H World Group - Public Comps and Valuation Multiples

H World Group Overview

About H World Group

H World Group Ltd is a multi-brand hotel group in China with international operations. It operates in the leased, managed, and franchised models. The company has two operating segments: legacy Huazhu and legacy DH. Its brand and product offering includes Economy hotel brands: HanTing Hotel, Ni Hao Hotel, Hi Inn, Elan Hotel, Zleep Hotels, and Ibis Hotel, Midscale hotel brands: JI Hotel, Orange Hotel, Starway Hotel and Ibis Styles Hotel, Upper midscale hotel brands: Crystal Orange Hotel, IntercityHotel, Manxin Hotel, Mercure Hotel, Madison Hotel, Novotel Hotel, CitiGO Hotel and MAXX by Steigenberger, Upscale hotel brands: Joya Hotel, Blossom House, Steigenberger Hotels & Resorts, Jaz in the City, and Grand Mercure; and Luxury hotel brand: Steigenberger Icon and Song Hotels.

Founded

2007

HQ

Employees

28.5K+

Website

hworld.com

Sectors

Accommodation

Financials

LTM Revenue $3.4B

LTM EBITDA $1.0B

EV

$15.0B

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H World Group Financials

As of August 2025, H World Group reported last 12-month revenue of $3.4B and EBITDA of $1.0B.

In the same period, H World Group generated $1.3B in LTM gross profit and $571M in net income.

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H World Group P&L

In the most recent fiscal year, H World Group reported revenue of $3.1B and EBITDA of $828M.

H World Group expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$3.4B	XXX	$3.1B	XXX	XXX	XXX
Gross Profit	$1.3B	XXX	$1.1B	XXX	XXX	XXX
Gross Margin	37%	XXX	36%	XXX	XXX	XXX
EBITDA	$1.0B	XXX	$828M	XXX	XXX	XXX
EBITDA Margin	30%	XXX	27%	XXX	XXX	XXX
EBIT	$801M	XXX	$667M	XXX	XXX	XXX
EBIT Margin	23%	XXX	22%	XXX	XXX	XXX
Net Profit	$571M	XXX	$391M	XXX	XXX	XXX
Net Margin	17%	XXX	13%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for H World Group including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $3.4B. EBITDA for the last twelve months was $1.0B. In the most recent fiscal year, H World Group achieved $3.1B in revenue and $828M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$3.4B	Analyst estimates available to subscribers	$3.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.3B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	36.9% gross margin	Analyst estimates available to subscribers	36.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.0B	Analyst estimates available to subscribers	$828M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	30.2% EBITDA margin	Analyst estimates available to subscribers	27.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$801M	Analyst estimates available to subscribers	$667M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	23.4% EBIT margin	Analyst estimates available to subscribers	21.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$571M	Analyst estimates available to subscribers	$391M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	16.7% net profit margin	Analyst estimates available to subscribers	12.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for H World Group

This financial data table provides comprehensive performance metrics for H World Group, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

H World Group generated $3.4B in revenue over the last twelve months.
The company achieved $1.0B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.3B.
Net income over the last twelve months reached $571M.

Fiscal Year Performance

In the most recent fiscal year, H World Group reported $3.1B in total revenue.
Fiscal year EBITDA was $828M.
The company maintained a gross profit margin of 36.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 27.0%.
Net profit margin reached 12.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for H World Group. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

H World Group Stock Performance

H World Group has current market cap of HKD 88.9B (or $11.4B), and EV of HKD 117B (or $15.0B).

Market Cap Evolution

H World Group Stock Data

As of September 12, 2025, H World Group's stock price is HKD 29 (or $4).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$15.0B	$11.4B	XXX	XXX	XXX	XXX	$0.19

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H World Group Valuation Multiples

H World Group's trades at 4.9x EV/Revenue multiple, and 18.1x EV/EBITDA.

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H World Group Financial Valuation Multiples

As of September 12, 2025, H World Group has market cap of $11.4B and EV of $15.0B.

Equity research analysts estimate H World Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

H World Group has a P/E ratio of 19.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.4B	XXX	$11.4B	XXX	XXX	XXX
EV (current)	$15.0B	XXX	$15.0B	XXX	XXX	XXX
EV/Revenue	4.4x	XXX	4.9x	XXX	XXX	XXX
EV/EBITDA	14.5x	XXX	18.1x	XXX	XXX	XXX
EV/EBIT	18.7x	XXX	22.4x	XXX	XXX	XXX
EV/Gross Profit	11.9x	XXX	n/a	XXX	XXX	XXX
P/E	19.9x	XXX	29.2x	XXX	XXX	XXX
EV/FCF	17.6x	XXX	17.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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H World Group Margins & Growth Rates

H World Group's last 12 month revenue growth is 6%

H World Group's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $15K for the same period.

H World Group's rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

H World Group's rule of X is 45% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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H World Group Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	10%	XXX	XXX	XXX
EBITDA Margin	30%	XXX	27%	XXX	XXX	XXX
EBITDA Growth	10%	XXX	8%	XXX	XXX	XXX
Rule of 40	39%	XXX	33%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	45%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$15K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	5%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	14%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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