Hyatt vs IHG Hotels & Resorts

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KIRA’s take AI analyst

I put Hyatt and IHG Hotels & Resorts side by side, using each one’s latest annual report. Here is what stands out:

Hyatt is the larger business, with $7.1B of revenue in fiscal 2025 against $5.2B for IHG Hotels & Resorts.
Hyatt grew revenue faster (6.8%, against 5.4%).
IHG Hotels & Resorts turned more of its sales into free cash flow (16.8% FCF margin, against 2.2%).

Who comes out ahead

Of the 7 measures where higher (or lower) is clearly better, how many each company leads.

Hyatt

3/7

Revenue growth5-year growthShare count change

IHG Hotels & Resorts

IHG

4/7

Net marginFCF marginPiotroski F-scoreNet debt / EBITDA

Side by side

Best in the row

Latest fiscal year	H FY25	IHG FY25
Size
Market cap	$16.6B	$26.1B
Revenue	$7.1B	$5.2B
Free cash flow	$159M	$870M
Net income	−$52.0M	$758M
Growth
Revenue growth	6.8%	5.4%
5-year growth	28.0%	16.7%
Share count change	−6.8%	−4.4%
Profitability
Gross margin	—	85.3%
Operating margin	—	23.1%
Net margin	−0.7%	14.6%
FCF margin	2.2%	16.8%
Return on capital	3.0%	—
Return on equity	−1.5%	—
Balance sheet
Net debt	$3.5B	$3.1B
Net debt / EBITDA	4.8x	2.4x
Dividends and buybacks	$350M	$1.2B
Valuation & quality
P/E	—	—
Piotroski F-score	4	8

Ten years

Revenue

FY16

H $4.4B

IHG $1.7B

FY17

H $4.7B

IHG $1.8B

FY18

H $4.5B

IHG $4.3B

FY19

H $5.0B

IHG $4.6B

FY20

H $2.1B

IHG $2.4B

FY21

H $3.0B

IHG $2.9B

FY22

H $5.9B

IHG $3.9B

FY23

H $6.7B

IHG $4.6B

FY24

H $6.6B

IHG $4.9B

FY25

H $7.1B

IHG $5.2B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

H IHG

Operating margin

FY16

H —

IHG 41.5%

FY17

H —

IHG 41.7%

FY18

H —

IHG 13.4%

FY19

H —

IHG 13.6%

FY20

H —

IHG −6.4%

FY21

H —

IHG 17.0%

FY22

H —

IHG 16.1%

FY23

H —

IHG 23.1%

FY24

H —

IHG 21.2%

FY25

H —

IHG 23.1%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

H IHG

Free cash flow

FY16

H $251M

IHG $678M

FY17

H $289M

IHG $572M

FY18

H $44.0M

IHG $663M

FY19

H $27.0M

IHG $578M

FY20

H −$733M

IHG $111M

FY21

H $204M

IHG $619M

FY22

H $473M

IHG $592M

FY23

H $602M

IHG $865M

FY24

H $463M

IHG $695M

FY25

H $159M

IHG $870M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

H IHG

Return on capital

FY16

H 5.2%

IHG —

FY17

H 8.8%

IHG —

FY18

H 17.7%

IHG —

FY19

H 17.7%

IHG —

FY20

H −14.2%

IHG —

FY21

H 1.9%

IHG —

FY22

H 8.5%

IHG —

FY23

H 5.7%

IHG —

FY24

H 24.2%

IHG —

FY25

H 3.0%

IHG —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

H IHG

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.