WHWYNDHAM HOTELS & RESORTS, INC.

Hotels & Motels

Revenue: $1.4B; 1.8% YoY
Operating margin: 28.1%; 20% YoY
EBITDA: $464M; 18% YoY
Market cap: $7.7B
Employees: 2,000; $715K revenue each
Net debt / EBITDA: 5.7×; $2.6B net debt
AI in 10-K: 3.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
190% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
107% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$715K · 86th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.1 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$17M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.2B	$1.4B	$1.4B	$1.4B	$1.4B	1.8%
Operating income	$446M	$558M	$503M	$495M	$402M	19%
Net income	$244M	$355M	$289M	$289M	$193M	33%
Operating cash flow	$426M	$399M	$376M	$290M	$367M	27%
Capex	$37M	$39M	$37M	$49M	$46M	6.1%
Stock-based comp	$28M	$33M	$39M	$45M	$43M	4.4%
Buybacks	$107M	$448M	$393M	$310M	$266M	14%
Dividends	$82M	$116M	$118M	$122M	$127M	4.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $17M · 19
Net: −$17M

Pay vs performance

No pay-versus-performance disclosure yet.