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Wyndham Hotels & Resorts, Inc. (WH)

NEUTRAL
Consumer CyclicalLodgingUnited States

ファンダメンタル

60

株価

$75.08

時価総額

$5.57B

パート1 · 企業の価値

概要

Wyndham franchises hotels rather than owning them: it licenses brands such as Days Inn, Super 8, Ramada and Wyndham to independent and small-chain hotel owners around the world, who pay to use the name, the central reservation system and the Wyndham Rewards loyalty program. It operates through more than 6,200 franchisees and is concentrated in economy and midscale hotels rather than luxury. It owns almost none of the real estate its brands appear on.

収益の仕組み

Franchisees pay Wyndham a royalty of roughly 5% of their room revenue for the right to use its brand, plus a separate marketing and reservation fee of 2-4% of room revenue that funds the shared booking system and Wyndham Rewards program rather than flowing through as profit. A smaller stream is a licensing fee from Travel + Leisure, its former parent, under an agreement dating to its 2018 spin-off — revenue tied to a legacy contract rather than to hotels Wyndham operates today.

セグメント別売上高

Royalties and Franchise Fees38.1%

Core brand-licensing income, roughly 5% of a franchised hotel's room revenue, the most direct measure of Wyndham's franchise business.

Marketing and Reservation Fees33.2%

Fees that fund the shared reservation system and marketing; largely pass-through spending rather than pure profit for Wyndham.

Other Products and Services13.5%

Ancillary revenue from other services Wyndham provides to franchisees and hotel owners beyond core royalties.

License and Other Fee From Former Parent8.9%

A contractual licensing fee paid by Travel + Leisure, the vacation-ownership business Wyndham spun off in 2018, unrelated to hotel operations.

Loyalty Program6.4%

Fees tied to running the Wyndham Rewards loyalty program, funded by participating hotels and partners.

競争優位性(moat)

スイッチングコスト · 狭い

Franchise agreements typically run 10 to 20 years, and switching a hotel's brand mid-agreement means new signage, systems and lost access to Wyndham's reservation pipeline and loyalty members — a real cost for the franchisee. That keeps existing hotels in the system, but it does not stop Wyndham from having to win every new franchise deal against Choice, Best Western and other economy-brand rivals.

需要を左右する要因

景気循環型

Franchise and marketing fees are calculated as a percentage of franchisees' room revenue, so they rise and fall with hotel occupancy and room rates, which the company itself ties to economic conditions such as inflation, interest rates, employment and discretionary income — travel spending is one of the first things households and businesses cut in a downturn.

主なリスク

  • Franchisee performance drives fee revenue — Royalties and marketing fees are a percentage of franchisees' room revenue, so a weak year for individual hotel owners — due to location, competition or local conditions — reduces Wyndham's own revenue.
  • Economic and travel-demand downturns — The company names recessionary pressures, inflation and reduced discretionary income among the economic factors that can cut hotel demand and therefore franchise fees.
  • Brand and reputation risk — Franchisees' and guests' perception of a brand affects every hotel flying that flag; cyber incidents or reputational damage at the corporate level can hit revenue system-wide.
  • Dependence on a legacy licensing agreement — A meaningful slice of revenue is a fee from Travel + Leisure under a contract tied to Wyndham's 2018 spin-off, a revenue source outside its own hotel-franchising operations.

強気材料

Buyers argue that Wyndham's economy and midscale focus is more resilient than luxury hotels in a downturn since travelers trade down rather than stop traveling, that long franchise agreements and a loyalty program give it recurring, high-margin fee income with almost no real-estate risk, and that the model scales without Wyndham having to fund new hotel construction itself.

弱気材料

Sellers worry that franchise and marketing fees are ultimately a percentage of what individual hotel owners earn, so a broad travel slowdown hits Wyndham indirectly but still meaningfully, that competition among economy-brand franchisors for the same hotel owners limits pricing power, and that a slice of revenue depends on a legacy contract with its former parent rather than the core franchising business.

Written by the editors, published on 2026年8月18日

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貸借対照表と流動性

売上高

$1.42B

直近12か月(2026/6/30まで)

純利益

$208M

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$321M

自己資本合計

$468M

負債合計

$3.71B

流動比率

0.99

利払い倍率

3.01

負債/EBITDA

5.77

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

適正価値

適正価値

$82.67

現在株価

$75.08

安全マージン

+9.2%

適正価値レンジ

$53.73 - $111.60

推定方法

Analyst Target:$97.76
DCF:$126.18
PE-based:$41.09
Graham Growth:$44.93
EPV:$54.19
アナリスト・コンセンサス:強い買い (21B / 4H / 0S)
直近の決算サプライズ:+2.24%

バリュエーション指標

P/E レシオ

27.04

ROE

41.2%

P/B レシオ

11.49

P/FCF

17.08

粗利益率

-

ROIC

8.8%

収益性レーダー

Value Creation (Economic Moat)

ROIC

8.8%

WACC

7.0%

ROIC − WACC

+1.9 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

ファンダメンタル分析基準

合格(17)

  • EPS shows upward trend
  • Price CAGR 6.42%
  • ROIC 8.8%
  • P/FCF 17.08
  • Operating Margin 30.2%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 42.1%
  • Analyst Consensus 84% Buy
  • Earnings Surprise avg 2.5%
  • Earnings Quality (OCF/NI) 1.78
  • Share Dilution -3.6%
  • Piotroski F-Score 5/9

不合格(8)

  • EPS CAGR 3.98%
  • P/B Ratio 11.49
  • Debt/Equity ratio
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y 1.9%
  • Net Margin Trend 14.7% vs 23.2%

データなし(3)

  • Gross Margin NaN%
  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-スコア

5/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.78

高品質:利益はキャッシュに裏付けられている

株式希薄化

-3.6%

株式を買い戻している。株主に友好的

ガバナンス

経営陣

氏名役職年齢
Mr. Geoffrey A. BallottiPresident, CEO & Director63
Mr. Paul F. CashGeneral Counsel, Chief Compliance Officer & Corporate Secretary55
Ms. Monica MelanconChief Human Resource Officer57
Mr. Scott R. StricklandChief Commercial Officer54
Mr. Amit SripathiChief Financial Officer-
Mr. Christopher AndroskiSenior VP, Controller & Chief Accounting Officer51
Mr. Matt CapuzziSenior Vice President of Investor Relations-
Mr. Dimitris ManikisPresident of Europe, Middle East, Eurasia & Africa-
Mr. Joon Aun OoiPresident of Asia Pacific-
Mr. Shilpan PatelExecutive Vice President of North America Franchise Operations-

監査リスク

5

取締役会リスク

4

報酬リスク

7

株主権利リスク

1

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

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