Host Hotels & Resorts, Inc. (HST) 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

+62.8%

$41.74

vs $25.64 price

Levered DCF

$35.71

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.36

Grey zone

Rating

Overall 4 / 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	16.12×	17.7×	18.72×	18.03×	-1,121.94×	-13.93×	14.72×	11.34×
P/B	1.87×	1.86×	2.08×	1.71×	1.92×	1.63×	1.85×	1.65×
P/S	2.01×	2.16×	2.6×	2.34×	4.27×	6.37×	2.48×	2.23×
EV / EBITDA	9.28×	10.24×	10.43×	10.47×	19.98×	-102.49×	8.8×	6.04×
Gross margin	2.6%	53.4%	53.7%	55.2%	51.7%	30.1%	52.5%	52.0%
Operating margin	13.6%	15.4%	15.6%	15.8%	-8.7%	-58.8%	14.6%	9.6%
Net margin	12.5%	12.3%	13.9%	12.9%	-0.4%	-45.2%	16.8%	19.7%
Current ratio	21.93×	0.65×	1.07×	0.96×	1.66×	1.55×	1.45×	6.13×
Debt / equity	0.86×	0.85×	0.72×	0.71×	0.85×	0.97×	0.6×	0.51×
Interest coverage	3.54×	4.07×	4.42×	4.97×	-1.31×	-6.03×	3.6×	3.01×
Dividend yield	5.1%	6.0%	4.0%	1.3%	0.0%	3.1%	4.6%	5.1%
Payout ratio	81.4%	105.7%	73.9%	23.7%	0.0%	-43.7%	67.7%	57.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.7%	10.5%	11.2%	9.4%	-0.2%	-11.6%	12.6%	14.5%
Return on invested capital	6.0%	6.8%	6.7%	6.3%	-0.2%	-5.8%	6.4%	4.0%
Return on assets	5.9%	5.3%	6.0%	5.2%	-0.1%	-5.7%	7.5%	9.0%
Free cash flow yield	7.0%	7.7%	5.8%	8.0%	-1.1%	-7.8%	5.1%	6.7%
Earnings yield	6.2%	5.7%	5.4%	5.5%	-0.1%	-7.1%	6.8%	8.8%
Enterprise value	$17.2B	$17.4B	$17.4B	$15.6B	$17B	$14.1B	$16.4B	$14.6B
Net debt / EBITDA	2.64×	3×	2.17×	2.76×	5.46×	-27.65×	1.52×	0.95×
Cash conversion cycle (days)	9	-41	-47	-24	-8	-18	-33	-6