Accor SA (ACCYY) AI Stock Analysis

• Market Cap: $11.14B
• Dividend Yield: 2.56%
• Average Volume (3M): 2.46K
• Price to Earnings (P/E): 30.8
• Beta (1Y): 1.19
• Revenue Growth: 7.02%
• EPS Growth: -5.37%
• Country: US
• Employees: 19,423
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Lodging
• EPS (TTM): 0.20
• Shares Outstanding: 1,173,536,600
• 10 Day Avg. Volume: 2,336
• 30 Day Avg. Volume: 2,463
• PEG Ratio: -0.88
• Price to Book (P/B): 3.10
• Price to Sales (P/S): 2.36
• P/FCF Ratio: 21.70
• Enterprise Value/Market Cap: 1.14
• Enterprise Value/Revenue: 2.26
• Enterprise Value/Gross Profit: 4.27
• Enterprise Value/Ebitda: 11.04
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.54
• Revenue Forecast (FY): $6.98B

• Rating: 62 Neutral
• Price Target: $10.00 ▼(-11.35% Downside)
• Action: Downgraded Date: 03/01/26
• Date: Action: Downgraded 03/01/26

The score is driven primarily by steady but mixed fundamentals: strong post-pandemic profitability and positive free cash flow are tempered by a latest-year growth/earnings slowdown and higher leverage. Technicals are supportive (uptrend and positive MACD), while valuation is a headwind due to the high P/E despite a moderate dividend yield.

Positive Factors

Asset-light fee and franchise model

An asset-light model centered on management and franchise fees reduces capital intensity and scales revenue with network growth. This produces recurring, contract‑linked fee streams and higher operating leverage versus owning real estate, supporting durable cash generation and resilience across cycles.

Normalized profitability and positive FCF

Margins and free cash flow normalization since 2022 indicates structural recovery in operating performance. Consistent FCF provides ongoing funding for brand development, loyalty investments and debt servicing, improving long-term operational stability even if growth intermittently slows.

Diversified global brand portfolio and loyalty

A multi‑segment global brand footprint and loyalty ecosystem diversify revenue exposure across geographies and customer tiers. This breadth supports resilient demand, cross‑sell opportunities and stronger owner/franchise partner retention, underpinning structural competitive advantage in distribution.

Negative Factors

Recent revenue and earnings slowdown

Flat 2025 revenue and a meaningful step‑down in net income indicate demand or pricing pressure that can directly reduce fee and incentive revenue. If prolonged, weaker top‑line trends compress margins, lower incentive fees and impair the company’s ability to fund loyalty and brand initiatives sustainably.

Rising leverage (debt-to-equity ~1.0)

Higher leverage reduces financial flexibility and increases interest exposure, limiting capacity to invest or respond to weaker cycles. For an operator sensitive to travel demand, elevated debt magnifies downside risk and slows pace of strategic investments or returns to shareholders during a downturn.

Moderate cash conversion vs earnings

Free cash flow consistently below net income and modest operating cash flow relative to debt constrain deleveraging. Limited cash coverage raises refinancing and liquidity risk if travel demand weakens, slowing balance‑sheet repair and restricting capital for growth or shareholder distributions.

Accor SA Business Overview & Revenue Model

Company Description

Accor SA operates a chain of hotels. It operates through two segments, HotelServices, and Hotel Assets & Other. The company owns, operates, manages, and franchises hotels. It also provides digital services to independent hotel operators through D-edge platform; ResDiary, a flat-rate online table reservation system that is designed for restaurant owners; Gekko solutions, including digital hotel distribution and loyalty platforms for the travel industry and large companies; and concierge and customized services through John Paul, as well as hotel booking services; and other services in events, fine dining, and entertainment through Paris Society and Potel & Chabot platforms. In addition, the company offers distribution activities, such as private sales of hotel accommodation and luxury vacations through VeryChic platform; rental of private residences operated by onefinestay; and coworking spaces through Wojo and Mama Works. Further, it provides hotel management, procurement, cash management, IT, and advertising services, as well as various advisory services. As of December 31, 2021, the company operated 5,298 hotels with 777,714 rooms in 110 countries worldwide. The company was founded in 1967 and is headquartered in Issy-les-Moulineaux, France.

How the Company Makes Money

Accor primarily makes money by earning fees and revenues tied to operating, managing, and franchising hotels, rather than owning most of the underlying real estate. A major revenue stream comes from management fees: when Accor operates a hotel on behalf of an owner, it typically earns base fees calculated as a percentage of hotel revenue and may also earn incentive fees linked to profitability or performance targets. Another significant stream is franchise fees: independent hotel owners operate under Accor brands and systems and pay initial and ongoing royalties (often tied to room revenue), plus additional charges for access to Accor’s distribution, marketing, and loyalty platforms. Accor also generates revenue from services provided to its hotel network, such as centralized reservations and distribution (including online booking channels), marketing and brand programs, and the operation of its loyalty program (which can drive revenue through member stays and partnerships where third parties purchase points or participate in co-marketing arrangements). In addition, Accor may earn income from owned or leased hotels and other hospitality-related activities where applicable (e.g., food and beverage, meetings and events) when it is the operator, with the hotel property capturing guest spending and Accor recognizing the operating revenue and costs in line with its contractual role. Key factors influencing earnings include global travel demand and occupancy, average daily room rates, the size and mix of its managed and franchised hotel network, brand strength, and the effectiveness of its distribution and loyalty ecosystem, as well as contractual arrangements with hotel owners and third-party partners.

Accor SA Financial Statement Overview

Summary

Profitability and margins recovered strongly post-2021 with solid net and EBIT margins and consistently positive free cash flow since 2022. Offsetting this, the latest year shows a clear slowdown (flat/negative revenue growth and lower net income/margin) and balance-sheet leverage has increased (debt-to-equity ~1.0), reducing flexibility if demand softens.

Income Statement

Profitability has largely normalized after the 2020–2021 disruption: net profit margin improved from deeply negative in 2020 to solidly positive in 2022–2024 (roughly 9%–13%), with healthy operating profitability in 2022–2025 (EBIT margin ~11%–18%). Gross margin expanded materially in 2023–2025, supporting earnings quality. The key weakness is the sharp slowdown in the most recent year, with 2025 revenue essentially flat versus 2024 and showing a large negative growth rate in the data, alongside a meaningful step-down in net income and net margin versus 2024.

Balance Sheet

Leverage is moderate-to-elevated for the profile: debt is roughly in line with equity in 2025 (debt-to-equity ~1.0), up from ~0.68–0.86 in 2022–2024, indicating incremental balance-sheet risk. Equity remains sizable relative to assets, but the rising debt load reduces flexibility if lodging demand softens. Returns to shareholders were healthy in 2022–2024, but the 2025 return measure is reported as 0.0, limiting confidence in the latest-year return trend.

Cash Flow

Cash generation is positive and improving from the 2020–2021 trough: operating cash flow and free cash flow have been consistently positive since 2022, and 2025 shows strong free cash flow growth versus 2024. However, cash conversion versus earnings is only moderate (free cash flow below net income in recent years), and operating cash flow is relatively small versus the debt balance (low coverage), which can constrain deleveraging speed in a weaker cycle.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.64B	5.61B	5.06B	4.22B	2.20B
Gross Profit	2.98B	2.74B	1.06B	1.82B	601.00M
EBITDA	1.15B	1.33B	904.00M	675.00M	22.00M
Net Income	431.28M	610.00M	633.00M	402.00M	50.00M
Balance Sheet
Total Assets	11.74B	12.06B	11.27B	11.71B	10.77B
Cash, Cash Equivalents and Short-Term Investments	1.21B	1.38B	1.28B	1.66B	1.67B
Total Debt	4.30B	3.74B	3.37B	4.34B	4.55B
Total Liabilities	7.03B	6.59B	5.96B	7.26B	7.17B
Stockholders Equity	4.29B	5.03B	4.93B	5.06B	4.28B
Cash Flow
Free Cash Flow	613.00M	440.00M	415.00M	385.00M	-343.00M
Operating Cash Flow	810.00M	733.00M	669.00M	496.00M	-263.00M
Investing Cash Flow	-331.00M	-358.00M	16.00M	-157.00M	-99.00M
Financing Cash Flow	-494.00M	-400.00M	-1.04B	-381.00M	-431.00M

Accor SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACCYY, the sentiment is Negative. The current price of 11.28 is above the 20-day moving average (MA) of 10.55, above the 50-day MA of 10.92, and above the 200-day MA of 10.51, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 33.36 is Neutral, neither overbought nor oversold. The STOCH value of 10.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ACCYY.

Accor SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HTHT	74 Outperform	$15.58B	14.58	33.88%	3.60%	5.70%	9.53%
IHG	71 Outperform	$19.94B	28.95	-23.50%	1.21%	8.89%	23.20%
HLT	69 Neutral	$69.09B	46.53	-30.22%	0.21%	6.68%	48.03%
H	68 Neutral	$13.93B	-294.43	-1.50%	0.36%	2.61%	-106.74%
MAR	68 Neutral	$86.72B	46.80	-79.90%	0.84%	4.68%	-1.10%
ACCYY	62 Neutral	$11.14B	30.85	11.30%	2.56%	7.02%	-5.37%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%