Detailed financial statements for Apple Hospitality REIT, Inc. (APLE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Apple Hospitality REIT, Inc. (NYSE: APLE) operates as a publicly traded real estate investment trust, managing one of the largest and most diverse collections of upscale, rooms-focused hotel properties throughout the United States. Its expansive portfolio encompasses 235 hotels, providing more than 30,000 guest rooms, strategically located across 87 markets in 34 states.
Analysis Summary
Apple Hospitality REIT, Inc. reported revenue of $1.41B in the most recent fiscal year, growing at a 5-year CAGR of 18.6%.
Trailing-twelve-month margins: gross margin 32.5%, operating margin 17.6%, net margin 12.2%.
At the current price of $16.51, APLE trades at a P/E of 22.31 and an ROE of 5.56%. Market capitalisation stands at $3.9B.
Balance sheet quality for APLE: current ratio of 0.3, net debt of $1.73B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $282.8M represents 161% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.04B | $1.24B | $1.27B | $1.27B | $601.9M | $933.9M | $1.24B | $1.34B | $1.43B | $1.41B |
| Cost of Revenue | $671.4M | $800.8M | $696.1M | $685.8M | $480.5M | $614.2M | $783.4M | $860.0M | $922.3M | $1.32B |
| Gross Profit | $390.9M | $460.5M | $468.6M | $464.7M | $121.4M | $319.7M | $455.0M | $483.8M | $509.2M | $90.1M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $99.7M | $127.2M | $130.1M | $150.2M | $29.4M | $41.0M | $42.5M | $47.4M | $42.5M | 0 |
| Operating Expenses | $165.2M | $202.8M | $207.8M | $229.4M | $223.4M | $232.7M | $248.6M | $236.3M | $216.5M | -$160.3M |
| Operating Income | $185.3M | $214.4M | $257.9M | $233.8M | -$102.0M | $87.0M | $206.5M | $247.5M | $292.8M | $250.4M |
| EBITDA | $373.9M | $434.2M | $441.3M | $427.0M | $97.7M | $271.5M | $388.2M | $430.7M | $483.4M | $458.4M |
| Interest Expense | $40.0M | $47.3M | $51.2M | $61.2M | $70.8M | $67.7M | $59.7M | $68.9M | $77.7M | $89.5M |
| Pre-tax Income | $145.1M | $183.3M | $206.7M | $172.6M | -$172.9M | $19.3M | $146.7M | $178.6M | $215.0M | $176.3M |
| Income Tax | $431,000 | $847,000 | $587,000 | $679,000 | $332,000 | $468,000 | $1.9M | $1.1M | $947,000 | $959,000 |
| Net Income | $144.7M | $182.5M | $206.1M | $171.9M | -$173.2M | $18.8M | $144.8M | $177.5M | $214.1M | $175.4M |
| EPS | $0.76 | $0.82 | $0.90 | $0.77 | $-0.77 | $0.08 | $0.63 | $0.77 | $0.89 | $0.74 |
| EPS (Diluted) | $0.76 | $0.82 | $0.90 | $0.77 | $-0.77 | $0.08 | $0.63 | $0.77 | $0.89 | $0.74 |
| Shares Outstanding (Diluted) | $190.9M | $223.5M | $229.7M | $223.9M | $223.5M | $226.4M | $228.9M | $229.3M | $241.3M | $237.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $373.9M | $326.4M | $337.7M | $402.6M |
| Gross Profit | $279.9M | $3.3M | $9.3M | $175.0M |
| Operating Income | $72.5M | $44.4M | $48.0M | $88.2M |
| EBITDA | $99.2M | $99.5M | $98.3M | $117.0M |
| Net Income | $50.9M | $29.6M | $27.7M | $67.1M |
| EPS | $0.21 | $0.13 | $0.12 | $0.28 |
| EPS (Diluted) | $0.21 | $0.13 | $0.12 | $0.28 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $29.4M | $29.8M | $33.6M | 0 | $5.6M | $3.3M | $4.1M | $10.3M | $10.3M | $39.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $41.7M | $31.8M | $29.5M | $26.9M | $22.1M | $40.1M | $43.3M | $36.4M | $34.5M | $33.5M |
| Inventory | 0 | $61.5M | $63.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $99.9M | $61.2M | $62.7M | $73.7M | $61.8M | $80.0M | $86.8M | $95.3M | $95.6M | $72.9M |
| Property, Plant & Equipment | $4.82B | $4.79B | $4.82B | 0 | 0 | 0 | 0 | 0 | 0 | $23.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $28.4M | $27.3M | $26.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.98B | $4.90B | $4.93B | $4.94B | $4.83B | $4.79B | $4.77B | $4.94B | $4.97B | $4.90B |
| Accounts Payable | $45.7M | $52.7M | $107.4M | $114.4M | $97.9M | $92.7M | $116.1M | $129.9M | $121.0M | 0 |
| Short-term Debt | $40.3M | $12.0M | $33.8M | $50.9M | $105.8M | $76.0M | 0 | 0 | $82.5M | $273.0M |
| Total Current Liabilities | $394.9M | $216.0M | $107.4M | $165.3M | $203.7M | $168.7M | $116.1M | $129.9M | $203.5M | $273.0M |
| Long-term Debt | $1.30B | $1.22B | $1.38B | $1.27B | $1.38B | $1.36B | $1.37B | $1.37B | $1.39B | $1.28B |
| Total Liabilities | $1.46B | $1.33B | $1.52B | $1.65B | $1.80B | $1.64B | $1.59B | $1.61B | $1.70B | $1.75B |
| Retained Earnings | -$940.7M | -$1.03B | -$1.10B | -$1.20B | -$1.42B | -$1.41B | -$1.44B | -$1.49B | -$1.52B | -$1.57B |
| Total Equity | $3.52B | $3.57B | $3.41B | $3.29B | $3.03B | $3.15B | $3.18B | $3.32B | $3.27B | $3.15B |
| Total Debt | $1.34B | $1.22B | $1.41B | $1.54B | $1.70B | $1.55B | $1.48B | $1.48B | $1.58B | $1.77B |
| Net Debt | $1.31B | $1.19B | $1.38B | $1.54B | $1.70B | $1.55B | $1.47B | $1.47B | $1.57B | $1.73B |
| Working Capital | -$295.0M | -$154.7M | -$44.7M | -$91.6M | -$141.8M | -$88.7M | -$29.2M | -$34.6M | -$107.9M | -$200.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $144.7M | $182.5M | $206.1M | $171.9M | -$173.2M | $18.8M | $144.8M | $177.5M | $214.1M | $175.4M |
| Depreciation & Amortization | $148.2M | $176.5M | $183.5M | $193.2M | $199.8M | $184.5M | $181.7M | $183.2M | $190.6M | $192.6M |
| Stock-based Compensation | $3.5M | $6.2M | $3.6M | 0 | $7.8M | 0 | $3.5M | 0 | 0 | 0 |
| Change in Working Capital | $26.8M | -$10.9M | $4.3M | $10.6M | -$3.0M | -$3.2M | $8.9M | $24.0M | $9.0M | $2.6M |
| Operating Cash Flow | $332.0M | $384.7M | $404.8M | $381.7M | $26.7M | $217.6M | $368.4M | $399.0M | $405.4M | $370.2M |
| Capital Expenditure | -$65.1M | -$63.3M | -$74.3M | -$74.9M | -$48.6M | -$18.3M | -$59.4M | -$72.1M | -$80.3M | -$87.4M |
| Acquisitions | -$93.6M | -$164.3M | -$151.3M | -$1.2M | $476,000 | -$893,000 | 0 | -$1.2M | -$349,000 | -$3.4M |
| Stock Repurchased | -$9.3M | -$692,000 | -$105.8M | -$4.3M | -$14.7M | -$3.3M | -$2.9M | -$6.9M | -$35.1M | -$62.8M |
| Dividends Paid | -$229.1M | -$267.9M | -$275.9M | -$268.7M | -$67.4M | -$6.8M | -$139.5M | -$238.3M | -$243.7M | -$240.4M |
| Free Cash Flow | $266.9M | $321.4M | $330.5M | $306.8M | -$21.8M | $199.2M | $309.1M | $327.0M | $325.0M | $282.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +19.0% | +2.6% | -0.3% | -52.5% | +55.2% | +32.6% | +8.5% | +6.5% | -1.3% | |
| Net Income Growth (YoY) | +26.2% | +12.9% | -16.6% | -200.8% | +110.9% | +669.1% | +22.6% | +20.6% | -18.1% | |
| EPS Growth (YoY) | +7.9% | +9.8% | -14.4% | -200.0% | +110.8% | +657.2% | +22.2% | +15.6% | -16.9% | |
| Shares Change (YoY) | +17.1% | +2.7% | -2.5% | -0.2% | +1.3% | +1.1% | +0.2% | +5.2% | -1.4% | |
| FCF Growth (YoY) | +20.4% | +2.8% | -7.2% | -107.1% | +1,012.7% | +55.1% | +5.8% | -0.6% | -13.0% | |
| Gross Margin | 37.6% | 37.2% | 36.9% | 36.7% | 20.2% | 34.2% | 36.7% | 36.0% | 35.6% | 6.4% |
| Operating Margin | 17.8% | 17.3% | 20.3% | 18.5% | -17.0% | 9.3% | 16.7% | 18.4% | 20.5% | 17.7% |
| EBITDA Margin | 35.9% | 35.1% | 34.7% | 33.7% | 16.2% | 29.1% | 31.3% | 32.1% | 33.8% | 32.5% |
| Net Margin | 13.9% | 14.7% | 16.2% | 13.6% | -28.8% | 2.0% | 11.7% | 13.2% | 15.0% | 12.4% |
| FCF Margin | 25.6% | 26.0% | 26.0% | 24.2% | -3.6% | 21.3% | 25.0% | 24.3% | 22.7% | 20.0% |
| Effective Tax Rate | 0.3% | 0.5% | 0.3% | 0.4% | -0.2% | 2.4% | 1.3% | 0.6% | 0.4% | 0.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.40 | $1.44 | $1.44 | $1.37 | $-0.10 | $0.88 | $1.35 | $1.43 | $1.35 | $1.19 |
| Dividends Per Share | $1.20 | $1.20 | $1.20 | $1.20 | $0.30 | $0.03 | $0.61 | $1.04 | $1.01 | $1.01 |
| Shares Outstanding (Basic) | $190.9M | $223.5M | $229.7M | $223.9M | $223.5M | $226.4M | $228.9M | $229.3M | $241.3M | $237.8M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 5.56% |
| Return on Invested Capital | 1,689.35% |
| Return on Assets | 3.60% |
| Gross Margin | 32.45% |
| Operating Margin | 17.57% |
| Net Margin | 12.17% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 0.09 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 26.29 | 23.91 | 15.84 | 21.10 | -16.77 | 194.11 | 25.05 | 21.57 | 17.25 | 16.01 |
| P/B | 1.08 | 1.23 | 0.96 | 1.11 | 0.95 | 1.16 | 1.14 | 1.15 | 1.13 | 0.89 |
| P/S | 3.66 | 3.54 | 2.58 | 2.87 | 4.79 | 3.91 | 2.92 | 2.83 | 2.59 | 2.00 |
| Gross Margin | 37.6% | 37.2% | 36.9% | 36.7% | 20.2% | 34.2% | 36.7% | 36.0% | 35.6% | 6.4% |
| Operating Margin | 17.8% | 17.3% | 20.3% | 18.5% | -17.0% | 9.3% | 16.7% | 18.4% | 20.5% | 17.7% |
| Net Margin | 13.9% | 14.7% | 16.2% | 13.6% | -28.8% | 2.0% | 11.7% | 13.2% | 15.0% | 12.4% |
Related companies: CLDT · EPR · HST · LTC · PK · RHP · SHO
Explore sector: Real Estate · REIT - Hotel & Motel
More sections of APLE: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Investment Academy — learn to analyze stocks