The business behind the dividend
| Measure | GHG | Median | Formula |
|---|---|---|---|
| Return on equity | 10.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-2.07m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.88m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 5.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 15.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.20x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 7.41x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 1.61x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 0.36x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.69x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -2.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | Median |
|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 10.6% | 7.5% | 18.7% | -26.5% | 6.3% | 12.4% | 23.8% | 21.2% | 12.4% |
| Return on capital employed | 3.0% | 9.4% | 22.4% | -25.4% | 7.0% | — | — | — | 7.0% |
| Operating margin | 5.2% | 12.1% | 20.6% | -47.3% | 12.8% | 34.3% | 46.2% | 56.6% | 20.6% |
| Net margin | 15.2% | 8.2% | 16.6% | -40.8% | 9.7% | 28.1% | 40.5% | 41.7% | 16.6% |
| Debt to equity | 0.20x | 0.18x | 0.04x | 0.21x | 0.19x | — | — | — | 0.19x |
| Current ratio | 1.61x | 1.57x | 1.21x | 1.38x | 1.47x | 1.82x | 1.59x | 3.63x | 1.59x |
| Cash conversion | 1.69x | 3.39x | 1.69x | — | 3.07x | 1.13x | 1.16x | 1.41x | 1.69x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, GreenTree Hospitality Group pays out less than 5 of them. The median for that group is 33.1%, against this company’s 213.8%.
Closest on free cash flow
- Starbucks (SBUX) 113.5%
- BUUU Group (BUUU) 153.8%
- Civeo (CVEO) 160.1%
- Park Hotels & Resorts (PK) 274.5%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →