Wyndham Hotels & Resorts, Inc.

Consumer CyclicalTravel LodgingNYSE

$81.82

Market Cap: $6.13B

Wyndham Hotels & Resorts, Inc. (WH) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$5.84 – $146.62	$32.13	-61.4%
Growth Exit 10Y	$3.23 – $116.42	$24.76	-70.3%
EBITDA Exit 5Y	$1.12 – $28.85	$8.51	-89.8%
EBITDA Exit 10Y	$1.84 – $30.38	$9.98	-88.0%
▸ Trading Multiples
P/E	$33.52 – $40.72	$53.14	-36.2%
EV/EBITDA	$8.14 – $25.66	$20.24	-75.7%
EV/Revenue	—	N/A	—
▸ PEG
PEG Fair Value	$120.02 – $120.02	$120.02	+44.1%
▸ Earnings Power Value
Earnings Power Value	—	N/A	—
▸ Dividend Discount
Dividend Discount	$30.15 – $62.13	$42.94	-48.5%

Valuation History

DCF Analysis

Fair Value

$32.13

Market Price

$81.82

Upside / Downside

-60.7%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wyndham Hotels & Resorts, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 3.4% to -2.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 20, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $32.13 per share, suggesting WH is overvalued by 60.7% at the current price of $81.82.

FCFF Present Value Calculation

WACC

7.28%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	173	183	194	211	206	212
(−) Net Interest	113	119	127	138	135	138
(+) D&A	42	43	44	46	46	48
EBITDA	328	345	364	395	388	398

(−) Tax	44	47	50	54	53	54
(−) CapEx	42	45	47	52	50	52
(−) ΔWC	63	18	20	32	-9	-9
Free Cash Flow (FCFF)	178	235	247	257	293	300

Terminal Value						6,282
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	172	212	207	201	214	4,421

Enterprise Value	5,426
Projection Period	1,005	18.5%
Terminal Value	4,421	81.5%

(−) Current Net Debt	2,993

Equity Value	2,433
(/) Outstanding Shares	76

Fair Price	$32.13

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$56	$68	$85	$109	$147
6.3%	$35	$42	$51	$63	$79
7.3%	$22	$27	$32	$39	$48
8.3%	$13	$16	$20	$24	$29
9.3%	$6	$8	$11	$14	$17

Current price: $81.82. Green = undervalued, Red = overvalued.

Fair Value

$24.76

Market Price

$81.82

Upside / Downside

-69.7%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wyndham Hotels & Resorts, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 3.4% to 2.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 20, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (62% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $24.76 per share, suggesting WH is overvalued by 69.7% at the current price of $81.82.

FCFF Present Value Calculation

WACC

7.28%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	173	183	194	211	206	204	203	203	206	210	216
(−) Net Interest	113	119	127	138	135	133	133	133	135	138	141
(+) D&A	42	43	44	46	46	47	49	50	50	50	51
EBITDA	328	345	364	395	388	384	384	386	391	398	408

(−) Tax	44	47	50	54	53	52	52	52	53	54	55
(−) CapEx	42	45	47	52	50	50	50	50	50	51	53
(−) ΔWC	63	18	20	32	-9	-5	-2	1	5	8	8
Free Cash Flow (FCFF)	178	235	247	257	293	287	284	283	283	284	291

Terminal Value											6,096
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	172	212	207	201	214	195	180	167	156	146	3,019

Enterprise Value	4,867
Projection Period	1,848	38.0%
Terminal Value	3,019	62.0%

(−) Current Net Debt	2,993

Equity Value	1,874
(/) Outstanding Shares	76

Fair Price	$24.76

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$48	$57	$70	$88	$116
6.3%	$30	$35	$41	$50	$61
7.3%	$18	$21	$25	$29	$35
8.3%	$9	$12	$14	$17	$20
9.3%	$3	$5	$6	$8	$10

Current price: $81.82. Green = undervalued, Red = overvalued.

Fair Value

$8.52

Market Price

$81.82

Upside / Downside

-89.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wyndham Hotels & Resorts, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 3.4% to -2.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 20, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (72% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $8.51 per share, suggesting WH is overvalued by 89.6% at the current price of $81.82.

FCFF Present Value Calculation

WACC

7.28%

3% – 20%

EV/EBITDA Exit Multiple

9.41x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	173	183	194	211	206	212
(−) Net Interest	113	119	127	138	135	138
(+) D&A	42	43	44	46	46	48
EBITDA	328	345	364	395	388	398

(−) Tax	44	47	50	54	53	—
(−) CapEx	42	45	47	52	50	—
(−) ΔWC	63	18	20	32	-9	—
Free Cash Flow (FCF)	178	235	247	257	293	—

Peers' EBITDA Multiple						9.4x
Terminal Value						3,742
WACC / Discount Rate	7.28%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	172	212	207	201	214	2,633

Enterprise Value	3,638
Projection Period	1,005	27.6%
Terminal Value	2,633	72.4%

(−) Current Net Debt	2,993
Equity Value	645
(÷) Outstanding Shares	76M
Fair Price	$9	-89.6%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.4x	7.4x	9.4x	11.4x	13.4x
5.3%	$0	$4	$13	$21	$29
6.3%	$0	$3	$11	$18	$26
7.3%	$0	$1	$9	$16	$23
8.3%	$0	$0	$7	$14	$21
9.3%	$0	$0	$5	$12	$18

Current price: $81.82. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$9.99

Market Price

$81.82

Upside / Downside

-87.8%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Wyndham Hotels & Resorts, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 3.4% to 2.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 64, DPO 20, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (51% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 9.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $9.98 per share, suggesting WH is overvalued by 87.8% at the current price of $81.82.

FCFF Present Value Calculation

WACC

7.28%

3% – 20%

EV/EBITDA Exit Multiple

9.41x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	173	183	194	211	206	204	203	203	206	210	216
(−) Net Interest	113	119	127	138	135	133	133	133	135	138	141
(+) D&A	42	43	44	46	46	47	49	50	50	50	51
EBITDA	328	345	364	395	388	384	384	386	391	398	408

(−) Tax	44	47	50	54	53	52	52	52	53	54	—
(−) CapEx	42	45	47	52	50	50	50	50	50	51	—
(−) ΔWC	63	18	20	32	-9	-5	-2	1	5	8	—
Free Cash Flow (FCF)	178	235	247	257	293	287	284	283	283	284	—

Peers' EBITDA Multiple											9.4x
Terminal Value											3,838
WACC / Discount Rate	7.28%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	172	212	207	201	214	195	180	167	156	146	1,900

Enterprise Value	3,749
Projection Period	1,848	49.3%
Terminal Value	1,900	50.7%

(−) Current Net Debt	2,993
Equity Value	756
(÷) Outstanding Shares	76M
Fair Price	$10	-87.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	5.4x	7.4x	9.4x	11.4x	13.4x
5.3%	$5	$11	$17	$24	$30
6.3%	$2	$8	$14	$19	$25
7.3%	$0	$5	$10	$15	$21
8.3%	$0	$2	$7	$12	$16
9.3%	$0	$0	$4	$8	$13

Current price: $81.82. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$53.14

Market Price

$81.82

Upside / Downside

-35.0%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Wyndham Hotels & Resorts, Inc. (WH) has a fair value of $53.14 based on 9 comparable companies in the Travel Lodging industry.

P/E Valuation — Travel Lodging

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Wyndham Hotels & Resorts, Inc.WH	6,194	33.1x	18.0x
Life Time Group Holdings, Inc.LTH	6,171	16.8x	38.4x
Lear CorporationLEA	6,137	14.5x	8.1x
Urban Outfitters, Inc.URBN	5,968	13.1x	16.8x
Taylor Morrison Home CorporationTMHC	5,645	7.5x	8.6x
Choice Hotels International, Inc.CHH	4,897	13.3x	15.3x
Macy's, Inc.M	4,820	7.8x	7.6x
Vail Resorts, Inc.MTN	4,638	17.2x	19.7x
Reynolds Consumer Products Inc.REYN	4,493	14.9x	13.4x
Thor Industries, Inc.THO	4,084	16.0x	16.9x
Industry Median		14.5x	15.3x
(*) Profit after tax		193	343
Equity Value		2,802	5,244
(/) Outstanding shares		76	76
Fair Price		$37	$69

Selected Fair Value (avg of trailing + forward)

$53.14

-35.0%

Fair Value

$20.24

Market Price

$81.82

Upside / Downside

-75.3%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Wyndham Hotels & Resorts, Inc. (WH) has a fair value of $20.24 based on 9 comparable companies in the Travel Lodging industry.

EV/EBITDA Valuation — Travel Lodging

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Wyndham Hotels & Resorts, Inc.WH	6,194	19.7x	19.7x
Life Time Group Holdings, Inc.LTH	6,171	14.5x	16.7x
Lear CorporationLEA	6,137	12.7x	12.5x
Urban Outfitters, Inc.URBN	5,968	9.4x	10.4x
Taylor Morrison Home CorporationTMHC	5,645	6.3x	6.9x
Choice Hotels International, Inc.CHH	4,897	10.6x	10.7x
Macy's, Inc.M	4,820	4.6x	4.6x
Vail Resorts, Inc.MTN	4,638	8.8x	9.0x
Reynolds Consumer Products Inc.REYN	4,493	10.0x	10.0x
Thor Industries, Inc.THO	4,084	7.7x	7.4x
Industry Median		9.4x	10.0x
(*) EBITDA		466	467
= Enterprise Value		4,384	4,666
(-) Net Debt		2,993	2,993
Equity Value		1,391	1,673
(/) Outstanding shares		76	76
Fair Price		$18	$22

Selected Fair Value (avg of trailing + forward)

$20.24

-75.3%

PEG Fair Value

Fair Value

$120.02

Market Price

$81.82

Upside / Downside

+46.7%

Verdict

Undervalued

Using the PEG framework with analyst consensus forward EPS growth of 25.0% plus 2.0% dividend yield, the company has a fair value of $120.02 based on NTM EPS (FY2026) of $4.80. The current PEG ratio is 0.51.

PEG Ratio

0.51Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 17.4 ÷ (31.8% + 2.0%) = 0.51

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	31.8%
Dividend Yield	+2.0%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$4.80
Fair Value	$120.02

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$2.47	—	—
FY2026E	$4.80	+94.4%	11
FY2027E	$5.33	+11.1%	11
FY2028E	$6.00	+12.6%	7
FY2029E	$7.46	+24.3%	3

4Y Forward EPS CAGR: 31.8%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$244.0M	$2.60	—
FY2022	$355.0M	$3.91	+50.4%
FY2023	$289.0M	$3.40	-13.0%
FY2024	$289.0M	$3.61	+6.2%
FY2025	$193.0M	$2.47	-31.6%

4Y Historical EPS CAGR: -1.3%

Dividend Discount Model

Fair Value

$42.94

Market Price

$81.82

Upside / Downside

-47.5%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 9.2% and projected dividend growth of 15.0%, the fair value is $42.94 per share. The DDM range is $30.15 – $62.13 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.68

Dividend Yield

2.03%

Payout Ratio

65.8%

Dividend Coverage

1.52x

FCF Payout Ratio39.6%

DPS CAGR (4Y)17.7%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.68	65.8%	+10.1%
2024	$1.52	42.2%	+9.6%
2023	$1.39	40.8%	+8.8%
2022	$1.28	32.7%	+46.3%
2021	$0.87	33.6%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.93	15.0%	0.9156	$1.77
2027	$2.22	15.0%	0.8383	$1.86
2028	$2.55	15.0%	0.7675	$1.96
2029	$2.93	15.0%	0.7028	$2.06
2030	$3.37	15.0%	0.6434	$2.17
Terminal Value	$3.46 DPS	2.5%		$33.12

PV of Projected Dividends$9.82

PV of Terminal Value$33.12

Fair Value per Share$42.94

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
7.2%	$57	$60	$62	$62	$62
8.2%	$47	$49	$51	$51	$51
9.2%	$40	$41	$43	$43	$43
10.2%	$34	$36	$37	$37	$37
11.2%	$30	$31	$33	$33	$33

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.