NYSE · Consumer Cyclical

InterContinental Hotels Group PLC

IHG · Lodging

$139.28

▼ -3.67 (-2.56%)

Data cached · refreshes every 10 min

Mr. Market is currently offering InterContinental Hotels Group PLC at $139.28.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 31.3%

Operating Margin 23.4%

Net Income Margin 14.6%

Fin. Health F

Years to Pay Off Debt 6.1 yrs

Working Capital vs Long-Term Debt -$3.8B

Working Capital -$51M

Valuation A

Price-to-Book -7.57x

Cash Flow A

Free Cash Flow $821M

CapEx % of Net Income 10.2%

Owner Earnings $981M

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $20.7B

Enterprise Value $25.0B

P/E (TTM) 28.66

Dividend Yield 1.29%

Exchange NYSE

Key Margins

Gross Profit 31.3%

Operating Margin 23.4%

Net Margin 14.6%

Company Info

Sector Consumer Cyclical

Industry Lodging

Employees 13049

Country United Kingdom

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering InterContinental Hotels Group PLC at $139.28.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About InterContinental Hotels Group PLC

InterContinental Hotels Group PLC owns, manages, franchises, and leases hotels in the United Kingdom, the United States, and internationally. It operates hotels under the Six Senses, Regent, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotel, Hotel Indigo, voco, Ruby, HUALUXE, Crowne Plaza, Iberostar Beachfront Resorts, EVEN Hotels, Holiday Inn Express, Holiday Inn, Garner, avid hotels, Atwell Suites, Staybridge Suites, IHG, Holiday Inn Club Vacations, and Candlewood Suites brand names. The company also provides IHG Rewards loyalty program. InterContinental Hotels Group PLC was formerly known as Six Continents PLC and changed its name to InterContinental Hotels Group PLC in June 2003. The company was founded in 1777 and is headquartered in Windsor, United Kingdom.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	31.3% ▲	29.6%	30.7%	27.7%	N/A
Operating Margin %	23.4% ▲	21.1%	22.4%	17.7%	N/A
Net Income %	14.6% ▲	12.8%	16.2%	9.6%	N/A
Diluted EPS	4.87 •	N/A	4.41	2.06	1.45

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$5.3B	$4.7B	$4.8B	$4.2B	N/A
Total Debt	$4.6B ↑	$3.7B	$3.6B	$2.8B	N/A
Working Capital	-$51M ▲	-$59M	-$61M	$134M	N/A
Years to Pay Debt	6.08	5.87	4.79	7.53	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$821M ▲	$646M	$811M	$547M	N/A
Owner Earnings	$981M	$851M	$982M	$628M	N/A
CapEx % of Net Income	10.2%	12.4%	10.9%	26.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-9,092	-4,198	-771	2,432
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,446,000	1,217,000	1,254,000	807,000
Total Unusual Items	-31,000	-14,000	-3,000	8,000
Total Unusual Items Excluding Goodwill	-31,000	-14,000	-3,000	8,000
Net Income From Continuing Operation Net Minority Interest	758,000	628,000	750,000	375,000
Reconciled Depreciation	146,000	145,000	150,000	154,000
Reconciled Cost Of Revenue	3,567,000	3,468,000	3,206,000	2,813,000
EBITDA	1,415,000	1,245,000	1,251,000	815,000
EBIT	1,269,000	1,100,000	1,101,000	661,000
Net Interest Income	-153,000	-140,000	-52,000	-106,000
Interest Expense	195,000	203,000	91,000	121,000
Interest Income	49,000	63,000	39,000	22,000
Normalized Income	779,908	637,802	752,229	369,432
Net Income From Continuing And Discontinued Operation	758,000	628,000	750,000	375,000
Total Expenses	3,974,000	3,882,000	3,590,000	3,205,000
Total Operating Income As Reported	1,198,000	1,041,000	1,066,000	628,000
Diluted Average Shares	155,800		170,000	182,000	184,000
Basic Average Shares	154,400	161,200	169,000	181,000
Diluted EPS	0		0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	758,000	628,000	750,000	375,000
Net Income Common Stockholders	758,000	628,000	750,000	375,000
Net Income	758,000	628,000	750,000	375,000
Minority Interests	-1,000	0	0	-1,000
Net Income Including Noncontrolling Interests	759,000	628,000	750,000	376,000
Net Income Continuous Operations	759,000	628,000	750,000	376,000
Tax Provision	315,000	269,000	260,000	164,000
Pretax Income	1,074,000	897,000	1,010,000	540,000
Special Income Charges	-31,000	-14,000	-3,000	8,000
Write Off	23,000	10,000	-1,000	-7,000
Impairment Of Capital Assets		-3,000	0	7,000	0
Restructuring And Mergern Acquisition	8,000	4,000	4,000	-8,000
Net Non Operating Interest Income Expense	-153,000	-115,000	-87,000	-106,000
Total Other Finance Cost	7,000		11,000	7,000	8,000
Interest Expense Non Operating	195,000	161,000	115,000	121,000
Interest Income Non Operating	49,000	63,000	39,000	22,000
Operating Income	1,215,000	1,041,000	1,034,000	687,000
Operating Expense	407,000	414,000	384,000	392,000
Depreciation And Amortization In Income Statement	67,000	65,000	67,000	68,000
Depreciation Income Statement	67,000	65,000	67,000	68,000
Selling General And Administration	354,000	359,000	338,000	353,000
General And Administrative Expense	354,000	359,000	338,000	353,000
Gross Profit	1,622,000	1,455,000	1,418,000	1,079,000
Cost Of Revenue	3,567,000	3,468,000	3,206,000	2,813,000
Total Revenue	5,189,000	4,923,000	4,624,000	3,892,000
Operating Revenue	5,189,000	4,923,000	4,624,000	3,892,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	6,521	7,403	7,822	7,507
Ordinary Shares Number	150,606	157,655	164,435	175,606
Share Issued	157,127	164,712	172,257	183,112
Net Debt	3,099,000	2,266,000	1,900,000	1,467,000
Total Debt	4,607,000	3,688,000	3,592,000	2,823,000
Tangible Book Value	-3,896,000	-3,354,000	-3,049,000	-2,759,000
Invested Capital	1,460,000	962,000	1,216,000	781,000
Working Capital	-51,000	-59,000	-61,000	134,000
Net Tangible Assets	-3,896,000	-3,354,000	-3,049,000	-2,759,000
Capital Lease Obligations	406,000	414,000	426,000	427,000
Common Stock Equity	-2,741,000	-2,312,000	-1,950,000	-1,615,000
Total Capitalization	982,000	564,000	617,000	726,000
Total Equity Gross Minority Interest	-2,736,000	-2,308,000	-1,946,000	-1,608,000
Minority Interest	5,000	4,000	4,000	7,000
Stockholders Equity	-2,741,000	-2,312,000	-1,950,000	-1,615,000
Treasury Stock	59,000		35,000	37,000	22,000
Retained Earnings	-302,000	34,000	396,000	607,000
Additional Paid In Capital	19,000	16,000	14,000	10,000
Capital Stock	145,000	137,000	141,000	137,000
Common Stock	145,000	137,000	141,000	137,000
Total Liabilities Net Minority Interest	8,081,000	7,056,000	6,759,000	5,824,000
Total Non Current Liabilities Net Minority Interest	5,981,000	5,128,000	4,569,000	4,280,000
Other Non Current Liabilities	345,000	311,000	275,000	251,000
Derivative Product Liabilities	12,000	78,000	0	11,000
Non Current Pension And Other Postretirement Benefit Plans	69,000	68,000	66,000	66,000
Tradeand Other Payables Non Current	75,000	78,000	75,000	69,000
Non Current Deferred Revenue	1,340,000	1,294,000	1,096,000	1,043,000
Non Current Deferred Taxes Liabilities	17,000	18,000	68,000	78,000
Long Term Debt And Capital Lease Obligation	4,101,000	3,264,000	2,963,000	2,742,000
Long Term Capital Lease Obligation	378,000	388,000	396,000	401,000
Long Term Debt	3,723,000	2,876,000	2,567,000	2,341,000
Long Term Provisions	22,000	17,000	26,000	20,000
Current Liabilities	2,100,000	1,928,000	2,190,000	1,544,000
Other Current Liabilities	54,000	14,000	25,000	9,000
Current Debt And Capital Lease Obligation	506,000	424,000	629,000	81,000
Current Capital Lease Obligation	28,000	26,000	30,000	26,000
Current Debt	478,000	398,000	599,000	55,000
Current Provisions	21,000	22,000	10,000	44,000
Payables	326,000	340,000	360,000	394,000
Other Payable	114,000	116,000	135,000	173,000
Total Tax Payable	109,000	52,000	98,000	69,000
Accounts Payable	103,000	111,000	127,000	152,000
Total Assets	5,345,000	4,748,000	4,813,000	4,216,000
Total Non Current Assets	3,296,000	2,879,000	2,684,000	2,538,000
Other Non Current Assets				3,000
Defined Pension Benefit	3,000	3,000	3,000	2,000
Non Current Deferred Assets	419,000	376,000	332,000	291,000
Non Current Deferred Taxes Assets	146,000	122,000	134,000	126,000
Financial Assets	120,000	4,000	20,000	7,000
Investmentin Financial Assets	211,000	212,000	185,000	156,000
Available For Sale Securities	211,000	212,000	185,000	156,000
Long Term Equity Investment	55,000	51,000	48,000	36,000
Investmentsin Joint Venturesat Cost	16,000	5,000	2,000
Investmentsin Associatesat Cost	39,000	46,000	46,000	36,000
Investment Properties	2,000		3,000	3,000	0
Goodwill And Other Intangible Assets	1,155,000	1,042,000	1,099,000	1,144,000
Other Intangible Assets	820,000		763,000	809,000	854,000
Goodwill	335,000		336,000	335,000	341,000
Net PPE	415,000	422,000	423,000	434,000
Accumulated Depreciation	-536,000		-525,000	-543,000	-603,000
Gross PPE	951,000	422,000	948,000	977,000
Other Properties	4,000	422,000	3,000	2,000
Machinery Furniture Equipment	293,000		300,000	292,000	299,000
Buildings And Improvements	555,000		534,000	571,000	607,000
Land And Improvements	99,000	99,000	111,000	112,000
Current Assets	2,049,000	1,869,000	2,129,000	1,678,000
Current Deferred Assets		5,000	5,000	5,000	5,000
Restricted Cash	27,000	22,000	56,000	47,000
Prepaid Assets	86,000		92,000	104,000	73,000
Inventory	5,000	4,000	5,000	4,000
Other Receivables	101,000	84,000	108,000	80,000
Taxes Receivable	27,000	22,000	15,000	16,000
Accounts Receivable	698,000	651,000	580,000	493,000
Allowance For Doubtful Accounts Receivable	-150,000	-120,000	-106,000	-117,000
Gross Accounts Receivable	848,000	771,000	686,000	610,000
Cash Cash Equivalents And Short Term Investments	1,105,000	993,000	1,273,000	929,000
Other Short Term Investments	3,000	7,000	7,000		2,000
Cash And Cash Equivalents	1,102,000	986,000	1,266,000	929,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	821,000	646,000	811,000	547,000
Repurchase Of Capital Stock	-897,000	-804,000	-790,000	-482,000
Repayment Of Debt	-478,000	-547,000	0	-209,000
Issuance Of Debt	1,065,000	834,000	657,000	0
Issuance Of Capital Stock	-10,000	-27,000	-8,000	-1,000
Capital Expenditure	-77,000	-78,000	-82,000	-99,000
End Cash Position	1,126,000	991,000	1,278,000	921,000
Beginning Cash Position	991,000	1,278,000	921,000	1,391,000
Effect Of Exchange Rate Changes	41,000	-18,000	18,000	-77,000
Changes In Cash	94,000	-269,000	339,000	-393,000
Financing Cash Flow	-614,000	-894,000	-417,000	-961,000
Net Other Financing Charges	6,000	-45,000
Common Stock Dividend Paid		-259,000	-245,000	-233,000	0
Net Common Stock Issuance	-907,000	-831,000	-798,000	-483,000
Common Stock Payments	-897,000	-804,000	-790,000	-482,000
Common Stock Issuance	-10,000	-27,000	-8,000	-1,000
Net Issuance Payments Of Debt	587,000	287,000	657,000	-209,000
Net Short Term Debt Issuance			0	0	-828,000
Short Term Debt Payments			0	0	-828,000
Net Long Term Debt Issuance	587,000	287,000	657,000	-209,000
Long Term Debt Payments	-478,000	-547,000	0	-209,000
Long Term Debt Issuance	1,065,000	834,000	657,000	0
Investing Cash Flow	-190,000	-99,000	-137,000	-78,000
Net Other Investing Changes	7,000	7,000		6,000
Net Investment Purchase And Sale	-109,000	-21,000	-52,000	13,000
Sale Of Investment	14,000	11,000	8,000	13,000
Purchase Of Investment	-123,000	-32,000	-60,000	0
Net Business Purchase And Sale	-11,000	-16,000	-3,000	-1,000
Purchase Of Business	-11,000	-16,000	-3,000	-1,000
Net Intangibles Purchase And Sale	-49,000	-49,000	-54,000	-45,000
Purchase Of Intangibles	-49,000	-49,000	-54,000	-45,000
Net PPE Purchase And Sale	-28,000	-20,000	-28,000	-51,000
Sale Of PPE	0	9,000	0	3,000
Purchase Of PPE	-28,000	-29,000	-28,000	-54,000
Operating Cash Flow	898,000	724,000	893,000	646,000
Taxes Refund Paid	-307,000	-309,000	-243,000	-211,000
Interest Received Cfo	46,000	57,000	36,000	22,000
Interest Paid Cfo	-202,000	-170,000	-119,000	-126,000
Change In Working Capital	36,000	56,000	79,000	101,000
Change In Other Current Assets	112,000	56,000	118,000	112,000
Change In Payable	-25,000	-45,000	31,000	121,000
Change In Inventory			0	0	1,000
Change In Receivables	-51,000	-106,000	-70,000	-132,000
Other Non Cash Items	234,000	174,000	100,000	220,000
Stock Based Compensation	72,000	67,000	56,000	46,000
Deferred Tax	315,000	269,000	260,000	164,000
Depreciation And Amortization	146,000	145,000	150,000	154,000
Amortization Cash Flow			98,000	102,000
Depreciation	146,000	145,000	150,000	154,000
Net Foreign Currency Exchange Gain Loss	-37,000	25,000	-35,000	-10,000
Net Income From Continuing Operations	759,000	628,000	750,000	376,000

These metrics estimate what InterContinental Hotels Group PLC is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A

Margin of Safety

—

Market Cap ÷ Company Value

-0.36

P/B Ratio

-7.57

Warren's Owner Earnings

$981M

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$5.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.98x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.29%

vs Uninterrupted dividends

✅ Earnings Growth

+236.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

28.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

N/A (negative book value)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-40.50

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	10.2%	12.4%	10.9%	26.4%	N/A
Repurchase of Capital Stock	-$897M	-$804M	-$790M	-$482M	N/A
Free Cash Flow	$821M ▲	$646M ▼	$811M ▲	$547M •	N/A •
Warren's Owner Earnings	$981M	$851M	$982M	$628M	N/A

Peers & Industry

No auto-detected peers for Lodging. You can manually compare IHG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.01%

Low — management has little skin in the game

Return on Assets (ROA)

14.2%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$897M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+24.9% YoY

Debt is growing — management is leveraging up

Leadership Team

Elie Wajih Maalouf

CEO & Executive Director

Age 61

Pay: $4,722,081

0.623% of net income

Michael Glover

CFO & Executive Director

Age 54

Pay: $2,534,826

0.334% of net income

Chris Moloney

Chief Operating Officer of South West Asia

Lewis Fader

Senior Vice President of Operations - Americas East Region & Canada

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	4.22%	6,333,673
Morgan Stanley	0.51%	764,049
Goldman Sachs Group Inc	0.47%	710,121
Bank of America Corporation	0.34%	510,550
Natixis Advisors, LLC	0.31%	465,747
Royal Bank of Canada	0.31%	465,161
Lazard Asset Management LLC	0.30%	442,805
JPMORGAN CHASE & CO	0.28%	422,632

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.03

Moderate volatility — moves slightly more than market

Short Interest

0.4% of float

Low short interest — market is not heavily bearish

Current Ratio