Wyndham Hotels & Resorts

WH · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

WH · Last close · October 26, 2026

$72.85

Wyndham Hotels & Resorts' revenue rose 1.5% to $1.4 billion in fiscal 2025. Its operating margin was 28.1%, down from 35.2% a year earlier. Free cash flow was $321 million, up 33.2%. It paid out $393 million in dividends and buybacks, 122% of free cash flow. The diluted share count fell 3.6%.

Wyndham Hotels & Resorts, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001722684-26-000007 Updated October 22, 2026

Revenue

$1.4B

1.5%

Operating margin

28.1%

7.0 pts

Net income

$193M

33.2%

Free cash flow

$321M

33.2%

Return on capital

9.9%

3.3 pts

Market cap

$5.4B

Oct 26 close

P/E

26.7x

On $2.73 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Wyndham Hotels & Resorts does

Wyndham Hotels & Resorts is a hotel franchising company. It licenses its brands to independent hotel owners rather than owning most hotels itself, and it says this keeps its capital needs low. It describes itself as the largest hotel franchisor by number of franchised properties, with 8,300 affiliated hotels in about 100 countries.

Its brands include Super 8, Days Inn, Travelodge, Microtel and Howard Johnson, and it has 25 brands in all. They sit mostly in the economy, midscale and upper midscale price tiers and are located largely in smaller cities. Most of its royalty income comes from the United States.

Wyndham earns royalties and other fees from its franchisees. It also reports ancillary revenues from other services. It competes with other hotel companies, online travel sites and home-sharing networks, and it says AI tools could also change how travelers find hotels.

Its biggest risks, as it describes them

Competition from other hotel brands and from online travel and home-sharing platforms.
A downturn in travel and hotel demand that lowers the fees franchisees pay it.
Its debt, and the cost and availability of capital.
Credit it extends to franchisees, which is riskier if a franchisee becomes insolvent.
Failing to grow its ancillary revenues from services beyond franchise fees.

From Wyndham Hotels & Resorts's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 4.0% a year and net income 1.0% a year, as buybacks cut the share count by 23%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Wyndham Hotels & Resorts yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Wyndham Hotels & Resorts' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Wyndham Hotels & Resorts' fiscal 2025 free cash flow of $321M, net cash of −$2.5B at December 31, 2025 and 77 million diluted shares, from its filings. The scenarios are fitted to Wyndham Hotels & Resorts: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.6% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Hotels, Resorts & Cruise Lines), plus 1 point as a smaller company, worth $5.4B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Wyndham Hotels & Resorts' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Wyndham Hotels & Resorts's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $72.85
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Wyndham Hotels & Resorts' earnings per share of $2.73 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Wyndham Hotels & Resorts' own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 14%, 13% and 12%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Choice Hotels, Sabre, Vail Resorts, Travel + Leisure.

Earnings growth in the years ahead (% a year) Starts at Wyndham Hotels & Resorts' revenue growth over the last 3 years, -1.6% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $72.85
Value at this multiple, against the last close: —
Wyndham Hotels & Resorts' P/E at the last close: 26.7×

Company	Last close	Earnings per share	P/E today
Vail ResortsMTN	$149.40	$4.12	36.3×
Wyndham Hotels & ResortsWH	$72.85	$2.73	26.7×
Travel + LeisureTNL	$65.62	$3.70	17.7×
Choice HotelsCHH	$108.95	$7.09	15.4×
SabreSABR	$1.64	$1.64	1.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	171	161	66	103	64
Debt incl. finance leases	2,084	2,077	2,201	2,463	2,560
Net debt (negative means net cash)	1,913	1,916	2,135	2,360	2,496
Net debt to EBITDA	3.5x	3.0x	3.7x	4.2x	5.4x
Debt to equity	1.9x	2.2x	3.0x	3.8x	5.5x
Interest coverage	4.8x	7.0x	4.9x	4.0x	2.9x
Current ratio	1.8x	1.3x	0.8x	1.0x	0.9x
Quick ratio	1.8x	1.3x	0.8x	1.0x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Wyndham Hotels & Resorts shares on the open market, and 5 insiders sold $16.7 million, $10.2 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Geoffrey A BallottiPresident and CEO, Director	Sold plan	19,295	$73.69	$1.4 million	Form 4
Aug 17, 2026	Geoffrey A BallottiPresident and CEO, Director	Sold plan	19,414	$72.71	$1.4 million	Form 4
Jun 15, 2026	Geoffrey A BallottiPresident and CEO, Director	Sold plan	18,516	$80.79	$1.5 million	Form 4
May 7, 2026	Nicola RossiChief Accounting Officer	Sold	7,055	$85.19	$601,015	Form 4
Mar 11, 2026	Monica MelanconChief Human Resource Officer	Sold	8,861	$74.70	$661,917	Form 4
Mar 6, 2026	Paul F CashGeneral Counsel & Corp. Secy.	Sold plan	19,800	$76.09	$1.5 million	Form 4
Mar 5, 2026	Scott R. StricklandChief Commercial Officer	Sold	6,500	$80.36	$522,340	Form 4
Jan 15, 2026	Geoffrey A BallottiPresident and CEO, Director	Sold plan	55,124	$79.27	$4.4 million	Form 4
Dec 9, 2025	Scott R. StricklandChief Commercial Officer	Sold	28,134	$71.11	$2.0 million	Form 4
Dec 8, 2025	Scott R. StricklandChief Commercial Officer	Sold	969	$72.25	$70,010	Form 4
Nov 14, 2025	Paul F CashGeneral Counsel & Corp. Secy.	Sold	36,379	$71.66	$2.6 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	4 of 8	7 of 8	4 of 8
Accruals ratio	−2.1%	−0.0%	−4.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Wyndham Hotels & Resorts side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Wyndham Hotels & Resorts	FY25	1.5%	28.1%	22.5%	9.9%	5.4x	4
Choice Hotels	FY25	0.8%	28.1%	10.2%	19.5%	3.7x	6	Compare
Sabre	FY25	0.9%	10.7%	−6.9%	8.9%	8.9x	5	Compare
Vail Resorts	FY26	−4.3%	14.8%	8.7%	8.1%	4.6x	5	Compare
Travel + Leisure	FY25	4.1%	13.8%	13.0%	8.5%	7.9x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,269	1,280	1,868	2,053	1,300	1,565	1,498	1,397	1,408	1,429
Revenue growth	—	0.9%	45.9%	9.9%	−36.7%	20.4%	−4.3%	−6.7%	0.8%	1.5%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	295	249	283	307	−46	446	558	503	495	402
Net income	176	230	162	157	−132	244	355	289	289	193
Diluted EPS (US$)	1.76	2.31	1.62	1.62	−1.42	2.60	3.91	3.41	3.61	2.50
Diluted shares (millions)	100	100	100	97	93	94	91	85	80	77
Cash flow
Cash from operations	264	278	231	100	67	426	399	376	290	367
Capital expenditure	42	46	73	50	33	37	39	37	49	46
Free cash flow	222	232	158	50	34	389	360	339	241	321
Dividends paid	0	0	77	112	53	82	116	118	122	127
Share buybacks	0	0	117	242	50	107	448	393	310	266
Acquisitions	70	140	1,703	0	0	0	0	0	0	0
Stock-based compensation	10	11	9	20	21	28	33	39	45	43
Balance sheet at fiscal year end
Cash and short-term investments	30	57	366	94	493	171	161	66	103	64
Debt incl. finance leases	—	0	2,141	2,122	2,597	2,084	2,077	2,201	2,463	2,560
Total assets	1,998	2,137	4,976	4,533	4,644	4,269	4,123	4,033	4,223	4,182
Total liabilities	—	875	3,558	3,321	3,681	3,180	3,161	3,287	3,573	3,714
Shareholders' equity	1,086	1,262	1,418	1,212	963	1,089	962	746	650	468
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	23.2%	19.4%	15.2%	14.9%	−3.5%	28.5%	37.2%	36.0%	35.2%	28.1%
Net margin	13.9%	18.0%	8.7%	7.7%	−10.2%	15.6%	23.7%	20.7%	20.5%	13.5%
Free cash flow margin	17.5%	18.1%	8.5%	2.4%	2.6%	24.9%	24.0%	24.3%	17.1%	22.5%
Return on capital	—	—	9.3%	7.2%	−1.1%	10.7%	14.2%	12.7%	13.2%	9.9%
Return on equity	—	19.6%	12.1%	11.9%	−12.1%	23.8%	34.6%	33.8%	41.4%	34.5%
Return on assets	—	11.1%	4.6%	3.3%	−2.9%	5.5%	8.5%	7.1%	7.0%	4.6%
Net debt to EBITDA	—	−0.2x	5.1x	5.4x	40.5x	3.5x	3.0x	3.7x	4.2x	5.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Wyndham Hotels & Resorts' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Wyndham Hotels & Resorts.