# Hyatt Hotels (H.US)

Canonical: https://gigainvestors.com/s/H

Analysis as of: 2026-10-16T07:28:56.272Z. Financial observations: FY2007–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $168.91 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 1.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.23×

- FY2018: 0.27×

- FY2019: 0.23×

- FY2020: -0.30×

- FY2021: 0.08×

- FY2022: 0.26×

- FY2023: 0.23×

- FY2024: 0.26×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 26.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 9.7%

- ROIC, second-lowest year: 2.0%

- Typical minus recent gross margin: 26.7 pp

- Typical gross margin (annual median): 37.9%

- Recent gross margin (lower of latest and 3-year median): 11.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.9%

- FY2017: 8.9%

- FY2018: 12.8%

- FY2019: 9.4%

- FY2020: -3.9%

- FY2021: 2.0%

- FY2022: 29.8%

- FY2023: 20.4%

- FY2024: 19.2%

- FY2025: 10.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.53×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.6B

- Net income, five-year total: $1.7B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 4.5 pp

- Working capital / revenue, final three-year average: 13.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.10×

- FY2022: 1.49×

- FY2023: 1.90×

- FY2024: 1.13×

- FY2025: -1.02×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.9% vs 19.2%

- Per-share earnings: 1.52 to 2.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.0%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: $7.9B

- Cumulative retained earnings: $989M

- Diluted shares, 10-year annual growth: -4.0%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.7%

- Per-share value change: $0.52

- Per-share value, starting three-year median: $1.52

- Per-share value, ending three-year median: $2.04

- Buybacks concentrated in cheaper years (correlation): 0.82

- Average buyback yield: 5.0%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $5.9B

- Cumulative net income, 10 years: $3.0B

- ROIC, first three-year median: 8.9%

- ROIC, last three-year median: 19.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.52

- FY2017: $1.97

- FY2018: $6.68

- FY2019: $7.21

- FY2020: -$6.94

- FY2021: -$2.14

- FY2022: $4.09

- FY2023: $2.04

- FY2024: $12.65

- FY2025: -$0.54

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 0.46×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 19.5%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.70×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -4.4%

- FY2018: 5.6%

- FY2019: 4.4%

- FY2020: -1.0%

- FY2021: -4.3%

- FY2022: -1.8%

- FY2023: -4.5%

- FY2024: 5.0%

- FY2025: -3.1%

## Holders

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 65% since Oct 2023 · "Hyatt's Q2 Beat and Raised RevPAR Outlook Put Fee Growth in Focus" (finance.yahoo.com, Aug 2026) · sales +117%

Story as of 2026-10-16T09:58:51.408Z; price observation 2026-10-15.

- 2025-08-07: Luxury drives Hyatt RevPAR growth in Q2 ([finance.yahoo.com](https://finance.yahoo.com/news/luxury-drives-hyatt-revpar-growth-110631470.html))

- 2025-11-06: Hyatt ‘confident’ as luxury drives Q3 RevPAR growth ([finance.yahoo.com](https://finance.yahoo.com/news/hyatt-confident-luxury-drives-q3-111122644.html))

- 2025-12-30: Hyatt Hotels Cuts Full-Year Guidance Due to Hurricane Damage in Jamaica ([finance.yahoo.com](https://finance.yahoo.com/m/f32431f8-d23a-34b1-9a5b-ad43ad0db6f2/hyatt-hotels-cuts-full-year.html))

- 2026-04-30: Hyatt's Q1 Earnings Beat Estimates on Higher Fees, RevPAR Gains ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hyatts-q1-earnings-beat-estimates-163300465.html))

- 2026-05-02: H Q1 Deep Dive: Premium Leisure Demand and Brand Expansion Drive Results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/h-q1-deep-dive-premium-221255137.html))

### Sales · FY2024–2025

sales +117%; source https://www.sec.gov/Archives/edgar/data/1468174/000146817426000007/h-20251231.htm; observed 2026-02-13.

- FY2016: $2.5B 

- FY2017: $2.7B 

- FY2018: $2.5B 

- FY2019: $2.6B 

- FY2020: $780M 

- FY2021: $1.4B 

- FY2022: $3.3B 

- FY2023: $3.6B 

- FY2024: $3.3B 

- FY2025: $7.2B 

### Gross margin · FY2025

gross margin 11.2%; source https://www.sec.gov/Archives/edgar/data/1468174/000146817426000007/h-20251231.htm; observed 2026-02-13.

- FY2016: 36.3% 

- FY2017: 37.2% 

- FY2018: 40.2% 

- FY2019: 39.2% 

- FY2020: 11.3% 

- FY2021: 33.3% 

- FY2022: 39.7% 

- FY2023: 38.6% 

- FY2024: 42.5% 

- FY2025: 11.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in lodging; annual sales are USD 7.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1468174/000146817426000007/h-20251231.htm (filed 2026-02-13); FY2025: revenue 7151000000; grossProfit 801000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 11.2% to 42.5% during 2023–25; it earns 9.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 38.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 42.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1468174/000146817426000007/h-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,0.08889650781211735],[2017,0.08901003052769298],[2018,0.12758887930752186],[2019,0.09431238105981936],[2020,-0.03923896823704967],[2021,0.019811820832228995],[2022,0.2983787512935495],[2023,0.20391013743552372],[2024,0.19226586020846936],[2025,0.10064863372895391]]; median 0.09748050739438663. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back USD 293 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 0; upkeep 211000000; owner earnings 335000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 298000000; owner earnings 299000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 0; upkeep 297000000; owner earnings 799000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 40000000; upkeep 329000000; owner earnings 766000000. Growth capex / owner earnings = 0.05221932114882506.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 201000000; owner earnings 680000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 0; upkeep 198000000; owner earnings 419000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 170000000; owner earnings 1459000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1468174/000146817426000007/h-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 220000000; owner earnings 53000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,68000000],[2017,68000000],[2018,68000000],[2019,80000000],[2020,20000000],[2021,0],[2022,16000000],[2023,47000000],[2024,60000000],[2025,57000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1468174/000146817426000007/h-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 293000000 USD.

### Are managers owners

Insiders own 3.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); H.US SharesStats.PercentInsiders = 3.36 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Closing price 168.91 USD; reporting-to-trading FX 1; FY2025 annual sales per share 74.87639714085037; price multiple 2.255851061880856. FY2025 cash earnings/share 0.5549502235302852. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $50.79 per share

- 2016-11: $51.34 per share

- 2016-12: $55.26 per share

- 2017-01: $54.71 per share

- 2017-02: $51.34 per share

- 2017-03: $53.98 per share

- 2017-04: $55.50 per share

- 2017-05: $57.70 per share

- 2017-06: $56.21 per share

- 2017-07: $55.57 per share

- 2017-08: $59.51 per share

- 2017-09: $61.79 per share

- 2017-10: $62.66 per share

- 2017-11: $72.36 per share

- 2017-12: $73.54 per share

- 2018-01: $81.30 per share

- 2018-02: $77.27 per share

- 2018-03: $76.26 per share

- 2018-04: $76.87 per share

- 2018-05: $81.73 per share

- 2018-06: $77.15 per share

- 2018-07: $78.23 per share

- 2018-08: $77.36 per share

- 2018-09: $79.59 per share

- 2018-10: $69.20 per share

- 2018-11: $71.31 per share

- 2018-12: $67.60 per share

- 2019-01: $69.91 per share

- 2019-02: $72.77 per share

- 2019-03: $72.57 per share

- 2019-04: $76.73 per share

- 2019-05: $72.24 per share

- 2019-06: $76.13 per share

- 2019-07: $77.35 per share

- 2019-08: $72.15 per share

- 2019-09: $73.67 per share

- 2019-10: $74.74 per share

- 2019-11: $80.80 per share

- 2019-12: $89.71 per share

- 2020-01: $84.54 per share

- 2020-02: $76.60 per share

- 2020-03: $47.90 per share

- 2020-04: $56.26 per share

- 2020-05: $55.09 per share

- 2020-06: $50.29 per share

- 2020-07: $48.00 per share

- 2020-08: $56.49 per share

- 2020-09: $53.37 per share

- 2020-10: $55.14 per share

- 2020-11: $71.97 per share

- 2020-12: $74.25 per share

- 2021-01: $65.66 per share

- 2021-02: $87.95 per share

- 2021-03: $82.70 per share

- 2021-04: $82.33 per share

- 2021-05: $78.08 per share

- 2021-06: $77.64 per share

- 2021-07: $79.87 per share

- 2021-08: $73.59 per share

- 2021-09: $77.10 per share

- 2021-10: $85.20 per share

- 2021-11: $78.77 per share

- 2021-12: $95.90 per share

- 2022-01: $91.61 per share

- 2022-02: $97.11 per share

- 2022-03: $95.45 per share

- 2022-04: $94.96 per share

- 2022-05: $88.39 per share

- 2022-06: $73.91 per share

- 2022-07: $82.75 per share

- 2022-08: $89.62 per share

- 2022-09: $80.96 per share

- 2022-10: $94.21 per share

- 2022-11: $100.32 per share

- 2022-12: $90.45 per share

- 2023-01: $109.12 per share

- 2023-02: $116.24 per share

- 2023-03: $111.79 per share

- 2023-04: $114.30 per share

- 2023-05: $107.48 per share

- 2023-06: $114.58 per share

- 2023-07: $126.35 per share

- 2023-08: $112.41 per share

- 2023-09: $106.08 per share

- 2023-10: $102.44 per share

- 2023-11: $114.76 per share

- 2023-12: $130.41 per share

- 2024-01: $128.37 per share

- 2024-02: $153.59 per share

- 2024-03: $159.62 per share

- 2024-04: $148.79 per share

- 2024-05: $147.47 per share

- 2024-06: $151.92 per share

- 2024-07: $147.33 per share

- 2024-08: $151.92 per share

- 2024-09: $152.20 per share

- 2024-10: $145.45 per share

- 2024-11: $157.94 per share

- 2024-12: $156.98 per share

- 2025-01: $158.23 per share

- 2025-02: $140.95 per share

- 2025-03: $122.50 per share

- 2025-04: $112.68 per share

- 2025-05: $132.03 per share

- 2025-06: $139.65 per share

- 2025-07: $140.97 per share

- 2025-08: $144.28 per share

- 2025-09: $141.93 per share

- 2025-10: $137.41 per share

- 2025-11: $164.39 per share

- 2025-12: $160.32 per share

- 2026-01: $156.37 per share

- 2026-02: $161.50 per share

- 2026-03: $143.79 per share

- 2026-04: $167.57 per share

- 2026-05: $181.36 per share

- 2026-06: $193.84 per share

- 2026-07: $174.06 per share

- 2026-08: $166.97 per share

- 2026-09: $158.56 per share

- 2026-10: $168.91 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1468174/000146817426000007/h-20251231.htm); period 2025-12-31, filed 2026-02-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.