Expedia Group vs Hilton Worldwide
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The short version
- Expedia Group is the larger business, with $14.7B of revenue in fiscal 2025 against $12.0B for Hilton Worldwide.
- Hilton Worldwide kept more of each dollar of sales as operating profit (22.4% operating margin, against 12.7%).
- Expedia Group turned more of its sales into free cash flow (21.1% FCF margin, against 16.9%).
- Expedia Group earned a higher return on the capital invested in it (40.5%, against 31.1%).
- Investors pay more for each dollar of Hilton Worldwide’s earnings: a P/E of 51.3x against 18.0x for Expedia Group.
| Latest fiscal year | EXPE · FY25 | HLT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.4B | $80.1B |
| Revenue | $14.7B | $12.0B |
| Free cash flow | $3.1B | $2.0B |
| Net income | $1.3B | $1.5B |
| Growth | ||
| Revenue growth | 7.6% | 7.7% |
| 5-year growth | 23.2% | 22.8% |
| Share count change | −4.3% | −4.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 12.7% | 22.4% |
| Net margin | 8.8% | 12.1% |
| FCF margin | 21.1% | 16.9% |
| Return on capital | 40.5% | 31.1% |
| Return on equity | 91.1% | — |
| Balance sheet | ||
| Net debt | $428M | $11.4B |
| Net debt / EBITDA | 0.2x | 4.0x |
| Dividends and buybacks | $2.1B | $3.3B |
| Valuation & quality | ||
| P/E | 18.0x | 51.3x |
| Piotroski F-score | 8 | 5 |
Revenue
FY16
EXPE $8.8B
HLT $6.6B
FY17
EXPE $10.1B
HLT $8.1B
FY18
EXPE $11.2B
HLT $8.9B
FY19
EXPE $12.1B
HLT $9.5B
FY20
EXPE $5.2B
HLT $4.3B
FY21
EXPE $8.6B
HLT $5.8B
FY22
EXPE $11.7B
HLT $8.8B
FY23
EXPE $12.8B
HLT $10.2B
FY24
EXPE $13.7B
HLT $11.2B
FY25
EXPE $14.7B
HLT $12.0B
EXPE
HLT
Operating margin
FY16
EXPE 5.3%
HLT 13.2%
FY17
EXPE 6.2%
HLT 13.9%
FY18
EXPE 6.4%
HLT 16.1%
FY19
EXPE 7.5%
HLT 17.5%
FY20
EXPE −52.3%
HLT −9.7%
FY21
EXPE 2.2%
HLT 17.5%
FY22
EXPE 9.3%
HLT 23.9%
FY23
EXPE 8.1%
HLT 21.7%
FY24
EXPE 9.6%
HLT 21.2%
FY25
EXPE 12.7%
HLT 22.4%
EXPE
HLT
Free cash flow
FY16
EXPE $800M
HLT $993M
FY17
EXPE $1.1B
HLT $791M
FY18
EXPE $1.1B
HLT $1.2B
FY19
EXPE $1.6B
HLT $1.3B
FY20
EXPE −$4.6B
HLT $662M
FY21
EXPE $3.1B
HLT $74.0M
FY22
EXPE $2.8B
HLT $1.6B
FY23
EXPE $1.8B
HLT $1.8B
FY24
EXPE $2.3B
HLT $1.9B
FY25
EXPE $3.1B
HLT $2.0B
EXPE
HLT
Return on capital
FY16
EXPE 6.5%
HLT 6.6%
FY17
EXPE 7.9%
HLT 6.6%
FY18
EXPE 8.4%
HLT 18.9%
FY19
EXPE 9.9%
HLT 16.4%
FY20
EXPE −29.7%
HLT −5.2%
FY21
EXPE 1.9%
HLT 11.9%
FY22
EXPE 10.2%
HLT 23.4%
FY23
EXPE 13.2%
HLT 24.2%
FY24
EXPE 22.4%
HLT 33.6%
FY25
EXPE 40.5%
HLT 31.1%
EXPE
HLT
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.