Park Hotels & Resorts Inc. earns about 2% on invested capital, and has bought back 16% of its shares over 5 years. The estimate methods put fair value between $0.31 and $4.87 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $1.36B1 | $2.5B2 | $2.7B3 | $2.6B3 | $2.54B3 |
| Net income | −$459M4 | $162M5 | $97M6 | $212M6 | −$283M6 |
| Operating cash flow | −$137M7 | $409M8 | $503M9 | $429M9 | $398M9 |
| Capital expenditure | $54M10 | $168M11 | $285M12 | $227M12 | $296M12 |
| Free cash flow (derived) | −$191M7,10 | $241M8,11 | $218M9,12 | $202M9,12 | $102M9,12 |
| Total debt | $4.71B13 | $4.64B14 | $3.79B15 | $3.87B16 | $3.86B17 |
| Cash & equivalents | $688M18 | $906M19 | $717M20 | $402M21 | $232M21 |
| Diluted shares | 236.0M | 228.0M | 215.0M | 209.0M | 199.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $157.34 of net worth that earned you −$14.22 and generated $5.13 of cash last year, against $193.77 of debt.
It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 16% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 18% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $0.31 and $4.87 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth5.00%
- Starting free cash flow$202M
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth5.00%
- Starting free cash flow$202M
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$97M
- Growth assumed0.0%
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001617406-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001617406-25-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001617406-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001617406-24-000018 (NetIncomeLoss)
- 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001617406-25-000006 (NetIncomeLoss)
- 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001617406-26-000006 (NetIncomeLoss)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001617406-24-000018 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001617406-25-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001617406-26-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-28 · period ending 2021-12-31 · accession 0001617406-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001617406-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001617406-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2022-02-18 · period ending 2021-12-31 · accession 0000950170-22-001484 (LongTermDebt)
- 10-K filed 2023-02-23 · period ending 2022-12-31 · accession 0000950170-23-004127 (LongTermDebt)
- 10-K filed 2024-02-28 · period ending 2023-12-31 · accession 0001617406-24-000018 (LongTermDebt)
- 10-K filed 2025-02-20 · period ending 2024-12-31 · accession 0001617406-25-000006 (LongTermDebt)
- 10-K filed 2026-02-20 · period ending 2025-12-31 · accession 0001617406-26-000006 (LongTermDebt)
- 10-K filed 2023-02-23 · period ending 2021-12-31 · accession 0000950170-23-004127 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-02-28 · period ending 2022-12-31 · accession 0001617406-24-000018 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-20 · period ending 2023-12-31 · accession 0001617406-25-000006 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-20 · periods ending 2024-12-31, 2025-12-31 · accession 0001617406-26-000006 (CashAndCashEquivalentsAtCarryingValue)