Price to Sales (P/S)
since 2013
Calculation
Hilton Worldwide Holdings Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 7, 2024 | 4.83 | = | 196.03 | ÷ | 40.59 | 40.59 | = | 10,235 | ÷ | 252,160,518 | |
| Feb 9, 2023 | 4.58 | = | 150.80 | ÷ | 32.93 | 32.93 | = | 8,773 | ÷ | 266,450,664 | |
| Feb 16, 2022 | 7.54 | = | 156.34 | ÷ | 20.74 | 20.74 | = | 5,788 | ÷ | 279,139,082 | |
| Feb 17, 2021 | 7.18 | = | 111.43 | ÷ | 15.51 | 15.51 | = | 4,307 | ÷ | 277,607,799 | |
| Feb 11, 2020 | 3.32 | = | 112.94 | ÷ | 34.07 | 34.07 | = | 9,452 | ÷ | 277,447,716 | |
| Feb 13, 2019 | 2.61 | = | 79.37 | ÷ | 30.41 | 30.41 | = | 8,906 | ÷ | 292,847,337 | |
| Feb 14, 2018 | 2.97 | = | 85.97 | ÷ | 28.91 | 28.91 | = | 9,140 | ÷ | 316,118,115 | |
| Feb 15, 2017 | 1.68 | = | 59.46 | ÷ | 35.37 | 35.37 | = | 11,663 | ÷ | 329,731,387 | |
| Feb 26, 2016 | 1.81 | = | 62.10 | ÷ | 34.23 | 34.23 | = | 11,272 | ÷ | 329,291,168 | |
| Feb 18, 2015 | 2.68 | = | 85.62 | ÷ | 32.00 | 32.00 | = | 10,502 | ÷ | 328,208,303 | |
| Feb 27, 2014 | 2.27 | = | 67.47 | ÷ | 29.66 | 29.66 | = | 9,735 | ÷ | 328,205,121 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Hilton Worldwide Holdings Inc. Annual Report.
The Price-to-Sales (P/S) ratio exhibits a trajectory characterized by initial stability, a period of extreme expansion, and a subsequent stabilization at a higher baseline. While the share price has trended upward over the long term, the P/S ratio has been heavily influenced by the volatility of sales per share, particularly between 2020 and 2024.
- Baseline Valuation Period (2014–2020)
- During this interval, the P/S ratio remained relatively constrained, fluctuating between a low of 1.68 in 2017 and a high of 3.32 in 2020. Share prices and sales per share moved in a broadly correlated manner, maintaining a valuation multiple that generally stayed below 3.5x.
- Pandemic-Induced Valuation Spike (2021–2022)
- A significant decoupling occurred between 2021 and 2022, where the P/S ratio surged to 7.18 and 7.54, respectively. This sharp increase was not driven by share price growth alone, but by a dramatic contraction in sales per share, which fell to a period low of 15.51 in 2021. The market maintained a high share price despite the collapse in revenue, resulting in an inflated sales multiple.
- Recovery and Normalization (2023–2024)
- The P/S ratio began to normalize as sales per share recovered aggressively, reaching 40.59 by February 2024. Although the P/S ratio declined from its 2022 peak, it stabilized at a higher level (4.83 in 2024) than the pre-2020 average. This suggests that the market now assigns a higher valuation to each dollar of revenue than it did during the 2014–2017 period.
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Comparison to Competitors
Hilton Worldwide Holdings Inc., P/S, long-term trends, comparison to competitors
| Hilton Worldwide Holdings Inc. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Feb 7, 2024 | 4.83 | 9.95 | 6.24 | 7.28 | 5.40 | 8.38 | 3.34 |
| Feb 9, 2023 | 4.58 | 10.04 | 5.35 | 5.14 | 3.23 | 8.32 | 3.49 |
| Feb 16, 2022 | 7.54 | 16.64 | 9.22 | 5.80 | 7.30 | 7.85 | 4.47 |
| Feb 17, 2021 | 7.18 | 37.16 | 14.73 | 7.26 | 16.87 | 8.20 | 4.67 |
| Feb 11, 2020 | 3.32 | — | 4.57 | 4.24 | — | 7.43 | 3.75 |
| Feb 13, 2019 | 2.61 | — | 5.91 | 3.31 | — | 6.67 | 3.42 |
| Feb 14, 2018 | 2.97 | — | 7.13 | 1.66 | — | 5.68 | 3.62 |
| Feb 15, 2017 | 1.68 | — | 7.47 | 2.94 | — | 4.29 | 3.81 |
| Feb 26, 2016 | 1.81 | — | 6.65 | 3.07 | — | 4.20 | 4.73 |
| Feb 18, 2015 | 2.68 | — | 7.49 | 5.10 | — | 3.33 | 3.55 |
| Feb 27, 2014 | 2.27 | — | 9.85 | 5.24 | — | 3.40 | 4.08 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Comparison to Sector (Consumer Services)
Hilton Worldwide Holdings Inc., P/S, long-term trends, comparison to sector (consumer services)
| Hilton Worldwide Holdings Inc. | Consumer Services | |
|---|---|---|
| Feb 7, 2024 | 4.83 | 6.15 |
| Feb 9, 2023 | 4.58 | 5.69 |
| Feb 16, 2022 | 7.54 | 7.25 |
| Feb 17, 2021 | 7.18 | 9.47 |
| Feb 11, 2020 | 3.32 | 5.11 |
| Feb 13, 2019 | 2.61 | 5.02 |
| Feb 14, 2018 | 2.97 | 4.94 |
| Feb 15, 2017 | 1.68 | 4.60 |
| Feb 26, 2016 | 1.81 | 4.67 |
| Feb 18, 2015 | 2.68 | 4.15 |
| Feb 27, 2014 | 2.27 | 4.53 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
Comparison to Industry (Consumer Discretionary)
Hilton Worldwide Holdings Inc., P/S, long-term trends, comparison to industry (consumer discretionary)
| Hilton Worldwide Holdings Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 7, 2024 | 4.83 | 2.63 |
| Feb 9, 2023 | 4.58 | 2.27 |
| Feb 16, 2022 | 7.54 | 3.58 |
| Feb 17, 2021 | 7.18 | 3.81 |
| Feb 11, 2020 | 3.32 | 2.33 |
| Feb 13, 2019 | 2.61 | 2.05 |
| Feb 14, 2018 | 2.97 | 2.06 |
| Feb 15, 2017 | 1.68 | 1.68 |
| Feb 26, 2016 | 1.81 | 1.57 |
| Feb 18, 2015 | 2.68 | 1.32 |
| Feb 27, 2014 | 2.27 | 1.33 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).