The business behind the dividend
| Measure | PK | Median | Formula |
|---|---|---|---|
| Return on equity | -9.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -0.5% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-243.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $102.00m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | -1.3% | 14.3% | Operating income ÷ revenue |
| Net margin | -11.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.23x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.16x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -8.8% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio — why a blank is not a zero.
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 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -9.0% | 5.8% | 2.5% | 3.7% | -10.3% | -29.4% | 4.7% | 8.4% | 43.7% | 3.4% | 3.4% |
| Return on capital employed | -0.5% | 5.2% | 4.5% | 3.3% | -2.0% | -12.0% | 4.1% | 5.9% | 4.1% | — | 4.1% |
| Operating margin | -1.3% | 15.0% | 12.7% | 11.8% | -13.1% | -141.1% | 15.0% | 18.4% | 13.3% | 15.4% | 12.7% |
| Net margin | -11.1% | 8.2% | 3.6% | 6.5% | -33.7% | -169.0% | 10.8% | 17.2% | 94.1% | 4.9% | 4.9% |
| Debt to equity | 1.23x | 1.06x | 0.99x | 1.07x | 1.06x | 1.05x | 0.60x | 0.53x | 0.49x | — | 1.05x |
| Cash conversion | — | 2.02x | 5.19x | 2.52x | — | — | 1.63x | 0.94x | 0.25x | 3.00x | 2.02x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, Park Hotels & Resorts pays out less than 4 of them. The median for that group is 33.1%, against this company’s 274.5%.
Closest on free cash flow
- GreenTree Hospitality Group (GHG) 213.8%
- Arcos Dorados Holdings (ARCO) 337.2%
- Whirlpool (WHR) 370.4%
- Oxford Industries (OXM) 372.6%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →