Hilton Worldwide Holdings Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Hilton stockholders	1,141)	1,255)	410)	(715)	881)
Net (income) loss attributable to noncontrolling interests	10)	2)	(3)	(5)	5)
Net noncash charges	751)	439)	(141)	1,320)	483)
Changes in operating assets and liabilities	44)	(15)	(157)	108)	15)
Net cash provided by operating activities	1,946)	1,681)	109)	708)	1,384)
Capital expenditures for property and equipment	(151)	(39)	(35)	(46)	(81)
Capitalized software costs	(96)	(63)	(44)	(46)	(124)
Borrowings	609)	23)	1,510)	4,590)	2,200)
Repayment of debt	(183)	(48)	(3,230)	(2,121)	(1,547)
Debt issuance costs and redemption premium	(20)	—)	(76)	(71)	(29)
Free cash flow to equity (FCFE)	2,105)	1,554)	(1,766)	3,014)	1,803)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Hilton Worldwide Holdings Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Hilton Worldwide Holdings Inc. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Hilton Worldwide Holdings Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	246,427,097
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	2,105)
FCFE per share	8.54
Current share price (P)	203.52
Valuation Ratio
P/FCFE	23.83
Benchmarks
P/FCFE, Competitors¹
Airbnb Inc.	23.56
Booking Holdings Inc.	19.72
Chipotle Mexican Grill Inc.	0.06
McDonald’s Corp.	20.58
Starbucks Corp.	26.99
P/FCFE, Sector
Consumer Services	20.76
P/FCFE, Industry
Consumer Discretionary	37.10

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Hilton Worldwide Holdings Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	252,160,518	266,450,664	279,139,082	277,607,799	277,447,716
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	2,105)	1,554)	(1,766)	3,014)	1,803)
FCFE per share³	8.35	5.83	-6.33	10.86	6.50
Share price^1, 4	196.03	150.80	156.34	111.43	112.94
Valuation Ratio
P/FCFE⁵	23.48	25.86	—	10.26	17.38
Benchmarks
P/FCFE, Competitors⁶
Airbnb Inc.	25.72	24.76	54.32	99.90	—
Booking Holdings Inc.	15.89	11.52	69.03	37.59	15.41
Chipotle Mexican Grill Inc.	58.77	52.59	51.88	149.64	59.04
McDonald’s Corp.	20.85	28.85	30.21	22.96	17.47
Starbucks Corp.	29.75	34.82	45.80	20.79	20.35
P/FCFE, Sector
Consumer Services	22.99	23.78	42.78	32.80	18.62
P/FCFE, Industry
Consumer Discretionary	30.84	36.19	82.92	32.04	28.99

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,105,000,000 ÷ 252,160,518 = 8.35

⁴ Closing price as at the filing date of Hilton Worldwide Holdings Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 196.03 ÷ 8.35 = 23.48

⁶ Click competitor name to see calculations.

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Hilton Worldwide Holdings Inc. (NYSE:HLT)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical