GHGNYSEHotels & MotelsFiscal year ends December 31
GreenTree Hospitality Group Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 30, 2026
$0.94−0.01 (-0.57%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
34.9%−21.9 pts over 5 years
Operating margin
5.2%−29.2 pts over 5 years
Net margin
15.2%−12.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -18.3% | -9.3% | +3.4% | – | |
| Gross profit | -26.5% | -1.7% | -6.2% | – | |
| Operating income | -65.0% | – | -29.2% | – | |
| Net income | +51.6% | – | -8.6% | – | |
| Free cash flow | -93.2% | -54.3% | -35.7% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 13.2% | 11.0% | |
| Return on assets | – | 6.6% | 3.4% | |
| Current ratio | – | 1.82 | 1.61 | |
| Interest coverage | – | 92.4× | 7.4× | |
| Inventory turnover | – | 126.7× | 121.0× | |
| Capex to revenue | 0.9% | 12.0% | 23.8% |
Where the cash went
Fiscal 2021 to 2025, five years combined
GreenTree Hospitality generated CN¥1.78B from operations and spent CN¥1.37B on capital expenditure, dividends and share buybacks. 64% of that went back into the business.
Generated
CN¥1.78B
Used
CN¥1.37B
Capital expenditureCN¥872.93M64%DividendsCN¥475.21M35%Share buybacksCN¥20.08M1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin15.2%
×Asset turnover0.23×
×Equity multiplier3.21×
=Return on equity, FY202511.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 15.2% | 0.23× | 3.21× | 11.0% |
| FY2024 | 8.2% | 0.27× | 3.45× | 7.6% |
| FY2023 | 16.6% | 0.30× | 3.52× | 17.6% |
| FY2022 | -28.9% | 0.28× | 2.98× | -24.5% |
| FY2021 | 4.5% | 0.45× | 2.21× | 4.5% |
| FY2020 | 28.1% | 0.24× | 2.00× | 13.2% |
| FY2019 | 40.5% | 0.32× | 1.96× | 25.2% |
| FY2018 | 41.0% | 0.37× | 2.03× | 31.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥166.79M
- Cash generatingOperating cash flow above zeroCN¥281.27M
- Return on assets improvedROA up on the prior year2.2% → 3.4%
- Earnings backed by cashOperating cash flow above net incomeCN¥281.27M vs CN¥166.79M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.57 → 1.61
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year38.77% → 34.90%
- More efficientAsset turnover rose0.27 → 0.22