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Global hotel franchisor operating brands from Holiday Inn to InterContinental under an asset-light model.
Global hotel franchisor operating brands from Holiday Inn to InterContinental under an asset-light model.
Owners of hotels, not guests, are its paying customers: they pay a share of room revenue for the brand, booking system and loyalty-member traffic. The Americas, mostly the US, is the biggest region by fees, and it also manages some hotels under contract while owning almost none.
Moat: wide (scale, brand, network effects). Large global room count, especially in the midscale segment, drives franchisee demand at low capital intensity.
Headquarters: Denham, United Kingdom · Founded: 2003 · Employees: 13,049
Size InterContinental Hotels Group PLC Sponsored ADR (IHG) is a United States Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $25.3B, the 422nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $178.75 on 6 Nov 2026.
Performance Over six months the shares gained 19.5%, against +12.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 11 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +6.2%); the operating margin is 23.6% (peer median 18.5%).
Valuation It trades at 23.8× forward earnings against a peer median of 20.9× (5th most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 124.1 points above its cost of capital (9.8% WACC).
Backlog Backlog (remaining performance obligations) was $2.17B at 31 Dec 2025, up 5% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Short interest Short interest is 0.2% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.32B | $5.20B | $4.93B | $4.64B | $3.89B |
| Revenue growth | — | +6% | +6% | +19% | — |
| Gross profit | $1.25B | $1.61B | $1.42B | $1.38B | $1.02B |
| EBITDA | $1.39B | $1.41B | $1.21B | $1.20B | $851M |
| Net income | $713M | $760M | $628M | $753M | $375M |
| Free cash flow | $908M | $872M | $699M | $868M | $598M |
| Capital expenditure | $75.9M | $197M | $78.0M | $82.3M | $98.9M |
| Total debt | n/a | $4.61B | $3.69B | $3.59B | $2.82B |
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 |
|---|---|---|---|---|---|---|
| InterContinental Hotels Group PLC Sponsored ADR IHG | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% |
| 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 |
| Wyndham Hotels & Resorts WH | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% |
| Choice Hotels International CHH | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% |
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 | IHG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.1% | +15.7% | 3rd lowest of 11 |
| 6-month return | +19.5% | +12.6% | 4th highest of 11 |
| Distance from 52-week high | -1.0% | -10.7% | 2nd highest of 11 |
| Revenue growth (TTM) | +3.4% | +6.2% | 4th lowest of 11 |
| Operating margin | 23.6% | 18.5% | 4th highest of 11 |
| Forward P/E | 23.8× | 20.9× | 5th most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 12.7% | 16.8% | 3rd least demanding of 9 |
| Growth delivered (Del g) | +16.6% | +32.5% | lowest of 9 |
| Hurdle (Req g minus delivered) | -3.9 pp | -13.4 pp | 3rd most demanding of 9 |
| ROIC minus cost of capital | +124.1 pp | -2.2 pp | highest of 11 |
| EV / EBITDA | 20.8× | 14.9× | 4th most expensive of 10 |
| Net debt / EBITDA | 2.7× | 3.5× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| InterContinental Hotels Group PLC Sponsored ADR IHG | United States | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% | +16.6% |
| Hyatt Hotels H | United States | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% | +27.7% |
| 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% |
| H World 1179.HK | Hong Kong | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% | +19.1% |
| Indian Hotels INDHOTEL.NS | India | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% | +43.8% |
| Accor AC.PA | France | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% | +28.3% |
| Hanjinkal 180640.KS | South Korea | $9.60B | +74% | +7% | 1% | 43.3× | n/a | n/a |
| Norwegian Cruise Line NCLH | United States | $8.23B | +5% | +5% | 14% | 13.8× | n/a | n/a |
| Royal Caribbean RCL | United States | $87.5B | +19% | +10% | 27% | 16.4× | 23.2% | +52.0% |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% | +37.7% |
InterContinental Hotels Group PLC Sponsored ADR reported $2.17B of remaining performance obligations at 31 Dec 2025, up 5% from a year earlier. That is 0.4 years of trailing revenue already under contract.