InterContinental Hotels Group

IHG

Travel Lodging · Consumer Cyclical

Price

$158.08

-1.79 (-1.12%)

Market Cap

$23.36B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−15.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 184.0M (2021) → 155.8M (2025)

InterContinental Hotels Group, known as IHG, owns and manages a portfolio of well-known hotel brands around the world. Its brands include InterContinental, Holiday Inn, Crowne Plaza, and Kimpton, serving everyone from budget travelers to luxury business guests. IHG is one of the largest hotel companies in the world by number of rooms, with roughly 6,000 hotels across more than 100 countries.

IHG mostly makes money through fees rather than owning hotels directly — it franchises its brands and manages properties on behalf of hotel owners, keeping a percentage of revenue. This "asset-light" model means IHG collects steady fee income without carrying the heavy costs of owning real estate, which helps explain its strong operating margins. Its loyalty program, IHG One Rewards, with tens of millions of members, is a key competitive advantage that keeps travelers coming back. The main risk is that hotel demand drops sharply during economic downturns or travel disruptions, which can quickly reduce the fees IHG collects.

Winston Score History

Politician Trades

1 trades / 12mo

1 Congressional buy and 0 sells on IHG in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+7.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

InterContinental Hotels Group is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

36.7%

Modest — 36.7% gross margin

Operating Margin

21.5%

Excellent — 21.5% operating margin

ROCE

39.1%

Exceptional — 39.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+40.1%

Fast-growing sales (40.1% YoY)

EPS YoY

+36.6%

Earnings growing fast (36.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

116%

Turns 116% of profit into real cash

FCF Margin

15.4%

Converts sales into free cash efficiently (15.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

9.15x

Comfortably covers interest (9.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

18.0x

Fair value — P/E 18.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-5.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

1.09%

Small dividend — 1.09% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+21.1%

Dividend growing fast (21.1% YoY)

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