H World Group Ltd
HTHT, HWLDF · Hotels & Motels · EDGAR filings ↗
Reference price $50.96 — last insider sale, 2026-03-20 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
B83Scaled, high-return Chinese hotel franchise with top-decile margins and strong cash generation, capped by China/VIE governance risk.
Strengths
- Top-decile margins (net 92nd, OCF 100th, operating 86th pct) and strong returns: ROE 40%, ROIC 29% (90th pct)
- Net income up 67% (77th pct), large cash balance (100th pct), reasonable leverage
Risks
- China macro, PRC regulatory and VIE/contractual-control structure plus HFCAA delisting exposure
- Founder controls ~32%; convertible-note and equity dilution risk; current ratio below 1.0
Notable findings
- Weak liquidityCurrent ratio 0.91 (<1)
- Strong balance sheetStrong balance sheet — $2.4B cash & investments
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 3 quarters · from SEC filings.
Key metrics
Operating margin
26.9%
Net margin
20.1%
Return on equity
39.7%
Return on assets
7.8%
ROIC
28.9%
Revenue growth (QoQ)
11.2%
Net-income growth
73.9%
Debt / equity
0.5×
Net debt / EBITDA
-1.3×
Current ratio
0.9×
EBITDA
$1.2B
Tangible book value
$336M
Cash & investments
$2.4B
Stock comp / revenue
1.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-02 | Jin Hui | Tax withheld | 570K | $44.37 |
| 2026-06-02 | Jin Hui | Tax withheld | 390K | $44.37 |
| 2026-05-31 | JI QI | Option exercise | 1.0M | — |
| 2026-05-31 | Jin Hui | Option exercise | 950K | — |
| 2026-05-31 | Jin Hui | Option exercise | 1.6M | — |
| 2026-05-15 | Zheng Jie | Option exercise | 308K | — |
| 2026-03-27 | Jin Hui | Tax withheld | 31K | $50.36 |
| 2026-03-26 | Jin Hui | Option exercise | 148K | — |
| 2026-03-20 | Hee Theng Fong | Sell | 32K | $50.96 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-24 | 2025-12-31 | 0001104659-26-048058 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001410578-25-000900 ↗ |
| 20-F | 2024-04-23 | 2023-12-31 | 0001104659-24-050202 ↗ |
| 20-F | 2023-04-27 | 2022-12-31 | 0001104659-23-050695 ↗ |
| 20-F | 2022-04-27 | 2021-12-31 | 0001104659-22-050640 ↗ |
| 20-F | 2021-04-23 | 2020-12-31 | 0001104659-21-054100 ↗ |
| 20-F | 2020-04-21 | 2019-12-31 | 0001193125-20-113650 ↗ |
| 20-F | 2019-04-19 | 2018-12-31 | 0001104659-19-022536 ↗ |
| 20-F | 2018-04-20 | 2017-12-31 | 0001104659-18-025415 ↗ |
| 20-F | 2017-04-21 | 2016-12-31 | 0001104659-17-025029 ↗ |
| 20-F | 2016-04-20 | 2015-12-31 | 0001144204-16-095192 ↗ |
| 20-F | 2015-04-17 | 2014-12-31 | 0001104659-15-028146 ↗ |