H World Group Limited (HTHT) Key Metrics
HTHT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanHTHT returns How much profit the business earns on the capital it uses.
HTHT financial health Debt, liquidity and how easily interest is covered.
HTHT efficiency & capital use Working capital cycle and where the cash goes.
HTHT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HTHT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HTHT cash returned to shareholders
HTHT key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 39.5% | 25.1% | 39.2% | −18.4% | −4.2% | −22.2% | 26.1% | 11.3% | 20.7% | 17.7% |
| Return on invested capital (ROIC) | 12.6% | 9.0% | 8.5% | −0.5% | 0.3% | −3.1% | 6.1% | 14.2% | 21.3% | 27.6% |
| Return on assets (ROA) | 7.8% | 4.8% | 6.5% | −2.9% | −0.7% | −3.5% | 4.6% | 3.5% | 9.0% | 8.8% |
| Return on tangible assets | 9.1% | 5.8% | 7.7% | −3.6% | −0.9% | −3.8% | 3.7% | 3.7% | 9.2% | 8.4% |
| Free cash flow margin | 29.8% | 28.2% | 31.0% | 3.7% | −2.6% | −11.4% | 15.7% | 18.4% | 19.7% | 23.3% |
| Income quality (OCF / net income) | 1.65 | 2.50 | 1.88 | — | — | — | 1.86 | 4.26 | 2.00 | 2.62 |
| Financial health | ||||||||||
| Total debt | CN¥36.09B | CN¥35.45B | CN¥35.88B | CN¥43.89B | CN¥44.16B | CN¥44.98B | CN¥38.16B | CN¥9.76B | CN¥5.05B | CN¥298.3M |
| Cash & short-term investments | CN¥15.44B | CN¥11.08B | CN¥9.13B | CN¥5.37B | CN¥7.71B | CN¥10.93B | CN¥6.14B | CN¥4.35B | CN¥3.60B | CN¥3.24B |
| Net debt | CN¥20.66B | CN¥24.37B | CN¥26.75B | CN¥38.52B | CN¥36.46B | CN¥34.05B | CN¥32.02B | CN¥5.41B | CN¥1.45B | −CN¥2.94B |
| Debt / equity | 2.82 | 2.91 | 2.96 | 5.03 | 4.04 | 3.97 | 5.17 | 1.58 | 0.78 | 0.06 |
| Debt / assets | 0.56 | 0.57 | 0.56 | 0.71 | 0.70 | 0.68 | 0.72 | 0.41 | 0.29 | 0.03 |
| Net debt / EBITDA | 2.38 | 3.78 | 3.74 | 148.71 | 24.30 | — | 8.27 | 2.14 | 0.59 | −1.68 |
| Current ratio | 0.91 | 0.99 | 0.69 | 0.70 | 0.63 | 1.22 | 1.06 | 1.17 | 1.57 | 1.41 |
| Quick ratio | 0.91 | 0.99 | 0.69 | 0.69 | 0.62 | 1.22 | 1.05 | 1.16 | 1.56 | 1.40 |
| Interest coverage | 19.1 | 16.4 | 12.2 | -0.7 | 0.4 | -3.2 | 6.7 | 9.6 | 16.4 | 76.5 |
| Working capital | −CN¥1.69B | −CN¥106.0M | −CN¥5.36B | −CN¥3.97B | −CN¥5.73B | CN¥2.35B | CN¥969.0M | CN¥1.00B | CN¥2.08B | CN¥1.21B |
| Invested capital | CN¥33.47B | CN¥36.55B | CN¥38.88B | CN¥47.24B | CN¥47.39B | CN¥45.38B | CN¥39.40B | CN¥11.58B | CN¥7.92B | CN¥2.46B |
| Tangible asset value | CN¥2.50B | CN¥2.10B | CN¥1.47B | −CN¥1.87B | CN¥321.0M | CN¥286.0M | CN¥2.97B | CN¥1.85B | CN¥2.43B | CN¥4.76B |
| Net current asset value | −CN¥34.40B | −CN¥37.07B | −CN¥39.23B | −CN¥43.53B | −CN¥42.67B | −CN¥41.48B | −CN¥27.23B | −CN¥10.70B | −CN¥5.19B | −CN¥402.5M |
| Capital allocation | ||||||||||
| Dividends paid | CN¥3.80B | CN¥3.53B | CN¥0 | CN¥416.0M | CN¥416.0M | CN¥678.0M | CN¥658.0M | CN¥5.0M | CN¥306.3M | CN¥276.3M |
| Share buybacks (net) | CN¥761.7M | CN¥1.17B | CN¥848.0M | CN¥334.0M | CN¥191.0M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Dividend payout ratio | 76.9% | 115.8% | 0.0% | — | — | — | 37.2% | 0.7% | 24.9% | 35.3% |
| Dividends + buybacks / free cash flow | 62.2% | 69.9% | 12.5% | 146.8% | — | — | 37.4% | 0.3% | 18.8% | 18.0% |
| Capex / revenue | 3.3% | 3.7% | 4.1% | 7.6% | 13.1% | 17.4% | 13.7% | 11.9% | 10.1% | 7.9% |
| Capex / operating cash flow | 10.0% | 11.7% | 11.7% | 67.3% | 124.8% | 291.6% | 46.6% | 39.2% | 33.7% | 25.2% |
| Capex / depreciation | 0.65 | 0.67 | 0.64 | 0.70 | 1.11 | 1.23 | 1.51 | 1.34 | 1.05 | 0.74 |
| Stock-based compensation / revenue | 1.7% | 1.3% | 0.7% | 0.6% | 0.9% | 1.2% | 1.0% | 0.8% | 0.8% | 0.8% |
| SG&A / revenue | 9.2% | 15.4% | 9.7% | 12.1% | 12.1% | 20.8% | 13.3% | 10.8% | 10.8% | 11.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 17.1 | 15.1 | 15.6 | 21.5 | 13.3 | 11.5 | 7.6 | 16.2 | 20.5 | 9.9 |
| Days of inventory on hand | 1.4 | 1.5 | 1.6 | 2.4 | 2.9 | 2.7 | 2.5 | 1.8 | 1.5 | 1.7 |
| Days payables outstanding | 24.5 | 26.0 | 27.9 | 31.8 | 35.7 | 45.3 | 52.4 | 46.7 | 43.5 | 43.3 |
| Cash conversion cycle (days) | -5.9 | -9.3 | -10.6 | -8.0 | -19.6 | -31.1 | -42.4 | -28.7 | -21.5 | -31.7 |
| Receivables turnover | 21.31 | 24.10 | 23.43 | 16.97 | 27.50 | 31.66 | 48.12 | 22.54 | 17.80 | 36.88 |
| Payables turnover | 14.89 | 14.02 | 13.10 | 11.46 | 10.22 | 8.05 | 6.96 | 7.82 | 8.40 | 8.43 |
| Inventory turnover | 254.98 | 235.82 | 222.34 | 155.19 | 127.53 | 133.27 | 146.73 | 199.24 | 248.84 | 213.89 |
| Asset turnover | 0.39 | 0.38 | 0.35 | 0.22 | 0.20 | 0.17 | 0.29 | 0.49 | 0.60 | 0.74 |
| Average receivables | CN¥1.16B | CN¥991.5M | CN¥934.0M | CN¥817.0M | CN¥465.0M | CN¥322.0M | CN¥233.0M | CN¥446.5M | CN¥462.3M | CN¥178.2M |
| Average payables | CN¥1.00B | CN¥1.00B | CN¥1.09B | CN¥1.07B | CN¥1.10B | CN¥1.21B | CN¥1.03B | CN¥828.3M | CN¥675.6M | CN¥585.0M |
| Average inventory | CN¥58.5M | CN¥59.5M | CN¥64.5M | CN¥79.0M | CN¥88.5M | CN¥73.0M | CN¥49.0M | CN¥32.5M | CN¥22.8M | CN¥23.1M |
| Intangibles / total assets | 16.1% | 16.3% | 17.0% | 17.4% | 16.9% | 16.9% | 8.6% | 18.6% | 23.2% | 6.6% |
Computed from HTHT's annual financial statements (latest annual report filed April 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
HTHT valuation and financial ratios
H World earned a return on equity of 39.5% and a return on invested capital of 12.6% in fiscal 2025. It ended the year with CN¥36.1 billion of debt and CN¥15.4 billion in cash and short-term investments, net debt of CN¥20.7 billion. It returned CN¥4.6 billion to shareholders: CN¥3.8 billion in dividends and CN¥761.7 million in share buybacks, 62% of free cash flow.
See the HTHT income statement, the HTHT chart for price history, or the HTHT stock overview for the latest quote and news.
HTHT key metrics FAQ
What is H World's return on equity?
H World's return on equity (ROE) was 39.5% in fiscal 2025: net income of CN¥4.9 billion on average shareholders' equity of CN¥12.5 billion.
What is H World's ROIC?
H World's return on invested capital was 12.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does H World have?
H World had total debt of CN¥36.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.82 and CN¥20.7 billion of net debt (2.38 times EBITDA).
Does H World buy back its shares?
Yes. H World spent CN¥761.7 million on net share repurchases in fiscal 2025.
What is H World's current ratio?
H World's current ratio was 0.91 at the end of fiscal 2025: current assets were 0.91 times current liabilities.