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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MAR | $104.1B | 42.0× | 24.2× | 4.0× | 4.3% | — | 9.9% | -69.0% | -69.4% | -0.1× | 553 |
| HLT | $79.4B | 58.3× | 31.7× | 6.6× | 7.7% | — | 12.1% | -27.0% | 20.9% | 4.0× | 346 |
| LVS | $23.9B | 15.7× | — | 1.8× | 15.2% | — | 12.5% | 102% | 9.4% | — | 149 |
| H | $17.0B | — | 67.2× | 2.4× | 6.8% | — | -0.7% | -1.6% | -0.7% | 11.4× | 99 |
| HTHT | $15.0B | 207.3× | 12.4× | — | — | — | — | 39.7% | 27.3% | -0.6× | 39 |
| WYNN | $7.7B | 23.8× | 9.9× | 1.1× | 0.1% | — | 4.6% | -119% | 3.2% | 5.4× | 101 |
| MGM | $7.6B | 39.4× | — | 0.4× | 1.7% | — | 1.2% | 8.5% | 2.4% | — | 155 |
| CZR | $5.9B | — | 5.1× | 0.5× | 2.1% | — | -4.4% | -14.3% | -3.3% | 3.3× | 76 |
| WH | $5.6B | 30.1× | 18.5× | 3.9× | 1.5% | — | 13.5% | 41.2% | 6.4% | 5.7× | 96 |
| BYD | $5.1B | 3.2× | 6.5× | 1.3× | 4.1% | — | 45.0% | 70.7% | 39.6% | 1.6× | 73 |
| CHH | $5.0B | 14.1× | 13.5× | 3.1× | 0.8% | — | 23.2% | 204% | 17.7% | 3.7× | 61 |
| ATAT | $4.5B | 59.1× | 12.0× | 3.2× | 41.0% | — | 16.6% | 45.1% | 42.2% | -1.3× | 16 |
| TNL | $4.3B | 20.8× | 14.3× | 1.1× | 4.1% | 93.2% | 5.7% | -23.4% | 5.0% | 7.9× | 102 |
| RRR | $2.9B | 15.8× | 7.8× | 1.4× | 3.7% | — | 9.3% | 90.3% | 5.2% | 4.1× | 39 |
| SHO | $2.4B | 319.8× | — | 2.5× | 6.0% | — | 2.6% | 1.3% | 0.9% | — | 57 |
| MCRI | $1.9B | 20.4× | 10.7× | 3.6× | 4.4% | 23.4% | 18.6% | 18.9% | 18.9% | 0.0× | 44 |
| XHR | $1.9B | 31.9× | 13.3× | 1.8× | 3.8% | 30.6% | 5.8% | 5.6% | 2.5% | 5.4× | 49 |
| MLCO | $1.5B | 25.6× | 6.7× | 0.3× | 11.3% | — | 3.6% | -14.8% | 3.4% | 5.3× | 19 |
Peers = companies sharing HTHT's sector (Hotels & Motels) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $47.67 today, the market must believe free cash flow compounds -3.0%/yr for a decade (off $980.7M on the 3-yr avg basis).
On the basis ($939.3M) the requirement is -2.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -3.0% is more conservative than its 8-yr track record.
Default is 7.0% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.32B shares (market data) · net debt -$654.0M
mean 165.5% · volatility σ 498% · implied rate exceeded in 3/6 yrs
Central path = implied -3.0%/yr growth; shaded band = ±1σ (498%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 52% of free cash flow, leaving room to grow it and fund buybacks. Last year: $559.0M dividends + $112.0M buybacks = $671.0M returned on $1.08B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 27%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $750.0M 100.0% | $23.89B 100.0% | $21.88B 100.0% | $13.86B 100.0% | $12.79B 100.0% | $10.20B 100.0% | $11.21B 100.0% | $10.06B 100.0% | $8.23B 100.0% | $6.57B 100.0% |
| Selling, General & Admin | $321.0M 42.8% | $2.51B 10.5% | $2.09B 9.5% | $1.68B 12.1% | $1.54B 12.1% | $1.26B 12.3% | $1.06B 9.5% | $851.0M 8.5% | $691.0M 8.4% | $492.0M 7.5% |
| Total Operating Expenses | $2.71B 361.6% | $19.05B 79.7% | $17.57B 80.3% | $14.71B 106.1% | $13.61B 106.4% | $11.93B 117.0% | $9.24B 82.4% | $7.95B 79.0% | $6.87B 83.5% | $5.71B 86.9% |
| Operating Income | $975.0M 130.0% | $5.20B 21.8% | $4.71B 21.5% | -$294.0M -2.1% | $164.0M 1.3% | -$1.69B -16.5% | $2.11B 18.8% | $2.34B 23.3% | $1.43B 17.3% | $841.0M 12.8% |
| Interest Expense | $48.0M 6.4% | $318.0M 1.3% | $54.0M 0.2% | $409.0M 3.0% | $405.0M 3.2% | $533.0M 5.2% | $315.0M 2.8% | $244.0M 2.4% | $87.0M 1.1% | $11.0M 0.2% |
| Interest & Investment Income | — | — | — | — | — | — | — | $21.0M 0.2% | $113.0M 1.4% | $67.0M 1.0% |
| Other Income (Expense), net | $5.0M 0.7% | $51.0M 0.2% | $573.0M 2.6% | $10.0M 0.1% | $157.0M 1.2% | -$89.0M -0.9% | $331.0M 3.0% | $203.0M 2.0% | $128.0M 1.6% | $134.0M 2.0% |
| Pretax Income | $1.04B 139.2% | $4.80B 20.1% | $5.35B 24.4% | -$1.61B -11.6% | -$64.0M -0.5% | -$2.28B -22.4% | $2.56B 22.9% | $1.39B 13.8% | $1.60B 19.4% | $1.05B 15.9% |
| Income Tax Expense | $309.0M 41.2% | $1.66B 7.0% | $1.20B 5.5% | $207.0M 1.5% | $12.0M 0.1% | -$215.0M -2.1% | $640.0M 5.7% | $569.0M 5.7% | $357.0M 4.3% | $279.0M 4.2% |
| Net Income | $726.0M 96.8% | $3.05B 12.8% | $4.08B 18.7% | -$1.82B -13.1% | -$465.0M -3.6% | -$2.19B -21.5% | $1.77B 15.8% | $716.0M 7.1% | $1.23B 14.9% | $782.0M 11.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.24 | $0.98 | $1.28 | -$0.59 | -$0.15 | -$0.75 | $0.62 | $2.54 | $4.40 | $2.84 |
| EPS (Diluted) | $0.23 | $0.96 | $1.25 | -$0.59 | -$0.15 | -$0.75 | $0.59 | $2.49 | $4.21 | $2.76 |
| Weighted Avg Shares (Basic) | 3.07B | 3.12B | 3.18B | 3.11B | 3.11B | 2.93B | 2.84B | 281.7M | 279.3M | 275.1M |
| Weighted Avg Shares (Diluted) | 3.25B | 3.28B | 3.35B | 3.11B | 3.11B | 2.93B | 3.04B | 303.6M | 293.1M | 282.9M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.49B is below the $5.34B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~5.8% on $831.0M of debt.
Cash of $1.49B is below short-term debt of $5.34B — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-28 | 3 co-filers Chief Executive Officer | Tax withholding | 26,890 | $43.29 | $1.2m |
| 2026-09-26 | 3 co-filers Chief Executive Officer | Option exercise | 107,660 | — | — |
| 2026-09-26 | 3 co-filers Chief Executive Officer | Option exercise | 107,660 | $0.00 | — |
| 2026-09-02 | Wu John Jiong Director | Other | 9,784,090 | $4.64 | $45.4m |
| 2026-08-15 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
EOD close · as of 2026-10-30
Earns 2.58pts above its cost of capital, without much margin of safety.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 13.3% | 12.3% |
| FY2017 | not reported | 17.6% | 15.1% |
| FY2018 | not reported | 23.3% | 7.1% |
| FY2019 | not reported | 18.9% | 15.8% |
| FY2020 | not reported | -16.4% | -21.5% |
| FY2021 | not reported | 1.3% | -3.6% |
| FY2022 | not reported | -2.1% | -13.1% |
The spread was positive in only 3 of the last 5 years.
| Option exercise |
| 164,050 |
| — |
| — |
| 2026-08-15 | 2 co-filers Group filing | Option exercise | 65,620 | — | — |
| 2026-08-15 | 2 co-filers Group filing | Option exercise | 65,620 | — | — |
| 2026-08-15 | 2 co-filers Group filing | Option exercise | 65,620 | $0.00 | — |
| 2026-08-15 | 2 co-filers Group filing | Option exercise | 65,620 | $0.00 | — |
| 2026-08-15 | 2 co-filers Group filing | Option exercise | 164,050 | $0.00 | — |
| 2026-07-20 | 2 co-filers Group filing | Option exercise | 31,640 | — | — |
| 2026-07-20 | 2 co-filers Group filing | Option exercise | 31,640 | $0.00 | — |
| 2026-06-30 | 6 co-filers Group filing | Tax withholding | 11,320 | $43.27 | $490k |
| 2026-06-30 | 6 co-filers Group filing | Tax withholding | 6,260 | $43.27 | $271k |
| 2026-06-28 | 6 co-filers Group filing | Option exercise | 30,010 | — | — |
| 2026-06-28 | 6 co-filers Group filing | Option exercise | 30,750 | — | — |
| 2026-06-28 | 6 co-filers Group filing | Option exercise | 30,010 | $0.00 | — |
| 2026-06-28 | 6 co-filers Group filing | Option exercise | 30,750 | $0.00 | — |
| 2026-06-02 | 6 co-filers Chief Executive Officer | Tax withholding | 390,180 | $44.37 | $17.3m |
| 2026-06-02 | 6 co-filers Chief Executive Officer | Tax withholding | 570,200 | $44.37 | $25.3m |
| 2026-05-31 | 2 co-filers Group filing | Option exercise | 1,005,670 | — | — |
| 2026-05-31 | 6 co-filers Chief Executive Officer | Option exercise | 950,030 | — | — |
| 2026-05-31 | 2 co-filers Group filing | Option exercise | 1,005,670 | $0.00 | — |
| 2026-05-31 | 6 co-filers Chief Executive Officer | Option exercise | 1,564,130 | — | — |
| 2026-05-31 | 6 co-filers Chief Executive Officer | Option exercise | 950,030 | $0.00 | — |
| 2026-05-31 | 6 co-filers Chief Executive Officer | Option exercise | 1,564,130 | $0.00 | — |
| 2026-05-15 | 3 co-filers Group filing | Option exercise | 307,850 | — | — |
| 2026-05-15 | 3 co-filers Group filing | Option exercise | 307,850 | $0.00 | — |
| 2026-05-14 | 3 co-filers Group filing | Grant | 63,000 | $0.00 | — |
| 2026-03-31 | 2 co-filers Group filing | Grant | 157,740 | $0.00 | — |
| 2026-03-31 | 2 co-filers Group filing | Grant | 8,000 | $0.00 | — |
| 2026-03-27 | 3 co-filers Chief Executive Officer | Tax withholding | 31,200 | $50.36 | $1.6m |
| 2026-03-26 | 3 co-filers Chief Executive Officer | Option exercise | 147,850 | — | — |
| 2026-03-26 | 3 co-filers Chief Executive Officer | Option exercise | 147,850 | $0.00 | — |
| 2026-03-20 | Hee Theng Fong Director | Open-market sale | 31,640 | $50.96 | $1.6m |
Where each multiple sits in its own 14-yr range · 90th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 40% against ROIC 27% — 12% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 41.5% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 8.5 | 9.5 | 12.3 | 12.1 | 12.1 | 9.5 | 10.5 | 42.8 |
| Operating Income | 23.3 | 18.8 | -16.5 | 1.3 | -2.1 | 21.5 | 21.8 | 130.0 |
| Income Tax | 5.7 | 5.7 | -2.1 | 0.1 | 1.5 | 5.5 | 7.0 | 41.2 |
| Net Income | 7.1 | 15.8 | -21.5 | -3.6 | -13.1 | 18.7 | 12.8 | 96.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on HTHT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Leverage and buybacks account for 12 points of the 40% return on equity in FY2025. The business earns 27% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$776M of goodwill — 11% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.5% | 7.0% (today's — no rate published for this year) | -3.4pts |
| FY2020 | -2.4% | 7.0% (today's — no rate published for this year) | -9.4pts |
| FY2021 | 0.2% | 6.0% | -5.8pts |
| FY2022 | -0.4% | 8.4% | -8.8pts |
| FY2023 | 8.1% | 6.6% | 1.5pts |
| FY2024 | 9.2% | 7.9% | 1.3pts |
| FY2025 | 12.6% | 6.3% | 6.3pts |
| Now | 27.3% | 7.0% | 20.3pts |
Converts 1.58x of reported profit into free cash flow over 4 years, with accruals negative.
| Step | Amount | Running total |
|---|---|---|
| Net income | $726M | $726M |
| Share-based comp | $60M | $786M |
| Other non-cash & working capital | $412M | $1.20B |
| Operating cash flow | $1.20B | $1.20B |
| Capex | −$119M | $1.08B |
| Free cash flow | $1.08B | $1.08B |
| FCF after SBC | $1.02B | $1.02B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -3.0% | 100.0% | 103.0 points |
| FY2021 | 28.3% | 32.3% | 3.9 points |
| FY2022 | 0.2% | 96.3% | 96.1 points |
| FY2023 | not reported | -34.2% | not reported |
| FY2024 | not reported | 5.7% | not reported |
| FY2025 | not reported | -7.1% | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 7 days | not reported | not reported | not reported |
| FY2020 | 14.5 days | not reported | not reported | not reported |
| FY2021 | 14.9 days | not reported | not reported | not reported |
| FY2022 | 29.2 days | not reported | not reported | not reported |
| FY2023 | not reported | not reported | not reported | not reported |
| FY2024 | not reported | not reported | not reported | not reported |
| FY2025 | not reported | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.9 percent |
| FY2020 | -4.3 percent |
| FY2021 | -2.9 percent |
| FY2022 | -5.5 percent |
| FY2023 | -5.6 percent |
| FY2024 | -7.1 percent |
| FY2025 | -5.1 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Below the line for 4 consecutive years to the latest.
Capex has been below depreciation for 4 consecutive years (0.76x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.
Covers interest 14.2x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 20.31x |
| 5% | 19.30x |
| 10% | 18.28x |
| 15% | 17.27x |
| 20% | 16.25x |
| 25% | 15.23x |
| 30% | 14.22x |
| 35% | 13.20x |
| 40% | 12.19x |
| 45% | 11.17x |
| 50% | 10.16x |
| 55% | 9.14x |
| 60% | 8.12x |
Ladder as of 2025-12-31 (20-F); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 3.2x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $47.67, free cash flow must compound 0.23%/yr for 10 years. It has done 27.26%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −168.5% | 0.2% |
| FY2023 | 1172.0% | 0.2% |
| FY2024 | −4.7% | 0.2% |
| FY2025 | 18.7% | 0.2% |
The implied rate has been matched or beaten in 2 of the last 4 years.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.