REIT Report Card · August 15, 2026
Host Hotels & Resorts is the hotel name here. $15.9B of equity, about $221 million a day. Net Debt / EBITDA is 2.18x, the lightest load on this list, and EV / EBITDA is about 11.5x. Shares are +42.2% over the past year. Hotel margins are thinner (27.3% EBITDA), so the operating year still matters.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A- | Active for a hotel REIT |
| Balance Sheet | A+ | Light debt relative to earnings |
| Debt Service | A | Earnings cover interest comfortably |
| Operating Quality | B- | Thinner margins. The sector's economics show through |
| Cash Generation | A | A lot of operating cash relative to the stock's value |
| Dividend | A- | A useful yield with solid cash-flow coverage |
| Valuation | A | Cheap versus the other names here on EV / EBITDA |
| Recent Performance | A+ | A standout year for the share price |
| Overall | A- | Light debt, a cheap multiple, and a hotel year that ran hot |
1. Valuation
EV / EBITDA asks what the whole firm costs per dollar of trailing EBITDA.
At about 11.5x EV / EBITDA, HST screens cheaper than a lot of large REITs.
Bottom line: A lower multiple can cushion a miss, or it can mean the market already sees a problem. Read the rest of the card.
2. Leverage
For every $1 of annual EBITDA HST generates, it has about $2.18 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: HST does not carry much debt relative to earnings.
3. Debt Exposure
About 19% of HST's total enterprise value is net debt.
That gives equity investors more of a cushion than you'd get with a more leveraged REIT.
Bottom line: HST's equity value makes the capital structure less debt-heavy than Net Debt / EBITDA alone might suggest.
4. Interest Protection
HST generates about 7.17x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Interest looks well covered.
5. Operating Profitability
HST turns about 27 cents of every revenue dollar into EBITDA.
Bottom line: Thinner margins mean operating leverage and expense control matter more than they do at high-margin net-lease peers.
6. Cash Generation
HST generated operating cash flow equal to about 10.1% of its current equity value.
For every $100 of current equity value, the company generated about $10.12 of trailing operating cash flow.
Bottom line: You're getting a lot of cash relative to the price you're paying.
7. Cash Conversion
About 95% of HST's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers HST's annualized dividend about 2.44x.
HST generates roughly 2.44x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks well covered by operating cash flow on this method.
9. Dividend Yield
HST is not mainly a high-income REIT.
Put $10,000 into HST at the current indicated yield and you'd get about $415 a year if the dividend stays the same.
Bottom line: People who buy HST are usually after the mix of a check plus the assets, not the fattest current yield here.
10. Market Liquidity
About $221 million of HST stock changes hands on an average trading day.
Bottom line: Daily volume of about $221 million is active for an equity REIT.
If you put $10,000 into HST today, based on the numbers in this report:
HST has $5.65B of total debt against $1.95B of cash (2.18x net debt / EBITDA). Interest coverage of 7.2x makes that load easier to live with that load.
At 11.5x EV / EBITDA, you get a lower multiple than most large names here. Read that as either room or a warning.
OCF dividend coverage is 2.44x and the indicated yield is 4.15%. The cash-flow cushion looks comfortable on this math.
Average daily dollar volume is $221.2M, active enough for most individual-sized trades.
Host is the cheap, low-debt hotel result: 11.5x EV / EBITDA, 2.18x net debt / EBITDA, +42.2% on the stock. The thin 27.3% EBITDA margin is the hotel part you cannot grade away.
Hotels throw off cash when the year is good. OCF yield on equity is 10.1%, and coverage of the dividend is 2.44x. The 27.3% margin is why a bad hotel year would show.
11.5x EV / EBITDA and 2.18x net debt / EBITDA are the best pair on this list. The 4.2% yield is extra, not the reason the screen looks good.
| Metric | HST |
|---|---|
| Market Capitalization | $15.91B |
| Enterprise Value | $19.60B |
| Share Price | $22.90 |
| Revenue (TTM) | $6.23B |
| EBITDA (TTM) | $1.70B |
| EBIT (TTM) | $0.91B |
| Operating Cash Flow (TTM) | $1.61B |
| CapEx (TTM) | $0.59B |
| Cash | $1.95B |
| Total Debt | $5.65B |
| Average Daily $ Volume | $221.2M |
| Daily Equity Turnover | 1.39% |
| EV / EBITDA | 11.53x |
| EBITDA Yield on EV | 8.67% |
| EBITDA Margin | 27.29% |
| Net Debt / EBITDA | 2.18x |
| Net Debt / Market Cap | 23.26% |
| Net Debt / Enterprise Value | 18.88% |
| Debt / Total Capital | 26.21% |
| Cash / Debt | 34.51% |
| EV Premium to Equity | 23.19% |
| Operating Cash Flow Yield | 10.12% |
| OCF / EBITDA Conversion | 94.71% |
| CapEx / Operating Cash Flow | 36.58% |
| CapEx / Revenue | 9.45% |
| Post-CapEx Cash Yield | 6.42% |
| Dividend / OCF Burden | 0.41x |
| OCF Dividend Coverage | 2.44x |
| Implied Interest / Revenue | 3.81% |
| EBITDA Interest Coverage | 7.17x |
| Reported Interest Coverage (source) | 3.83x |
| Dividend Yield | 4.15% |
| 52-Week Price Change | +42.24% |
| Approx. 1-Year Total Carry | +46.39% |
| Beta (5Y) | 1.12 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/hst/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.