NASDAQ: HST · Hotel & Resort REITs
Host Hotels & Resorts
Host Hotels & Resorts, based in Bethesda, Maryland, is the largest publicly traded lodging REIT. As of February 20, 2026 it owned 76 mainly luxury and upper-upscale hotels with about 41,700 rooms, substantially all in the United States, operated under brands such as Ritz-Carlton, JW Marriott, W, Grand Hyatt, Andaz, Fairmont and 1 Hotels. Hotels managed or franchised by Marriott and Hyatt produced about 64% and 17% of hotel revenues. 2025 revenues rose 7.6% to $6,114 million (rooms $3,608 million, food and beverage $1,803 million) and net income attributable to Host was $765 million. In 2025–26 it sold hotels including the Four Seasons resorts in Orlando and Jackson Hole, receiving $1,073 million of asset sale proceeds in the first half of 2026. Host has only 162 employees because third-party managers run the hotels.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:05 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-11-06Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 30.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 14.0%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.7 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.97x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 1 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 17.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.76
Higher than 94% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 35% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 25% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 67% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 73% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$25.88close on 2026-11-04
Market cap$17.8B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 17.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 13.4x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 6.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.7%
At FY2025 year-end: 16.1x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 1.9x
Book value at FY2025 year-end
At FY2025 year-end: 10.0x
EBITDA for FY2025
At FY2025 year-end: 10.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
These figures are behind: a newer quarter was reported on Nov 4, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$1.59B → $1.64B (vs. a year earlier)↑ +3.4%$1.59B → $1.64B (vs. a year earlier)
- Operating margin17.5% → 17.9% (vs. a year earlier)↑ +0.4 pts17.5% → 17.9% (vs. a year earlier)
- Net income$221M → $237M (vs. a year earlier)↑ +7.2%$221M → $237M (vs. a year earlier)
- Diluted EPS$0.32 → $0.35 (vs. a year earlier)↑ +9.4%$0.32 → $0.35 (vs. a year earlier)
- Cash$1.7B → $1.95B (vs. previous quarter-end)↑ +14.7%$1.7B → $1.95B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 4, 2026.
Management outlook ↑ Raised
Raised 2026 comparable hotel RevPAR growth guidance to 6.75%. Source sentence
Raising Full Year 2026 Growth Guidance for Comparable Hotel RevPAR to 6.75% and Total RevPAR to 6.0%
Key changes
Q3 comparable RevPAR up 8.8%. Source sentence
Comparable hotel RevPAR increased 8.8%, supported by rate growth and broad-based strength in leisure transient, group, and business transient demand.
Total RevPAR $348.19, up 7.3%. Source sentence
Comparable hotel Total RevPAR was $348.19 for the third quarter of 2026, an increase of 7.3% compared to the same period in 2025, driven by increases in room rates and continued growth in food and beverage spend.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- HOST HOTELS & RESORTS, INC.
- Headquarters
- BETHESDA, MD
- Incorporated in
- Maryland
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: HST
- Industry
- Hotel & Resort REITs
- CIK
- 1070750
Workforce (as of FY2025 year-end)
Employees
162
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 49–52 days after quarter end (Feb 18, 2026; Feb 19, 2025; Feb 21, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–52 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 4, 2026 (+35 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 5, 2026 (+36 days) | Aug 7, 2026 10-Q (+38 days) |
| Q1 FY2026 | Mar 31, 2026 | May 6, 2026 (+36 days) | May 8, 2026 10-Q (+38 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 18, 2026 (+49 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 7, 2025 10-Q (+38 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 19, 2025 (+50 days) | Feb 26, 2025 10-K (+57 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 6, 2024 (+37 days) | Nov 8, 2024 10-Q (+39 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 21, 2024 (+52 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Hotels
Luxury hotels
Properties under 1 Hotels, Alila, Andaz, Fairmont, Grand Hyatt, JW Marriott, Ritz-Carlton, The Luxury Collection and W.
Hotels
Upper upscale hotels
Properties under Autograph Collection and other upper upscale brands.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Lodging REITs
Publicly traded lodging REITs
U.S. share
Largest
Company-disclosed“We are the largest publicly traded lodging REIT.”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenues $6,114M (+7.6%); operating profit $855M; net income attributable to Host $765M; EPS $1.10.
Source: Form 10-K (FY2025)
Q2 2026
Revenues $1,640M versus $1,586M; net income attributable to Host $237M versus $221M.
Source: Form 10-Q (quarter ended 2026-06-30)
Dispositions
2025–2026 sales included The Westin Cincinnati, Washington Marriott at Metro Center, St. Regis Houston, the two Four Seasons resorts (Orlando, Jackson Hole) and Sheraton Parsippany.
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
0.35x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$282M ÷ $795M = 0.35x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $343M in FY2020 to $282M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$6.11B
As reported in the 10-K
Revenue CAGR (5 years)
+30.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($6,114M ÷ $1,620M) ^ (1÷5) − 1 = 30.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
14.0%▲favorable
+72.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$855M ÷ $6,114M × 100 = 14.0%
ROE (FY2025)
11.6%▲favorable
6-year average: 5.2%
As reported in the 10-K
P/B (FY2025 end)
1.86x
formulafiscal year-end closing price ÷ book value per share
e.g.$17.73 ÷ $9.53 = 1.86x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
10.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($12,195M + $5,077M − $768M) ÷ ($855M + $795M) = 10.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +30.4% a year over 5 years (strong growth)
From $1.62B in FY2020 to $6.11B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -58.8% → 14.0%
How much operating profit is left per $100 of revenue. It moved +72.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 50.3% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 4 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 5.2% over 6 years (latest: 11.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Marriott International
- Hyatt
07 · what it does
Key activities
- Hotel ownership and capital investment
- Acquisitions and dispositions
- Asset management of hotels run by managers
06 · what it draws on
Key resources
- 76 consolidated hotels, about 41,700 rooms
- 162 corporate employees (hotel staff are employed by managers)
- Total debt of about $5.1B
02 · why customers buy
Value propositions
- Luxury and upper-upscale hotels in top markets, with scale in asset management.
04 · how it keeps them
Customer relationships
- Long-term management and franchise agreements with brand operators.
03 · how it reaches them
Channels
- Guests booked through managers' brands and channels (Marriott, Hyatt and others).
01 · who it serves
Customer segments
- Transient, group and contract hotel guests
09 · where money goes
Cost structure
FY2025, share of revenue ($6.11B)
- Selling, general & administrative2.0%
- Other operating costs (incl. cost of goods sold)84.0%
Operating profit left: 14.0% of revenue. Depreciation & amortization (inside the costs above): $795M. Capital spending: $282M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Rooms $3,608M
- Food and beverage $1,803M
- Other $604M
- Condominium sales $99M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Owns luxury and upper-upscale hotels that are operated by brand managers such as Marriott and Hyatt under management agreements; Host keeps hotel operating profits after paying management fees and distributes most earnings as REIT dividends.
01 what it draws on
Inputs & resources
- 76 consolidated hotels, about 41,700 rooms
- 162 corporate employees (hotel staff are employed by managers)
- Total debt of about $5.1B
02 what it does
Activities
- Hotel ownership and capital investment
- Acquisitions and dispositions
- Asset management of hotels run by managers
03 who it serves
Customers
- Transient, group and contract hotel guests
04 how money comes in
How it earns
- Rooms $3,608M
- Food and beverage $1,803M
- Other $604M
- Condominium sales $99M (2025)
How the business makes money
- Marriott-managed or franchised hotels were about 64% of 2025 hotel revenues; Hyatt about 17%.
- Exited its Asia investment in 2025 through the sale of India joint venture stakes.
- Quarterly dividend of $0.20 announced February 2026; 2025 dividends totaled $0.95 including a $0.15 special.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Host Hotels is a REIT whose demand depends on inbound travel policy.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Inbound travel
Inbound travel is expected to rebound modestly in 2026, helped by the FIFA World Cup.
Supports and constrainsTouches: CustomersSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Rooms
3,608 (59%)Food and beverage
1,803 (29%)Other
604 (10%)Condominium sales
99 (2%)
Source: Form 10-K (FY2025) Revenue by type; Host reports one hotel segment. Total $6,114M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 98% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
6,010 (98%)Canada
76 (1%)Brazil
28 (0%)
Source: Form 10-K (FY2025) Revenues by country.
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Business partnership
Marriott International
Manages or franchises hotels representing about 64% of Host’s 2025 hotel revenues.
Source: Form 10-K (FY2025)
Business partnership
Hyatt
Manages or franchises hotels representing about 17% of hotel revenues.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Hotel guests booked through the managers’ brands and channels.
Named by the company
No customer is named; managers Marriott (about 64% of hotel revenues) and Hyatt (about 17%) are key partners.
Suppliers
Hotel managers and brand owners.
Named by the company
Marriott International and Hyatt manage or franchise most hotels.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Host competes with other owners of upper upscale and luxury hotels, including lodging REITs, and its hotels compete with branded chains and short-term rentals; the 10-K names no specific competitors.
Competitors named in the 10-K
The 10-K names competitor categories only.
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,620 | 2,890 | 4,907 | 5,311 | 5,684 | 6,114 |
| Operating income | -953 | -250 | 775 | 827 | 875 | 855 |
| Pretax income | -961 | -102 | 669 | 788 | 721 | 818 |
| Net income (attributable) | -732 | -11 | 633 | 740 | 697 | 765 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 78.4% | 69.8% | 8.2% | 7.0% | 7.6% |
| Operating margincalcoperating income ÷ revenue × 100 | -58.8% | -8.7% | 15.8% | 15.6% | 15.4% | 14.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -45.2% | -0.4% | 12.9% | 13.9% | 12.3% | 12.5% |
| Balance sheet ($M) | ||||||
| Total assets | 12,890 | 12,352 | 12,269 | 12,243 | 13,048 | 13,049 |
| Total equity | 6,326 | 6,446 | 6,715 | 6,637 | 6,612 | 6,561 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 5,541 | 4,891 | 4,215 | 4,209 | 5,083 | 5,077 |
| Equity ratio | 49.0% | 52.1% | 54.7% | 54.2% | 50.7% | 50.3% |
| ROE | -11.6% | -0.2% | 9.6% | 11.1% | 10.5% | 11.6% |
| Cash flow ($M) | ||||||
| Operating CF | -307 | 292 | 1,416 | 1,441 | 1,498 | 1,510 |
| Investing CF | -195 | -1,158 | -618 | -183 | -2,040 | -507 |
| Financing CF | 1,231 | -657 | -874 | -771 | -13 | -868 |
| Free cash flowcalccash flow from operations − capital expenditures | -650 | -1 | 1,109 | 1,246 | 1,238 | 1,228 |
| Cash and equivalents | 2,335 | 807 | 667 | 1,144 | 554 | 768 |
| Per share & other | ||||||
| EPS ($) | -1.04 | -0.02 | 0.88 | 1.04 | 0.99 | 1.10 |
| BVPS ($) | 8.96 | 9.02 | 9.41 | 9.43 | 9.45 | 9.53 |
| Dividend per share ($) | 0.20 | 0.00 | 0.53 | 0.90 | 0.90 | 0.95 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | 60.2% | 86.5% | 90.9% | 86.4% |
| P/E (x) | — | — | 18.2 | 18.7 | 17.7 | 16.1 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | 32.2 | 10.4 | 11.0 | 10.2 | 10.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.63 | 1.93 | 1.71 | 2.07 | 1.85 | 1.86 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-06-30 | $1.64B+3.4% | $293M+5.8% | $237M+7.2% | $0.35 |
| 2026-03-31 | $1.65B+3.2% | $319M+11.9% | $494M+99.2% | $0.72 |
| 2025-12-31 † | $1.6B+12.3% | $192M+22.3% | $135M+25.0% | — |
| 2025-09-30 | $1.33B+0.9% | $101M-25.2% | $161M+96.3% | $0.23 |
| 2025-06-30 | $1.59B | $277M | $221M | $0.32 |
| 2025-03-31 | $1.59B | $285M | $248M | $0.35 |
| 2024-12-31 † | $1.43B | $157M | $108M | — |
| 2024-09-30 | $1.32B | $135M | $82M | $0.12 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
7.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$855M × (1 − 4%) ÷ $11,667M × 100 = 7.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.75%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $12.19B ÷ ($12.19B + $5.08B) = 70.6%
e.g.Debt weight: $5.08B ÷ ($12.19B + $5.08B) = 29.4%
e.g.WACC: 9.1% × 70.6% + 4.6% × (1 − 4%) × 29.4% = 7.75%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.6%–9.2% and ROIC − WACC runs −2.2 to +0.5 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 7.75% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.76 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.13%
- Cost of debt
- 4.63%
- Tax rate
- 4% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 71% : 29%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.75%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.76 (price-derived adjusted beta. Raw β 0.64, R² 0.14, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.639 + 0.33 = 0.758
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.76 × 5.5% = 9.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.2%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.8% − 5.6%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+30.4%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.23B (operating CF − capex); enterprise value $22.11B = market cap $17.8B (latest close, 2026-11-04) + debt $5.08B − cash and short-term investments $768M; r = WACC of 7.8% using this page’s default assumptions (β 0.76, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$21.93B
FCF $1.23B ÷ (7.8% − 2.2%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.8% | 6.8% | 7.8% | 8.8% | 9.8% |
|---|---|---|---|---|---|
| 0% | 0.96x | 0.82x | 0.71x | 0.63x | 0.57x |
| 2% | 1.46x | 1.16x | 0.96x | 0.82x | 0.71x |
| 4% | 3.09x | 1.98x | 1.46x | 1.16x | 0.96x |
| 6% | — | 6.94x | 3.09x | 1.98x | 1.46x |
| 8% | — | — | — | 6.94x | 3.09x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.08x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -5.7%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 105%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,510M ÷ $765M = 1.97x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$855M ÷ $818M × 100 = 105%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- 1.5%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- 1.5%
- Institutional-ownership rank
- 36 of 416
- Beta (adjusted)
- 0.76
Reported total 103.1%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 8% of covered companies have more
above 1 = swings more than the market
- 706.7M shares reported by 742 13F filers ÷ 685.1M shares outstanding on 2026-08-05. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed None (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-05)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale
Largest publicly traded lodging REIT and the largest lodging REIT in NAREIT’s composite index.
Evidence: Form 10-K (FY2025)
2. Recovered earnings
Net income attributable to Host was $765M in 2025 versus a $732M loss in 2020.
Evidence: Form 10-K (FY2025)
3. Capital recycling
Received $1,073M of asset sale proceeds in H1 2026.
Evidence: Form 10-Q (quarter ended 2026-06-30)
Weaknesses
1. Manager concentration
About 64% of hotel revenues come from Marriott-managed or franchised hotels.
Evidence: Form 10-K (FY2025)
2. Cyclical revenue
Revenue fell to $1,620M in 2020 during the pandemic.
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
5.36%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
86%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
10.1%
(Operating CF − capex) ÷ market cap
1. Premium hotel portfolio
Luxury and upper-upscale hotels in urban and resort markets.
- What has to hold
- Travel demand stays firm.
- The other side
- Cyclical industry.
Evidence: Form 10-K (FY2025)
2. REIT dividends
$0.95 per share in 2025 including a special dividend.
- What has to hold
- Cash flow supports payouts.
- The other side
- Dividends were cut to zero in 2021.
Evidence: Form 10-K (FY2025)
Interest-bearing debt is overridden with total debt from the balance sheets. Hotel staff are employees of the managers, not Host.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$768M vs. —
Interest coverage (operating income ÷ interest expense)
3.6x
$855M vs. $235M
Free cash flow ÷ dividends paid
2.0x
$1.23B vs. $623M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -2.3% in FY2025 ($875M → $855M) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Back to profit after 2020
Net income turned positive in 2022 ($633M) after losses in 2020 and 2021.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Host is not aware of any matters with a reasonably possible unfavorable outcome requiring disclosure; hotel-level claims are generally handled by its managers.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Travel demand
- Company disclosure (summarized from the 10-K)
- Hotel revenues depend on business, group and leisure travel.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Customer/supplier concentration
Reliance on Marriott
- Company disclosure (summarized from the 10-K)
- Adverse developments at Marriott could materially affect Host.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Disaster
Hurricanes and wildfires
- Company disclosure (summarized from the 10-K)
- Hurricanes Ian, Helene and Milton and the 2023 Maui wildfires damaged properties.
- Company’s stated mitigation
- We carry insurance coverage for property, business interruption, terrorism, and other risks with respect to all our hotels and other properties.
- This site’s assessment
- Impact Med / Likelihood High
- 4Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with other hotel owners and REITs and with short-term rentals.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Higher rates raise borrowing costs and can affect hotel values.
- Company’s stated mitigation
- We use derivative financial instruments to manage, or hedge, interest rate risks.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
• the impact of future U.S. governmental action to address budget deficits through reductions in spending and similar austerity measures, as well as the impact of potential U.S. Read more
government shutdowns, such as the shutdown from October 1, 2025 through November 12, 2025, the furlough of federal employees, and potential future disruption resulting from the failure of the U.S. Congress to enact appropriations bills or raise the federal debt ceiling, all of which could reduce the availability of government services and result in the suspension or delay of activities by key agencies that oversee air travel; the occurrence of any of these events may impact government related travel and leisure travel generally due to air traffic delays and the closures of parks or other tourism destinations, resulting in a decrease in demand at our hotels and which could also materially adversely affect U.S.…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 26, 2025 ↗.
26
What to watch going forwardSite analysis
- RevPAR trends at comparable hotels.
- Use of proceeds from 2026 hotel sales.
- Dividend level including specials.
- Storm and insurance claims.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:05 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Host Hotels & Resorts’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.