Hilton Worldwide Holdings Inc. (HLT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-68.2%

$115.49

vs $363.62 price

Levered DCF

$188.31

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.25

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	46.48×	39.86×	41.86×	27.71×	106.12×	-42.79×	36.13×	28.38×
P/B	-12.58×	-16.41×	-20.22×	-31.53×	-53.01×	-20.68×	-66.04×	39.35×
P/S	5.63×	5.47×	4.66×	3.96×	7.52×	7.16×	3.37×	2.43×
EV / EBITDA	27.87×	28.77×	24.76×	18.71×	45.3×	-239.2×	20.19×	16.1×
Gross margin	41.1%	27.4%	28.6%	30.8%	28.6%	13.5%	25.8%	25.3%
Operating margin	22.4%	21.2%	21.7%	23.9%	17.4%	-9.7%	17.5%	16.1%
Net margin	12.1%	13.7%	11.1%	14.3%	7.1%	-16.6%	9.3%	8.6%
Current ratio	0.66×	0.7×	0.7×	0.85×	0.95×	1.73×	0.73×	0.76×
Debt / equity	-2.43×	-3.22×	-4.29×	-8.79×	-11.91×	-7.8×	-19.01×	13.22×
Interest coverage	4.34×	4.17×	4.8×	5.05×	2.54×	-0.97×	4×	3.86×
Dividend yield	0.2%	0.2%	0.3%	0.4%	0.0%	0.1%	0.5%	0.8%
Payout ratio	9.8%	9.8%	13.8%	9.8%	0.0%	-5.9%	19.5%	23.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-27.0%	-41.2%	-48.3%	-113.9%	-49.9%	48.0%	-182.8%	138.7%
Return on invested capital	15.4%	16.4%	12.8%	12.4%	5.8%	-2.2%	9.6%	9.0%
Return on assets	8.7%	9.3%	7.4%	8.1%	2.7%	-4.3%	5.9%	5.5%
Free cash flow yield	2.9%	3.0%	3.6%	4.5%	0.1%	2.0%	3.7%	5.1%
Earnings yield	2.1%	2.5%	2.4%	3.6%	0.9%	-2.3%	2.8%	3.5%
Enterprise value	$80B	$71.9B	$57B	$43.2B	$51.9B	$39.2B	$40.5B	$28.6B
Net debt / EBITDA	4.24×	4.28×	4.05×	3.67×	7.29×	-51.28×	4.3×	3.88×
Cash conversion cycle (days)	32	33	30	33	43	43	33	32