HSTHOST HOTELS & RESORTS, INC.

Real Estate Investment Trusts

Revenue: $6.1B; 7.6% YoY
Operating margin: 14.0%; 9.2% YoY
EBITDA: $1.6B; 0.8% YoY
Market cap: $17.3B
Employees: 162; $38M revenue each
Net debt / EBITDA: -0.4×; −$679M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$15M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
197% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
55% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$38M · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 40th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$17.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.9B	$4.9B	$5.3B	$5.7B	$6.1B	7.6%
Operating income	−$250M	$775M	$827M	$875M	$855M	2.3%
Net income	−$11M	$633M	$740M	$697M	$765M	9.8%
Operating cash flow	$292M	$1.4B	$1.4B	$1.5B	$1.5B	0.8%
Stock-based comp	$18M	$26M	$30M	$24M	$26M	8.3%
Buybacks	$0	$27M	$182M	$107M	$205M	92%
Dividends	$0	$150M	$547M	$737M	$623M	15%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6M · 10
Net: −$6M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$15M	$23M	147	115
FY2024	$16M	$15M	137	122
FY2023	$18M	$30M	145	124
FY2022	$14M	$17M	113	100
FY2021	$12M	$16M	119	118