The business behind the dividend
| Measure | XHR | Median | Formula |
|---|---|---|---|
| Return on equity | 5.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 4.2% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $107.20m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $89.91m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 10.0% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.8% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.25x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.24x | 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 | 2.80x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: 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 | 5.6% | 1.3% | 1.5% | 3.9% | -10.0% | -10.5% | 3.2% | 10.6% | 6.1% | 5.3% | 3.2% |
| Return on capital employed | 4.2% | 3.4% | 3.6% | 3.9% | -2.1% | -8.3% | 3.7% | 4.4% | 3.5% | 4.1% | 3.6% |
| Operating margin | 10.0% | 8.4% | 9.5% | 11.2% | -9.9% | -65.4% | 9.7% | 12.5% | 11.0% | 11.7% | 9.7% |
| Net margin | 5.8% | 1.6% | 1.9% | 5.6% | -23.3% | -44.2% | 4.8% | 18.3% | 10.5% | 9.0% | 4.8% |
| Debt to equity | 1.25x | 1.07x | 1.08x | 0.99x | 1.04x | 0.88x | 0.74x | 0.63x | 0.82x | 0.66x | 0.88x |
| Cash conversion | 2.80x | 10.14x | 10.35x | 3.35x | — | — | 4.45x | 1.31x | 2.15x | 2.67x | 3.35x |
How it compares in consumer discretionary
Among the 169 consumer discretionary companies here measured on free cash flow, Xenia Hotels & Resorts pays out less than 168 of them. The median for that group is 33.1%, against this company’s 0.6%.
Closest on free cash flow
- Madison Square Garden Sports (MSGS) 0.8%
- PVH (PVH) 1.4%
- G Iii Apparel Group (GIII) 1.6%
- Xponential Fitness (XPOF) 1.9%
Same sector and same denominator, so the figures are comparable. All 197 in consumer discretionary →