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French hotel group operating a wide range of brands from budget (Ibis) to luxury (Raffles, Fairmont, Sofitel) worldwide.
French hotel group operating a wide range of brands from budget (Ibis) to luxury (Raffles, Fairmont, Sofitel) worldwide.
Collects fees from hotel owners who run Accor-branded hotels through management and franchise contracts, so it needs little capital and earns a share of hotel revenue. In 2018 it sold majority control of its hotel-owning arm, now called AccorInvest, to focus on brands. Its loyalty program and booking channels are what owners pay for.
In one line: France's Marriott/Hilton..
Moat: narrow (brand, network effects, distribution). Global brand recognition and loyalty program scale attract both travelers and property owners into its network.
Headquarters: Paris, France · Founded: 1967 · Employees: 384,635
Size Accor (AC.PA) is a France Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $12.8B, the 41st largest of 206 France companies the cockpit tracks. Shares closed at €50.00 on 6 Nov 2026.
Performance Over six months the shares gained 12.3%, against +9.6% for the median peer and -0.4% for the France market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue fell 0.3% over the last twelve months (peer median +4.7%); the operating margin is 15.6% (peer median 21.1%).
Valuation It trades at 22.9× forward earnings against a peer median of 18.8× (9th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points below its cost of capital (9.5% WACC).
Credit Accor has 8 bonds outstanding ($4.36B), rated BBB- by the agencies and trading like BBB at a weighted spread of 114 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €5.65B | €5.64B | €5.61B | €5.06B | €4.22B |
| Revenue growth | — | +1% | +11% | +20% | — |
| Gross profit | €2.62B | €2.61B | €2.55B | €2.27B | €1.82B |
| EBITDA | €1.21B | €1.20B | €1.12B | €1.00B | €675M |
| Net income | €269M | €385M | €575M | €588M | €367M |
| Free cash flow | €602M | €624M | €457M | €433M | €385M |
| Capital expenditure | €251M | €197M | €293M | €254M | €111M |
| Total debt | n/a | €5.29B | €4.91B | €4.37B | €4.34B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Accor AC.PA | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% |
| Marriott International MAR | $107B | +18% | +6% | 16% | 32.1× | 17.9% |
| Hilton Worldwide HLT | n/a | +17% | n/a | n/a | n/a | n/a |
| InterContinental Hotels Group PLC Sponsored ADR IHG | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% |
| Hyatt Hotels H | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AC.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.6% | +13.3% | 8th lowest of 19 |
| 6-month return | +12.3% | +9.6% | 8th highest of 19 |
| Distance from 52-week high | -3.9% | -11.5% | 5th highest of 19 |
| Revenue growth (TTM) | -0.3% | +4.7% | 3rd lowest of 19 |
| Operating margin | 15.6% | 21.1% | 6th lowest of 19 |
| Forward P/E | 22.9× | 18.8× | 9th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 14.4% | 12.7% | 7th most demanding of 16 |
| Growth delivered (Del g) | +28.3% | +20.7% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | -13.9 pp | -7.8 pp | 5th least demanding of 16 |
| ROIC minus cost of capital | -1.8 pp | -2.0 pp | 9th highest of 18 |
| EV / EBITDA | 13.5× | 14.4× | 8th cheapest of 18 |
| Net debt / EBITDA | 3.7× | 4.0× | 9th least indebted of 19 |
| Bond spread | 114 bp | 159 bp | 2nd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Accor AC.PA | France | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% | +28.3% |
| Indian Hotels INDHOTEL.NS | India | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% | +43.8% |
| H World 1179.HK | Hong Kong | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% | +19.1% |
| Hanjinkal 180640.KS | South Korea | $9.60B | +74% | +7% | 1% | 43.3× | n/a | n/a |
| Hyatt Hotels H | United States | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% | +27.7% |
| Norwegian Cruise Line NCLH | United States | $8.23B | +5% | +5% | 14% | 13.8× | n/a | n/a |
| InterContinental Hotels Group PLC Sponsored ADR IHG | United States | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% | +16.6% |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% | +37.7% |
| Seibu 9024.T | Japan | $6.11B | +2% | -41% | 10% | 29.6× | n/a | n/a |
| Vail Resorts MTN | United States | $5.66B | +26% | -4% | 16% | 27.9× | 9.6% | +8.2% |
| Wyndham Hotels & Resorts WH | United States | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% | +1.8% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% | +15.6% |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% | +11.2% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 15.8× | 1.8% | +43.1% |
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% | +11.2% |
| Viking VIK | United States | $39.1B | +6% | +20% | 23% | 24.4× | 19.2% | +27.0% |
| Carnival CCL | United States | $39.8B | +13% | +5% | 16% | 12.4× | 14.5% | +36.6% |
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | n/a | 24.2% | +20.7% |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% | +64.8% |
Accor has 8 bonds outstanding with $4.36B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 4.21%, a spread of 114 bp over government bonds.