Host Hotels & Resorts, Inc. HST
Host Hotels & Resorts trades at a P/E of 15.07 and EV/EBITDA of 8.91, roughly 44% and 34% below peer medians respectively, and has posted large EPS surprises in recent quarters (Q2 2026 actual EPS of $0.63 vs estimated $0.34). However, revenue growth is decelerating — Q2 2026 YoY revenue growth of 3.4% compared to 8.2% in the year-ago quarter — and operating margin has compressed from 15.57% in FY2023 to 13.59% in FY2025, with FCF declining from $950M in FY2024 to $858M in FY2025 as capex rose to $644M.
EVP-level insider selling and a price below the 50-day MA ($22.15 vs $23.15) temper near-term enthusiasm, making the upcoming Q3 2026 earnings release on November 4 the key catalyst to determine whether growth reaccelerates or continues to moderate.
What could go wrong
- Margin compression. Operating margin declined from 15.57% in FY2023 to 13.59% in FY2025, and FCF margin fell from 16.71% to 14.03% over the same period, signaling rising cost pressure relative to revenue.
- Revenue deceleration. Q2 2026 YoY revenue growth of 3.4% and Q1 2026 of 3.2% are well below the 7.57% full-year FY2025 growth rate, suggesting lodging demand is cooling.
- Insider selling. Over the past 24 months, net insider value transacted is negative $15.66M despite net positive share count from deferred stock unit accruals; recent August 2026 sales by EVPs Lentz and Tyrrell at approximately $23 per share are notable.
- Rising capex eroding FCF. Capital expenditure increased from $548M in FY2024 to $644M in FY2025, contributing to FCF declining from $950M to $858M year-over-year.
What would change my mind
Where this comes from: peer_relative · earnings_surprises · quarterly_results · derived_metrics. Orin's read on HST; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All HST filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 13G/A | 14 Aug | — | on file |
| 10-Q | 7 Aug | Host Hotels & Resorts, Inc. | read |
| 8-K | 5 Aug | Host Hotels & Resorts, Inc. | read |
| 8-K | 28 May | Host Hotels & Resorts, Inc. | read |
| 8-K | 22 May | Host Hotels & Resorts, Inc. | read |
| 13G/A | 15 May | — | on file |
| 13G/A | 11 May | — | on file |
| 10-Q | 8 May | Net income attributable to Host Inc. | read |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Portfolio Management | $1.4B | 0.1% of fund |
| State Street | $1.0B | 0.0% of fund |
| Vanguard Capital Management | $1.0B | 0.0% of fund |
| Geode Capital Management | $511.6M | 0.0% of fund |
| Jpmorgan Chase & | $445.3M | 0.0% of fund |
| Invesco | $316.0M | 0.0% of fund |
83 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 94 Form 4 filings, net −$15.7M. Of the 50 on hand, 0 were open-market purchases and 6 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about HST
Orin answers questions about HST from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 15.1× | — | 56.8× |
| EV/EBITDA | 8.9× | 10.4× | — |
| P/S | 2.45× | 2.34× | — |
| P/B | 2.4× | 1.9× | — |
Its P/E sits 20th percentile of its own last 5 years (+0.49σ from its own mean).
6.1%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.9B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$25
$23 – $27 · +15% against today's price
- 23 buy or overweight
- 18 hold
- 2 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| HSTHost Hotels & Resorts, Inc. | $15B | 15.1× | 8.9× | 15.8% | 16.5% | 16% |
| BXPBXP, Inc. | $10B | 33.5× | 13.8× | 46.8% | 8.4% | 6% |
| CPTCamden Property Trust | $10B | 32.3× | 13.2× | 22.3% | 20.7% | 8% |
| REXRRexford Industrial Realty, Inc. | $9B | — | — | 61.0% | -39.7% | -5% |
| UDRUDR, Inc. | $11B | 21.2× | 12.7× | 55.7% | 30.4% | 16% |
The median is of the 3 peers listed above and nothing else — check it against the column. This company trades 53.2% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $47 | $24.24 · +95% | 2026-06-10 |
| Levered DCF | $41 | $24.24 · +68% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.