Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Hilton Worldwide Holdings Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits significant volatility over the periods analyzed. In early 2020, the ratio stood at a moderate 26.9 but spiked to extremely high values by mid to late 2020 and early 2021, reaching upwards of 449.68 and 1052.14, respectively. This sharp increase suggests periods of diminished earnings or possibly negative earnings that temporarily inflated the P/E ratio. Following this peak, the ratio steadily declined from 106.44 in mid-2021 to a range between approximately 29.24 and 32.73 throughout late 2021 to early 2023. A moderate uptick is observed in early 2024, with values rising to the low 40s, indicating renewed market valuation changes or earnings fluctuations.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the volatility seen in the P/E ratio but generally displays a downward trend following high volatility phases. Initially, the ratio fluctuated considerably in 2020, reaching a high of 206.62 in late 2020. This was followed by another peak of 614.48 in early 2021, possibly reflecting operating profit instability or recovery periods. From mid-2021 onward, the P/OP ratio consistently declined to about 16.6–19.2 through 2021 to late 2023, suggesting improving operating profit relative to price. There is a slight increase to around 22 in early to mid-2024, indicating some fluctuations in operating profitability relative to the stock price.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio shows a clear declining trend after an initial rise. It increased from 2.17 in early 2020 to a peak of 10.47 in March 2021, reflecting higher market valuation relative to sales or possibly improving sales expectations. Post the peak, the ratio steadily decreased to below 4 by late 2023. The slight rise observed in early 2024 to around 4.8 suggests modest increases in price relative to sales, but overall, the trend points toward stabilization at a lower multiple compared to the peak periods.
- Price to Book Value (P/BV) Ratio
- No data is provided for the Price to Book Value ratio throughout the periods, and thus, no analysis can be performed for this metric.
Price to Earnings (P/E)
Hilton Worldwide Holdings Inc., historical P/E calculation (quarterly data)
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 246,427,097 | 250,046,052 | 252,160,518 | 256,440,305 | 261,513,566 | 264,626,535 | 266,450,664 | 270,456,017 | 274,287,391 | 278,331,690 | 279,139,082 | 278,721,682 | 278,686,003 | 278,533,722 | 277,607,799 | 277,446,309 | 277,309,352 | 277,261,486 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to Hilton stockholders (in millions) | 421) | 265) | 147) | 377) | 411) | 206) | 328) | 347) | 368) | 212) | 147) | 241) | 130) | (108) | (224) | (79) | (430) | 18) | ||||||
| Earnings per share (EPS)2 | 4.91 | 4.80 | 4.52 | 5.16 | 4.94 | 4.72 | 4.71 | 3.97 | 3.53 | 2.62 | 1.47 | 0.14 | -1.01 | -3.02 | -2.58 | -1.14 | 0.18 | 2.67 | ||||||
| Share price1, 3 | 203.52 | 204.70 | 196.03 | 150.75 | 150.26 | 141.34 | 150.80 | 129.99 | 129.25 | 148.96 | 156.34 | 147.22 | 134.50 | 122.62 | 111.43 | 93.09 | 82.70 | 71.90 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 41.45 | 42.65 | 43.32 | 29.24 | 30.41 | 29.95 | 32.02 | 32.73 | 36.62 | 56.79 | 106.44 | 1,052.14 | — | — | — | — | 449.68 | 26.90 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Airbnb Inc. | 17.28 | 20.59 | 20.59 | 14.19 | 39.65 | 40.05 | 44.53 | 36.29 | 59.77 | 96.17 | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 24.42 | 24.55 | 31.09 | 18.68 | 22.74 | 23.90 | 29.87 | 28.26 | 50.57 | 164.32 | 86.68 | 261.79 | 206.85 | 136.53 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 49.35 | 65.94 | 58.48 | 44.26 | 47.35 | 54.42 | 49.37 | 50.59 | 55.45 | 61.35 | 67.03 | 69.94 | 87.74 | 102.77 | — | — | — | — | ||||||
| DoorDash, Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 23.42 | 22.51 | 25.23 | 23.23 | 26.39 | 31.34 | 31.22 | 34.24 | 31.53 | 25.65 | 24.15 | 25.57 | 25.43 | 33.98 | — | — | — | — | ||||||
| Starbucks Corp. | 24.11 | 24.81 | 29.09 | 30.66 | 36.91 | 37.77 | 34.26 | 23.05 | 19.34 | 25.86 | 30.95 | 52.55 | 137.44 | 185.40 | 118.26 | 65.20 | 27.12 | 27.92 | ||||||
Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
EPS
= (Net income (loss) attributable to Hilton stockholdersQ2 2024
+ Net income (loss) attributable to Hilton stockholdersQ1 2024
+ Net income (loss) attributable to Hilton stockholdersQ4 2023
+ Net income (loss) attributable to Hilton stockholdersQ3 2023)
÷ No. shares of common stock outstanding
= (421,000,000 + 265,000,000 + 147,000,000 + 377,000,000)
÷ 246,427,097 = 4.91
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/E ratio = Share price ÷ EPS
= 203.52 ÷ 4.91 = 41.45
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed a consistent upward trend from early 2020 through the end of 2021, rising from $71.9 to $156.34. This growth indicates strong market confidence during this period. However, in 2022, the share price experienced a decline, dropping from $148.96 in March to $129.25 in June, stabilizing somewhat mid-year, and recovering to $150.8 by December. In 2023, the price fluctuated but notably increased sharply in the fourth quarter to $196.03, continuing to remain elevated through the first half of 2024 around $204.70 and $203.52. Overall, this indicates renewed investor optimism and possibly improved financial performance or market conditions.
- Earnings Per Share (EPS) Patterns
- EPS experienced significant volatility in 2020, starting at $2.67 in March but falling sharply to negative values by the end of the year, reaching as low as -$3.02 in March 2021. This suggests the company faced considerable earnings challenges, potentially due to external factors impacting profitability. From mid-2021 onwards, the EPS showed a recovery trend, turning positive and increasing steadily over time, reaching a peak of $5.16 in September 2023, before slightly declining to around $4.80-$4.91 by mid-2024. The recovery in EPS aligns with the later strong share price performance, indicating improving profitability.
- Price-to-Earnings (P/E) Ratio Insights
- The P/E ratio data is somewhat sporadic but reveals key trends. The ratio was extremely high in March and June 2020 (up to 449.68), reflecting very low or negative earnings while the share price remained relatively stable or was increasing. Such elevated ratios suggest that investors were pricing in future growth despite current earnings declines. The P/E remained elevated through parts of 2021, peaking again at 1052.14, likely due to ongoing earnings instability. From 2022 onward, the P/E ratio normalized to more typical levels between approximately 29 and 43, coinciding with stable positive earnings and a recovering share price. The slightly increasing P/E in early 2024 suggests that share prices may be growing faster than earnings at that time.
- Overall Financial Performance Summary
- The financial indicators collectively reveal an initial period of significant earnings decline and market uncertainty through 2020 and early 2021, followed by a phase of recovery and renewed investor confidence from mid-2021 onward. EPS improvement drove normalization in the P/E ratio and supported rising share prices, especially in late 2023 and early 2024. Nonetheless, some fluctuations in share price and P/E ratios indicate intermittent market or operational factors affecting valuation. The trends suggest that while the company successfully overcame a period of earnings stress, cautious optimism characterizes investor sentiment going forward.
Price to Operating Profit (P/OP)
Hilton Worldwide Holdings Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 246,427,097 | 250,046,052 | 252,160,518 | 256,440,305 | 261,513,566 | 264,626,535 | 266,450,664 | 270,456,017 | 274,287,391 | 278,331,690 | 279,139,082 | 278,721,682 | 278,686,003 | 278,533,722 | 277,607,799 | 277,446,309 | 277,309,352 | 277,261,486 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (loss) (in millions) | 725) | 533) | 400) | 653) | 674) | 498) | 504) | 623) | 598) | 369) | 333) | 432) | 224) | 21) | (195) | 11) | (302) | 68) | ||||||
| Operating profit per share2 | 9.38 | 9.04 | 8.82 | 9.08 | 8.79 | 8.40 | 7.86 | 7.11 | 6.31 | 4.88 | 3.62 | 1.73 | 0.22 | -1.67 | -1.51 | 0.45 | 2.28 | 5.10 | ||||||
| Share price1, 3 | 203.52 | 204.70 | 196.03 | 150.75 | 150.26 | 141.34 | 150.80 | 129.99 | 129.25 | 148.96 | 156.34 | 147.22 | 134.50 | 122.62 | 111.43 | 93.09 | 82.70 | 71.90 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 21.70 | 22.65 | 22.22 | 16.60 | 17.09 | 16.83 | 19.19 | 18.28 | 20.47 | 30.53 | 43.21 | 85.13 | 614.48 | — | — | 206.62 | 36.23 | 14.11 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Airbnb Inc. | 52.39 | 62.62 | 65.01 | 34.45 | 46.61 | 45.09 | 46.78 | 35.98 | 57.78 | 88.47 | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 19.32 | 19.08 | 22.85 | 15.07 | 16.75 | 17.88 | 17.91 | 14.98 | 19.34 | 28.66 | 40.46 | 66.89 | — | — | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 38.97 | 52.39 | 46.13 | 34.75 | 36.84 | 42.00 | 38.25 | 40.02 | 45.28 | 50.34 | 54.38 | 65.08 | 81.53 | 109.79 | — | — | — | — | ||||||
| DoorDash, Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 16.68 | 16.33 | 18.35 | 16.94 | 19.22 | 22.47 | 20.58 | 22.04 | 20.38 | 17.56 | 17.59 | 18.44 | 18.19 | 22.17 | — | — | — | — | ||||||
| Starbucks Corp. | 17.06 | 17.45 | 20.44 | 21.64 | 25.87 | 26.73 | 24.35 | 19.58 | 16.72 | 22.12 | 26.68 | 37.64 | 77.96 | 98.18 | 70.29 | 41.82 | 23.50 | 24.29 | ||||||
Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
Operating profit per share
= (Operating income (loss)Q2 2024
+ Operating income (loss)Q1 2024
+ Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023)
÷ No. shares of common stock outstanding
= (725,000,000 + 533,000,000 + 400,000,000 + 653,000,000)
÷ 246,427,097 = 9.38
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 203.52 ÷ 9.38 = 21.70
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a general upward trajectory from March 2020 through December 2021, rising from $71.9 to $156.34. This increase suggests growing market confidence or positive investor sentiment during this period. However, in 2022, the share price experienced some volatility, with fluctuations seen between the range of approximately $129 to $150. Toward the end of 2023 and into mid-2024, the share price resumed its upward momentum, reaching then stabilizing around $203 to $205 by mid-2024, indicating renewed positive valuation in the market.
- Operating Profit Per Share (OPPS) Patterns
- Initially, operating profit per share showed a declining trend from 5.1 US$ in March 2020 down to negative territory by December 2020 (-1.51 US$), reflecting operational challenges likely influenced by external factors during this period. Recovery began in early 2021, as OPPS gradually improved, turning positive and demonstrating steady growth throughout 2021 and 2022. The figures increased consistently, reaching a peak around 9.08 US$ in late 2023, with a slight stabilization around 9.04 to 9.38 US$ by mid-2024, suggesting improved operational efficiency or revenue growth maintained over consecutive quarters.
- Price-to-Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio displayed considerable volatility corresponding inversely to changes in operating profit per share. During periods of low or negative operating profit, such as late 2020 and early 2021, this ratio became excessively high or was unavailable, pointing to high valuation multiples relative to operational earnings, or indeterminate metrics due to negative profits. As profitability improved significantly from mid-2021 onwards, the P/OP ratio declined to more normalized figures typically ranging between approximately 16 and 22 in subsequent quarters. Notably, a temporary uptick to around 22 occurred in early 2024, coinciding with a notable increase in share price, suggesting investors were willing to pay a premium above operating profit based on anticipated future performance or other factors.
- Summary of Observations
- The data indicates a clear recovery cycle from operational declines and market valuation perturbations experienced during early 2020 through early 2021. Operating performance improved steadily thereafter, with operational earnings per share showing consistent growth. Correspondingly, the share price showed a general increase with some volatility, reflecting the interplay of operational results and investor sentiment. The valuation multiples, as indicated by the P/OP ratio, stabilized in the latter periods, implying a more balanced relationship between market price and operational profitability sustained into mid-2024.
Price to Sales (P/S)
Hilton Worldwide Holdings Inc., historical P/S calculation (quarterly data)
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 246,427,097 | 250,046,052 | 252,160,518 | 256,440,305 | 261,513,566 | 264,626,535 | 266,450,664 | 270,456,017 | 274,287,391 | 278,331,690 | 279,139,082 | 278,721,682 | 278,686,003 | 278,533,722 | 277,607,799 | 277,446,309 | 277,309,352 | 277,261,486 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenues (in millions) | 2,951) | 2,573) | 2,609) | 2,673) | 2,660) | 2,293) | 2,444) | 2,368) | 2,240) | 1,721) | 1,836) | 1,749) | 1,329) | 874) | 890) | 933) | 564) | 1,920) | ||||||
| Sales per share2 | 43.85 | 42.05 | 40.59 | 39.27 | 37.34 | 35.31 | 32.93 | 30.19 | 27.51 | 23.84 | 20.74 | 17.37 | 14.45 | 11.71 | 15.51 | 20.85 | 26.14 | 33.07 | ||||||
| Share price1, 3 | 203.52 | 204.70 | 196.03 | 150.75 | 150.26 | 141.34 | 150.80 | 129.99 | 129.25 | 148.96 | 156.34 | 147.22 | 134.50 | 122.62 | 111.43 | 93.09 | 82.70 | 71.90 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 4.64 | 4.87 | 4.83 | 3.84 | 4.02 | 4.00 | 4.58 | 4.31 | 4.70 | 6.25 | 7.54 | 8.47 | 9.31 | 10.47 | 7.18 | 4.46 | 3.16 | 2.17 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Airbnb Inc. | 7.97 | 9.93 | 9.95 | 8.07 | 10.03 | 9.33 | 10.04 | 7.36 | 10.11 | 11.65 | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 5.48 | 5.36 | 6.24 | 4.80 | 5.24 | 5.29 | 5.35 | 4.30 | 5.33 | 6.83 | 9.22 | 10.85 | 11.93 | 16.99 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 6.53 | 8.38 | 7.28 | 5.43 | 5.68 | 6.25 | 5.14 | 4.86 | 5.15 | 5.36 | 5.80 | 6.91 | 7.52 | 6.61 | — | — | — | — | ||||||
| DoorDash, Inc. | 4.63 | 5.72 | 5.40 | 3.71 | 4.40 | 3.41 | 3.23 | 3.30 | 5.50 | 4.81 | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | 7.55 | 7.51 | 8.38 | 7.74 | 8.72 | 9.20 | 8.32 | 8.70 | 8.13 | 7.68 | 7.85 | 8.27 | 8.07 | 8.94 | — | — | — | — | ||||||
| Starbucks Corp. | 2.74 | 2.90 | 3.34 | 3.31 | 3.86 | 3.81 | 3.49 | 3.00 | 2.72 | 3.74 | 4.47 | 5.48 | 5.74 | 5.32 | 4.67 | 3.63 | 3.45 | 3.86 | ||||||
Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
Sales per share
= (RevenuesQ2 2024
+ RevenuesQ1 2024
+ RevenuesQ4 2023
+ RevenuesQ3 2023)
÷ No. shares of common stock outstanding
= (2,951,000,000 + 2,573,000,000 + 2,609,000,000 + 2,673,000,000)
÷ 246,427,097 = 43.85
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 203.52 ÷ 43.85 = 4.64
5 Click competitor name to see calculations.
The analysis of the quarterly financial data over the observed periods reveals several key trends regarding share price, sales per share, and the price-to-sales (P/S) ratio.
- Share Price
- The share price showed a general upward trajectory from the first quarter of 2020 through mid-2021, rising from $71.9 to a peak of approximately $156.34 by December 2021. This was followed by a moderate decline in early 2022, with prices dropping to around $129 in the middle quarters of 2022. Thereafter, the share price experienced a recovery marked by some fluctuations, ultimately increasing sharply toward the end of 2023 and into the first half of 2024, reaching over $204 by June 2024.
- Sales per Share
- Sales per share displayed a contrasting pattern initially, declining from $33.07 at the start of 2020 to a low around $11.71 by the first quarter of 2021. After this trough, a steady and consistent growth trend was observed, with sales per share increasing continuously each quarter. By June 2024, sales per share more than tripled compared to the lowest point, reaching $43.85, indicating strong recovery and growth in sales performance post-2021.
- Price-to-Sales (P/S) Ratio
- The P/S ratio surged dramatically during the initial period, climbing from 2.17 to a peak of 10.47 in the first quarter of 2021. This spike corresponds with the sharp decline in sales per share and the rising share price during the same period, likely reflecting elevated market valuation relative to actual sales. Following this peak, the P/S ratio showed a consistent decline, stabilizing around a range between approximately 3.8 and 4.9 from late 2021 onwards. The ratio’s reduction suggests either a normalization of market expectations or improved sales figures aligning more closely with share price levels.
Overall, the data reflect a significant impact on sales per share in early 2021, accompanied by an elevated valuation as indicated by the P/S ratio peak. The subsequent quarters demonstrate a recovery and normalization phase, with strengthening sales and a recalibrated market valuation. The recent rise in the share price, particularly in late 2023 through mid-2024, combined with steady sales growth, suggests renewed investor confidence and potentially improved operational performance.
Price to Book Value (P/BV)
Hilton Worldwide Holdings Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 246,427,097 | 250,046,052 | 252,160,518 | 256,440,305 | 261,513,566 | 264,626,535 | 266,450,664 | 270,456,017 | 274,287,391 | 278,331,690 | 279,139,082 | 278,721,682 | 278,686,003 | 278,533,722 | 277,607,799 | 277,446,309 | 277,309,352 | 277,261,486 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Hilton stockholders’ equity (deficit) (in millions) | (3,116) | (2,833) | (2,360) | (1,763) | (1,431) | (1,420) | (1,102) | (913) | (789) | (698) | (821) | (1,128) | (1,417) | (1,623) | (1,490) | (1,324) | (1,299) | (914) | ||||||
| Book value per share (BVPS)2 | -12.64 | -11.33 | -9.36 | -6.87 | -5.47 | -5.37 | -4.14 | -3.38 | -2.88 | -2.51 | -2.94 | -4.05 | -5.08 | -5.83 | -5.37 | -4.77 | -4.68 | -3.30 | ||||||
| Share price1, 3 | 203.52 | 204.70 | 196.03 | 150.75 | 150.26 | 141.34 | 150.80 | 129.99 | 129.25 | 148.96 | 156.34 | 147.22 | 134.50 | 122.62 | 111.43 | 93.09 | 82.70 | 71.90 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Airbnb Inc. | 10.46 | 12.88 | 12.09 | 8.49 | 18.03 | 15.36 | 15.16 | 10.67 | 14.23 | 16.27 | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | — | — | — | — | — | 89.53 | 32.84 | 18.79 | 19.51 | 19.54 | 16.35 | 18.03 | 17.84 | 20.15 | — | — | — | — | ||||||
| Chipotle Mexican Grill Inc. | 18.75 | 25.43 | 23.47 | 17.95 | 19.07 | 22.64 | 18.74 | 17.58 | 19.46 | 19.67 | 19.05 | 21.50 | 23.66 | 19.92 | — | — | — | — | ||||||
| DoorDash, Inc. | 6.22 | 7.45 | 6.85 | 4.61 | 5.29 | 3.75 | 3.15 | 2.93 | 4.18 | 5.44 | — | — | — | — | — | — | — | — | ||||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2024 Calculation
BVPS = Total Hilton stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= -3,116,000,000 ÷ 246,427,097 = -12.64
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Quarterly or Annual Report.
4 Q2 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 203.52 ÷ -12.64 = —
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an overall upward trajectory from March 31, 2020, starting at $71.9 and reaching a peak of $204.7 by June 30, 2024. There were some fluctuations along the way: the price increased steadily through 2020 and 2021, peaking at $156.34 in December 2021. A decline followed during most of 2022, bottoming near $129 in the third quarter. This was succeeded by recovery and strong growth throughout 2023 and early 2024, reaching new highs over $200 by the first half of 2024.
- Book Value Per Share (BVPS) Trend
- Book value per share consistently showed a negative value across the entire period, with an increasingly negative trend. Starting from -$3.3 in March 2020, the BVPS deteriorated gradually, reaching -$9.36 by March 2024 and further declining to -$12.64 by June 2024. This indicates that the company's net asset value per share has been worsening steadily, deteriorating nearly fourfold over the four-year span.
- Price to Book Value Ratio (P/BV)
- Due to missing BVPS data and inconsistent presence of share price expressions in the dataset, P/BV ratios were not available. However, considering the negative BVPS, any computation would result in negative or undefined P/BV ratios, which usually reflects financial distress or significant liabilities exceeding assets on a per-share basis.
- Overall Observations
- The company’s share price exhibited strong growth especially in the post-pandemic recovery period, with some intermittent volatility. Despite this, the worsening book value per share indicates an ongoing decline in net asset value, which could signal financial challenges beneath the surface of rising market valuation. The divergence between market price and book fundamentals suggests investor optimism may be driven more by external factors or expectations for future performance rather than current balance sheet strength.