# Lodging — company-by-company sector analysis

> Lodging: Marriott International, Inc. owns the largest revenue base; Hilton Worldwide Holdings Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Lodging has underperformed S&P 500 by 3.2% over 52 weeks and 0.2% over 13 weeks. 6 of 7 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 7 beat the sector itself. Marriott International, Inc. leads with revenue of $26,577 million, based on 5 of 7 comparable companies through Mar 2026.

### Is the Lodging sector outperforming S&P 500?

Lodging has underperformed S&P 500 by 3.2% over 52 weeks and 0.2% over 13 weeks. 6 of 7 covered companies beat the S&P 500 on Mansfield relative strength, while 6 of 7 beat the sector itself.

### Which Lodging company is largest by revenue?

Marriott International, Inc. leads with revenue of $26,577 million, based on 5 of 7 comparable companies through Mar 2026.

### Which Lodging company is growing fastest?

Hilton Worldwide Holdings Inc. has the fastest current revenue growth at 8.7%, across 5 of 7 comparable companies.

### Which Lodging company has the strongest 4-Factor Sector Score?

Civeo Corporation ranks first at 55.2/100 with 58.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Lodging company reports the most CAPEX?

Marriott International, Inc. reports the largest latest CAPEX at $130 million, with 7 of 7 companies comparable.

### Which Lodging company has the least gross debt?

Civeo Corporation has the lowest comparable gross debt at $226 million. Marriott International, Inc. has the highest at $17,406 million.

### Which Lodging company has the lowest comparable PEG?

Hilton Worldwide Holdings Inc. has the lowest comparable Guarded PEG at 0.78, among 3 of 7 companies that pass the metric’s comparability rules.

### How much history does this Lodging comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Lodging has underperformed S&P 500 by 3.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.2%. 6 of 7 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Civeo Corporation is the strongest against the sector itself at +20.9%.

13-week sector return versus NIFTY 500: -0.2%
52-week sector return versus NIFTY 500: -3.2%
Stocks leading NIFTY: 6/7
Stocks leading sector: 6/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 7
Combined market value: ₹2.3 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Civeo Corporation (CVEO): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.4/35 | Capital efficiency 6.8/25 | Valuation 11.0/20 | Relative strength 17.0/20
   - Exact sum: 20.4 + 6.8 + 11 + 17 = 55.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Hilton Worldwide Holdings Inc. (HLT): 55/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 20.6/35 | Capital efficiency 15.0/25 | Valuation 13.3/20 | Relative strength 6.2/20
   - Exact sum: 20.6 + 15 + 13.3 + 6.2 = 55.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Marriott International, Inc. (MAR): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 15.8/35 | Capital efficiency 10.3/25 | Valuation 4.0/20 | Relative strength 15.0/20
   - Exact sum: 15.8 + 10.3 + 4 + 15 = 45.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 11.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Hyatt Hotels Corporation (H): 43/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 12.1/35 | Capital efficiency 5.5/25 | Valuation 9.5/20 | Relative strength 16.2/20
   - Exact sum: 12.1 + 5.5 + 9.5 + 16.2 = 43.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Wyndham Hotels & Resorts, Inc. (WH): 41/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.0/35 | Capital efficiency 12.6/25 | Valuation 10.0/20 | Relative strength 0.9/20
   - Exact sum: 17 + 12.6 + 10 + 0.9 = 40.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Choice Hotels International, Inc. (CHH): 40/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 5.0/35 | Capital efficiency 9.8/25 | Valuation 14.7/20 | Relative strength 10.6/20
   - Exact sum: 5 + 9.8 + 14.7 + 10.6 = 40.1
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7. InterContinental Hotels Group PLC (IHG): 56/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 17.4/35 | Capital efficiency 14.6/25 | Valuation 10.5/20 | Relative strength 13.9/20
   - Exact sum: 17.4 + 14.6 + 10.5 + 13.9 = 56.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Marriott International, Inc. is the scale leader at $26,577 million, 116.4% ahead of Hilton Worldwide Holdings Inc.. Hilton Worldwide Holdings Inc.'s growth is 8.7% from a $12,281 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Marriott International, Inc. is the scale benchmark; Hilton Worldwide Holdings Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Marriott International, Inc.'s growth falls below Hilton Worldwide Holdings Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Marriott International, Inc. · $26,577 million | 116.4% versus #2 · Hilton Worldwide Holdings Inc. | 8/8 recent comparable periods | 5/7 companies · 123 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Marriott International, Inc. (MAR): ₹26.6K Cr
2. Hilton Worldwide Holdings Inc. (HLT): ₹12.3K Cr
3. Hyatt Hotels Corporation (H): ₹7.1K Cr
4. Choice Hotels International, Inc. (CHH): ₹1.6K Cr
5. Civeo Corporation (CVEO): ₹668 Cr

### Revenue growth — fastest growers
1. Hilton Worldwide Holdings Inc. (HLT): 8.7%
2. Hyatt Hotels Corporation (H): 7.2%
3. Marriott International, Inc. (MAR): 4.7%
4. Civeo Corporation (CVEO): 1.2%
5. Choice Hotels International, Inc. (CHH): 1.1%

### 20-quarter Revenue history
- MAR: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.9K Cr | Mar 2023 ₹5.6K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.3K Cr | Jun 2025 ₹6.7K Cr | Sep 2025 ₹6.5K Cr | Dec 2025 ₹6.7K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 —
- HLT: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- IHG: Sep 2021 — | Dec 2021 ₹816 Cr | Mar 2022 — | Jun 2022 ₹1.8K Cr | Sep 2022 — | Dec 2022 ₹1.0K Cr | Mar 2023 — | Jun 2023 ₹2.2K Cr | Sep 2023 — | Dec 2023 ₹2.4K Cr | Mar 2024 — | Jun 2024 ₹2.3K Cr | Sep 2024 — | Dec 2024 ₹2.6K Cr | Mar 2025 — | Jun 2025 ₹2.5K Cr | Sep 2025 — | Dec 2025 ₹2.7K Cr | Mar 2026 — | Jun 2026 —
- H: Sep 2021 ₹851 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- WH: Sep 2021 ₹463 Cr | Dec 2021 ₹392 Cr | Mar 2022 ₹371 Cr | Jun 2022 ₹386 Cr | Sep 2022 ₹407 Cr | Dec 2022 ₹334 Cr | Mar 2023 ₹313 Cr | Jun 2023 ₹362 Cr | Sep 2023 ₹402 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹305 Cr | Jun 2024 ₹367 Cr | Sep 2024 ₹396 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹397 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹334 Cr | Mar 2026 ₹327 Cr | Jun 2026 —
- CHH: Sep 2021 ₹323 Cr | Dec 2021 ₹285 Cr | Mar 2022 ₹258 Cr | Jun 2022 ₹368 Cr | Sep 2022 ₹414 Cr | Dec 2022 ₹362 Cr | Mar 2023 ₹333 Cr | Jun 2023 ₹427 Cr | Sep 2023 ₹426 Cr | Dec 2023 ₹358 Cr | Mar 2024 ₹332 Cr | Jun 2024 ₹435 Cr | Sep 2024 ₹428 Cr | Dec 2024 ₹390 Cr | Mar 2025 ₹333 Cr | Jun 2025 ₹426 Cr | Sep 2025 ₹447 Cr | Dec 2025 ₹390 Cr | Mar 2026 ₹341 Cr | Jun 2026 —
- CVEO: Sep 2021 ₹155 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹166 Cr | Jun 2022 ₹185 Cr | Sep 2022 ₹184 Cr | Dec 2022 ₹162 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹179 Cr | Sep 2023 ₹184 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹166 Cr | Jun 2024 ₹189 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹144 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹173 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- MAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 35% | Dec 2022 33% | Mar 2023 34% | Jun 2023 14% | Sep 2023 12% | Dec 2023 2.9% | Mar 2024 6.5% | Jun 2024 6.0% | Sep 2024 5.5% | Dec 2024 5.5% | Mar 2025 4.8% | Jun 2025 4.7% | Sep 2025 3.7% | Dec 2025 4.1% | Mar 2026 6.2% | Jun 2026 —
- HLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 35% | Dec 2022 33% | Mar 2023 33% | Jun 2023 19% | Sep 2023 13% | Dec 2023 6.8% | Mar 2024 12% | Jun 2024 11% | Sep 2024 7.3% | Dec 2024 6.7% | Mar 2025 4.7% | Jun 2025 6.3% | Sep 2025 8.8% | Dec 2025 11% | Mar 2026 9.0% | Jun 2026 —
- IHG: Sep 2021 — | Dec 2021 -29% | Mar 2022 — | Jun 2022 52% | Sep 2022 — | Dec 2022 23% | Mar 2023 — | Jun 2023 24% | Sep 2023 — | Dec 2023 139% | Mar 2024 — | Jun 2024 4.3% | Sep 2024 — | Dec 2024 8.5% | Mar 2025 — | Jun 2025 8.5% | Sep 2025 — | Dec 2025 2.7% | Mar 2026 — | Jun 2026 —
- H: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 124% | Sep 2022 81% | Dec 2022 48% | Mar 2023 31% | Jun 2023 15% | Sep 2023 5.3% | Dec 2023 4.5% | Mar 2024 2.0% | Jun 2024 -0.1% | Sep 2024 0.4% | Dec 2024 -3.5% | Mar 2025 0.2% | Jun 2025 6.2% | Sep 2025 9.6% | Dec 2025 12% | Mar 2026 1.8% | Jun 2026 —
- WH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.9% | Sep 2022 -12% | Dec 2022 -15% | Mar 2023 -16% | Jun 2023 -6.2% | Sep 2023 -1.2% | Dec 2023 -3.9% | Mar 2024 -2.6% | Jun 2024 1.4% | Sep 2024 -1.5% | Dec 2024 6.2% | Mar 2025 3.6% | Jun 2025 8.2% | Sep 2025 -3.5% | Dec 2025 -2.1% | Mar 2026 3.5% | Jun 2026 —
- CHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 28% | Dec 2022 27% | Mar 2023 29% | Jun 2023 16% | Sep 2023 2.9% | Dec 2023 -1.1% | Mar 2024 -0.3% | Jun 2024 1.9% | Sep 2024 0.5% | Dec 2024 8.9% | Mar 2025 0.3% | Jun 2025 -2.1% | Sep 2025 4.4% | Dec 2025 0.0% | Mar 2026 2.4% | Jun 2026 —
- CVEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 19% | Dec 2022 1.3% | Mar 2023 1.2% | Jun 2023 -3.2% | Sep 2023 0.0% | Dec 2023 5.6% | Mar 2024 -1.2% | Jun 2024 5.6% | Sep 2024 -4.4% | Dec 2024 -12% | Mar 2025 -13% | Jun 2025 -14% | Sep 2025 -3.4% | Dec 2025 7.3% | Mar 2026 20% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Wyndham Hotels & Resorts, Inc. leads opm at 34.9%; Civeo Corporation leads margin change at +5.6 percentage points.

Investor read: Wyndham Hotels & Resorts, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Wyndham Hotels & Resorts, Inc. · 34.9% | 51.1% versus #2 · Hilton Worldwide Holdings Inc. | 5/8 recent comparable periods | 6/7 companies · 114 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Wyndham Hotels & Resorts, Inc. (WH): 35%
2. Hilton Worldwide Holdings Inc. (HLT): 23%
3. Choice Hotels International, Inc. (CHH): 18%
4. Marriott International, Inc. (MAR): 16%
5. Hyatt Hotels Corporation (H): 6.8%

### Margin change — fastest expanders
1. Civeo Corporation (CVEO): +5.6 pp
2. Hilton Worldwide Holdings Inc. (HLT): +3.2 pp
3. Marriott International, Inc. (MAR): +0.9 pp
4. Hyatt Hotels Corporation (H): +0.8 pp
5. Wyndham Hotels & Resorts, Inc. (WH): −0.5 pp

### 20-quarter OPM history
- MAR: Sep 2021 14% | Dec 2021 14% | Mar 2022 13% | Jun 2022 18% | Sep 2022 18% | Dec 2022 17% | Mar 2023 17% | Jun 2023 18% | Sep 2023 19% | Dec 2023 12% | Mar 2024 15% | Jun 2024 19% | Sep 2024 15% | Dec 2024 12% | Mar 2025 15% | Jun 2025 18% | Sep 2025 18% | Dec 2025 12% | Mar 2026 16% | Jun 2026 —
- HLT: Sep 2021 25% | Dec 2021 18% | Mar 2022 21% | Jun 2022 27% | Sep 2022 26% | Dec 2022 21% | Mar 2023 22% | Jun 2023 25% | Sep 2023 24% | Dec 2023 15% | Mar 2024 21% | Jun 2024 25% | Sep 2024 22% | Dec 2024 18% | Mar 2025 20% | Jun 2025 25% | Sep 2025 25% | Dec 2025 20% | Mar 2026 23% | Jun 2026 —
- H: Sep 2021 0.8% | Dec 2021 -3.1% | Mar 2022 -33% | Jun 2022 12% | Sep 2022 9.4% | Dec 2022 15% | Mar 2023 4.5% | Jun 2023 6.0% | Sep 2023 6.5% | Dec 2023 0.7% | Mar 2024 2.3% | Jun 2024 8.8% | Sep 2024 6.4% | Dec 2024 5.0% | Mar 2025 6.0% | Jun 2025 3.2% | Sep 2025 5.5% | Dec 2025 5.0% | Mar 2026 6.8% | Jun 2026 —
- WH: Sep 2021 35% | Dec 2021 22% | Mar 2022 43% | Jun 2022 38% | Sep 2022 39% | Dec 2022 28% | Mar 2023 36% | Jun 2023 34% | Sep 2023 41% | Dec 2023 32% | Mar 2024 16% | Jun 2024 40% | Sep 2024 43% | Dec 2024 38% | Mar 2025 35% | Jun 2025 38% | Sep 2025 47% | Dec 2025 -11% | Mar 2026 35% | Jun 2026 —
- CHH: Sep 2021 49% | Dec 2021 38% | Mar 2022 39% | Jun 2022 42% | Sep 2022 32% | Dec 2022 21% | Mar 2023 23% | Jun 2023 29% | Sep 2023 32% | Dec 2023 40% | Mar 2024 18% | Jun 2024 31% | Sep 2024 36% | Dec 2024 31% | Mar 2025 24% | Jun 2025 29% | Sep 2025 32% | Dec 2025 26% | Mar 2026 18% | Jun 2026 —
- CVEO: Sep 2021 3.9% | Dec 2021 4.9% | Mar 2022 2.6% | Jun 2022 7.7% | Sep 2022 5.9% | Dec 2022 -7.6% | Mar 2023 -2.3% | Jun 2023 5.7% | Sep 2023 8.7% | Dec 2023 10% | Mar 2024 -1.1% | Jun 2024 6.9% | Sep 2024 0.0% | Dec 2024 -6.7% | Mar 2025 -3.8% | Jun 2025 1.7% | Sep 2025 4.1% | Dec 2025 -0.1% | Mar 2026 1.8% | Jun 2026 —

### 20-quarter Margin change history
- MAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 +4.2 pp | Dec 2022 +2.5 pp | Mar 2023 +3.6 pp | Jun 2023 +0.2 pp | Sep 2023 +0.5 pp | Dec 2023 −5.0 pp | Mar 2024 −2.2 pp | Jun 2024 +0.6 pp | Sep 2024 −3.4 pp | Dec 2024 −0.1 pp | Mar 2025 +0.4 pp | Jun 2025 −0.3 pp | Sep 2025 +3.1 pp | Dec 2025 −0.1 pp | Mar 2026 +0.9 pp | Jun 2026 —
- HLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9.8 pp | Sep 2022 +1.6 pp | Dec 2022 +2.5 pp | Mar 2023 +0.3 pp | Jun 2023 −1.4 pp | Sep 2023 −1.9 pp | Dec 2023 −5.3 pp | Mar 2024 −1.0 pp | Jun 2024 −0.7 pp | Sep 2024 −2.7 pp | Dec 2024 +2.3 pp | Mar 2025 −0.8 pp | Jun 2025 +0.2 pp | Sep 2025 +3.2 pp | Dec 2025 +1.9 pp | Mar 2026 +3.2 pp | Jun 2026 —
- H: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +22.1 pp | Sep 2022 +8.6 pp | Dec 2022 +17.6 pp | Mar 2023 +37.6 pp | Jun 2023 −5.5 pp | Sep 2023 −2.9 pp | Dec 2023 −13.8 pp | Mar 2024 −2.2 pp | Jun 2024 +2.8 pp | Sep 2024 −0.1 pp | Dec 2024 +4.3 pp | Mar 2025 +3.7 pp | Jun 2025 −5.6 pp | Sep 2025 −0.9 pp | Dec 2025 0.0 pp | Mar 2026 +0.8 pp | Jun 2026 —
- WH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.8 pp | Sep 2022 +4.5 pp | Dec 2022 +5.4 pp | Mar 2023 −7.0 pp | Jun 2023 −3.6 pp | Sep 2023 +1.2 pp | Dec 2023 +4.6 pp | Mar 2024 −19.7 pp | Jun 2024 +5.5 pp | Sep 2024 +2.7 pp | Dec 2024 +5.4 pp | Mar 2025 +19.0 pp | Jun 2025 −1.7 pp | Sep 2025 +3.4 pp | Dec 2025 −48.6 pp | Mar 2026 −0.5 pp | Jun 2026 —
- CHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.9 pp | Sep 2022 −17.4 pp | Dec 2022 −16.3 pp | Mar 2023 −15.2 pp | Jun 2023 −12.8 pp | Sep 2023 −0.1 pp | Dec 2023 +18.9 pp | Mar 2024 −5.3 pp | Jun 2024 +1.4 pp | Sep 2024 +3.8 pp | Dec 2024 −9.6 pp | Mar 2025 +5.9 pp | Jun 2025 −1.3 pp | Sep 2025 −3.7 pp | Dec 2025 −4.6 pp | Mar 2026 −6.4 pp | Jun 2026 —
- CVEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.3 pp | Sep 2022 +2.0 pp | Dec 2022 −12.5 pp | Mar 2023 −4.9 pp | Jun 2023 −2.0 pp | Sep 2023 +2.8 pp | Dec 2023 +17.7 pp | Mar 2024 +1.2 pp | Jun 2024 +1.2 pp | Sep 2024 −8.7 pp | Dec 2024 −16.8 pp | Mar 2025 −2.7 pp | Jun 2025 −5.2 pp | Sep 2025 +4.1 pp | Dec 2025 +6.6 pp | Mar 2026 +5.6 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Marriott International, Inc. leads with $2,584 million of TTM profit, 67.4% above Hilton Worldwide Holdings Inc.. Marriott International, Inc. shows 4.4% growth from a $2,584 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Marriott International, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Marriott International, Inc. · $2,584 million | 67.4% versus #2 · Hilton Worldwide Holdings Inc. | 3/8 recent comparable periods | 5/7 companies · 123 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Marriott International, Inc. (MAR): ₹2.6K Cr
2. Hilton Worldwide Holdings Inc. (HLT): ₹1.5K Cr
3. Choice Hotels International, Inc. (CHH): ₹264 Cr
4. Civeo Corporation (CVEO): ₹-13 Cr
5. Hyatt Hotels Corporation (H): ₹-59 Cr

### Profit growth — fastest growers
1. Marriott International, Inc. (MAR): 4.4%
2. Hilton Worldwide Holdings Inc. (HLT): -1.7%
3. Choice Hotels International, Inc. (CHH): -30%
4. Hyatt Hotels Corporation (H): -109%

### 20-quarter Net profit history
- MAR: Sep 2021 ₹220 Cr | Dec 2021 ₹468 Cr | Mar 2022 ₹377 Cr | Jun 2022 ₹678 Cr | Sep 2022 ₹630 Cr | Dec 2022 ₹673 Cr | Mar 2023 ₹757 Cr | Jun 2023 ₹726 Cr | Sep 2023 ₹752 Cr | Dec 2023 ₹848 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹772 Cr | Sep 2024 ₹584 Cr | Dec 2024 ₹455 Cr | Mar 2025 ₹665 Cr | Jun 2025 ₹763 Cr | Sep 2025 ₹728 Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹648 Cr | Jun 2026 —
- HLT: Sep 2021 ₹240 Cr | Dec 2021 ₹148 Cr | Mar 2022 ₹211 Cr | Jun 2022 ₹367 Cr | Sep 2022 ₹346 Cr | Dec 2022 ₹333 Cr | Mar 2023 ₹209 Cr | Jun 2023 ₹413 Cr | Sep 2023 ₹379 Cr | Dec 2023 ₹150 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹422 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹505 Cr | Mar 2025 ₹300 Cr | Jun 2025 ₹442 Cr | Sep 2025 ₹421 Cr | Dec 2025 ₹298 Cr | Mar 2026 ₹383 Cr | Jun 2026 —
- IHG: Sep 2021 — | Dec 2021 ₹217 Cr | Mar 2022 — | Jun 2022 ₹216 Cr | Sep 2022 — | Dec 2022 ₹160 Cr | Mar 2023 — | Jun 2023 ₹459 Cr | Sep 2023 — | Dec 2023 ₹291 Cr | Mar 2024 — | Jun 2024 ₹347 Cr | Sep 2024 — | Dec 2024 ₹281 Cr | Mar 2025 — | Jun 2025 ₹469 Cr | Sep 2025 — | Dec 2025 ₹290 Cr | Mar 2026 — | Jun 2026 —
- H: Sep 2021 ₹120 Cr | Dec 2021 ₹-29 Cr | Mar 2022 ₹-73 Cr | Jun 2022 ₹206 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹294 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹522 Cr | Jun 2024 ₹359 Cr | Sep 2024 ₹471 Cr | Dec 2024 ₹-160 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-50 Cr | Dec 2025 ₹-46 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- WH: Sep 2021 ₹103 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹101 Cr | Dec 2022 ₹56 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹49 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹86 Cr | Sep 2024 ₹102 Cr | Dec 2024 ₹85 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹-60 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- CHH: Sep 2021 ₹111 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹117 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹90 Cr | Dec 2024 ₹167 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹163 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- CVEO: Sep 2021 ₹1 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹-12 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹-10 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹-4 Cr | Jun 2026 —

### 20-quarter Profit growth history
- MAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 186% | Dec 2022 44% | Mar 2023 101% | Jun 2023 7.1% | Sep 2023 19% | Dec 2023 26% | Mar 2024 -26% | Jun 2024 6.3% | Sep 2024 -22% | Dec 2024 -46% | Mar 2025 18% | Jun 2025 -1.2% | Sep 2025 25% | Dec 2025 -2.2% | Mar 2026 -2.6% | Jun 2026 —
- HLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 187% | Sep 2022 44% | Dec 2022 125% | Mar 2023 -1.0% | Jun 2023 13% | Sep 2023 9.5% | Dec 2023 -55% | Mar 2024 28% | Jun 2024 2.2% | Sep 2024 -9.2% | Dec 2024 237% | Mar 2025 12% | Jun 2025 4.7% | Sep 2025 22% | Dec 2025 -41% | Mar 2026 28% | Jun 2026 —
- IHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 350% | Sep 2022 — | Dec 2022 -26% | Mar 2023 — | Jun 2023 113% | Sep 2023 — | Dec 2023 82% | Mar 2024 — | Jun 2024 -24% | Sep 2024 — | Dec 2024 -3.4% | Mar 2025 — | Jun 2025 35% | Sep 2025 — | Dec 2025 3.2% | Mar 2026 — | Jun 2026 —
- H: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -77% | Dec 2022 — | Mar 2023 — | Jun 2023 -67% | Sep 2023 143% | Dec 2023 -91% | Mar 2024 800% | Jun 2024 428% | Sep 2024 593% | Dec 2024 -715% | Mar 2025 -95% | Jun 2025 -101% | Sep 2025 -111% | Dec 2025 — | Mar 2026 71% | Jun 2026 —
- WH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 -1.9% | Dec 2022 14% | Mar 2023 -37% | Jun 2023 -24% | Sep 2023 2.0% | Dec 2023 -13% | Mar 2024 -76% | Jun 2024 23% | Sep 2024 -1.0% | Dec 2024 73% | Mar 2025 281% | Jun 2025 1.2% | Sep 2025 2.9% | Dec 2025 -171% | Mar 2026 0.0% | Jun 2026 —
- CHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 -4.5% | Dec 2022 -44% | Mar 2023 -30% | Jun 2023 -32% | Sep 2023 -14% | Dec 2023 136% | Mar 2024 -31% | Jun 2024 -5.0% | Sep 2024 -1.1% | Dec 2024 42% | Mar 2025 35% | Jun 2025 -6.6% | Sep 2025 -104% | Dec 2025 -2.4% | Mar 2026 -26% | Jun 2026 —
- CVEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 500% | Dec 2022 -209% | Mar 2023 -400% | Jun 2023 -60% | Sep 2023 50% | Dec 2023 — | Mar 2024 — | Jun 2024 75% | Sep 2024 -156% | Dec 2024 -165% | Mar 2025 — | Jun 2025 -143% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Marriott International, Inc. reports $130 million of CAPEX; Choice Hotels International, Inc. has the highest covered intensity at 7.9%. Coverage is only 7 of 7 companies and 122 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Marriott International, Inc. · $130 million | 381.5% versus #2 · Choice Hotels International, Inc. | 8/8 recent comparable periods | 7/7 companies · 122 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Marriott International, Inc. (MAR): ₹130 Cr
2. Choice Hotels International, Inc. (CHH): ₹27 Cr
3. Hyatt Hotels Corporation (H): ₹23 Cr
4. InterContinental Hotels Group PLC (IHG): ₹17 Cr — older report
5. Wyndham Hotels & Resorts, Inc. (WH): ₹14 Cr

### CAPEX intensity — highest reinvestment intensity
1. Choice Hotels International, Inc. (CHH): 7.9%
2. Civeo Corporation (CVEO): 2.3%
3. Wyndham Hotels & Resorts, Inc. (WH): 2.1%
4. Marriott International, Inc. (MAR): 2.0%
5. Hyatt Hotels Corporation (H): 1.3%

### 20-quarter CAPEX history
- MAR: Sep 2021 ₹44 Cr | Dec 2021 ₹69 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹125 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹342 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹155 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹130 Cr | Jun 2026 —
- HLT: Sep 2021 ₹8 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹29 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- IHG: Sep 2021 — | Dec 2021 ₹14 Cr | Mar 2022 — | Jun 2022 ₹12 Cr | Sep 2022 — | Dec 2022 ₹42 Cr | Mar 2023 — | Jun 2023 ₹11 Cr | Sep 2023 — | Dec 2023 ₹17 Cr | Mar 2024 — | Jun 2024 ₹14 Cr | Sep 2024 — | Dec 2024 ₹15 Cr | Mar 2025 — | Jun 2025 ₹11 Cr | Sep 2025 — | Dec 2025 ₹17 Cr | Mar 2026 — | Jun 2026 —
- H: Sep 2021 ₹28 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹64 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- WH: Sep 2021 ₹6 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹7 Cr | Jun 2026 ₹14 Cr
- CHH: Sep 2021 ₹23 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹16 Cr | Dec 2022 — | Mar 2023 ₹20 Cr | Jun 2023 ₹26 Cr | Sep 2023 — | Dec 2023 ₹35 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- CVEO: Sep 2021 ₹3 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- MAR: Sep 2021 1.1% | Dec 2021 1.6% | Mar 2022 1.2% | Jun 2022 1.3% | Sep 2022 1.4% | Dec 2022 2.4% | Mar 2023 1.7% | Jun 2023 1.6% | Sep 2023 2.1% | Dec 2023 2.2% | Mar 2024 1.8% | Jun 2024 1.9% | Sep 2024 2.8% | Dec 2024 5.3% | Mar 2025 2.2% | Jun 2025 2.3% | Sep 2025 2.2% | Dec 2025 2.6% | Mar 2026 2.0% | Jun 2026 —
- HLT: Sep 2021 0.5% | Dec 2021 1.0% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 0.3% | Dec 2022 0.8% | Mar 2023 1.9% | Jun 2023 1.1% | Sep 2023 1.3% | Dec 2023 1.6% | Mar 2024 0.6% | Jun 2024 0.5% | Sep 2024 0.6% | Dec 2024 1.7% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 0.9% | Dec 2025 1.0% | Mar 2026 0.3% | Jun 2026 —
- IHG: Sep 2021 — | Dec 2021 1.7% | Mar 2022 — | Jun 2022 0.7% | Sep 2022 — | Dec 2022 4.2% | Mar 2023 — | Jun 2023 0.5% | Sep 2023 — | Dec 2023 0.7% | Mar 2024 — | Jun 2024 0.6% | Sep 2024 — | Dec 2024 0.6% | Mar 2025 — | Jun 2025 0.4% | Sep 2025 — | Dec 2025 0.6% | Mar 2026 — | Jun 2026 —
- H: Sep 2021 3.3% | Dec 2021 4.3% | Mar 2022 3.4% | Jun 2022 4.1% | Sep 2022 2.5% | Dec 2022 3.7% | Mar 2023 1.8% | Jun 2023 2.9% | Sep 2023 3.3% | Dec 2023 3.9% | Mar 2024 2.0% | Jun 2024 2.5% | Sep 2024 2.6% | Dec 2024 3.2% | Mar 2025 1.7% | Jun 2025 2.4% | Sep 2025 3.9% | Dec 2025 4.3% | Mar 2026 1.3% | Jun 2026 —
- WH: Sep 2021 1.3% | Dec 2021 3.6% | Mar 2022 2.7% | Jun 2022 2.1% | Sep 2022 2.5% | Dec 2022 3.3% | Mar 2023 2.9% | Jun 2023 2.5% | Sep 2023 2.5% | Dec 2023 2.8% | Mar 2024 3.0% | Jun 2024 1.9% | Sep 2024 2.0% | Dec 2024 7.3% | Mar 2025 2.2% | Jun 2025 3.0% | Sep 2025 2.9% | Dec 2025 4.8% | Mar 2026 2.1% | Jun 2026 —
- CHH: Sep 2021 7.1% | Dec 2021 9.8% | Mar 2022 11% | Jun 2022 6.3% | Sep 2022 3.9% | Dec 2022 — | Mar 2023 6.0% | Jun 2023 6.1% | Sep 2023 — | Dec 2023 9.8% | Mar 2024 9.9% | Jun 2024 9.4% | Sep 2024 9.6% | Dec 2024 7.9% | Mar 2025 14% | Jun 2025 8.9% | Sep 2025 6.3% | Dec 2025 8.7% | Mar 2026 7.9% | Jun 2026 —
- CVEO: Sep 2021 1.9% | Dec 2021 3.8% | Mar 2022 2.4% | Jun 2022 2.7% | Sep 2022 4.9% | Dec 2022 4.9% | Mar 2023 3.0% | Jun 2023 3.9% | Sep 2023 4.9% | Dec 2023 5.8% | Mar 2024 3.6% | Jun 2024 2.6% | Sep 2024 4.0% | Dec 2024 5.3% | Mar 2025 3.5% | Jun 2025 2.5% | Sep 2025 3.5% | Dec 2025 3.1% | Mar 2026 2.3% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Civeo Corporation has the clearest covered balance-sheet capacity with $209 million and gross debt of $226 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Civeo Corporation · $226 million | 89.3% versus #2 · Choice Hotels International, Inc. | 0/8 recent comparable periods | 6/7 companies · 115 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Civeo Corporation (CVEO): ₹226 Cr
2. Choice Hotels International, Inc. (CHH): ₹2.1K Cr
3. Wyndham Hotels & Resorts, Inc. (WH): ₹2.7K Cr
4. Hyatt Hotels Corporation (H): ₹4.5K Cr
5. Hilton Worldwide Holdings Inc. (HLT): ₹13.1K Cr

### Net debt — lowest net debt
1. Civeo Corporation (CVEO): ₹209 Cr
2. Choice Hotels International, Inc. (CHH): ₹2.1K Cr
3. Wyndham Hotels & Resorts, Inc. (WH): ₹2.6K Cr
4. Hyatt Hotels Corporation (H): ₹3.8K Cr
5. Hilton Worldwide Holdings Inc. (HLT): ₹12.5K Cr

### 20-quarter Gross debt history
- MAR: Sep 2021 ₹10.5K Cr | Dec 2021 ₹11.2K Cr | Mar 2022 ₹10.5K Cr | Jun 2022 ₹9.8K Cr | Sep 2022 ₹10.4K Cr | Dec 2022 ₹11.1K Cr | Mar 2023 ₹11.7K Cr | Jun 2023 ₹12.3K Cr | Sep 2023 ₹12.7K Cr | Dec 2023 ₹12.8K Cr | Mar 2024 ₹13.5K Cr | Jun 2024 ₹14.0K Cr | Sep 2024 ₹14.5K Cr | Dec 2024 ₹15.2K Cr | Mar 2025 ₹15.9K Cr | Jun 2025 ₹16.5K Cr | Sep 2025 ₹16.9K Cr | Dec 2025 ₹17.1K Cr | Mar 2026 ₹17.4K Cr | Jun 2026 —
- HLT: Sep 2021 ₹9.7K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹9.5K Cr | Sep 2022 ₹9.5K Cr | Dec 2022 ₹9.6K Cr | Mar 2023 ₹9.6K Cr | Jun 2023 ₹9.6K Cr | Sep 2023 ₹9.5K Cr | Dec 2023 ₹10.0K Cr | Mar 2024 ₹10.9K Cr | Jun 2024 ₹11.0K Cr | Sep 2024 ₹12.0K Cr | Dec 2024 ₹11.9K Cr | Mar 2025 ₹11.9K Cr | Jun 2025 ₹11.7K Cr | Sep 2025 ₹12.4K Cr | Dec 2025 ₹13.1K Cr | Mar 2026 ₹13.1K Cr | Jun 2026 —
- H: Sep 2021 ₹3.4K Cr | Dec 2021 ₹4.4K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.6K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- WH: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 ₹2.7K Cr
- CHH: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- CVEO: Sep 2021 ₹210 Cr | Dec 2021 ₹189 Cr | Mar 2022 ₹191 Cr | Jun 2022 ₹166 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹144 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹180 Cr | Sep 2025 ₹198 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹226 Cr | Jun 2026 —

### 20-quarter Net debt history
- MAR: Sep 2021 ₹9.8K Cr | Dec 2021 ₹9.8K Cr | Mar 2022 ₹9.5K Cr | Jun 2022 ₹9.3K Cr | Sep 2022 ₹9.4K Cr | Dec 2022 ₹10.6K Cr | Mar 2023 ₹11.1K Cr | Jun 2023 ₹11.7K Cr | Sep 2023 ₹12.0K Cr | Dec 2023 ₹12.4K Cr | Mar 2024 ₹13.1K Cr | Jun 2024 ₹13.6K Cr | Sep 2024 ₹14.1K Cr | Dec 2024 ₹14.8K Cr | Mar 2025 ₹15.3K Cr | Jun 2025 ₹15.9K Cr | Sep 2025 ₹16.2K Cr | Dec 2025 ₹16.7K Cr | Mar 2026 ₹17.0K Cr | Jun 2026 —
- HLT: Sep 2021 ₹8.4K Cr | Dec 2021 ₹8.2K Cr | Mar 2022 ₹8.2K Cr | Jun 2022 ₹8.3K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹8.4K Cr | Mar 2023 ₹8.7K Cr | Jun 2023 ₹8.8K Cr | Sep 2023 ₹8.8K Cr | Dec 2023 ₹9.2K Cr | Mar 2024 ₹9.6K Cr | Jun 2024 ₹10.2K Cr | Sep 2024 ₹10.4K Cr | Dec 2024 ₹10.6K Cr | Mar 2025 ₹11.1K Cr | Jun 2025 ₹11.3K Cr | Sep 2025 ₹11.3K Cr | Dec 2025 ₹12.2K Cr | Mar 2026 ₹12.5K Cr | Jun 2026 —
- H: Sep 2021 ₹588 Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- WH: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.6K Cr
- CHH: Sep 2021 ₹651 Cr | Dec 2021 ₹584 Cr | Mar 2022 ₹566 Cr | Jun 2022 ₹485 Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- CVEO: Sep 2021 ₹205 Cr | Dec 2021 ₹183 Cr | Mar 2022 ₹185 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹128 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹186 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹209 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: InterContinental Hotels Group PLC leads ROCE at 9.5%, 3.6 percentage points above Hilton Worldwide Holdings Inc.. Civeo Corporation has the strongest latest improvement at +2.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: InterContinental Hotels Group PLC sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: InterContinental Hotels Group PLC · 9.5% | 61% versus #2 · Hilton Worldwide Holdings Inc. | 6/8 recent comparable periods | 7/7 companies · 133 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. InterContinental Hotels Group PLC (IHG): 9.5% — older report
2. Hilton Worldwide Holdings Inc. (HLT): 5.9%
3. Marriott International, Inc. (MAR): 5.6%
4. Wyndham Hotels & Resorts, Inc. (WH): 4.5%
5. Choice Hotels International, Inc. (CHH): 2.6%

### ROCE change — fastest improvers
1. Civeo Corporation (CVEO): +2.2 pp
2. Hilton Worldwide Holdings Inc. (HLT): +1.3 pp
3. Wyndham Hotels & Resorts, Inc. (WH): +0.5 pp
4. Marriott International, Inc. (MAR): +0.3 pp
5. Hyatt Hotels Corporation (H): 0.0 pp

### 20-quarter ROCE history
- MAR: Sep 2021 2.9% | Dec 2021 3.3% | Mar 2022 3.0% | Jun 2022 5.3% | Sep 2022 5.3% | Dec 2022 5.4% | Mar 2023 5.2% | Jun 2023 6.2% | Sep 2023 6.2% | Dec 2023 4.1% | Mar 2024 4.9% | Jun 2024 6.8% | Sep 2024 5.4% | Dec 2024 4.2% | Mar 2025 5.3% | Jun 2025 6.8% | Sep 2025 6.4% | Dec 2025 4.2% | Mar 2026 5.6% | Jun 2026 —
- HLT: Sep 2021 3.1% | Dec 2021 2.5% | Mar 2022 2.9% | Jun 2022 4.9% | Sep 2022 5.0% | Dec 2022 4.1% | Mar 2023 4.1% | Jun 2023 5.6% | Sep 2023 5.5% | Dec 2023 3.4% | Mar 2024 4.4% | Jun 2024 6.2% | Sep 2024 5.2% | Dec 2024 4.2% | Mar 2025 4.6% | Jun 2025 6.8% | Sep 2025 6.4% | Dec 2025 5.0% | Mar 2026 5.9% | Jun 2026 —
- IHG: Sep 2021 5.7% | Dec 2021 5.7% | Mar 2022 5.7% | Jun 2022 5.7% | Sep 2022 4.6% | Dec 2022 4.6% | Mar 2023 10% | Jun 2023 10% | Sep 2023 9.1% | Dec 2023 9.1% | Mar 2024 10% | Jun 2024 10% | Sep 2024 9.5% | Dec 2024 9.5% | Mar 2025 12% | Jun 2025 12% | Sep 2025 9.5% | Dec 2025 9.5% | Mar 2026 — | Jun 2026 —
- H: Sep 2021 0.1% | Dec 2021 -0.4% | Mar 2022 -4.7% | Jun 2022 1.9% | Sep 2022 1.6% | Dec 2022 2.4% | Mar 2023 0.8% | Jun 2023 1.0% | Sep 2023 1.1% | Dec 2023 0.1% | Mar 2024 0.5% | Jun 2024 1.6% | Sep 2024 1.1% | Dec 2024 0.8% | Mar 2025 1.1% | Jun 2025 0.5% | Sep 2025 0.9% | Dec 2025 0.8% | Mar 2026 1.1% | Jun 2026 —
- WH: Sep 2021 3.8% | Dec 2021 2.2% | Mar 2022 4.1% | Jun 2022 3.7% | Sep 2022 4.1% | Dec 2022 2.5% | Mar 2023 3.0% | Jun 2023 3.3% | Sep 2023 4.4% | Dec 2023 2.9% | Mar 2024 1.4% | Jun 2024 4.0% | Sep 2024 4.6% | Dec 2024 3.5% | Mar 2025 3.1% | Jun 2025 4.0% | Sep 2025 4.7% | Dec 2025 -1.0% | Mar 2026 3.0% | Jun 2026 4.5%
- CHH: Sep 2021 12% | Dec 2021 8.0% | Mar 2022 7.2% | Jun 2022 11% | Sep 2022 8.7% | Dec 2022 5.1% | Mar 2023 5.0% | Jun 2023 7.7% | Sep 2023 7.6% | Dec 2023 9.2% | Mar 2024 3.7% | Jun 2024 7.0% | Sep 2024 7.8% | Dec 2024 6.8% | Mar 2025 4.3% | Jun 2025 5.8% | Sep 2025 6.3% | Dec 2025 4.5% | Mar 2026 2.6% | Jun 2026 —
- CVEO: Sep 2021 1.0% | Dec 2021 1.3% | Mar 2022 0.7% | Jun 2022 2.6% | Sep 2022 2.1% | Dec 2022 -2.5% | Mar 2023 -0.8% | Jun 2023 2.1% | Sep 2023 3.6% | Dec 2023 3.9% | Mar 2024 -0.4% | Jun 2024 3.1% | Sep 2024 0.0% | Dec 2024 -2.7% | Mar 2025 -1.4% | Jun 2025 0.7% | Sep 2025 1.8% | Dec 2025 0.0% | Mar 2026 0.8% | Jun 2026 —

### 20-quarter ROCE change history
- MAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +2.1 pp | Mar 2023 +2.2 pp | Jun 2023 +0.9 pp | Sep 2023 +0.9 pp | Dec 2023 −1.3 pp | Mar 2024 −0.3 pp | Jun 2024 +0.6 pp | Sep 2024 −0.8 pp | Dec 2024 +0.1 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 +0.3 pp | Jun 2026 —
- HLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +1.6 pp | Mar 2023 +1.2 pp | Jun 2023 +0.7 pp | Sep 2023 +0.5 pp | Dec 2023 −0.7 pp | Mar 2024 +0.3 pp | Jun 2024 +0.6 pp | Sep 2024 −0.3 pp | Dec 2024 +0.8 pp | Mar 2025 +0.2 pp | Jun 2025 +0.6 pp | Sep 2025 +1.2 pp | Dec 2025 +0.8 pp | Mar 2026 +1.3 pp | Jun 2026 —
- IHG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −1.1 pp | Mar 2023 +4.4 pp | Jun 2023 +4.4 pp | Sep 2023 +4.5 pp | Dec 2023 +4.5 pp | Mar 2024 +0.2 pp | Jun 2024 +0.2 pp | Sep 2024 +0.4 pp | Dec 2024 +0.4 pp | Mar 2025 +1.5 pp | Jun 2025 +1.5 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 —
- H: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +2.8 pp | Mar 2023 +5.5 pp | Jun 2023 −0.9 pp | Sep 2023 −0.5 pp | Dec 2023 −2.3 pp | Mar 2024 −0.3 pp | Jun 2024 +0.6 pp | Sep 2024 0.0 pp | Dec 2024 +0.7 pp | Mar 2025 +0.6 pp | Jun 2025 −1.1 pp | Sep 2025 −0.2 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- WH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +0.3 pp | Mar 2023 −1.1 pp | Jun 2023 −0.4 pp | Sep 2023 +0.3 pp | Dec 2023 +0.4 pp | Mar 2024 −1.6 pp | Jun 2024 +0.7 pp | Sep 2024 +0.2 pp | Dec 2024 +0.6 pp | Mar 2025 +1.7 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 −4.5 pp | Mar 2026 −0.1 pp | Jun 2026 +0.5 pp
- CHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 −2.9 pp | Mar 2023 −2.2 pp | Jun 2023 −2.9 pp | Sep 2023 −1.1 pp | Dec 2023 +4.1 pp | Mar 2024 −1.3 pp | Jun 2024 −0.7 pp | Sep 2024 +0.2 pp | Dec 2024 −2.4 pp | Mar 2025 +0.6 pp | Jun 2025 −1.2 pp | Sep 2025 −1.5 pp | Dec 2025 −2.3 pp | Mar 2026 −1.7 pp | Jun 2026 —
- CVEO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 −3.8 pp | Mar 2023 −1.5 pp | Jun 2023 −0.5 pp | Sep 2023 +1.5 pp | Dec 2023 +6.4 pp | Mar 2024 +0.4 pp | Jun 2024 +1.0 pp | Sep 2024 −3.6 pp | Dec 2024 −6.6 pp | Mar 2025 −1.0 pp | Jun 2025 −2.4 pp | Sep 2025 +1.8 pp | Dec 2025 +2.7 pp | Mar 2026 +2.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Hilton Worldwide Holdings Inc. has the lowest comparable Guarded PEG at 0.78×, 25.7% below Choice Hotels International, Inc.. Only 3 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Hilton Worldwide Holdings Inc. · 0.78× | 25.7% versus #2 · Choice Hotels International, Inc. | 0/8 recent comparable periods | 3/7 companies · 23 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Hilton Worldwide Holdings Inc. (HLT): 0.8
2. Choice Hotels International, Inc. (CHH): 1.1
3. Marriott International, Inc. (MAR): 4.0

### P/E — lowest P/E
1. Choice Hotels International, Inc. (CHH): 13.9
2. Civeo Corporation (CVEO): 19.6
3. InterContinental Hotels Group PLC (IHG): 28.9 — older report
4. Wyndham Hotels & Resorts, Inc. (WH): 31.0
5. Hyatt Hotels Corporation (H): 33.2

### 20-quarter Guarded PEG history
- MAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.3 | Mar 2026 4.0 | Jun 2026 —
- HLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- H: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.8 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.1 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.0 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 — | Dec 2025 0.4 | Mar 2026 1.1 | Jun 2026 —

### 20-quarter P/E history
- MAR: Sep 2021 104.3 | Dec 2021 49.5 | Mar 2022 39.0 | Jun 2022 25.7 | Sep 2022 21.4 | Dec 2022 20.6 | Mar 2023 19.4 | Jun 2023 20.7 | Sep 2023 20.8 | Dec 2023 22.2 | Mar 2024 26.0 | Jun 2024 24.2 | Sep 2024 26.0 | Dec 2024 33.5 | Mar 2025 27.1 | Jun 2025 30.8 | Sep 2025 27.5 | Dec 2025 32.6 | Mar 2026 34.3 | Jun 2026 —
- HLT: Sep 2021 1,100.9 | Dec 2021 106.8 | Mar 2022 58.6 | Jun 2022 32.3 | Sep 2022 31.3 | Dec 2022 27.9 | Mar 2023 30.9 | Jun 2023 30.4 | Sep 2023 30.2 | Dec 2023 42.1 | Mar 2024 46.4 | Jun 2024 46.2 | Sep 2024 49.5 | Dec 2024 40.3 | Mar 2025 35.9 | Jun 2025 40.9 | Sep 2025 37.6 | Dec 2025 46.9 | Mar 2026 46.4 | Jun 2026 —
- IHG: Sep 2021 89.8 | Dec 2021 45.1 | Mar 2022 36.2 | Jun 2022 23.0 | Sep 2022 22.0 | Dec 2022 28.3 | Mar 2023 23.8 | Jun 2023 20.0 | Sep 2023 18.8 | Dec 2023 20.7 | Mar 2024 25.5 | Jun 2024 27.3 | Sep 2024 28.6 | Dec 2024 32.4 | Mar 2025 25.6 | Jun 2025 24.4 | Sep 2025 25.3 | Dec 2025 29.0 | Mar 2026 — | Jun 2026 —
- H: Sep 2021 — | Dec 2021 — | Mar 2022 681.8 | Jun 2022 35.7 | Sep 2022 69.2 | Dec 2022 22.1 | Mar 2023 21.0 | Jun 2023 28.0 | Sep 2023 23.7 | Dec 2023 63.6 | Mar 2024 24.8 | Jun 2024 16.4 | Sep 2024 11.5 | Dec 2024 12.4 | Mar 2025 15.9 | Jun 2025 33.2 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WH: Sep 2021 38.6 | Dec 2021 34.5 | Mar 2022 24.3 | Jun 2022 17.5 | Sep 2022 16.2 | Dec 2022 18.2 | Mar 2023 19.2 | Jun 2023 20.5 | Sep 2023 20.3 | Dec 2023 23.6 | Mar 2024 27.2 | Jun 2024 24.1 | Sep 2024 24.8 | Dec 2024 27.9 | Mar 2025 21.5 | Jun 2025 19.0 | Sep 2025 18.4 | Dec 2025 30.2 | Mar 2026 32.6 | Jun 2026 31.0
- CHH: Sep 2021 30.5 | Dec 2021 30.3 | Mar 2022 23.8 | Jun 2022 17.7 | Sep 2022 18.0 | Dec 2022 18.8 | Mar 2023 20.2 | Jun 2023 21.1 | Sep 2023 22.2 | Dec 2023 22.4 | Mar 2024 27.1 | Jun 2024 24.7 | Sep 2024 25.0 | Dec 2024 22.9 | Mar 2025 20.3 | Jun 2025 19.5 | Sep 2025 13.1 | Dec 2025 12.1 | Mar 2026 14.0 | Jun 2026 —
- CVEO: Sep 2021 — | Dec 2021 — | Mar 2022 32.7 | Jun 2022 18.6 | Sep 2022 16.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11.4 | Mar 2024 12.7 | Jun 2024 10.5 | Sep 2024 19.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Civeo Corporation leads both ev/ebitda at 6.5× and p/bv at 1.8×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Civeo Corporation · 6.5× | 50% versus #2 · Choice Hotels International, Inc. | 0/8 recent comparable periods | 7/7 companies · 130 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Civeo Corporation (CVEO): 6.5
2. Choice Hotels International, Inc. (CHH): 13.0
3. Wyndham Hotels & Resorts, Inc. (WH): 16.9
4. InterContinental Hotels Group PLC (IHG): 19.9 — older report
5. Marriott International, Inc. (MAR): 21.2

### P/BV — lowest P/BV
1. Civeo Corporation (CVEO): 1.8
2. Wyndham Hotels & Resorts, Inc. (WH): 13.2
3. Choice Hotels International, Inc. (CHH): 34.4

### 20-quarter EV/EBITDA history
- MAR: Sep 2021 44.0 | Dec 2021 31.2 | Mar 2022 26.6 | Jun 2022 17.9 | Sep 2022 16.0 | Dec 2022 14.7 | Mar 2023 14.9 | Jun 2023 15.6 | Sep 2023 15.9 | Dec 2023 18.1 | Mar 2024 20.8 | Jun 2024 19.2 | Sep 2024 20.0 | Dec 2024 21.6 | Mar 2025 18.6 | Jun 2025 20.5 | Sep 2025 18.5 | Dec 2025 20.9 | Mar 2026 21.2 | Jun 2026 —
- HLT: Sep 2021 63.0 | Dec 2021 42.1 | Mar 2022 32.1 | Jun 2022 20.1 | Sep 2022 19.3 | Dec 2022 18.4 | Mar 2023 19.1 | Jun 2023 18.8 | Sep 2023 18.9 | Dec 2023 22.9 | Mar 2024 25.8 | Jun 2024 25.7 | Sep 2024 27.1 | Dec 2024 27.4 | Mar 2025 25.4 | Jun 2025 28.1 | Sep 2025 25.6 | Dec 2025 26.8 | Mar 2026 26.6 | Jun 2026 —
- IHG: Sep 2021 30.9 | Dec 2021 20.2 | Mar 2022 18.1 | Jun 2022 12.9 | Sep 2022 12.6 | Dec 2022 15.5 | Mar 2023 15.6 | Jun 2023 14.2 | Sep 2023 13.3 | Dec 2023 14.3 | Mar 2024 17.0 | Jun 2024 17.2 | Sep 2024 17.4 | Dec 2024 19.0 | Mar 2025 16.8 | Jun 2025 16.6 | Sep 2025 16.7 | Dec 2025 19.9 | Mar 2026 — | Jun 2026 —
- H: Sep 2021 — | Dec 2021 231.7 | Mar 2022 — | Jun 2022 5,096.3 | Sep 2022 160.9 | Dec 2022 12.7 | Mar 2023 14.7 | Jun 2023 10.6 | Sep 2023 10.1 | Dec 2023 23.3 | Mar 2024 28.7 | Jun 2024 56.8 | Sep 2024 55.4 | Dec 2024 25.5 | Mar 2025 33.9 | Jun 2025 55.3 | Sep 2025 57.2 | Dec 2025 28.6 | Mar 2026 48.8 | Jun 2026 —
- WH: Sep 2021 19.2 | Dec 2021 20.3 | Mar 2022 14.9 | Jun 2022 11.9 | Sep 2022 11.3 | Dec 2022 12.7 | Mar 2023 13.3 | Jun 2023 13.8 | Sep 2023 13.9 | Dec 2023 14.6 | Mar 2024 16.3 | Jun 2024 15.3 | Sep 2024 15.7 | Dec 2024 17.3 | Mar 2025 14.6 | Jun 2025 13.4 | Sep 2025 13.1 | Dec 2025 16.5 | Mar 2026 17.3 | Jun 2026 16.9
- CHH: Sep 2021 9.1 | Dec 2021 33.0 | Mar 2022 9.6 | Jun 2022 11.7 | Sep 2022 12.7 | Dec 2022 12.6 | Mar 2023 14.3 | Jun 2023 14.9 | Sep 2023 15.1 | Dec 2023 — | Mar 2024 11.2 | Jun 2024 8.3 | Sep 2024 7.4 | Dec 2024 15.6 | Mar 2025 14.3 | Jun 2025 13.9 | Sep 2025 12.5 | Dec 2025 11.8 | Mar 2026 13.0 | Jun 2026 —
- CVEO: Sep 2021 7.2 | Dec 2021 5.8 | Mar 2022 5.7 | Jun 2022 5.1 | Sep 2022 4.4 | Dec 2022 5.9 | Mar 2023 5.4 | Jun 2023 5.2 | Sep 2023 4.8 | Dec 2023 3.6 | Mar 2024 6.8 | Jun 2024 6.3 | Sep 2024 4.5 | Dec 2024 5.1 | Mar 2025 6.1 | Jun 2025 7.3 | Sep 2025 7.6 | Dec 2025 5.8 | Mar 2026 6.5 | Jun 2026 —

### 20-quarter P/BV history
- MAR: Sep 2021 52.5 | Dec 2021 38.1 | Mar 2022 32.5 | Jun 2022 25.0 | Sep 2022 42.1 | Dec 2022 81.4 | Mar 2023 361.4 | Jun 2023 -245.7 | Sep 2023 -87.8 | Dec 2023 -96.1 | Mar 2024 -44.8 | Jun 2024 -32.7 | Sep 2024 -28.6 | Dec 2024 -25.8 | Mar 2025 -20.7 | Jun 2025 -25.1 | Sep 2025 -22.5 | Dec 2025 -21.9 | Mar 2026 -21.2 | Jun 2026 —
- HLT: Sep 2021 -32.6 | Dec 2021 -53.0 | Mar 2022 -60.7 | Jun 2022 -38.9 | Sep 2022 -35.9 | Dec 2022 -30.7 | Mar 2023 -26.3 | Jun 2023 -26.7 | Sep 2023 -22.0 | Dec 2023 -19.6 | Mar 2024 -18.9 | Jun 2024 -17.4 | Sep 2024 -16.3 | Dec 2024 -16.0 | Mar 2025 -12.4 | Jun 2025 -13.7 | Sep 2025 -12.3 | Dec 2025 -12.3 | Mar 2026 -11.8 | Jun 2026 —
- IHG: Sep 2021 -8.0 | Dec 2021 -8.1 | Mar 2022 -10.7 | Jun 2022 -8.4 | Sep 2022 -5.4 | Dec 2022 -6.3 | Mar 2023 -6.4 | Jun 2023 -6.6 | Sep 2023 -6.4 | Dec 2023 -7.7 | Mar 2024 -7.9 | Jun 2024 -7.8 | Sep 2024 -7.6 | Dec 2024 -8.6 | Mar 2025 -6.5 | Jun 2025 -6.8 | Sep 2025 -6.8 | Dec 2025 -8.5 | Mar 2026 — | Jun 2026 —
- H: Sep 2021 2.4 | Dec 2021 3.0 | Mar 2022 3.0 | Jun 2022 2.2 | Sep 2022 2.5 | Dec 2022 1.4 | Mar 2023 3.2 | Jun 2023 3.3 | Sep 2023 3.1 | Dec 2023 3.8 | Mar 2024 4.4 | Jun 2024 4.0 | Sep 2024 4.0 | Dec 2024 4.0 | Mar 2025 3.4 | Jun 2025 3.7 | Sep 2025 3.9 | Dec 2025 4.4 | Mar 2026 -87.9 | Jun 2026 —
- WH: Sep 2021 6.4 | Dec 2021 8.3 | Mar 2022 6.7 | Jun 2022 5.4 | Sep 2022 5.1 | Dec 2022 6.4 | Mar 2023 6.2 | Jun 2023 6.6 | Sep 2023 6.7 | Dec 2023 8.7 | Mar 2024 9.2 | Jun 2024 9.4 | Sep 2024 10.5 | Dec 2024 12.1 | Mar 2025 12.1 | Jun 2025 11.0 | Sep 2025 10.4 | Dec 2025 12.2 | Mar 2026 13.6 | Jun 2026 13.2
- CHH: Sep 2021 33.1 | Dec 2021 32.6 | Mar 2022 25.1 | Jun 2022 14.9 | Sep 2022 20.7 | Dec 2022 38.0 | Mar 2023 127.6 | Jun 2023 108.7 | Sep 2023 84.6 | Dec 2023 157.6 | Mar 2024 925.7 | Jun 2024 -38.4 | Sep 2024 -63.6 | Dec 2024 -147.0 | Mar 2025 -96.8 | Jun 2025 -223.7 | Sep 2025 33.0 | Dec 2025 24.2 | Mar 2026 34.4 | Jun 2026 —
- CVEO: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.6 | Mar 2023 1.1 | Jun 2023 1.0 | Sep 2023 1.1 | Dec 2023 1.1 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.3 | Mar 2025 1.4 | Jun 2025 1.4 | Sep 2025 1.5 | Dec 2025 1.5 | Mar 2026 1.8 | Jun 2026 —

## Market action

Marriott International, Inc. has the strongest one-year price move in Lodging at +50.2%. Civeo Corporation leads on Mansfield relative strength against the S&P 500 at +19.6%. 6 of 7 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Marriott International, Inc. (MAR): 50%
2. Civeo Corporation (CVEO): 45%
3. InterContinental Hotels Group PLC (IHG): 41%
4. Hyatt Hotels Corporation (H): 37%
5. Hilton Worldwide Holdings Inc. (HLT): 24%

### Strongest relative strength versus NIFTY 500
1. Civeo Corporation (CVEO): 20%
2. Marriott International, Inc. (MAR): 11%
3. Hyatt Hotels Corporation (H): 8.9%
4. InterContinental Hotels Group PLC (IHG): 8.6%
5. Hilton Worldwide Holdings Inc. (HLT): 0.7%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Marriott International, Inc. (MAR) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- Hilton Worldwide Holdings Inc. (HLT) — market value ₹72.6K Cr; latest fundamentals Mar 2026
- InterContinental Hotels Group PLC (IHG) — market value ₹23.8K Cr; latest fundamentals Dec 2025
- Hyatt Hotels Corporation (H) — market value ₹17.8K Cr; latest fundamentals Mar 2026
- Wyndham Hotels & Resorts, Inc. (WH) — market value ₹5.6K Cr; latest fundamentals Jun 2026
- Choice Hotels International, Inc. (CHH) — market value ₹5.2K Cr; latest fundamentals Mar 2026
- Civeo Corporation (CVEO) — market value ₹376 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Lodging company is the biggest?

Marriott International, Inc. is the largest, with trailing-twelve-month revenue of $26,577 million, ahead of Hilton Worldwide Holdings Inc. at $12,281 million. That covers 5 of 7 companies with comparable reporting through Mar 2026.

### Which Lodging company is growing fastest?

Hilton Worldwide Holdings Inc. has the fastest revenue growth at 8.7% year on year, across 5 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Lodging company has the best profit margins?

Wyndham Hotels & Resorts, Inc. has the highest operating margin at 34.9%, from 6 of 7 comparable companies. Civeo Corporation shows the biggest recent improvement, at +5.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Lodging company makes the most profit?

Marriott International, Inc. earns the most, at $2,584 million of trailing-twelve-month net profit, from 5 of 7 comparable companies. Marriott International, Inc. has the fastest profit growth at 4.4%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Lodging company earns the highest return on capital?

InterContinental Hotels Group PLC leads on return on capital employed at 9.5%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Lodging stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Hilton Worldwide Holdings Inc. screens cheapest at 0.78×. Only 3 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Lodging company has the strongest balance sheet?

Civeo Corporation carries the lowest comparable gross debt at $226 million, from 6 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Lodging company is investing most in new capacity?

Marriott International, Inc. reports the largest capital spending at $130 million, across 7 of 7 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Lodging sector beating the market?

Lodging has underperformed S&P 500 by 3.2% over the last 52 weeks and 0.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Lodging stock has the strongest price momentum?

Civeo Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Lodging company scores highest for research priority?

Civeo Corporation scores 55.2 out of 100 with 58.6% evidence confidence, from 20.4 points on growth and earnings, 6.8 on capital efficiency, 11 on valuation and 17 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Lodging companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Lodging sector?

The 7 Lodging companies on this page carry $226,477 million of combined market value. Marriott International, Inc. is the largest at $101,130 million, about 45% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Lodging sector's P/E ratio?

The median price-to-earnings ratio across the 7 Lodging companies on this page is 31×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Lodging sector performing?

6 of the 7 covered Lodging companies are beating S&P 500 on Mansfield relative strength. The sector itself is 3.2% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Lodging stocks are listed in the US?

This comparison covers 7 listed Lodging companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/lodging