Park Hotels & Resorts (PK)
NYSE:PK
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Park Hotels & Resorts
(NYSE:PK)
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Rating:63Neutral
Price Target:
$12.00
â–²(7.14% Upside)
Action:ReiteratedDate:02/21/26
The score is led by solid cash generation and an improved latest-period leverage profile, but is constrained by volatile profitability and a return to net losses. Technicals are mildly supportive with price above key moving averages and neutral momentum. Valuation is mixed—an attractive yield is offset by loss-driven negative P/E—while the earnings call points to a cautious 2026 setup with renovation and refinancing execution risk despite clear strategic progress in the core portfolio.
Positive Factors
Cash generation
Sustained positive operating and free cash flow through 2022–2025 (2025 FCF ≈$398M) provides durable internal funding for renovation programs, dividends and debt service. Reliable cash generation improves financial flexibility and supports multi-year capital allocation despite cyclical demand swings.
Negative Factors
Profitability volatility & impairments
Large impairment-driven net losses in 2025 highlight asset-level volatility and earnings sensitivity to valuations. Episodic write-downs and negative EBITDA years undermine predictability of FFO and dividends, complicating long-term cash-return planning and investor confidence in run-rate profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow through 2022–2025 (2025 FCF ≈$398M) provides durable internal funding for renovation programs, dividends and debt service. Reliable cash generation improves financial flexibility and supports multi-year capital allocation despite cyclical demand swings.
Read all positive factors
Park Hotels & Resorts (PK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.26B
Dividend Yield13.1%
Average Volume (3M)3.56M
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth-3.57%
EPS Growth-104.55%
CountryUS
Employees91
SectorReal Estate
Sector Strength53
IndustryREIT - Hotel & Motel
Share Statistics
EPS (TTM)-1.04
Shares Outstanding201,398,440
10 Day Avg. Volume3,731,050
30 Day Avg. Volume3,561,032
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.66
Price to Sales (P/S)0.82
P/FCF Ratio20.01
Enterprise Value/Market Cap2.78
Enterprise Value/Revenue2.47
Enterprise Value/Gross Profit125.57
Enterprise Value/Ebitda15.78
Forecast
1Y Price Target
$11.33Price Target Upside1.16% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)0.43
Revenue Forecast (FY)$2.52B
Park Hotels & Resorts Business Overview & Revenue Model
Company Description
Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Park's portfolio currently consists of 60 premium-branded hotels and resorts with ...
How the Company Makes Money
Park Hotels & Resorts generates revenue primarily through the operation of its hotel properties, which includes room rentals, food and beverage sales, and event hosting services. The company's revenue model is heavily reliant on the occupancy rate...
Park Hotels & Resorts Key Performance Indicators (KPIs)
Any
Revenue by Type
Breaks down revenue sources, such as room bookings and food services, revealing the diversity and stability of income streams.
Breaks down revenue sources, such as room bookings and food services, revealing the diversity and stability of income streams.
Data provided by:
The Fly
The FlyPark Hotels & Resorts Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The earnings call conveyed solid operational progress and strategic execution—core assets outperformed, margins in the core expanded, large capital reinvestment programs are underway with expected attractive returns, and liquidity and capital-allocation priorities are clearly articulated. Near-term challenges include renovation-related disruption (notably Royal Palm and tower renovations), a full-year RevPAR decline in 2025, non-core portfolio underperformance and timing uncertainty around remaining dispositions, and material refinancing/maturity obligations in 2026 that raise short-term execution risk. Management's guidance is deliberately conservative, highlighting potential upside if asset reopenings and dispositions materialize on schedule. On balance, the call emphasized strong execution and a constructive multi-year outlook while acknowledging near-term headwinds and refinancing tasks.Positive Updates
Strong disposal track record and recycling capital
Sold or disposed of 51 hotels for over $3,000,000,000 over the past nine years; executed more than $120,000,000 in non-core sales in 2025 at a blended multiple of 21x; closed sale of Hilton Checkers for ~ $13,000,000 (~17x 2025 EBITDA).
Negative Updates
Full-year RevPAR decline and margin pressure
Full-year 2025 RevPAR declined 2% versus 2024; full-year hotel Adjusted EBITDA margin was 26.5%, down 130 basis points versus prior year.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong disposal track record and recycling capital
Sold or disposed of 51 hotels for over $3,000,000,000 over the past nine years; executed more than $120,000,000 in non-core sales in 2025 at a blended multiple of 21x; closed sale of Hilton Checkers for ~ $13,000,000 (~17x 2025 EBITDA).
Read all positive updates
Company Guidance
Management issued cautious 2026 guidance calling for full‑year RevPAR growth of flat to +2%, low‑single‑digit expense growth, Adjusted EBITDA of $580–$610 million and Adjusted FFO per share of $1.73–$1.89; they flagged Q1 as the toughest quarter (New Orleans + Miami ≈450 bps Q1 RevPAR drag, about a $12 million earnings headwind), plan 2026 CapEx of $230–$260 million (including the $108M Royal Palm redevelopment and a ~$96M Ali‘i Tower renovation), expect Royal Palm to contribute only ~$3–$4M of hotel Adjusted EBITDA in 2026 (vs. ~$28M stabilized / ~$5M in 2025), model Hilton Hawaiian Village renovation disruption at $1–$2M (~10 bps portfolio RevPAR), exclude any incremental non‑core disposition proceeds (the 13 remaining non‑core hotels generated ~ $60M hotel Adjusted EBITDA in 2025), and assume successful refinancing of ~ $1.4B at a ~5.5% blended rate (annualized interest +$20M, ~$9M included in guidance timing).Park Hotels & Resorts Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.54B | 2.60B | 2.70B | 2.50B | 1.36B |
| Gross Profit | 50.00M | 745.00M | 746.00M | 693.00M | 227.00M |
| EBITDA | 333.00M | 696.00M | 683.00M | 689.00M | 89.00M |
| Net Income | -283.00M | 212.00M | 97.00M | 162.00M | -459.00M |
Balance Sheet | |||||
| Total Assets | 7.70B | 9.16B | 9.42B | 9.73B | 9.74B |
| Cash, Cash Equivalents and Short-Term Investments | 232.00M | 402.00M | 717.00M | 906.00M | 688.00M |
| Total Debt | 4.26B | 4.79B | 4.71B | 4.85B | 4.98B |
| Total Liabilities | 4.62B | 5.57B | 5.65B | 5.44B | 5.34B |
| Stockholders Equity | 3.13B | 3.65B | 3.81B | 4.34B | 4.45B |
Cash Flow | |||||
| Free Cash Flow | 104.00M | 202.00M | 218.00M | 241.00M | -191.00M |
| Operating Cash Flow | 398.00M | 429.00M | 503.00M | 409.00M | -137.00M |
| Investing Cash Flow | -209.00M | -166.00M | -217.00M | 87.00M | 394.00M |
| Financing Cash Flow | -365.00M | -573.00M | -475.00M | -320.00M | -475.00M |
Park Hotels & Resorts Technical Analysis
Positive
11.20
Price Trends
10.73
Positive
10.57
Positive
10.48
Positive
Market Momentum
0.07
Negative
63.67
Neutral
89.94
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PK, the sentiment is Positive. The current price of 11.2 is above the 20-day moving average (MA) of 10.39, above the 50-day MA of 10.73, and above the 200-day MA of 10.48, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 63.67 is Neutral, neither overbought nor oversold. The STOCH value of 89.94 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PK.
Park Hotels & Resorts Risk Analysis
Park Hotels & Resorts disclosed 33 risk factors in its most recent earnings report. Park Hotels & Resorts reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Park Hotels & Resorts Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $13.85B | 16.05 | 11.54% | 4.90% | 6.45% | 3.79% | |
67 Neutral | $2.08B | 18.22 | 6.59% | 5.13% | 0.95% | -8.40% | |
67 Neutral | $2.94B | 16.07 | 5.50% | 8.30% | 0.57% | -13.58% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $1.81B | 70.45 | 1.23% | 3.98% | 3.04% | -98.77% | |
63 Neutral | $2.26B | -2.54 | -8.42% | 13.10% | -3.57% | -104.55% | |
62 Neutral | $1.46B | 21.68 | 5.33% | 3.71% | 4.29% | 141.01% |
* Real Estate Sector Average
PK
Park Hotels & Resorts
11.20
2.42
27.55%
DRH
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10.18
3.47
51.83%
SHO
Sunstone Hotel
9.55
1.57
19.72%
HST
Host Hotels & Resorts
20.14
7.09
54.31%
XHR
Xenia Hotels & Resorts
15.86
6.49
69.19%
APLE
Apple Hospitality REIT
12.48
1.87
17.62%
Park Hotels & Resorts Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Park Hotels Elevates Dell’Orto, Revamps Executive Incentives
Positive
Feb 19, 2026
On February 12, 2026, Park Hotels Resorts’ board appointed long-time finance chief Sean M. Dell’Orto as chief operating officer, expanding his remit while raising his base salary and incentive targets, a move that consolidates leaders...
Business Operations and Strategy
Park Hotels & Resorts Updates Investor Strategy
Positive
Dec 9, 2025
On December 9, 2025, Park Hotels Resorts released an updated investor presentation highlighting its strategy to dispose of non-core hotels, which is expected to enhance the growth and quality of its core portfolio. The company has made significan...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.