GreenTree Hospitality Group Ltd. ADR (GHG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 24	$0.67	$0.65	-3.0%	—	$357M	—
Q2 24	$1.21	$0.61	-49.6%	—	$46.8M	—
Q1 24	$0.52	$0.58	+11.5%	—	$49.5M	—
Q4 23	$0.21	$0.11	-47.6%	—	$372.2M	—
Q3 23	$1.02	$1.25	+22.5%	—	$460.9M	—
Q2 23	$0.83	$1.22	+47.0%	—	$415M	—
Q3 22	—	$0.15	—	—	$399.7M	—
Q1 22	$0.54	$0.35	-35.2%	—	—	—
Q4 21	$1.21	$0.49	-59.5%	—	$307.4M	—
Q3 21	$1.14	$0.77	-32.5%	—	$310.4M	—
Q2 21	$0.28	$0.43	+53.6%	—	$347.1M	—
Q1 21	$1.16	$1.06	-8.6%	—	$241.2M	—
Q3 20	$1.03	$0.9	-12.6%	—	$266.9M	—
Q2 20	$0.78	$0.72	-7.7%	—	$216M	—
Q1 20	$0.09	$0.27	+200.0%	—	$157.4M	—
Q3 19	$1.42	$1.32	-7.0%	—	$292.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.65	—	—	$1.1B	—
FY24	—	$1.08	—	—	$1.3B	—
FY23	—	$2.64	—	—	$1.6B	—
FY22	—	-$3.66	—	—	$1.5B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$647.8M	$743.2M	$905.6M	$1.1B	$930M	$2B	$1.5B	$1.6B	$1.3B	$1.1B
YoY change	+2.06%	+14.7%	+21.9%	+20.6%	-14.8%	+111.6%	-25.3%	+10.8%	-17.4%	-18.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	647.8M	743.2M	905.6M	1.1B	930M	2B	1.5B	1.6B	1.3B	1.1B
Cost of revenue	240.1M	226.9M	274.4M	338.8M	401.7M	1.3B	1.1B	947.4M	822.6M	714.4M
Gross profit	407.7M	516.3M	631.2M	753M	528.4M	655.3M	402.6M	679.8M	520.9M	383M
Gross margin	62.9%	69.5%	69.7%	69%	56.8%	33.3%	27.4%	41.8%	38.8%	34.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	104.5M	154.5M	142.7M	270M	238.8M	542.9M	813.4M	359.6M	291.9M	268.1M
Operating expenses	95.4M	144.8M	126M	248.4M	209.1M	526.1M	797.9M	344.2M	238.8M	242.5M
Operating income	312.3M	371.5M	505.2M	504.6M	319.3M	129.2M	-395.3M	335.6M	282M	140.5M
Operating margin	48.2%	50%	55.8%	46.2%	34.3%	6.57%	-26.9%	20.6%	21%	12.8%
Non-operating income, net	25.9M	60.4M	-22M	57.9M	-34.5M	20.9M	-129M	17.4M	-118.6M	34.4M
Pretax income	360.2M	456.7M	532.2M	626.1M	354.3M	195.5M	-504.2M	380.4M	197.2M	205.1M
Income tax	83.9M	182.6M	152.7M	189.6M	110.5M	112.3M	-44.1M	118.5M	88.7M	45.9M
Net income	265.8M	273.2M	371.2M	437.8M	244.7M	83.6M	-461.7M	260.5M	107.3M	163.4M
Net margin	41%	36.8%	41%	40.1%	26.3%	4.25%	-31.4%	16%	7.99%	14.9%
EBITDA	371M	423.9M	616.1M	613.7M	460.4M	320.9M	-197.4M	516.7M	454.3M	380.5M
EPS	1.31	2.69	3.97	4.34	2.54	2.05	-3.66	2.64	1.08	1.65
Diluted EPS	1.31	2.69	3.97	4.34	2.54	2.05	-3.66	2.64	1.08	1.65

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	415M	460.9M	372.2M	49.5M	46.8M	357M	304.5M	320.3M	303.6M	214.7M	227.7M	235.1M
Cost of revenue	244.9M	247.8M	211.6M	29.2M	28.2M	208.2M	211M	—	177.1M	158.5M	—	—
Gross profit	170.1M	213.1M	160.6M	20.2M	18.7M	148.8M	93.5M	—	126.5M	56.1M	—	—
Gross margin	41%	46.2%	43.1%	40.9%	39.8%	41.7%	30.7%	—	41.7%	26.1%	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	76.6M	76.1M	121.4M	10.1M	11.8M	55M	78.7M	59.5M	57.1M	90.1M	43.5M	42.9M
Operating expenses	71.5M	75.3M	113.6M	10.1M	6.7M	42.4M	74.6M	-130.2M	56.4M	71.2M	199.1M	186.9M
Operating income	98.6M	137.8M	46.9M	10.1M	12M	106.4M	18.9M	80.2M	70.1M	-15.1M	28.7M	48.2M
Operating margin	23.8%	29.9%	12.6%	20.5%	25.6%	29.8%	6.22%	25%	23.1%	-7.02%	12.6%	20.5%
Non-operating income, net	43M	2.1M	-54.9M	559.4K	-371.6K	-24.6M	-95.3M	130.5M	-1.6M	-86M	-10.7M	-22.7M
Pretax income	147.5M	149.9M	1.4M	11.7M	12.8M	89.1M	-65.5M	216.6M	76.5M	-93.8M	25M	32M
Income tax	45.2M	32.4M	35.1M	3.7M	3.8M	24.3M	11.2M	26M	19M	-3.3M	9.7M	9.8M
Net income	101.9M	117.4M	-34.2M	8M	8.8M	65.2M	-77.5M	191M	60.3M	-89.7M	14M	21.3M
Net margin	24.6%	25.5%	-9.19%	16.3%	18.9%	18.3%	-25.4%	59.6%	19.9%	-41.8%	6.16%	9.04%
EBITDA	180.6M	185.4M	28.2M	17.7M	18.2M	107.9M	92.5M	218.6M	99.7M	26.7M	26.8M	33.8M
EPS	1.01	1.15	0.11	0.58	0.61	0.65	-0.7	—	0.6	-0.55	0.15	0.21
Diluted EPS	1.01	1.15	0.11	0.58	0.61	0.65	-0.7	—	0.6	-0.55	0.15	0.21

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	9.3B	8.1B	10B	5.9B	2.8B	2.8B	—	170.9M	101.9M
Enterprise value	—	—	7.1B	7.2B	9B	5.6B	4.1B	3.4B	—	-7.9M	-49.1M
Shares outstanding	1.5B	736.3M	718.8M	739.6M	747.1M	747.1M	746.5M	742.2M	101.5M	101.1M	101.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	25.2	18.6	40.9	70.8	—	10.7	—	1.05	20.2
P/S	—	—	10.3	7.45	10.8	3.01	1.89	1.71	—	0.16	0.1
P/B	—	—	5.63	4.03	4.45	2.9	1.67	1.89	—	0.11	0.42
EV/EBITDA	—	—	11.6	11.8	19.6	17.5	-20.7	6.61	—	-0.02	-1.37
EV/Sales	—	—	7.88	6.62	9.68	2.85	2.78	2.1	—	-0.01	-0.33
Earnings yield	—	—	3.98%	5.38%	2.44%	1.41%	—	9.34%	—	95.6%	4.95%
FCF yield	—	—	4.42%	3.67%	1.82%	-3.42%	7.61%	13.1%	—	11.8%	-6.72%
PEG	—	—	—	—	—	—	—	—	—	—	2.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	62.9%	69.5%	69.7%	69%	56.8%	33.3%	27.4%	41.8%	38.8%	34.9%	34.9%
Operating margin	48.2%	50%	55.8%	46.2%	34.3%	6.57%	-26.9%	20.6%	21%	12.8%	20.5%
Net margin	41%	36.8%	41%	40.1%	26.3%	4.25%	-31.4%	16%	7.99%	14.9%	3.24%
ROE	25.9%	37.3%	22.4%	21.7%	10.9%	4.09%	-27.8%	17.6%	7.19%	10.2%	1.85%
ROA	14.2%	15.6%	12.1%	11.5%	5.98%	1.79%	-8.12%	5.14%	2.17%	3.41%	2.03%
ROIC	-167.1%	-43%	-67%	31.6%	17.7%	3.17%	-13.3%	11%	9.04%	7.63%	1.25%
Return on tangible assets	14.3%	15.7%	12.3%	16.7%	8.4%	2.47%	-9.21%	5.82%	2.33%	3.53%	0.13%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.26	2.24	3.45	1.59	1.82	1.47	1.18	1.21	1.57	1.61	1.7
Quick ratio	3.25	2.24	3.45	1.59	1.82	1.46	1.16	1.2	1.57	1.6	1.7
Debt / equity	—	—	0.04	0.03	0.07	0.35	1.35	1.24	1.15	0.92	0.91
Debt / assets	—	—	0.02	0.02	0.04	0.15	0.4	0.36	0.35	0.31	0.32
Net debt / EBITDA	—	—	-3.57	-1.47	-2.18	-0.95	-6.69	1.21	0.49	-0.47	-2.47
Interest coverage	—	317.5	983.2	250.8	103.5	13.8	-17	28.1	32.3	27.8	6.29
Effective tax rate	23.3%	40%	28.7%	30.3%	31.2%	57.4%	0%	31.1%	45%	22.4%	88.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.44	1.01	1.26	1.48	1.24	2.63	1.97	2.19	13.2	10.9	9.97
EPS (basic)	1.31	2.69	3.97	4.34	2.54	2.05	-3.66	2.64	1.08	1.65	1.65
EPS (diluted)	1.31	2.69	3.97	4.34	2.54	2.05	-3.66	2.64	1.08	1.65	0.05
Book value per share	0.7	1	2.31	2.73	3.01	2.73	2.22	1.99	14.7	15.9	2.4
FCF per share	0.3	0.62	0.57	0.4	0.24	-0.27	0.28	0.49	2.89	0.2	-0.23
Cash per share	0.79	1.7	3.14	1.3	1.55	1.36	1.24	1.63	14.7	16.3	19.6
Capex per share	0	0.02	0.19	0.29	0.15	0.74	0.1	0.11	0.59	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.9%	1.87%	15.3%	19.4%	12%	28.3%	5.07%	5.21%	4.49%	—	—
Capex / operating cash flow	1.56%	3.06%	26.4%	39.8%	56.4%	308%	-15.9%	28.5%	24.2%	—	—
Payout ratio	6.76%	212%	54%	51.8%	0%	383.2%	-8.88%	0%	66.1%	26.3%	129.3%
Dividend yield	—	—	2.15%	2.79%	0%	5.41%	1.48%	0%	—	25.2%	5.94%

Yield

5.94%

trailing twelve months

Frequency

Annual

Last dividend

$0.10

ex-dividend Sep 30, 2024

Payout ratio

129%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 30, 2024	$0.10
Jan 13, 2022	$0.75
Dec 30, 2021	$0.55
Dec 23, 2019	$0.25
Feb 5, 2019	$0.30

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$415M	$460.9M	$372.2M	$49.5M	$46.8M	$357M	$304.5M	$320.3M	$303.6M	$214.7M	$227.7M	$235.1M
YoY change	—	+15.3%	+316.9%	-87%	-88.7%	-22.5%	-18.2%	+583.6%	-15%	-29.5%	—	-26.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.2B	1.3B	2.3B	964.1M	1.2B	1B	926.6M	1.2B	1.5B	1.7B
Receivables	36.4M	60.5M	64.9M	99.7M	101.5M	95.6M	134.9M	123.9M	99.7M	81.3M
Inventory	1.8M	2.4M	2.5M	2.5M	3.8M	2.3M	21.9M	20.5M	6.9M	4.9M
Total current assets	1.6B	1.5B	2.5B	1.3B	1.6B	1.8B	1.8B	1.6B	1.8B	1.9B
Property, plant & equipment	23.6M	9.9M	31.2M	71.4M	124.3M	418.4M	1.9B	1.7B	1.4B	1.1B
Goodwill & intangibles	15.8M	13.4M	66M	1.2B	1.2B	1.3B	673.5M	589.6M	343.5M	164.3M
Total assets	1.9B	1.8B	3.1B	3.8B	4.1B	4.7B	5.7B	5.1B	4.9B	4.8B
Accounts payable	7.7M	7.3M	9.2M	15.3M	19.6M	24M	123.6M	73.1M	56.5M	44.7M
Short-term debt	—	—	60M	60M	150M	406.2M	570.8M	384.5M	241.8M	241.5M
Total current liabilities	491.5M	663M	710M	795M	869.5M	1.2B	1.5B	1.3B	1.2B	1.2B
Long-term debt	—	—	—	—	—	301.8M	1.7B	1.4B	1.5B	1.2B
Total liabilities	848.8M	1B	1.4B	1.8B	1.8B	2.6B	4B	3.6B	3.5B	3.2B
Shareholders' equity	1B	732.6M	1.7B	2B	2.2B	2B	1.7B	1.5B	1.5B	1.6B
Total debt	—	—	60M	60M	150M	708M	2.2B	1.8B	1.7B	1.5B
Net debt	—	—	-1.2B	-259.8M	-461.4M	409.6M	1.5B	1.1B	223.5M	-178.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.4B	1.3B	1.2B	165M	198.2M	1.5B	1.5B	1.7B	1.6B	1.7B	2B	2B
Receivables	126.3M	129.8M	123.9M	17.2M	17.2M	112.8M	99.7M	118M	105.7M	81.3M	77.7M	68M
Inventory	23.1M	26.8M	20.5M	1.2M	896.4K	6.4M	6.9M	7.3M	6.8M	4.9M	5M	5.1M
Total current assets	1.9B	1.7B	1.6B	219.2M	251.3M	1.9B	1.8B	2B	1.9B	1.9B	2.2B	2.2B
Property, plant & equipment	2.5B	2.4B	1.7B	328.7M	300.3M	2B	1.4B	2B	1.9B	1.1B	1.7B	1.6B
Goodwill & intangibles	600.9M	598.5M	589.6M	82.4M	83.1M	582.9M	343.5M	341.4M	340.1M	164.3M	161.3M	160.5M
Total assets	5.5B	5.2B	5.1B	731.4M	727.9M	5.1B	4.9B	5.2B	5.2B	4.8B	4.9B	4.8B
Accounts payable	113.6M	94.5M	73.1M	9M	7.6M	45.6M	56.5M	48.2M	49.5M	44.7M	48.3M	44.7M
Short-term debt	551.4M	435.8M	384.5M	39.9M	37.4M	184.2M	241.8M	253.8M	217.4M	241.5M	442.5M	419.9M
Total current liabilities	1.7B	1.5B	1.3B	168.6M	168.8M	1.2B	1.2B	1.2B	1.2B	1.2B	1.4B	1.3B
Long-term debt	1.6B	1.4B	1.4B	235.3M	225.8M	1.6B	1.5B	1.5B	1.5B	1.2B	1.1B	1.1B
Total liabilities	4.1B	3.7B	3.6B	516.5M	502.1M	3.5B	3.5B	3.5B	3.5B	3.2B	3.2B	3.1B
Shareholders' equity	1.4B	1.5B	1.5B	214.9M	225.9M	1.6B	1.5B	1.7B	1.7B	1.6B	1.6B	1.7B
Total debt	2.2B	1.8B	1.8B	275.3M	263.2M	1.7B	1.7B	1.8B	1.7B	1.5B	1.5B	1.5B
Net debt	1.1B	945.9M	1.1B	113.4M	67.9M	227.6M	223.5M	102.2M	63.5M	-178.8M	-179.2M	-176.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	265.8M	273.2M	371.2M	437.8M	244.7M	83.6M	-461.7M	260.5M	107.3M	163.4M
Depreciation & amortization	35.4M	25M	25.5M	40.4M	65.9M	119.3M	125.3M	116.9M	115.7M	88.9M
Stock-based compensation	0	38M	16.1M	26.5M	232.6K	2.5M	-62.4K	62.6K	—	—
Change in working capital	87.9M	62.8M	109.7M	42.1M	-101.1M	-20.6M	-441.2M	-345M	-221.2M	-273.9M
Operating cash flow	373.8M	453.4M	524.2M	531M	198.2M	180.6M	-468.2M	297.6M	249.6M	281.3M
Capital expenditure	-5.8M	-13.9M	-138.3M	-211.5M	-111.8M	-556.2M	-74.5M	-84.8M	60.3M	—
Investing cash flow	74.3M	-744.8M	-178.3M	-1.2B	-110.7M	-977.8M	420.6M	-93M	345.4M	197.9M
Dividends paid	-18M	-579M	-200.5M	-227M	0	-320.3M	-41M	0	-70.9M	-43M
Share repurchases	—	—	—	—	—	0	0	-19.7M	-365.3K	-5.3K
Financing cash flow	-133M	-706.6M	663.1M	-212.2M	205.5M	-9.7M	-335.4M	-303.7M	10.5M	-43.4M
Net change in cash	315M	-998M	1B	-899M	293M	-806.9M	-383M	-99.1M	605.6M	435.8M
Free cash flow	437.5M	452.9M	413M	298.4M	182.4M	-202.5M	210.7M	366.5M	293.8M	20.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	101.9M	117.4M	-34.2M	8M	8.8M	65.2M	-77.5M	191M	60.3M	-89.7M	14M	—
Depreciation & amortization	29M	32.2M	24.9M	4.4M	4.1M	28.7M	26.6M	—	26.1M	10.1M	—	—
Stock-based compensation	40.2K	-12K	46.1K	2.2K	2.2K	15.7K	—	—	—	—	—	—
Change in working capital	-84.5M	-93.7M	144.9M	-7M	-13M	-73.5M	-25.4M	—	-22.3M	-48.4M	—	—
Operating cash flow	115.9M	112.5M	210.5M	14.6M	9.5M	87.3M	-8.9M	46.6M	144.5M	32M	58.1M	23.3M
Capital expenditure	-29.9M	-863.7K	-26.9M	-1.2M	18.2M	-8.3M	-50.9M	—	—	—	—	—
Investing cash flow	26.2M	-95.3M	-164.1M	29.9M	22.4M	-102.9K	-25.2M	117.2M	-2.6M	79.4M	1.5M	-12.9M
Dividends paid	0	0	0	—	-108K	0	-70.2M	—	—	—	—	—
Share repurchases	—	0	—	—	—	-300.1K	-65.2K	—	—	—	—	—
Financing cash flow	-35.6M	-746.8M	49.3M	11.7M	-136.4K	-1.3M	-70.4M	0	—	-200K	46.8M	-200K
Net change in cash	106.5M	-729.6M	95.8M	56.2M	31.8M	85.9M	-104.5M	163.7M	141.9M	111.1M	106.4M	10.2M
Free cash flow	109.6M	153.9M	-28.6M	11.3M	8.5M	130.5M	23.6M	27.7M	-20.3M	-20M	6.4M	10.6M

GreenTree Hospitality Group Ltd. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement