 ADS = 10 ordinary shares

HTHT · H World Group Limited

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

CN¥25.3B

+5.9% YoY · 20% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue CN¥25.3B 5-yr avg CN¥19.5B

Operating margin 26.9% 5-yr avg 13.9%

Owner-earnings margin 29% 5-yr avg 18%

Free cash flow margin 29% 5-yr avg 18%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 17% through the cycle, a solid margin the cost base and competition set as much as the price does. The margin is cyclical, swinging between −17% and 27% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 10% of sales, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on occupancy and revenue per available room, and the model. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

China is 81% of revenue, so this is largely a single-region business.

Revenue by geography, FY2025

China81%CN¥20.5B
Germany13%CN¥3.4B
All others6%CN¥1.4B

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
CN¥6.6B	CN¥8.2B	CN¥10.1B	CN¥11.2B	CN¥10.2B	CN¥12.8B	CN¥13.9B	CN¥21.9B	CN¥23.9B	CN¥25.3B	CN¥25.3B	RevenueRevenue
CN¥841M	CN¥1.4B	CN¥2.3B	CN¥2.1B	(CN¥1.7B)	CN¥164M	(CN¥294M)	CN¥4.7B	CN¥5.2B	CN¥6.8B	CN¥6.8B	Operating incomeOp. inc.
12.8%	17.3%	23.3%	18.8%	−16.5%	1.3%	−2.1%	21.5%	21.8%	26.9%	26.9%	Operating marginOp. mgn
CN¥774M	CN¥1.2B	CN¥727M	CN¥1.8B	(CN¥2.2B)	(CN¥480M)	(CN¥1.8B)	CN¥4.1B	CN¥3.1B	CN¥5.1B	CN¥5.1B	Net incomeNet inc.
26%	23%	44%	27%	—	—	—	23%	35%	30%	30%	Effective tax rateTax rate
											Cash flow & returns
CN¥2.1B	CN¥2.5B	CN¥3.0B	CN¥3.3B	CN¥609M	CN¥1.3B	CN¥1.6B	CN¥7.7B	CN¥7.5B	CN¥8.4B	CN¥8.4B	Operating cash flowOp. cash
CN¥695M	CN¥789M	CN¥891M	CN¥991M	CN¥1.4B	CN¥1.5B	CN¥1.5B	CN¥1.4B	CN¥1.3B	CN¥1.3B	CN¥1.3B	DepreciationDeprec.
CN¥597M	CN¥436M	CN¥1.4B	CN¥541M	CN¥1.5B	CN¥319M	CN¥2.0B	CN¥2.1B	CN¥3.1B	CN¥2.0B	CN¥2.0B	Working capital & otherWC & other
—	CN¥819M	CN¥1.1B	CN¥1.5B	CN¥1.7B	CN¥1.7B	CN¥1.0B	CN¥894M	CN¥883M	CN¥828M	CN¥998M	CapexCapex
—	10.0%	11.1%	13.6%	17.1%	13.0%	7.6%	4.1%	3.7%	3.3%	3.9%	Capex / revenueCapex/rev
—	CN¥1.6B	CN¥2.2B	CN¥2.3B	(CN¥753M)	(CN¥316M)	CN¥515M	CN¥6.8B	CN¥6.6B	CN¥7.6B	CN¥7.4B	Owner earningsOwner earn.
—	19.9%	21.4%	20.5%	−7.4%	−2.5%	3.7%	31.0%	27.8%	29.8%	29.2%	Owner earnings marginOE mgn
—	CN¥1.6B	CN¥1.9B	CN¥1.8B	(CN¥1.1B)	(CN¥316M)	CN¥515M	CN¥6.8B	CN¥6.6B	CN¥7.6B	CN¥7.4B	Free cash flowFCF
—	19.9%	19.2%	15.8%	−11.1%	−2.5%	3.7%	31.0%	27.8%	29.8%	29.2%	Free cash flow marginFCF mgn
CN¥276M	CN¥306M	CN¥660M	CN¥658M	CN¥678M	—	CN¥416M	CN¥2.1B	CN¥3.5B	CN¥3.9B	CN¥3.9B	Dividends paidDiv. paid
—	—	CN¥107M	CN¥107M	CN¥107M	CN¥0	CN¥334M	CN¥848M	CN¥1.2B	CN¥783M	—	BuybacksBuybacks
14%	20%	12%	24%	-19%	-4%	-21%	34%	25%	40%	40%	Return on equityROE
9%	15%	1%	15%	−25%	—	−26%	17%	−3%	9%	9%	Retained to equityRetained/eq
											Balance sheet
CN¥3.2B	CN¥3.6B	CN¥4.3B	CN¥3.2B	CN¥7.0B	CN¥5.1B	CN¥5.4B	CN¥9.1B	CN¥11.1B	CN¥15.3B	CN¥15.3B	Cash & investmentsCash+inv
CN¥142M	CN¥163M	CN¥195M	CN¥218M	CN¥404M	CN¥521M	CN¥1.1B	CN¥755M	CN¥817M	CN¥723M	CN¥723M	ReceivablesReceiv.
CN¥22M	CN¥24M	CN¥41M	CN¥57M	CN¥89M	CN¥88M	CN¥70M	CN¥59M	CN¥60M	CN¥57M	CN¥57M	InventoryInvent.
CN¥585M	CN¥766M	CN¥890M	CN¥1.2B	CN¥1.2B	CN¥968M	CN¥1.2B	CN¥1.0B	CN¥983M	CN¥1.0B	CN¥1.0B	Accounts payablePayables
(CN¥421M)	(CN¥579M)	(CN¥654M)	(CN¥901M)	(CN¥748M)	(CN¥359M)	CN¥12M	(CN¥205M)	(CN¥106M)	(CN¥240M)	(CN¥240M)	Operating working capitalOper. WC
CN¥4.2B	CN¥5.8B	CN¥7.0B	CN¥18.3B	CN¥12.9B	CN¥9.6B	CN¥9.2B	CN¥12.1B	CN¥13.2B	CN¥17.4B	CN¥17.4B	Current assetsCur. assets
CN¥3.0B	CN¥3.8B	CN¥6.0B	CN¥17.3B	CN¥10.5B	CN¥15.3B	CN¥13.1B	CN¥17.4B	CN¥13.3B	CN¥19.1B	CN¥19.1B	Current liabilitiesCur. liab.
1.4×	1.5×	1.2×	1.1×	1.2×	0.6×	0.7×	0.7×	1.0×	0.9×	0.9×	Current ratioCurr. ratio
CN¥172M	CN¥2.3B	CN¥2.6B	CN¥2.7B	CN¥5.0B	CN¥5.1B	CN¥5.2B	CN¥5.3B	CN¥5.2B	CN¥5.4B	CN¥5.4B	GoodwillGoodwill
CN¥10.0B	CN¥17.5B	CN¥24.0B	CN¥53.0B	CN¥65.2B	CN¥63.3B	CN¥61.5B	CN¥63.5B	CN¥62.6B	CN¥64.8B	CN¥64.8B	Total assetsAssets
76.5×	16.4×	9.6×	6.7×	-3.2×	0.4×	-0.7×	12.2×	16.4×	20.2×	17.7×	Interest coverageInt. cov.
CN¥5.4B	CN¥6.2B	CN¥6.2B	CN¥7.4B	CN¥11.3B	CN¥10.9B	CN¥8.7B	CN¥12.1B	CN¥12.2B	CN¥12.8B	CN¥12.8B	Shareholders’ equityEquity
											Per share
2.83B	2.93B	3.04B	3.04B	2.93B	3.11B	3.11B	3.35B	3.28B	3.25B	3.07B	Shares out (diluted)Shares
CN¥2.32	CN¥2.81	CN¥3.31	CN¥3.68	CN¥3.48	CN¥4.11	CN¥4.46	CN¥6.53	CN¥7.29	CN¥7.79	CN¥8.24	Revenue / shareRev/sh
CN¥0.27	CN¥0.42	CN¥0.24	CN¥0.58	CN¥-0.75	CN¥-0.15	CN¥-0.59	CN¥1.23	CN¥0.95	CN¥1.58	CN¥1.67	EPS (diluted)EPS
—	CN¥0.56	CN¥0.71	CN¥0.76	CN¥-0.26	CN¥-0.10	CN¥0.17	CN¥2.02	CN¥2.02	CN¥2.33	CN¥2.40	Owner earnings / shareOE/sh
—	CN¥0.56	CN¥0.64	CN¥0.58	CN¥-0.39	CN¥-0.10	CN¥0.17	CN¥2.02	CN¥2.02	CN¥2.33	CN¥2.40	Free cash flow / shareFCF/sh
CN¥0.10	CN¥0.10	CN¥0.22	CN¥0.22	CN¥0.23	—	CN¥0.13	CN¥0.62	CN¥1.06	CN¥1.20	CN¥1.27	Dividends / shareDiv/sh
—	CN¥0.28	CN¥0.37	CN¥0.50	CN¥0.60	CN¥0.53	CN¥0.34	CN¥0.27	CN¥0.27	CN¥0.25	CN¥0.32	Cap. spending / shareCapex/sh
CN¥1.91	CN¥2.11	CN¥2.03	CN¥2.42	CN¥3.87	CN¥3.51	CN¥2.81	CN¥3.62	CN¥3.71	CN¥3.94	CN¥4.17	Book value / shareBVPS

Share counts before 2019 are restated ×10 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+14.4%/yr	+17.5%/yr
Owner earnings / share	+19.5%/yr (8-yr)	—
EPS	+21.5%/yr	—
Dividends / share	+32.2%/yr	+39.0%/yr
Capital spending / share	−1.1%/yr (8-yr)	−15.6%/yr
Book value / share	+8.4%/yr	+0.4%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

3.2Bpeak FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

CN¥7.6Bowner earningsvs.CN¥5.1Bnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned CN¥5.1B of profit into CN¥7.6B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net incomeCN¥5.1B

Owner earningsCN¥7.6B · 30% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	CN¥5.1B	CN¥3.1B	CN¥4.1B	(CN¥1.8B)	(CN¥480M)
Depreciation & amortizationnon-cash charge added back	+CN¥1.3B	+CN¥1.3B	+CN¥1.4B	+CN¥1.5B	+CN¥1.5B
Working capital & othertiming of cash in and out, other non-cash items	+CN¥2.0B	+CN¥3.1B	+CN¥2.1B	+CN¥2.0B	+CN¥319M
Cash from operations	CN¥8.4B	CN¥7.5B	CN¥7.7B	CN¥1.6B	CN¥1.3B
Capital expenditurecash put back in to keep running and to grow	−CN¥828M	−CN¥883M	−CN¥894M	−CN¥1.0B	−CN¥1.7B
Owner earnings	CN¥7.6B	CN¥6.6B	CN¥6.8B	CN¥515M	(CN¥316M)
Owner-earnings marginowner earnings ÷ revenue	30%	28%	31%	4%	-2%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 17.7×

Comfortable

Operating income CN¥6.8B ÷ interest expense CN¥385M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? —

Debt under-captured — leverage unknown, not low

What this means
This company pays far more interest than its tagged debt implies (the rest sits under segment dimensions the data source strips), so its net cash or net debt cannot be read honestly: the gap is unknown, not zero, and 'net cash' here would be exactly the fiction the figure is meant to prevent. Judge it on the record and owner earnings instead.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Debt under-captured

Industry peers: median 12%

What this means
This company's interest bill implies far more debt than its filings tag at the consolidated level (the rest sits under segment dimensions the data source strips), so invested capital, and the return on it, cannot be read honestly. Judge this one on Owner Earnings and the record instead.
Owner-earnings margin 21%

High through the cycle

9-yr median margin, range -7%–31%; latest CN¥7.4B = operating cash CN¥8.4B − maintenance capex CN¥998M

Industry peers: median 8%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 29% of revenue this year, a 21% median across 9 years.
Are earnings backed by cash? 1.64×

Cash-backed

Cash from ops CN¥8.4B ÷ net income CN¥5.1B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 64%

Returns about half

Dividends + buybacks CN¥4.7B ÷ Owner Earnings CN¥7.4B

What this means
Of CN¥7.4B Owner Earnings, CN¥4.7B (64%) went back to shareholders, CN¥3.9B dividends, CN¥783M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.79×

Harvesting

Capex CN¥998M ÷ depreciation CN¥1.3B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · CN¥25.3B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 0.91×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt —

Debt ≤ working capital · —

What this means
The filings tag only a fraction of the debt this company's interest bill implies (much of it sits under segment dimensions the data source strips), so this test can't be run honestly.
Earnings stability Miss

A profit every year (10-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every tagged year (9 of 10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design. One year of this record is untagged in the data, with the dividend paid on both sides; a lone missing tag is treated as unknown, not a suspension, so the streak is judged on the tagged years.
Earnings growth Pass

Earnings +33% over the record · +352%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are CN¥1.34/share (latest year CN¥1.67), the averaged base the calculator's gate runs on, and book value is CN¥4.17/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 10

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Operating margin 18% → 23% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about 18% early to 23% lately, median 17% — pricing power intact or improving.
Owner earnings growth +18%/yr

What this means
Owner earnings grew about 18% a year over the record.
Worst year 2020 · −16.5% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsCN¥17.4B

Cash & short-term investmentsCN¥15.3B
ReceivablesCN¥723M
InventoryCN¥57M
Other current assetsCN¥1.4B

Current liabilitiesCN¥19.1B

Debt due within a yearCN¥135K
Accounts payableCN¥1.0B
Other current liabilitiesCN¥18.1B

Current ratio0.91×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.91×stricter: inventory excluded

Cash ratio0.80×strictest: cash alone against what's due

Working capital(CN¥1.7B)the cushion left after near-term bills

Debt due this year vs. cashCN¥135K due · CN¥15.3B cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Tangible book valueCN¥2.3Bequity stripped of goodwill & intangibles

Net current asset value(CN¥34.4B)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesCN¥4.0BCN¥3.5B of it operating leases

Deferred revenueCN¥1.8Bcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated CN¥35.9B of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

ReinvestedCN¥10.5B · 29%
DividendsCN¥12.2B · 34%
BuybacksCN¥3.5B · 10%
Retained (debt / cash)CN¥9.7B · 27%

Returned to ownersCN¥15.7B
59% of the owner earnings the business produced over the span, CN¥12.2B as dividends and CN¥3.5B as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell CN¥4.4B and cash and short-term investments rose CN¥11.7B.
Average price paid for buybacks—
Buybacks ran CN¥3.5B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count4.8%
The diluted count rose from 2931M to 3072M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend recordCN¥1.20/sh
Paid in 8 of the years on record, the per-share dividend growing about 42% a year. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why H World Group Limited is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?4.8%
Diluted shares grew 4.8% over 2017–2025, even as the company spent CN¥3.5B on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Hotels & Resorts

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
HTHTH World Group Limited	CN¥25.3B	—	18.1%	20%	21%
MGMMGM Resorts International	$17.5B	—	12.1%	13%	8%
LVSLas Vegas Sands Corp.	$13.0B	—	21.9%	16%	16%
CZRCaesars Entertainment Inc.	$11.5B	—	15.7%	5%	5%
WYNNWynn Resorts Limited	$7.1B	—	12.4%	6%	8%
PENNPENN Entertainment Inc.	$7.0B	—	12.1%	12%	8%
BYDBoyd Gaming	$4.1B	—	16.3%	14%	13%
PKPark Hotels & Resorts	$2.5B	—	13.0%	4%	8%
Group median	—	—	14.3%	12%	8%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares , each representing ten ordinary”; H World Group Limited reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what H World Group Limited has delivered.

H World Group Limited’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, H World Group Limited earns about $766M on its 20.5% median owner-earnings margin. This year’s 29.2% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($766M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+191%/yr

Owner-earnings growth · ’17→’25+19%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $1.1B on 307M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $2.2B. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh HTHT against another business →

Cite: Owner Scorecard, "H World Group Limited (HTHT), the owner's record," https://ownerscorecard.com/c/HTHT, data as of 2026-07-09.

Manual order: ← HTCO its page in the Manual HTLM →

Industry order: ← HLT the Hotels & Resorts chapter IHG →