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Spanish B2B travel technology platform (Hotelbeds) that distributes hotel rooms and travel services to resellers worldwide.
Spanish B2B travel technology platform (Hotelbeds) that distributes hotel rooms and travel services to resellers worldwide.
Takes a cut of the booking value passing through its platform: hotels give it net rates, resellers such as travel agencies and tour operators add their own margin, and it earns the difference. Revenue therefore follows total bookings and the share it keeps.
In one line: A wholesale-travel platform like Expedia's B2B division.
Moat: narrow (scale, network effects, installed base). Large hotel-supply network and reseller base create two-sided platform scale advantages.
Headquarters: Palma de Mallorca, Spain · Founded: 2001 · Employees: 3,478
Size Hbx Group International (HBX.MC) is a Spain Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $2.19B, the 49th largest of 97 Spain companies the cockpit tracks. Shares closed at €8.12 on 6 Nov 2026.
Performance Over six months the shares gained 28.8%, against -3.6% for the median peer and +8.2% for the Spain market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 3.9% over the last twelve months (peer median +6.5%); the operating margin is 37.6% (peer median 15.4%).
Valuation It trades at 9.6× forward earnings against a peer median of 17.2× (3rd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.1 points above its cost of capital (7.9% WACC).
Next results Next results expected around 25 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €710M | €720M | €693M | €656M | €434M |
| Revenue growth | — | +4% | +6% | +51% | — |
| Gross profit | €359M | €186M | €325M | €297M | €89.0M |
| EBITDA | €368M | €191M | €338M | €306M | €132M |
| Net income | €186M | -€69.0M | -€24.0M | -€75.0M | -€192M |
| Free cash flow | €357M | €27.0M | €263M | €321M | €286M |
| Capital expenditure | €46.0M | €45.0M | €42.0M | €38.0M | €26.0M |
| Total debt | n/a | €1.22B | €3.34B | €3.41B | €3.38B |
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 |
|---|---|---|---|---|---|---|
| Hbx Group International HBX.MC | $2.19B | +29% | +4% | 38% | 9.6× | -4.2% |
| Expedia EXPE | $29.6B | +13% | +12% | 17% | 10.6× | -0.3% |
| Booking BKNG | $119B | -3% | +8% | 34% | 13.6× | 7.0% |
| Webbeds WEB.AX | $871M | +45% | +20% | 25% | 15.7× | 4.5% |
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 | HBX.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.8% | +7.4% | 6th highest of 21 |
| 6-month return | +28.8% | -3.6% | 4th highest of 21 |
| Distance from 52-week high | -8.1% | -18.5% | 6th highest of 21 |
| Revenue growth (TTM) | +3.9% | +6.5% | 6th lowest of 21 |
| Operating margin | 37.6% | 15.4% | 3rd highest of 21 |
| Forward P/E | 9.6× | 17.2× | 3rd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -4.2% | 2.8% | 7th least demanding of 19 |
| Growth delivered (Del g) | +18.4% | +21.0% | 10th highest of 19 |
| Hurdle (Req g minus delivered) | -22.6 pp | -19.3 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | +6.1 pp | +0.3 pp | 3rd highest of 21 |
| EV / EBITDA | 7.0× | 13.6× | 2nd cheapest of 19 |
| Net debt / EBITDA | 1.7× | 2.5× | 6th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hbx Group International HBX.MC | Spain | $2.19B | +29% | +4% | 38% | 9.6× | -4.2% | +18.4% |
| Lindblad Expeditions LIND | United States | $2.23B | +61% | +17% | 8% | 89.0× | 33.0% | +56.4% |
| BTG Hotels (Group) Co Ltd Shs -A- 600258.SS | China | $2.25B | -14% | -3% | 18% | 17.0× | -11.1% | +7.6% |
| Scandic Hotels SHOT.ST | Sweden | $2.29B | +16% | +3% | 13% | 17.2× | 3.2% | +24.4% |
| Hotel Properties H15.SI | Singapore | $2.07B | +11% | +2% | 7% | n/a | n/a | n/a |
| EIH EIHOTEL.NS | India | $2.07B | -7% | +8% | 29% | 23.2× | 28.9% | +42.9% |
| Resorttrust 4681.T | Japan | $2.36B | -1% | +8% | 12% | 16.4× | -6.4% | +9.4% |
| Kyoritsu Maintenance 9616.T | Japan | $2.00B | +47% | +20% | 9% | 16.7× | 2.3% | +17.8% |
| Leela Palaces Hotels & Resorts THELEELA.NS | India | $2.45B | +65% | +17% | 42% | 43.7× | n/a | n/a |
| Monarch Casino & Resort MCRI | United States | $1.92B | -8% | +5% | 27% | 15.6× | 6.7% | +24.2% |
| Chalet Hotels CHALET.NS | India | $1.88B | +2% | -17% | 34% | 28.1× | 24.1% | +57.5% |
| Shangri-La Asia 0069.HK | Hong Kong | $1.87B | -9% | +5% | 35% | 10.6× | -8.7% | +16.8% |
| Melia Hotels International MEL.MC | Spain | $2.67B | -10% | +5% | 13% | 15.2× | 7.3% | +31.5% |
| Melco Resorts & Entertainment Ltd. Sponsored ADR MLCO | United States | $1.79B | -16% | +6% | 12% | 7.5× | -6.2% | +24.5% |
| Guoco 0053.HK | Hong Kong | $2.90B | 0% | -11% | 13% | n/a | -3.9% | +16.0% |
| SkiStar SKIS-B.ST | Sweden | $1.58B | +27% | +7% | 17% | 21.3× | 8.4% | +12.5% |
| Shanghai Jin Jiang International Hotels 600754.SS | China | $3.18B | -16% | +5% | 14% | 19.5× | -8.1% | +6.9% |
| Great Eagle 0041.HK | Hong Kong | $1.37B | -24% | +75% | 12% | n/a | -0.9% | +13.8% |
| Ventive Hospitality VENTIVE.NS | India | $1.34B | -17% | +15% | 29% | 26.2× | 29.9% | +78.5% |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% | +64.8% |
| NagaCorp 3918.HK | Hong Kong | $1.21B | -48% | +12% | 58% | 4.7× | -19.3% | -4.1% |