The business behind the dividend
| Measure | HST | Median | Formula |
|---|---|---|---|
| Return on equity | 11.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.9% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.20bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.15bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 14.0% | 15.0% | Operating income ÷ revenue |
| Net margin | 12.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.19x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.64x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.97x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 11.7% | 10.5% | 11.2% | 9.4% | -0.2% | -11.6% | 12.6% | 14.5% | 8.1% | 10.9% | 10.5% |
| Return on capital employed | 10.9% | 11.7% | 11.2% | 10.4% | -3.6% | -14.1% | 10.3% | 6.7% | 8.0% | 8.3% | 8.3% |
| Operating margin | 14.0% | 15.4% | 15.6% | 15.8% | -8.7% | -58.8% | 14.6% | 9.6% | 12.5% | 12.6% | 12.6% |
| Net margin | 12.5% | 12.3% | 13.9% | 12.9% | -0.4% | -45.2% | 16.8% | 19.7% | 10.5% | 14.0% | 12.5% |
| Debt to equity | 0.19x | 0.14x | 0.11x | 0.11x | 0.07x | 0.07x | 0.06x | 0.06x | 0.21x | 0.17x | 0.11x |
| Cash conversion | 1.97x | 2.15x | 1.95x | 2.24x | — | — | 1.36x | 1.20x | 2.18x | 1.71x | 1.97x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, Host Hotels & Resorts pays out less than 40 of them. The median for that group is 65.5%, against this company’s 46.5%.
Closest on funds from operations
- RLJ Lodging Trust (RLJ) 41.9%
- SBA Communications (SBAC) 42.1%
- Kilroy Realty (KRC) 48.9%
- Federal Realty Investment Trust (FRT) 49.3%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →