GreenTree Hospitality Group Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data GreenTree Hospitality Group Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	137	157	143	189	136	229	184	157
Cost of revenue	40.9	48.7	60.2	102	86.1	133	113	102
Gross profit	96.6	108	82.4	87.1	49.7	95.8	71.4	54.8
Selling and marketing	7.33	12.2	11.5	10.5	5.59	10.1	9.26	7.83
General and administrative	13.9	26.6	26.4	55.9	30.6	29.4	25	18.7
Operating income	77.8	72.5	48.9	24.2	-64.2	47.3	22.2	8.1
Interest expense	0.08	0.36	0.53	1.99	3.68	1.98	0.86	1.09
Interest income	2.97	5.12	1.77	0.58	0.12	5.83
Other non-operating income							2.26	16.2
Pre-tax income	81.8	89.9	54.3	34.9	-66.6	53.6	27	29.3
Income tax	23.3	27.2	16.9	17.1	-6.61	16.7	12.2	6.56
Net income to minority interests	-0.07	-0.71	-2.55	-0.59	-4.76	-1.24	-0.37	-0.49
Net income	57.3	63.6	40.1	18.4	-55.4	37.9	15.1	23.9
EBITDA	81.5	78.3	59	39.5	-48.3	63.7	36.2	19.5

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	184	45.9	93.7	46.8	92.4	108	204	236
Short-term investments	99.7				27	58.8	0
Receivables	9.43	14.3	15.6	15	16.7	17.4	13.7	11.6
Inventory	0.37	0.36	0.58	0.36	0.32	2.88	0.94	0.7
Other current assets	7.85	9.48	11.9	22.4	13.5	16.5	15.7	13.2
Total current assets	356	182	243	287	247	229	251	271
Property, plant and equipment	32.3	88.3	102	164	121	115	89	80.1
Lease right-of-use assets					224	216	182	162
Goodwill	0.83	15.3	15.7	17.5	4.29	24.9	13.2	3.68
Intangible assets	3.96	71.3	75.3	81.6	5.53	16.6	10.4	8.07
Long-term investments	16.3	57.3	56.6	29.6	25.5	26	25.2	22.4
Other non-current assets	12.5	11.1	10.2	51.7	13.7	14.8	14	42.6
Total assets	438	548	628	732	739	714	678	684
Accounts payable	1.34	2.2	3	3.77	3.01	10.3	7.74	6.39
Accrued liabilities	6.22	6.13	7.9	9.44	9.96	12.2	10.7	10.5
Deferred revenue	5.29	33.3	33.9	33.8	27.4	26.2	24	24.2
Short-term debt	8.73	8.62	150	7.88	14.5	16.5	0.05	8.12
Total current liabilities	98.2	114	133	196	179	189	160	169
Long-term debt				47.4
Lease liabilities					210	196	167	148
Other non-current liabilities	14	17	17.8	20.7	17.4	15.7	16.6	16.8
Total liabilities	167	258	283	412	523	505	473	454
Total debt				55.2	43.8	8.03	35.2	36.6
Paid-in capital	146	165	176	181	167	237	221	224
Retained earnings	66.4	44.3	87.4	51.2	-8.11	-80	-62.8	-41.7
Treasury stock					-2.46	-5.17	-5.07	-6.87
Other comprehensive income	9.07	9.38	6.99	6.57	4.02	4	0.83	1.59
Shareholders' equity	270	267	322	292	209	203	200	225
Minority interests	1.22	22.5	22.5	29.1	6.47	5.33	4.64	4.52
Total equity	271	290	345	321	216	208	204	230
Total liabilities and equity	438	548	628	732	739	714	678	684

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	57.2	62.9	37.5	17.8	-60.2	36.7	14.7	23.4
Depreciation and amortization	3.72	5.8	10.1	15.4	15.9	16.5	14	11.4
Stock-based compensation	2.34	3.81	0.04	0.39	-0.01	0.01
Deferred income tax	0.91	-1.1	-1.91	0.55	-18.2	-0.34	-2.58	-2.15
Change in receivables	-1.8	-7.51	-4.41	-3.5	-8.22	-0.75	-0.55	0.5
Change in inventory	0.09	0.05	-0.2	0.23	-0.11	0.67	2	0.28
Change in payables	0.17	0.69	0.7	0.71	0.08	-7.11	-0.41	-2.71
Cash from operations	80.7	73.8	45.3	56.6	42.4	64.1	51.2	40.2
Capital expenditures	-20.1	-30.6	-17.2	-53.6	-10	-12.4	-10.9	-37.3
Acquisitions	-1.93	-46.7	-2.82	-23.2
Purchases of investments	-112	-118	-31.7	-59.3	-23.5	-37	-30.4
Cash from investing	-26.4	-175	-17.1	-146	57.8	-13.2	47.3	-8.98
Debt repaid				-39.2	-58.9	-64.6
Stock issued	122
Share buybacks						-2.78	-0.05	-0
Dividends paid	-29.2	-32.6		-50.3	-5.94		-9.72	-6.15
Cash from financing	96.4	-30.5	17.7	40.1	-49.6	-42.8	1.44	-6.21
Exchange rate effect	9.6	-0.99	-1.17	-0.21	0.16	0	0.59	-3.12
Net change in cash	160	-133	44.7	-49.1	50.7	8.12	101	21.9
Free cash flow	60.6	43.2	28.1	3.02	32.4	51.7	40.2	2.88
Interest paid		0.31	0.69	1.16	3.71	1.98	1.08	1.11
Income taxes paid	-13.6	-17.3	-16.2	-12.3	-7.8	-8.7	11.3	8.13

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.9%	Gross profit / revenue.
Operating margin	5.2%	Operating income / revenue.
EBITDA margin	12.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.7%	Pre-tax income / revenue.
Net margin	15.2%	Net income / revenue.
FCF margin	1.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.6%	Cash from operations / revenue.
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	22.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	23.8%	Capital expenditures / revenue.
D&A / revenue	7.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-14.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-23.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-7.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-63.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-30.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-46.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-19.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	58.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-92.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-55.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-36.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.61x	Current assets / current liabilities.
Quick ratio	1.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.40x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.16x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.4%	Total debt / total assets.
Liabilities / assets	66.4%	Total liabilities / total assets.
Net debt	-$199.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-10.2x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.41x	Operating income / interest expense.
Working capital	$102.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$213.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	1.86x	Revenue / average property, plant and equipment.
Inventory turnover	124x	Cost of revenue / average inventory.
Days inventory	3 days	365 x average inventory / cost of revenue.
Receivables turnover	12.4x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
Days payables	25 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	7 days	Days inventory + days sales outstanding - days payables.
FCF conversion	12.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	92.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	25.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	213.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$101.9M	Share price x shares outstanding.
Enterprise value	-$97.7M	Market cap + total debt - cash - short-term investments.
P/E	4.27x	Market cap / net income. Only when net income is positive.
P/S	0.65x	Market cap / revenue.
P/B	0.45x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.48x	Market cap / tangible book value, when positive.
P/FCF	35.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	2.53x	Market cap / cash from operations, when positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	23.4%	Net income / market cap (the inverse of P/E).
Dividend yield	6.0%	Dividends paid over the period / market cap.
Shareholder yield	6.0%	(Dividends paid + share buybacks) / market cap.

What was GreenTree Hospitality Group Ltd.'s revenue in fiscal 2025?

GreenTree Hospitality Group Ltd. reported revenue of $156.9M for fiscal 2025, 14.7% lower than the year before.

Was GreenTree Hospitality Group Ltd. profitable in fiscal 2025?

Yes. Net income was $23.9M, a net margin of 15.2%.

How much free cash flow did GreenTree Hospitality Group Ltd. generate in fiscal 2025?

Cash from operations of $40.2M minus capital expenditures of $37.3M left free cash flow of $2.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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