Detailed financial statements for H World Group Limited (HTHT): 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.
H World Group Limited, through its various subsidiaries, is actively engaged in the development and management of hotels primarily within the People's Republic of China. Its extensive operations cover a range of models, including leased, owned, manachised, and franchised properties.
Analysis Summary
H World Group Limited reported revenue of 24.62B CNY in the most recent fiscal year, growing at a 5-year CAGR of 19.3%.
Trailing-twelve-month margins: gross margin 42.1%, operating margin 28.0%, net margin 18.9%.
At $45.10 (closing price, October 28, 2026), HTHT trades at a P/E of 18.61 and an ROE of 40.36%. Market capitalisation stands at $13.9B, placing it among large-cap names.
Balance sheet quality for HTHT: current ratio of 0.9, net debt of 20.66B CNY. 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 7.34B CNY represents 148% 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 | 6.57B CNY | 8.23B CNY | 10.06B CNY | 11.21B CNY | 10.20B CNY | 12.79B CNY | 13.86B CNY | 21.88B CNY | 23.89B CNY | 24.62B CNY |
| Cost of Revenue | 4.93B CNY | 5.67B CNY | 6.48B CNY | 7.19B CNY | 9.73B CNY | 11.29B CNY | 12.26B CNY | 14.34B CNY | 14.03B CNY | 14.92B CNY |
| Gross Profit | 1.64B CNY | 2.55B CNY | 3.59B CNY | 4.02B CNY | 467.0M CNY | 1.50B CNY | 1.60B CNY | 7.54B CNY | 9.86B CNY | 9.70B CNY |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 770.0M CNY | 1.17B CNY | 1.44B CNY | 1.49B CNY | 2.12B CNY | 2.19B CNY | 2.29B CNY | 3.19B CNY | 3.68B CNY | 3.53B CNY |
| Operating Expenses | 798.0M CNY | 1.13B CNY | 1.24B CNY | 1.91B CNY | 2.15B CNY | 1.34B CNY | 1.90B CNY | 2.83B CNY | 4.66B CNY | 3.44B CNY |
| Operating Income | 841.0M CNY | 1.43B CNY | 2.34B CNY | 2.11B CNY | -1.69B CNY | 164.0M CNY | -294.0M CNY | 4.71B CNY | 5.20B CNY | 6.26B CNY |
| EBITDA | 1.75B CNY | 2.47B CNY | 2.53B CNY | 3.87B CNY | -384.0M CNY | 1.50B CNY | 259.0M CNY | 7.15B CNY | 6.46B CNY | 8.66B CNY |
| Interest Expense | 11.0M CNY | 87.0M CNY | 244.0M CNY | 315.0M CNY | 533.0M CNY | 405.0M CNY | 409.0M CNY | 385.0M CNY | 318.0M CNY | 327.8M CNY |
| Pre-tax Income | 1.05B CNY | 1.58B CNY | 1.39B CNY | 2.40B CNY | -2.42B CNY | -468.0M CNY | -1.64B CNY | 5.33B CNY | 4.76B CNY | 7.08B CNY |
| Income Tax | 279.0M CNY | 357.0M CNY | 569.0M CNY | 640.0M CNY | -335.3M CNY | 12.0M CNY | 207.0M CNY | 1.20B CNY | 1.66B CNY | 2.10B CNY |
| Net Income | 782.0M CNY | 1.23B CNY | 716.0M CNY | 1.77B CNY | -2.07B CNY | -465.0M CNY | -1.81B CNY | 4.08B CNY | 3.05B CNY | 4.94B CNY |
| EPS | $2.80 | $4.40 | $2.40 | $6.20 | $-7.50 | $-1.50 | $-5.80 | $12.80 | $9.80 | $16.10 |
| EPS (Diluted) | $2.80 | $4.20 | $2.40 | $5.80 | $-7.50 | $-1.50 | $-5.90 | $12.50 | $9.60 | $15.20 |
| Shares Outstanding (Diluted) | 282.9 M | 293.1 M | 303.6 M | 304.3 M | 292.7 M | 311.4 M | 311.1 M | 335.1 M | 327.8 M | 324.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 6.96B CNY | 6.43B CNY | 5.96B CNY | 7.12B CNY |
| Gross Profit | 2.90B CNY | 2.57B CNY | 2.31B CNY | 3.05B CNY |
| Operating Income | 2.05B CNY | 1.66B CNY | 1.49B CNY | 2.22B CNY |
| EBITDA | 2.52B CNY | 2.10B CNY | 1.66B CNY | 2.62B CNY |
| Net Income | 1.47B CNY | 1.16B CNY | 812.1M CNY | 1.58B CNY |
| EPS | $4.80 | $3.80 | $2.60 | $5.00 |
| EPS (Diluted) | $4.60 | $3.60 | $2.50 | $4.90 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.24B CNY | 3.47B CNY | 4.26B CNY | 3.23B CNY | 7.03B CNY | 5.12B CNY | 3.58B CNY | 6.95B CNY | 7.47B CNY | 10.54B CNY |
| Short-term Investments | 0 | 129.9M CNY | 89.0M CNY | 2.91B CNY | 3.90B CNY | 2.59B CNY | 1.79B CNY | 2.19B CNY | 3.60B CNY | 4.90B CNY |
| Receivables | 262.5M CNY | 197.0M CNY | 231.0M CNY | 235.0M CNY | 409.0M CNY | 521.0M CNY | 1.11B CNY | 755.0M CNY | 1.23B CNY | 1.08B CNY |
| Inventory | 21.6M CNY | 24.0M CNY | 41.0M CNY | 57.0M CNY | 89.0M CNY | 88.0M CNY | 70.0M CNY | 59.0M CNY | 60.0M CNY | 57.0M CNY |
| Total Current Assets | 4.17B CNY | 5.76B CNY | 6.97B CNY | 18.26B CNY | 12.88B CNY | 9.55B CNY | 9.18B CNY | 12.06B CNY | 13.21B CNY | 17.45B CNY |
| Property, Plant & Equipment | 3.71B CNY | 4.52B CNY | 5.24B CNY | 26.73B CNY | 37.70B CNY | 39.23B CNY | 37.80B CNY | 33.93B CNY | 32.95B CNY | 32.63B CNY |
| Goodwill | 171.5M CNY | 2.26B CNY | 2.63B CNY | 2.66B CNY | 4.99B CNY | 5.13B CNY | 5.20B CNY | 5.32B CNY | 5.22B CNY | 5.43B CNY |
| Intangible Assets | 488.2M CNY | 1.78B CNY | 1.83B CNY | 1.88B CNY | 6.16B CNY | 5.59B CNY | 5.48B CNY | 5.46B CNY | 4.95B CNY | 5.03B CNY |
| Total Assets | 9.99B CNY | 17.43B CNY | 23.99B CNY | 52.98B CNY | 65.80B CNY | 63.27B CNY | 61.51B CNY | 63.53B CNY | 62.55B CNY | 64.82B CNY |
| Accounts Payable | 584.7M CNY | 766.0M CNY | 890.0M CNY | 1.18B CNY | 1.24B CNY | 968.0M CNY | 1.17B CNY | 1.02B CNY | 983.0M CNY | 1.02B CNY |
| Short-term Debt | 298.3M CNY | 130.8M CNY | 948.0M CNY | 8.50B CNY | 1.14B CNY | 6.23B CNY | 3.29B CNY | 4.05B CNY | 880.0M CNY | 8.88B CNY |
| Total Current Liabilities | 2.97B CNY | 3.77B CNY | 5.97B CNY | 17.29B CNY | 10.53B CNY | 15.28B CNY | 13.15B CNY | 17.41B CNY | 13.32B CNY | 19.14B CNY |
| Long-term Debt | 0 | 4.92B CNY | 8.81B CNY | 8.08B CNY | 10.72B CNY | 3.38B CNY | 6.63B CNY | 1.26B CNY | 4.55B CNY | 479.3M CNY |
| Total Liabilities | 4.58B CNY | 10.95B CNY | 17.67B CNY | 45.48B CNY | 54.37B CNY | 52.23B CNY | 52.70B CNY | 51.28B CNY | 50.28B CNY | 51.85B CNY |
| Retained Earnings | 1.81B CNY | 2.51B CNY | 2.61B CNY | 3.70B CNY | 1.50B CNY | 1.04B CNY | -1.20B CNY | 794.0M CNY | 2.45B CNY | 3.62B CNY |
| Total Equity | 5.40B CNY | 6.20B CNY | 6.17B CNY | 7.38B CNY | 11.33B CNY | 10.94B CNY | 8.73B CNY | 12.13B CNY | 12.18B CNY | 12.81B CNY |
| Total Debt | 298.3M CNY | 5.05B CNY | 9.76B CNY | 38.16B CNY | 44.98B CNY | 44.16B CNY | 43.89B CNY | 35.88B CNY | 35.45B CNY | 36.09B CNY |
| Net Debt | -2.94B CNY | 1.45B CNY | 5.41B CNY | 32.02B CNY | 34.05B CNY | 36.46B CNY | 38.52B CNY | 26.75B CNY | 24.37B CNY | 20.66B CNY |
| Working Capital | 1.21B CNY | 1.99B CNY | 1.00B CNY | 969.0M CNY | 2.35B CNY | -5.73B CNY | -3.97B CNY | -5.36B CNY | -106.0M CNY | -1.69B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 7.10B CNY | 10.54B CNY | 12.45B CNY | 14.40B CNY |
| Total Assets | 63.55B CNY | 64.82B CNY | 63.92B CNY | 63.64B CNY |
| Total Liabilities | 51.53B CNY | 51.85B CNY | 52.86B CNY | 49.40B CNY |
| Total Equity | 11.88B CNY | 12.81B CNY | 10.91B CNY | 14.08B CNY |
| Total Debt | 37.16B CNY | 36.09B CNY | 35.63B CNY | 34.25B CNY |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 796.5M CNY | 1.24B CNY | 727.0M CNY | 1.76B CNY | -2.20B CNY | -480.0M CNY | -1.85B CNY | 4.13B CNY | 3.10B CNY | 4.94B CNY |
| Depreciation & Amortization | 695.0M CNY | 789.0M CNY | 891.0M CNY | 991.0M CNY | 1.36B CNY | 1.50B CNY | 1.46B CNY | 1.41B CNY | 1.33B CNY | 1.26B CNY |
| Stock-based Compensation | 55.4M CNY | 66.4M CNY | 83.0M CNY | 110.0M CNY | 122.0M CNY | 109.0M CNY | 87.0M CNY | 143.0M CNY | 0 | 0 |
| Change in Working Capital | 341.5M CNY | 188.5M CNY | 60.0M CNY | 482.0M CNY | 339.0M CNY | -92.0M CNY | 166.0M CNY | -678.0M CNY | -574.0M CNY | 2.02B CNY |
| Operating Cash Flow | 2.05B CNY | 2.45B CNY | 3.05B CNY | 3.29B CNY | 609.0M CNY | 1.34B CNY | 1.56B CNY | 7.67B CNY | 7.62B CNY | 8.15B CNY |
| Capital Expenditure | -516.7M CNY | -827.4M CNY | -1.20B CNY | -1.53B CNY | -1.78B CNY | -1.68B CNY | -1.05B CNY | -901.0M CNY | -895.5M CNY | -815.2M CNY |
| Acquisitions | 110.8M CNY | -3.73B CNY | -488.0M CNY | -244.0M CNY | -5.06B CNY | -742.0M CNY | -57.0M CNY | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -334.0M CNY | -848.0M CNY | -1.17B CNY | -761.7M CNY |
| Dividends Paid | -276.3M CNY | -306.3M CNY | -5.0M CNY | -658.0M CNY | -678.0M CNY | 0 | -416.0M CNY | 0 | -3.53B CNY | -3.80B CNY |
| Free Cash Flow | 1.53B CNY | 1.63B CNY | 1.85B CNY | 1.76B CNY | -1.17B CNY | -333.0M CNY | 511.0M CNY | 6.77B CNY | 6.73B CNY | 7.34B CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.70B CNY | 3.35B CNY | 231.6M CNY | 3.37B CNY |
| Capital Expenditure | -204.0M CNY | -200.4M CNY | -180.9M CNY | -166.9M CNY |
| Free Cash Flow | 1.49B CNY | 3.15B CNY | 50.7M CNY | 3.21B CNY |
| Dividends Paid | -1.77B CNY | -8.5M CNY | 0 | -2.81B CNY |
| Stock-based Compensation | 92.0M CNY | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +25.2% | +22.3% | +11.4% | -9.1% | +25.4% | +8.4% | +57.9% | +9.2% | +3.0% | |
| Net Income Growth (YoY) | +57.0% | -41.7% | +147.1% | -217.1% | +77.6% | -289.9% | +325.3% | -25.4% | +62.1% | |
| EPS Growth (YoY) | +57.1% | -45.5% | +158.3% | -221.0% | +80.0% | -286.7% | +320.7% | -23.4% | +64.3% | |
| Shares Change (YoY) | +3.6% | +3.6% | +0.2% | -3.8% | +6.4% | -0.1% | +7.7% | -2.2% | -0.9% | |
| FCF Growth (YoY) | +6.2% | +14.1% | -5.2% | -166.4% | +71.5% | +253.5% | +1,225.4% | -0.6% | +9.0% | |
| Gross Margin | 24.9% | 31.0% | 35.6% | 35.9% | 4.6% | 11.7% | 11.6% | 34.5% | 41.3% | 39.4% |
| Operating Margin | 12.8% | 17.3% | 23.3% | 18.8% | -16.5% | 1.3% | -2.1% | 21.5% | 21.8% | 25.4% |
| EBITDA Margin | 26.7% | 30.1% | 25.1% | 34.5% | -3.8% | 11.7% | 1.9% | 32.7% | 27.0% | 35.2% |
| Net Margin | 11.9% | 14.9% | 7.1% | 15.8% | -20.3% | -3.6% | -13.1% | 18.7% | 12.8% | 20.1% |
| FCF Margin | 23.3% | 19.7% | 18.4% | 15.7% | -11.4% | -2.6% | 3.7% | 31.0% | 28.2% | 29.8% |
| Effective Tax Rate | 26.5% | 22.5% | 40.8% | 26.7% | 13.9% | -2.6% | -12.6% | 22.6% | 34.9% | 29.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.41 | $5.55 | $6.11 | $5.78 | $-3.99 | $-1.07 | $1.64 | $20.21 | $20.53 | $22.59 |
| Dividends Per Share | $0.98 | $1.05 | $0.02 | $2.16 | $2.32 | $0.00 | $1.34 | $0.00 | $10.77 | $11.70 |
| Shares Outstanding (Basic) | 275.1 M | 279.3 M | 303.6 M | 297.6 M | 292.3 M | 310.0 M | 311.1 M | 325.6 M | 311.5 M | 307.1 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 40.36% |
| Return on Invested Capital | 9.41% |
| Return on Assets | 7.88% |
| Gross Margin | 42.13% |
| Operating Margin | 27.96% |
| Net Margin | 18.93% |
Financial Health
| Debt / Equity | 2.43 |
| Current Ratio | 1.21 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.91 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 32.14 | 58.73 | 82.02 | 44.99 | -39.18 | -158.12 | -50.44 | 18.54 | 24.60 | 20.43 |
| P/B | 4.58 | 11.64 | 9.68 | 11.25 | 7.58 | 6.72 | 10.43 | 6.37 | 6.17 | 7.89 |
| P/S | 3.77 | 8.77 | 5.94 | 7.40 | 8.42 | 5.75 | 6.57 | 3.53 | 3.14 | 4.10 |
| Gross Margin | 24.9% | 31.0% | 35.6% | 35.9% | 4.6% | 11.7% | 11.6% | 34.5% | 41.3% | 39.4% |
| Operating Margin | 12.8% | 17.3% | 23.3% | 18.8% | -16.5% | 1.3% | -2.1% | 21.5% | 21.8% | 25.4% |
| Net Margin | 11.9% | 14.9% | 7.1% | 15.8% | -20.3% | -3.6% | -13.1% | 18.7% | 12.8% | 20.1% |
Related companies: MAR · ATAT · HLT · IHG · H · WH · CHH
Explore sector: Consumer Cyclical · Travel Lodging
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