INTERCONTINENTAL HOTELS GROUP PLC /NEW/
IHG, ICHGF · Hotels & Motels · EDGAR filings ↗
Grade
A85Dominant asset-light hotel franchise with elite ROIC and gross margins and strong free cash generation.
Strengths
- ROIC 64.6% (100th pct), gross margin 85.3% (92.5th pct), ROA 88.9th pct and FCF margin 75th pct
- Fee-based, capital-light model with durable brand/loyalty moat and double-digit net income growth
Risks
- Negative ROE reflects buyback-driven negative equity (an artifact, not distress)
- OTA/AI-intermediary disintermediation and brand-reputation risk in a competitive industry
Notable findings
- Negative equityNegative book equity (debt/equity -1.54)
- Weak liquidityCurrent ratio 0.98 (<1)
- Strong balance sheetStrong balance sheet — $1.1B cash & investments
Key metrics
Gross margin
85.3%
Operating margin
23.1%
Net margin
14.6%
Return on equity
-27.7%
Return on assets
14.2%
ROIC
64.6%
Revenue growth (QoQ)
5.4%
Net-income growth
20.9%
Debt / equity
-1.5×
Interest coverage
5.9×
Current ratio
1.0×
Free cash flow
$870M
Tangible book value
-$3.1B
Cash & investments
$1.1B
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-26 | 2025-12-31 | 0000858446-26-000010 ↗ |
| 20-F | 2025-02-27 | 2024-12-31 | 0001193125-25-037543 ↗ |
| 20-F | 2024-02-29 | 2023-12-31 | 0001193125-24-051757 ↗ |
| 20-F | 2023-03-02 | 2022-12-31 | 0001193125-23-057355 ↗ |
| 20-F | 2022-03-03 | 2021-12-31 | 0001193125-22-063939 ↗ |
| 20-F | 2021-03-04 | 2020-12-31 | 0001193125-21-068584 ↗ |
| 20-F | 2020-02-27 | 2019-12-31 | 0001193125-20-052322 ↗ |
| 20-F | 2019-02-28 | 2018-12-31 | 0001193125-19-055722 ↗ |
| 20-F | 2018-03-01 | 2017-12-31 | 0001193125-18-066382 ↗ |
| 20-F | 2017-03-02 | 2016-12-31 | 0001193125-17-066763 ↗ |
| 20-F | 2016-03-03 | 2015-12-31 | 0001193125-16-490850 ↗ |
| 20-F | 2015-02-26 | 2014-12-31 | 0001193125-15-064434 ↗ |