InterContinental Hotels Group PLC IHG

Consumer DiscretionaryHotels & Entertainment ServicesUnited Kingdom

Last close 170.20 USD on Nov 3, 2026, +22.4% year to date

Quant rating

Quant rating B Rank 111 of 297 in Consumer Discretionary

Growth C 153 of 297
Valuation D 234 of 297
Quality C 205 of 297
Revisions B 76 of 297
Momentum A 19 of 297

Wall Street consensus Buy (2.25)Average target 154.82 USD −9.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 25.0B
Enterprise value: 28.7B
52-week range: 121.21 – 175.88
3-year range: 72.56 – 175.88
Dividend yield: 1.11%
Beta (5 years): 1.12
Shares outstanding: 147M
Next earnings: Nov 11, 2026

About the company

InterContinental Hotels Group PLC is a United Kingdom-based global hospitality company. The Company has a diverse portfolio of differentiated brands. With 20 hotel brands and IHG One Rewards, which is a hotel loyalty program, the Company has approximately 6,600 open hotels in more than 100 countries, and a development pipeline of over 2,200 properties. The Company’s brands include Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo, voco hotels, HUALUXE Hotels & Resorts, Crowne Plaza Hotels & Resorts, EVEN Hotels, Holiday Inn Express, Holiday Inn Hotels & Resorts, Garner hotels, avid hotels, Atwell Suites, Staybridge Suites, Holiday Inn Club Vacations, Candlewood Suites, Iberostar Beachfront Resorts, and Ruby. Ruby brand operates approximately 20 hotels (3,483 rooms) in cities across Europe and has another 10 pipeline hotels (2,235 rooms).

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,189	4,923	4,624	3,892	2,907	–
Revenue growth	5.4%	6.5%	18.8%	33.9%	21.4%	16.7%
EPS (basic, normalized)	5.01	4.31	3.76	2.81	1.47	–
EPS growth	16.3%	14.7%	33.7%	91.2%	–	–
Gross margin	31.3%	29.6%	30.7%	28.0%	30.7%	30.0%
Net margin	14.6%	12.8%	16.2%	9.6%	9.2%	12.5%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,189	+5.4%	5.5x	1,332	+10.4%	21.6x	5.01	+16.3%	34.0x
2026	4,960	−4.4%	5.8x	1,482	+11.3%	19.4x	5.97	+19.1%	28.5x
2027	5,188	+4.6%	5.5x	1,621	+9.3%	17.7x	6.73	+12.8%	25.3x
2028	6,364	+22.7%	4.5x	1,767	+9.1%	16.2x	7.77	+15.4%	21.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,960	−11.1%	−10.7%	−10.7%	5.97	+0.4%	+1.5%	+1.3%
2027	5,188	−12.9%	−11.6%	−11.6%	6.73	−1.4%	+1.3%	+0.9%
2028	6,364	+0.4%	+2.5%	+2.4%	7.77	−2.1%	0.0%	−0.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IHG InterContinental Hotels Group PLC	25.0B	–	14.6%	−8.51x	28.5x	25.3x	19.4x	17.7x
MAR Marriott International, Inc.	108.6B	3.04x	9.9%	−21.16x	34.9x	31.2x	20.6x	19.2x
HLT Hilton Worldwide Holdings Inc.	81.0B	3.39x	12.1%	−12.31x	39.8x	34.9x	23.1x	21.0x
CMPGY Compass Group PLC	57.0B	–	–	–	22.8x	20.7x	–	–
VIK Viking Holdings Ltd	38.3B	1.19x	17.7%	23.20x	26.6x	19.8x	19.4x	15.4x
TCOM Trip.com Group Limited	27.5B	−2.74x	53.3%	1.09x	10.9x	10.1x	7.3x	6.8x
Mean		1.22x	21.5%	−3.54x	27.2x	23.7x	18.0x	16.0x
Median		2.12x	14.6%	−8.51x	27.6x	23.0x	19.4x	17.7x

Technical analysis

1M+5.2%
3M+8.2%
1Y+40.9%
3Y+145.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, InterContinental Hotels Group PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,189	4,923	4,624	3,892	2,907	2,394
Cost of revenue	3,567	3,468	3,206	2,802	2,014	1,892
Gross profit	1,622	1,455	1,418	1,090	893	502
Selling, general & administrative expenses	345	347	338	326	275	290
Research & development	–	–	–	–	–	–
Depreciation/amortization	67.0	65.0	67.0	68.0	98.0	110
Interest expense (income), operating	−6.0	−10.0	−31.0	59.0	8.0	14.0
Unusual expense (income)	32.0	22.0	−11.0	38.0	29.0	250
Other operating expenses	−14.0	−10.0	−11.0	−29.0	−11.0	−9.0
Operating income	1,198	1,041	1,066	628	494	−153
Net interest income (expense)	−109	−123	−40.0	−89.0	−138	−139
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−15.0	−21.0	−16.0	1.0	5.0	12.0
Net income before taxes	1,074	897	1,010	540	361	−280
Provision for taxes	315	269	260	164	96.0	−20.0
Minority interest	−1.0	0	0	−1.0	1.0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	758	628	750	375	266	−260
Extraordinary items	–	–	–	–	–	–
Net income	758	628	750	375	266	−260
EBIT, normalized	1,236	1,053	1,024	785	531	111
EBITDA, normalized	1,303	1,118	1,091	853	621	221
Basic EPS, normalized	5.01	4.31	3.76	2.81	1.47	–

Balance sheet in millions of USD, fiscal years

Balance sheet, InterContinental Hotels Group PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,132	1,015	1,329	976	1,452	1,676
Receivables	821	752	698	589	532	481
Total inventory	5.0	4.0	5.0	4.0	4.0	5.0
Prepaid expenses	86.0	93.0	92.0	104	73.0	76.0
Other current assets	5.0	5.0	5.0	5.0	5.0	5.0
Total current assets	2,049	1,869	2,129	1,678	2,066	2,243
Property, plant & equipment	417	422	426	437	411	504
Goodwill	335	331	336	335	341	346
Intangibles	820	711	763	809	854	947
Long-term investments	266	263	233	192	250	249
Note receivable	765	629	433	339	317	326
Other long-term assets	693	523	493	426	477	424
Total assets	5,345	4,748	4,813	4,216	4,716	5,039
Liabilities
Accounts payable	103	111	127	152	109	80.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	421	423	436	372	351	227
Short-term debt	3.0	17.0	44.0	0	59.0	869
Current portion of long-term debt	503	407	585	81.0	268	34.0
Other current liabilities	1,070	970	998	939	837	657
Total current liabilities	2,100	1,928	2,190	1,544	1,624	1,867
Long-term debt	4,101	3,264	2,963	2,742	2,937	3,314
Minority interest	5.0	4.0	4.0	7.0	7.0	8.0
Other liabilities	1,880	1,864	1,606	1,538	1,629	1,707
Total liabilities	8,086	7,060	6,763	5,831	6,197	6,896
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	145	137	141	137	154	156
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−3,154	−2,812	−2,453	−2,239	−1,959	−2,297
Treasury stock	−59.0	−63.0	−35.0	−37.0	−22.0	0
Other equity	327	426	397	524	346	284
Total equity	−2,741	−2,312	−1,950	−1,615	−1,481	−1,857
Total liabilities & shareholders' equity	5,345	4,748	4,813	4,216	4,716	5,039

Cash flow statement in millions of USD, fiscal years

Cash flow statement, InterContinental Hotels Group PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	759	628	750	376	265	−260
Depreciation, depletion & amortization	67.0	65.0	67.0	68.0	98.0	110
Deferred taxes	–	–	–	–	–	−2.0
Non-cash items	626	594	387	448	382	523
Changes in working capital	−554	−563	−311	−246	−109	−234
Cash from operations	898	724	893	646	636	137
Investing activities
Capital expenditures	−197	−78.0	−82.0	−99.0	−52.0	−76.0
Other investing cash flows	7.0	−21.0	−55.0	21.0	40.0	15.0
Cash from investing	−190	−99.0	−137	−78.0	−12.0	−61.0
Financing activities
Financing cash flow items	6.0	−45.0	−3.0	–	0	3.0
Cash dividends paid	−270	−259	−245	−233	0	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−350	−590	−169	−728	−860	1,351
Cash from financing	−614	−894	−417	−961	−860	1,354
Foreign exchange effects	41.0	−18.0	18.0	−77.0	3.0	86.0
Net change in cash	135	−287	357	−470	−233	1,516
Free cash flow	701	646	811	547	584	61.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.