Detailed financial statements for Wyndham Hotels & Resorts, Inc. (WH): 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.
Wyndham Hotels & Resorts, Inc. functions internationally as a prominent hotel franchisor. Its business activities are primarily structured around two segments: Hotel Franchising and Hotel Management. Through Hotel Franchising, the company grants licenses for its diverse lodging brands and extends a range of associated services to independent hotel proprietors and other entities.
Analysis Summary
Wyndham Hotels & Resorts, Inc. reported revenue of $1.43B in the most recent fiscal year, growing at a 5-year CAGR of 1.9%.
Trailing-twelve-month margins: gross margin 64.2%, operating margin 31.0%, net margin 14.7%. Free cash flow grew at 56.7% CAGR over 5 years.
At the current price of $71.22, WH trades at a P/E of 25.80 and an ROE of 42.06%. Market capitalisation stands at $5.3B.
Balance sheet quality for WH: current ratio of 0.7, net debt of $2.99B. 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 $321.0M represents 166% 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 | $1.27B | $1.35B | $1.87B | $2.05B | $1.30B | $1.56B | $1.50B | $1.40B | $1.41B | $1.43B |
| Cost of Revenue | $647.0M | $670.0M | $1.07B | $1.19B | $769.0M | $770.0M | $668.0M | $582.0M | 0 | $588.0M |
| Gross Profit | $622.0M | $677.0M | $796.0M | $867.0M | $531.0M | $795.0M | $830.0M | $815.0M | $1.41B | $841.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $459.0M | $461.0M | $605.0M | $693.0M | $535.0M | $563.0M | $647.0M | $699.0M | $694.0M | $687.0M |
| Operating Expenses | $324.0M | $368.0M | $400.0M | $560.0M | $577.0M | $349.0M | $272.0M | $312.0M | $913.0M | $435.0M |
| Operating Income | $295.0M | $261.0M | $336.0M | $307.0M | -$46.0M | $446.0M | $558.0M | $503.0M | $495.0M | $406.0M |
| EBITDA | $371.0M | $324.0M | $495.0M | $420.0M | $54.0M | $524.0M | $638.0M | $582.0M | $568.0M | $466.0M |
| Interest Expense | $1.0M | $6.0M | $60.0M | $104.0M | $114.0M | $94.0M | $85.0M | $108.0M | $129.0M | $139.0M |
| Pre-tax Income | $294.0M | $255.0M | $223.0M | $207.0M | -$158.0M | $335.0M | $476.0M | $398.0M | $368.0M | $265.0M |
| Income Tax | $118.0M | $12.0M | $61.0M | $50.0M | -$26.0M | $91.0M | $121.0M | $109.0M | $79.0M | $72.0M |
| Net Income | $176.0M | $243.0M | $162.0M | $157.0M | -$132.0M | $244.0M | $355.0M | $289.0M | $289.0M | $193.0M |
| EPS | $1.76 | $2.31 | $1.63 | $1.63 | $-1.41 | $2.61 | $3.93 | $3.42 | $3.64 | $2.49 |
| EPS (Diluted) | $1.76 | $2.31 | $1.62 | $1.63 | $-1.41 | $2.60 | $3.91 | $3.40 | $3.61 | $2.47 |
| Shares Outstanding (Diluted) | $99.9M | $99.8M | $99.8M | $96.6M | $93.4M | $93.9M | $90.8M | $84.9M | $80.1M | $75.7M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.0M | $57.0M | $366.0M | $94.0M | $493.0M | $171.0M | $161.0M | $66.0M | $103.0M | $64.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $184.0M | $194.0M | $293.0M | $304.0M | $295.0M | $246.0M | $234.0M | $241.0M | $271.0M | $291.0M |
| Inventory | $24.0M | $29.0M | $40.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $255.0M | $330.0M | $851.0M | $499.0M | $900.0M | $720.0M | $545.0M | $373.0M | $467.0M | $355.0M |
| Property, Plant & Equipment | $277.0M | $250.0M | $326.0M | $307.0M | $278.0M | $106.0M | $99.0M | $88.0M | $94.0M | $104.0M |
| Goodwill | $377.0M | $423.0M | $1.55B | $1.54B | $1.52B | $1.52B | $1.52B | $1.52B | $1.52B | $1.52B |
| Intangible Assets | $882.0M | $943.0M | $1.99B | $1.95B | $1.72B | $1.68B | $1.61B | $1.58B | $318.0M | $282.0M |
| Total Assets | $1.98B | $2.12B | $4.98B | $4.53B | $4.64B | $4.27B | $4.12B | $4.03B | $4.22B | $4.18B |
| Accounts Payable | $27.0M | $38.0M | $61.0M | $30.0M | $28.0M | $31.0M | $39.0M | $32.0M | $37.0M | $38.0M |
| Short-term Debt | $103.0M | $103.0M | $21.0M | $21.0M | $21.0M | $21.0M | $20.0M | $37.0M | $43.0M | $497.0M |
| Total Current Liabilities | $372.0M | $406.0M | $693.0M | $462.0M | $346.0M | $397.0M | $406.0M | $459.0M | $466.0M | $497.0M |
| Long-term Debt | $71.0M | $81.0M | $2.12B | $2.10B | $2.58B | $2.06B | $2.06B | $2.16B | $2.42B | $2.56B |
| Total Liabilities | $872.0M | $822.0M | $3.56B | $3.32B | $3.68B | $3.18B | $3.16B | $3.29B | $3.57B | $3.71B |
| Retained Earnings | $1.11B | $1.26B | $69.0M | $113.0M | -$82.0M | $79.0M | $318.0M | $488.0M | $654.0M | $471.0M |
| Total Equity | $1.11B | $1.30B | $1.42B | $1.21B | $963.0M | $1.09B | $962.0M | $746.0M | $650.0M | $468.0M |
| Total Debt | $174.0M | $184.0M | $2.14B | $2.13B | $2.60B | $2.09B | $2.08B | $2.21B | $2.47B | $3.06B |
| Net Debt | $146.0M | $127.0M | $1.77B | $2.03B | $2.11B | $1.92B | $1.92B | $2.14B | $2.36B | $2.99B |
| Working Capital | -$117.0M | -$76.0M | $158.0M | $37.0M | $554.0M | $323.0M | $139.0M | -$86.0M | $1.0M | -$142.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $176.0M | $243.0M | $162.0M | $157.0M | -$132.0M | $244.0M | $355.0M | $289.0M | $289.0M | $193.0M |
| Depreciation & Amortization | $73.0M | $75.0M | $99.0M | $109.0M | $98.0M | $95.0M | $77.0M | $76.0M | $71.0M | $62.0M |
| Stock-based Compensation | 0 | $41.0M | 0 | $20.0M | $21.0M | $28.0M | $33.0M | $39.0M | $45.0M | $43.0M |
| Change in Working Capital | -$13.0M | $6.0M | $7.0M | -$7.0M | -$138.0M | $26.0M | $52.0M | -$17.0M | -$52.0M | $62.0M |
| Operating Cash Flow | $264.0M | $279.0M | $231.0M | $100.0M | $67.0M | $426.0M | $399.0M | $376.0M | $290.0M | $367.0M |
| Capital Expenditure | -$42.0M | -$46.0M | -$73.0M | -$50.0M | -$33.0M | -$37.0M | -$39.0M | -$37.0M | -$49.0M | -$46.0M |
| Acquisitions | -$70.0M | 0 | -$1.70B | 0 | 0 | 0 | -$44.0M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$117.0M | -$242.0M | -$50.0M | -$107.0M | -$448.0M | -$393.0M | -$310.0M | -$289.0M |
| Dividends Paid | 0 | 0 | 0 | -$112.0M | -$53.0M | -$82.0M | -$116.0M | -$118.0M | -$122.0M | -$127.0M |
| Free Cash Flow | $222.0M | $233.0M | $158.0M | $50.0M | $34.0M | $389.0M | $360.0M | $339.0M | $241.0M | $321.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.1% | +38.7% | +9.9% | -36.7% | +20.4% | -4.3% | -6.7% | +0.8% | +1.5% | |
| Net Income Growth (YoY) | +38.1% | -33.3% | -3.1% | -184.1% | +284.8% | +45.5% | -18.6% | +0.0% | -33.2% | |
| EPS Growth (YoY) | +31.2% | -29.4% | +0.0% | -186.5% | +285.1% | +50.6% | -13.0% | +6.4% | -31.6% | |
| Shares Change (YoY) | -0.1% | +0.0% | -3.2% | -3.3% | +0.5% | -3.3% | -6.5% | -5.7% | -5.5% | |
| FCF Growth (YoY) | +5.0% | -32.2% | -68.4% | -32.0% | +1,044.1% | -7.5% | -5.8% | -28.9% | +33.2% | |
| Gross Margin | 49.0% | 50.3% | 42.6% | 42.2% | 40.8% | 50.8% | 55.4% | 58.3% | 100.0% | 58.9% |
| Operating Margin | 23.2% | 19.4% | 18.0% | 15.0% | -3.5% | 28.5% | 37.2% | 36.0% | 35.2% | 28.4% |
| EBITDA Margin | 29.2% | 24.1% | 26.5% | 20.5% | 4.2% | 33.5% | 42.6% | 41.7% | 40.3% | 32.6% |
| Net Margin | 13.9% | 18.0% | 8.7% | 7.6% | -10.2% | 15.6% | 23.7% | 20.7% | 20.5% | 13.5% |
| FCF Margin | 17.5% | 17.3% | 8.5% | 2.4% | 2.6% | 24.9% | 24.0% | 24.3% | 17.1% | 22.5% |
| Effective Tax Rate | 40.1% | 4.7% | 27.4% | 24.2% | 16.5% | 27.2% | 25.4% | 27.4% | 21.5% | 27.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.22 | $2.34 | $1.58 | $0.52 | $0.36 | $4.14 | $3.96 | $3.99 | $3.01 | $4.24 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $1.16 | $0.57 | $0.87 | $1.28 | $1.39 | $1.52 | $1.68 |
| Shares Outstanding (Basic) | $99.5M | $99.8M | $99.5M | $96.5M | $93.4M | $93.4M | $90.3M | $84.4M | $79.5M | $75.7M |
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 | 42.06% |
| Return on Invested Capital | 7.29% |
| Return on Assets | 4.80% |
| Gross Margin | 64.17% |
| Operating Margin | 30.96% |
| Net Margin | 14.67% |
Financial Health
| Debt / Equity | 5.57 |
| Current Ratio | 0.99 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.70 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 36.93 | 28.14 | 27.83 | 38.53 | -42.16 | 34.35 | 18.15 | 23.51 | 27.69 | 30.35 |
| P/B | 5.82 | 4.99 | 3.18 | 5.00 | 5.77 | 7.69 | 6.69 | 9.10 | 12.33 | 12.22 |
| P/S | 5.10 | 4.82 | 2.42 | 2.95 | 4.27 | 5.35 | 4.30 | 4.86 | 5.69 | 4.00 |
| Gross Margin | 49.0% | 50.3% | 42.6% | 42.2% | 40.8% | 50.8% | 55.4% | 58.3% | 100.0% | 58.9% |
| Operating Margin | 23.2% | 19.4% | 18.0% | 15.0% | -3.5% | 28.5% | 37.2% | 36.0% | 35.2% | 28.4% |
| Net Margin | 13.9% | 18.0% | 8.7% | 7.6% | -10.2% | 15.6% | 23.7% | 20.7% | 20.5% | 13.5% |
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