Hyatt Hotels Corp (H)

Price$165.85Cached quoteAs of 2026-09-05 00:17 UTC

AI: Overvalued

Price checkThe observed valuation assumes several years of strong cash growth, leaving little room for disappointment.

At the observed price, Hyatt’s two share classes are worth about $16.7 billion. Against management’s 2026 adjusted free cash flow midpoint of about $605 million—cash left after operating and investing, with specified transaction adjustments—that is roughly 28 times cash flow. Adding about $3.7 billion of net debt puts enterprise value, equity plus net debt, near 17 times management’s adjusted operating-profit midpoint. Applying Hyatt’s 14%-18% annual cash-growth target to the $474 million 2025 base gives roughly $702-$779 million in 2028, still about 21-24 times that cash flow. investors.hyatt.com+3MarketWatch+3SEC+3

Big pictureHyatt is growing, but reported cash generation has been much less steady than revenue.

The supplied history shows revenue near $6.7 billion in both 2023 and 2024, then $7.1 billion in 2025. Yet operating cash flow fell from $800 million to $633 million to $379 million; after capital spending, simple free cash flow fell from about $602 million to $463 million to $159 million. The first half of 2026 produced only about $105 million on that basis. The 2020 travel shock also produced a $703 million loss and negative $611 million of operating cash, showing real cyclicality. Management’s expected 2026 rebound is not yet fully proven. investors.hyatt.com

Business strengthMore hotels can lift fees without heavy ownership spending, but debt reduces the safety cushion.

Hyatt increasingly earns fees from hotels it does not own, an asset-light model that can grow with less property spending. Second-quarter system-wide hotel revenue per available room rose 5.9%, gross fees rose 7.8% to $324 million, and the signed pipeline reached about 154,000 rooms, up 10%. The balance sheet is less comforting: supplied June figures show $4.28 billion of debt, $537 million of cash, and about $3.74 billion of net debt. Current liabilities exceed current assets, while goodwill slightly exceeds stockholders’ equity, although reported liquidity was $2.1 billion including borrowing capacity. investors.hyatt.com+1

What could change the storyFaster fee growth and careful share repurchases could justify more, while regional weakness could expose the premium.

The bull case needs management’s 2028 plan to work: adjusted free cash flow is targeted to grow 14%-18% annually and the comparable operating-profit measure 11%-16%. Share repurchases have reduced basic weighted shares about 1.5% year over year, but capital allocation has been aggressive: 2024 buybacks were $1.19 billion while simple free cash flow was about $463 million and debt rose $726 million. The bear case strengthens if room growth slips below roughly 6% or the Middle East and Mexico fee shortfalls persist. investors.hyatt.com+2SEC+2

AI: News

Room-growth outlook cutHyatt cut its room-growth outlook despite stronger hotel pricing, and the shares fell sharply.

On July 30, Hyatt lowered full-year net room growth to about 6% from 6%-7%, even as it raised its system-wide hotel revenue-per-room growth outlook to 3.5%-4.5%. Reuters reported the shares fell about 9% after the release and linked the move to disappointment over room growth. Management estimated Middle East disruption could reduce annual fees by about $10 million and slower Mexico recovery by about $15 million. Those pressures matter because new rooms expand Hyatt’s future fee base. Reuters+2investors.hyatt.com+2

Investor Day growth targetsManagement set ambitious three-year cash growth targets and expanded its share-repurchase capacity by one billion dollars.

At its May 28 Investor Day, Hyatt laid out illustrative annual growth through 2028 of 11%-16% for its adjusted operating-profit measure and 14%-18% for adjusted free cash flow. It also added $1 billion to the share-repurchase authorization, taking remaining capacity to about $1.5 billion. These targets support the premium valuation only if fee growth and cash conversion stay strong. The authorization is optional rather than a promise to spend, so it should not be treated as guaranteed per-share value creation. investors.hyatt.com+1

Playa real estate saleHyatt completed a large resort-property sale, keeping management contracts while reducing ownership exposure.

On December 30, 2025, Hyatt completed the approximately $2 billion sale of the resort real estate acquired with Playa, after an earlier $22 million property sale. Hyatt kept 50-year management agreements for 13 of 14 properties, retained $200 million of preferred equity, and can earn up to another $143 million if operating thresholds are met. The deal matters because it shifted Hyatt back toward fee income and away from property ownership, helping unwind the temporary acquisition-related debt spike. investors.hyatt.com

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$7.10B	$6.65B	$6.67B	$5.89B	$3.03B	$2.07B	$5.02B	$4.45B	$4.46B	$4.26B	$4.33B	$4.42B	$4.18B	$3.95B	$3.70B	$3.53B	$3.33B
Operating expenses	$922.0M	$880.0M	$958.0M	$861.0M	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	$479.0M	$417.0M	$348.0M	$427.0M	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	6.75%	6.27%	5.22%	7.25%	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA	$757.0M	$2.11B	$894.0M	$974.0M	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA margin	10.66%	31.77%	13.41%	16.53%	—	—	—	—	—	—	—	—	—	—	—	—	—
Net income	−$52.0M	$1.30B	$220.0M	$455.0M	−$222.0M	−$703.0M	$766.0M	$769.0M	$389.0M	$206.0M	$124.0M	$344.0M	$207.0M	$88.0M	$113.0M	$66.0M	−$43.0M
Net profit margin	−0.73%	19.49%	3.30%	7.72%	−7.33%	−34.03%	15.26%	17.27%	8.72%	4.83%	2.87%	7.79%	4.95%	2.23%	3.06%	1.87%	−1.29%
Basic EPSper basic share	-$0.55	$12.99	$2.10	$4.17	-$2.13	-$6.93	$7.33	$6.79	$3.12	$1.55	$0.87	$2.25	$1.30	$0.53	$0.67	$0.38	-$0.28
Diluted EPSper diluted share	-$0.55	$12.65	$2.05	$4.09	-$2.13	-$6.93	$7.21	$6.68	$3.08	$1.53	$0.86	$2.23	$1.30	$0.53	$0.67	$0.38	-$0.28

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

17.53%of listed shares

BAMCO INC /NY/7.28M shares · Jun 30, 2026

View holders

Top 20 reported holders of H
Holder	% owned
BAMCO INC /NY/	17.53%7.28M shares
PRINCIPAL FINANCIAL GROUP INC	10.67%4.43M shares
BlackRock, Inc.	10.30%4.28M shares
WELLINGTON MANAGEMENT GROUP LLP	6.81%2.83M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	6.60%2.74M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.30%1.78M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.18%1.74M shares
MORGAN STANLEY	3.79%1.57M shares
STATE STREET CORP	3.44%1.43M shares
ALLIANCEBERNSTEIN L.P.	3.22%1.34M shares
Veritas Asset Management LLP	3.19%1.33M shares
GEODE CAPITAL MANAGEMENT, LLC	1.99%826K shares
Pritzker Thomas	≈1.81%749.83K shares
GOLDMAN SACHS GROUP INC	1.74%723.65K shares
MARSHALL WACE, LLP	1.64%679.76K shares
UBS Group AG	1.59%660.16K shares
BANK OF AMERICA CORP /DE/	1.34%555.54K shares
AMERIPRISE FINANCIAL INC	1.15%476.24K shares
Legal & General Group Plc	1.13%468.45K shares
PRICE T ROWE ASSOCIATES INC /MD/	1.12%464.5K shares

Percentages use 41.53M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)127$538.96M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4	HOPLAMAZIAN MARK SAMUELSee Remarks	SellClass A Common Stock	4.1K	$198.65	$816.5K	356.1K
Jun 22, 2026Form 4	HOPLAMAZIAN MARK SAMUELSee Remarks	SellClass A Common Stock	33.4K	$197.82	$6.60M	360.2K
Jun 22, 2026Form 4	HOPLAMAZIAN MARK SAMUELSee Remarks	SellClass A Common Stock	30.5K	$196.80	$6.00M	393.6K
Jun 22, 2026Form 4	HOPLAMAZIAN MARK SAMUELSee Remarks	SellClass A Common Stock	16.9K	$195.96	$3.30M	424.0K
Jun 18, 2026Form 4	HOPLAMAZIAN MARK SAMUELSee Remarks	SellClass A Common Stock	408	$205.23	$83.7K	440.9K

Review ownership filings at SEC.gov ↗

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Hyatt Hotels Corp (H)

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