GreenTree Hospitality Group Ltd.
GHG NYSE Hotels & Motels Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$153M
18.2%
vs prior year
Operating margin
Operating income as a share of revenue.
5.2%
6.9 pts
Net income
Profit after all expenses, interest and tax.
$23.2M
51.8%
Free cash flow
Cash from operations minus capital spending.
$2.8M
93.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
23.7%
23.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What GreenTree Hospitality Group Ltd. does
No business description yet.
- Legal name
- GreenTree Hospitality Group Ltd.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 30, 2026
- Accession · CIK
- 0001213900-26-050417
0001724755
Revenue and margins
GreenTree Hospitality Group Ltd. had $153M of revenue in fiscal 2025, down 18.2% on the year before.
FY16
Revenue $97.5M
FY17
Revenue $110M
FY18
Revenue $137M
FY19
Revenue $158M
FY20
Revenue $135M
FY21
Revenue $305M
FY22
Revenue $218M
FY23
Revenue $230M
FY24
Revenue $187M
FY25
Revenue $153M
FY16
Gross 62.9%
Operating 48.2%
Net 41.1%
FCF 67.6%
FY17
Gross 69.5%
Operating 50.0%
Net 36.8%
FCF 60.9%
FY18
Gross 69.7%
Operating 55.8%
Net 41.0%
FCF 46.0%
FY19
Gross 69.0%
Operating 46.2%
Net 40.5%
FCF 27.5%
FY20
Gross 56.8%
Operating 34.3%
Net 28.1%
FCF 19.7%
FY21
Gross 33.3%
Operating 6.6%
Net 4.5%
FCF 0.9%
FY22
Gross 27.4%
Operating −33.1%
Net −28.9%
FCF 14.4%
FY23
Gross 41.8%
Operating 20.6%
Net 16.6%
FCF 22.6%
FY24
Gross 38.8%
Operating 12.1%
Net 8.2%
FCF 21.9%
FY25
Gross 34.9%
Operating 5.2%
Net 15.2%
FCF 1.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $40.0M
FY17
Net income $40.5M
FY18
Net income $56.2M
FY19
Net income $64.1M
FY20
Net income $37.9M
FY21
Net income $13.8M
FY22
Net income −$63.1M
FY23
Net income $38.0M
FY24
Net income $15.3M
FY25
Net income $23.2M
FY16
Diluted EPS —
FY17
Diluted EPS $0.44
FY18
Diluted EPS $0.57
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity 27.1%
Return on assets —
FY17
Return on capital —
Return on equity 31.1%
Return on assets 15.0%
FY18
Return on capital —
Return on equity 31.9%
Return on assets 15.7%
FY19
Return on capital 30.4%
Return on equity 25.3%
Return on assets 12.9%
FY20
Return on capital 12.7%
Return on equity 12.9%
Return on assets 6.4%
FY21
Return on capital 4.9%
Return on equity 4.5%
Return on assets 2.0%
FY22
Return on capital −33.2%
Return on equity −24.0%
Return on assets −8.1%
FY23
Return on capital 53.6%
Return on equity 17.4%
Return on assets 4.9%
FY24
Return on capital 47.4%
Return on equity 7.6%
Return on assets 2.2%
FY25
Return on capital 23.7%
Return on equity 10.9%
Return on assets 3.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $2.8M in fiscal 2025, 1.8% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $65.9M
FY17
Free cash flow $67.0M
FY18
Free cash flow $62.9M
FY19
Free cash flow $43.5M
FY20
Free cash flow $26.6M
FY21
Free cash flow $2.9M
FY22
Free cash flow $31.3M
FY23
Free cash flow $51.9M
FY24
Free cash flow $40.8M
FY25
Free cash flow $2.8M
FY16
Cash from operations $66.8M
Capital spending $0.9M
FY17
Cash from operations $69.5M
Capital spending $2.4M
FY18
Cash from operations $83.9M
Capital spending $20.9M
FY19
Cash from operations $74.4M
Capital spending $30.9M
FY20
Cash from operations $42.8M
Capital spending $16.2M
FY21
Cash from operations $58.8M
Capital spending $55.9M
FY22
Cash from operations $43.7M
Capital spending $12.4M
FY23
Cash from operations $64.2M
Capital spending $12.4M
FY24
Cash from operations $51.9M
Capital spending $11.1M
FY25
Cash from operations $39.1M
Capital spending $36.3M
Cash from operations
Capital spending
Dividends, buybacks and share count
GreenTree Hospitality Group Ltd. returned $6.0M to shareholders in fiscal 2025, 214% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends $2.7M
Buybacks —
FY17
Dividends $85.7M
Buybacks —
FY18
Dividends $30.3M
Buybacks —
FY19
Dividends $32.8M
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends $49.7M
Buybacks —
FY22
Dividends $6.1M
Buybacks —
FY23
Dividends —
Buybacks $2.8M
FY24
Dividends $9.9M
Buybacks $0.1M
FY25
Dividends $6.0M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably GreenTree Hospitality Group Ltd. can carry it.
FY16
Cash $157M
Debt —
FY17
Cash $145M
Debt —
FY18
Cash $283M
Debt $8.7M
FY19
Cash $109M
Debt $8.6M
FY20
Cash $93.5M
Debt $22.9M
FY21
Cash $140M
Debt $111M
FY22
Cash $128M
Debt $66.4M
FY23
Cash $167M
Debt $24.5M
FY24
Cash $204M
Debt $35.2M
FY25
Cash $236M
Debt $36.6M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $140M | $128M | $167M | $204M | $236M |
| Debt incl. finance leases | $111M | $66.4M | $24.5M | $35.2M | $36.6M |
| Net debt / EBITDA | −0.7x | — | −2.3x | −4.6x | −10.5x |
| Debt / equity | 0.4x | 0.3x | 0.1x | 0.2x | 0.2x |
| Interest coverage | 8.4x | −17.4x | 23.9x | 25.7x | 7.4x |
| Current ratio | 1.5x | 1.2x | 1.2x | 1.6x | 1.6x |
| Quick ratio | 1.5x | 1.2x | 1.2x | 1.6x | 1.6x |
| Total assets | $735M | $824M | $713M | $678M | $684M |
| Total liabilities | $413M | $584M | $505M | $473M | $454M |
| Shareholders' equity | $292M | $234M | $203M | $200M | $225M |
| Net debt (− = net cash) | −$28.3M | −$61.9M | −$142M | −$169M | −$199M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | — | — | — | — | — | — | — | — | — |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 5 / 7 | 4 / 8 | 4 / 8 | 4 / 8 | 3 / 8 | 8 / 8 | 4 / 8 | 5 / 8 |
| Accruals ratio | — | −10.7% | −7.7% | −2.1% | −0.8% | −6.6% | −13.7% | −3.4% | −5.3% | −2.3% |
| Altman Z'' | — | 5.61 | 6.34 | 3.05 | 3.29 | 1.97 | −0.33 | 0.87 | 1.25 | 1.38 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $97.5M | $110M | $137M | $158M | $135M | $305M | $218M | $230M | $187M | $153M |
| Provision for credit losses | — | — | — | — | $0.4M | $15.5M | $24.0M | $2.2M | $3.5M | $5.9M |
| Gross profit | $61.4M | $76.4M | $95.4M | $109M | $76.5M | $102M | $59.8M | $96.0M | $72.4M | $53.3M |
| Operating income | $47.0M | $55.0M | $76.3M | $73.0M | $46.3M | $20.0M | −$72.3M | $47.4M | $22.5M | $7.9M |
| Interest expense | — | $0.2M | $0.1M | $0.4M | $0.5M | $2.4M | $4.2M | $2.0M | $0.9M | $1.1M |
| Pretax income | $54.2M | $67.6M | $80.4M | $90.6M | $51.3M | $30.3M | −$74.9M | $53.7M | $27.4M | $28.5M |
| Income tax | $12.6M | $27.0M | $23.1M | $27.4M | $16.0M | $17.4M | −$6.5M | $16.7M | $12.3M | $6.4M |
| Net income | $40.0M | $40.5M | $56.2M | $64.1M | $37.9M | $13.8M | −$63.1M | $38.0M | $15.3M | $23.2M |
| Net income to common | — | — | — | $64.1M | $37.9M | $13.8M | −$63.1M | $38.0M | $15.3M | $23.2M |
| Diluted EPS | — | $0.44 | $0.57 | — | — | — | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | $66.8M | $69.5M | $83.9M | $74.4M | $42.8M | $58.8M | $43.7M | $64.2M | $51.9M | $39.1M |
| Capital expenditure | $0.9M | $2.4M | $20.9M | $30.9M | $16.2M | $55.9M | $12.4M | $12.4M | $11.1M | $36.3M |
| Free cash flow | $65.9M | $67.0M | $62.9M | $43.5M | $26.6M | $2.9M | $31.3M | $51.9M | $40.8M | $2.8M |
| Depreciation and amortization | $5.3M | $3.7M | $3.9M | $5.8M | $9.5M | $18.5M | $15.5M | $13.1M | $14.2M | $11.1M |
| Stock-based compensation | — | $5.6M | $2.4M | $3.8M | $0.0M | $0.4M | −$0.0M | $0.0M | — | — |
| Acquisitions | — | — | $2.0M | $47.0M | $2.7M | $22.9M | — | — | — | — |
| Share buybacks | — | — | — | — | — | — | — | $2.8M | $0.1M | $0.0M |
| Dividends paid | $2.7M | $85.7M | $30.3M | $32.8M | — | $49.7M | $6.1M | — | $9.9M | $6.0M |
| Dividends and buybacks | $2.7M | $85.7M | $30.3M | $32.8M | — | $49.7M | $6.1M | $2.8M | $9.9M | $6.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $157M | $145M | $283M | $109M | $93.5M | $140M | $128M | $167M | $204M | $236M |
| Total debt | — | — | $8.7M | $8.6M | $22.9M | $111M | $66.4M | $24.5M | $35.2M | $36.6M |
| Current assets | — | $228M | $356M | $182M | $242M | $288M | $263M | $229M | $251M | $271M |
| Current liabilities | — | $102M | $103M | $114M | $133M | $197M | $224M | $189M | $160M | $169M |
| Inventory | — | $0.4M | $0.4M | $0.4M | $0.6M | $0.4M | $3.2M | $2.9M | $0.9M | $0.7M |
| Property and equipment, net | — | $14.9M | $32.3M | $88.3M | $102M | $165M | $128M | $115M | $89.0M | $80.0M |
| Goodwill | $0.4M | $0.5M | $0.8M | $14.4M | $15.3M | $42.2M | $25.7M | $24.9M | $13.2M | $3.7M |
| Intangible assets | — | $0.6M | $4.0M | $71.3M | $75.2M | $81.9M | $23.1M | $16.6M | $10.4M | $8.1M |
| Total assets | — | $270M | $448M | $548M | $626M | $735M | $824M | $713M | $678M | $684M |
| Total liabilities | — | $157M | $207M | $258M | $282M | $413M | $584M | $505M | $473M | $454M |
| Shareholders' equity | $148M | $113M | $240M | $267M | $322M | $292M | $234M | $203M | $200M | $225M |
| Margins | ||||||||||
| Gross margin | 62.9% | 69.5% | 69.7% | 69.0% | 56.8% | 33.3% | 27.4% | 41.8% | 38.8% | 34.9% |
| Operating margin | 48.2% | 50.0% | 55.8% | 46.2% | 34.3% | 6.6% | −33.1% | 20.6% | 12.1% | 5.2% |
| EBITDA margin | 53.7% | 53.3% | 58.6% | 49.9% | 41.4% | 12.6% | −26.0% | 26.3% | 19.7% | 12.4% |
| Net margin | 41.1% | 36.8% | 41.0% | 40.5% | 28.1% | 4.5% | −28.9% | 16.6% | 8.2% | 15.2% |
| FCF margin | 67.6% | 60.9% | 46.0% | 27.5% | 19.7% | 0.9% | 14.4% | 22.6% | 21.9% | 1.8% |
| Returns | ||||||||||
| Return on capital | — | — | — | 30.4% | 12.7% | 4.9% | −33.2% | 53.6% | 47.4% | 23.7% |
| Return on capital employed | — | 32.7% | 22.2% | 16.8% | 9.4% | 3.7% | −12.0% | 9.0% | 4.3% | 1.5% |
| Return on equity | 27.1% | 31.1% | 31.9% | 25.3% | 12.9% | 4.5% | −24.0% | 17.4% | 7.6% | 10.9% |
| Return on assets | — | 15.0% | 15.7% | 12.9% | 6.4% | 2.0% | −8.1% | 4.9% | 2.2% | 3.4% |
| Return on tangible equity | 27.1% | 36.3% | 23.9% | 35.3% | 16.4% | 8.2% | −34.2% | 23.5% | 8.7% | 10.9% |
| Growth | ||||||||||
| Revenue growth | — | 12.8% | 24.5% | 15.4% | −14.7% | 126.4% | −28.5% | 5.3% | −18.7% | −18.2% |
| Net income growth | — | 1.1% | 38.8% | 14.1% | −40.9% | −63.7% | −559.1% | — | −59.8% | 51.8% |
| EPS growth | — | — | 28.1% | — | — | — | — | — | — | — |
| FCF growth | — | 1.7% | −6.1% | −30.9% | −38.9% | −89.2% | 989.1% | 65.6% | −21.3% | −93.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | −3.4x | −1.3x | −1.3x | −0.7x | — | −2.3x | −4.6x | −10.5x |
| Debt / equity | — | — | 0.0x | 0.0x | 0.1x | 0.4x | 0.3x | 0.1x | 0.2x | 0.2x |
| Interest coverage | — | 257.5x | 932.1x | 201.4x | 92.4x | 8.4x | −17.4x | 23.9x | 25.7x | 7.4x |
| Current ratio | — | 2.2x | 3.5x | 1.6x | 1.8x | 1.5x | 1.2x | 1.2x | 1.6x | 1.6x |
| Quick ratio | — | 2.2x | 3.4x | 1.6x | 1.8x | 1.5x | 1.2x | 1.2x | 1.6x | 1.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.9% | 2.2% | 15.3% | 19.5% | 12.0% | 18.3% | 5.7% | 5.4% | 5.9% | 23.8% |
| Stock comp / revenue | — | 5.1% | 1.8% | 2.4% | 0.0% | 0.1% | −0.0% | 0.0% | — | — |
| Payouts / FCF | 4.1% | 127.8% | 48.1% | 75.5% | — | 1,727.2% | 19.4% | 5.4% | 24.3% | 213.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 5.0 | 4.0 | 4.0 | 4.0 | 3.0 | 8.0 | 4.0 | 5.0 |
| Altman Z'' | — | 5.6 | 6.3 | 3.1 | 3.3 | 2.0 | −0.3 | 0.9 | 1.3 | 1.4 |
| Accruals ratio | — | −10.7% | −7.7% | −2.1% | −0.8% | −6.6% | −13.7% | −3.4% | −5.3% | −2.3% |
Source: SEC EDGAR XBRL filings (CIK 0001724755). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.