Hilton's 50x P/E Says Wall Street Loves the Model. Owners Are the Ones Living Inside It.
Hilton stock is trading at more than double the hospitality industry's average P/E ratio, and the narrative is all about operations and bookings. But when 95% of your EBITDA comes from fees on other people's hotels, "operational focus" means something very different depending on which side of the franchise agreement you're sitting on.