olivLaw · European equity research
Meliá Hotels International, S.A. MEL.MC
Spain · BME Madrid · ISIN ES0176252718 · Vertical: Listed companies from Spain
Meliá Hotels International is a global hotel group operating hotels through ownership, lease, management and franchise models. Its 2025 annual report shows revenue growth in owned and leased hotels in Spain, which makes the current period relevant for tariff and tourism demand trends.
At the close of 05 Nov 2026, Meliá Hotels International, S.A. (MEL.MC) stock was 10.71 EUR (+0.37% on the day), with market capitalisation 2.4 bn EUR, P/E 13.9 on diluted EPS of 0.77 EUR over the last 12 months, dividend yield 2.54%, beta 0.75, 52-week range 6.84–12.44 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 62.6
- strong (55–70)
- Bollinger (20, 2)
- 10.02 – 10.68
- above the upper band · %B 1.04 · band width 6.4%
- SMA 50 / 200
- 10.12 / 10.17
- mixed trend
- MACD (12, 26, 9)
- 0.12 / 0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.8% | −0.6% | +6.5 pp | — |
| 3 months | +4.0% | −4.2% | +8.1 pp | — |
| 6 months | −3.6% | +4.3% | −7.9 pp | — |
| Year to date | +35.2% | +7.5% | +27.7 pp | — |
| 1 year | +49.3% | +9.9% | +39.3 pp | +4.9% |
| 3 years | +102.1% | +49.8% | +52.2 pp | +30.5% |
| 5 years | +55.1% | +42.8% | +12.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 10.3, median 11.2, max 11.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 117.7 m | 140.6 m | 170.1 m |
| Net income YoY | unavailable | +19.4% | +20.9% |
| Diluted EPS | 0.53 | 0.64 | 0.77 |
| Diluted EPS YoY | unavailable | +20.8% | +20.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 232.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.2 bn EUR
- Total assets
- 4.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.67x
- ROE
- 15.1%
- ROA
- 3.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 231.0 m | 333.5 m | 303.5 m | esef· 20 Oct 2026verified |
| Pre-tax income | 149.3 m | 224.4 m | 266.0 m | esef· 20 Oct 2026verified |
| Income tax | 19.2 m | 62.4 m | 65.8 m | esef· 20 Oct 2026verified |
| Net income | 117.7 m | 140.6 m | 170.1 m | esef· 20 Oct 2026verified |
| Diluted EPS | 0.53 | 0.64 | 0.77 | esef· 20 Oct 2026verified |
| Dividend per share | 0.00 | 0.12 | 0.27 | esef· 20 Oct 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 160.2 m | 171.3 m | 232.5 m | esef· 20 Oct 2026verified |
| Receivables | 227.3 m | 265.5 m | 249.2 m | esef· 20 Oct 2026verified |
| Inventories | 29.8 m | 32.0 m | 29.8 m | esef· 20 Oct 2026verified |
| Current assets | 576.5 m | 571.9 m | 584.8 m | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 1.6 bn | 1.6 bn | 1.7 bn | esef· 20 Oct 2026verified |
| Goodwill | 27.1 m | 27.2 m | 28.8 m | esef· 20 Oct 2026verified |
| Total assets | 4.4 bn | 4.6 bn | 4.7 bn | esef· 20 Oct 2026verified |
| Accounts payable | 505.3 m | 473.4 m | 523.4 m | esef· 20 Oct 2026verified |
| Current liabilities | 1.0 bn | 798.0 m | 876.6 m | esef· 20 Oct 2026verified |
| Equity | 563.1 m | 1.1 bn | 1.2 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 222.1 m | 219.7 m | 220.9 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 397.2 m | 417.4 m | 476.3 m | esef· 20 Oct 2026verified |
| Investing cash flow | -118.8 m | -66.9 m | -148.8 m | esef· 20 Oct 2026verified |
| Financing cash flow | -260.2 m | -343.3 m | -255.2 m | esef· 20 Oct 2026verified |
| Dividends paid | 0 | 25.6 m | 60.1 m | esef· 20 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn EUR
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.70 – 17.28 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E12.18 – 17.28 (Mid 15.36)19 companies used · median multiple 19.9x · quartiles 15.8x – 22.4xACS.MC, ADX.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)3.70 – 5.05 (Mid 4.27)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 13.9x | 83 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.5% | 36 (on a fixed band) | 30% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial36/100 · 1/2 factors with a value
- Valuation· partial83/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MELIA HOTELS INTERNATIONAL SA (MEL.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 21.2%.
The estimated value range is 7.94–11.16 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.81 EUR, the price of 10.71 EUR leaves a potential of -8.4% (value / price − 1) and a margin of safety of -9.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 13.9x
What contradicts it
- Current ratio: 0.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for MEL.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Meliá Hotels International is a global hotel group operating hotels through ownership, lease, management and franchise models. Its 2025 annual report shows revenue growth in owned and leased hotels in Spain, which makes the current period relevant for tariff and tourism demand trends.
SWOT
Strengths
- A diversified portfolio across ownership, lease, management and franchise, giving financial flexibility.
- Strong presence in urban and resort destinations in Spain, with established assets.
- ESG criteria built into governance and into executive remuneration.
Weaknesses
- Dependence on tourism demand in Spain and on seasonality in resort destinations.
- Exposure to operating costs and margin pressure during periods of inflation.
- Reliance on tour operators for part of the booking volume, especially in the resort segment.
Opportunities
- Growth in direct sales and loyalty programmes could improve revenue quality.
- The calendar of congresses and events can support occupancy in urban hotels.
- Expanding the management and franchise model could grow revenue without large real estate investment.
Threats
- Geopolitical tensions and armed conflicts can reduce international mobility.
- Climate change and extreme weather can affect infrastructure and destinations.
- Competition from international and regional chains can limit tariff growth.
Risks
- Geopolitical riskshigh
Armed conflicts and political instability can change demand and restrict travel to certain destinations.
- Climate risksmedium
Extreme weather can damage hotel infrastructure and interrupt operations in vulnerable destinations.
- Cybersecuritymedium
Digitalisation and the use of artificial intelligence increase exposure to cyberattacks and data breaches.
- Economic uncertaintymedium
Currency swings, inflation and changes in purchasing power can affect margins and consumer behaviour.
- Dependence on the Spanish marketlow
A large share of results depends on tourism in Spain, so a fall in demand there would have a direct effect on revenue.
Investment thesis
What would need to be true (bull case)
- If urban hotel tariffs keep rising and the event calendar stays solid, revenue in Spain could support group growth.
- Growth in direct sales and loyalty programmes could improve margins and reduce reliance on intermediaries.
- The mixed model of ownership, lease, management and franchise could give flexibility in periods of economic uncertainty.
What would break the thesis
- If demand normalises faster than management expects, tariff growth could slow considerably.
- Geopolitical tensions and conflicts can reduce international mobility and affect destinations in the portfolio.
- Competitive pressure and operating costs could limit margin improvement over the medium term.
What to watch
- Trend in tariffs and occupancy in urban hotels in Spain2026
- Results of the management segment and evolution of fee incomeQ1 2027
- Pace of growth in direct sales and loyalty programmes2027
- Progress on sustainability targets and the S&P Global CSA rankingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group runs a hotel portfolio split across ownership, lease, management and franchise. Revenue from owned and leased hotels in Spain reached 883,7 million EUR in 2025 1, and the management model generated 96,0 million EUR of revenue 1. Activity is organised by region, with Spain among the most important.
The structure by operating model lets the group combine directly owned assets with management and franchise contracts, which reduces real estate exposure and supports expansion across several destinations. The operating portfolio in Spain includes 153 hotels in 2025 1.
The sustainability report states that ESG criteria are built into executive remuneration and into the Marco Sustainability Policy approved in November 2025 1. These elements matter to investors following the group's governance.
Segments
Owned and leased hotels
This segment generated 883,7 million EUR of revenue in Spain in 2025, up 14,4% 1. EBITDA was 221,6 million EUR 1, with the largest contributions coming from urban and resort hotels.
Management model
Management revenue was 96,0 million EUR in 2025 1. The segment includes fees from third parties and from hotels in the group's own portfolio, so operating results feed directly into fee income.
Market context
The report describes Spanish tourism with real growth of 2,5% in tourism GDP in 2025 1. Urban hotels benefited from higher tariffs, while resort hotels benefited from the summer season and demand from the United Kingdom and Spain.
For 2026 management expects a positive trend for urban and resort hotels, but at a more moderate pace than in the recovery years. The UN World Tourism Barometer forecasts moderate growth in international arrivals, as cited in the report 1.
Trends
- Normalisation of tourism demandmixed
After the strong growth of recent years, demand is stabilising. This could limit tariff increases and make operating efficiency more important.
- Congress and event tourismtailwind
A solid calendar of congresses, fairs and international events supports urban hotels in Madrid, Palma and Seville, according to the outlook in the report.
- Direct channel and loyalty programmestailwind
Growth in direct sales and loyalty programmes could improve revenue quality by reducing dependence on tour operators.
- Geopolitical tensions and economic uncertaintyheadwind
Armed conflicts, inflation and changes in purchasing power could change demand and affect operating margins across the sector.
Competitive position
The group competes with other international and regional hotel chains, especially in the resort and urban segments in Spain. The report does not give a full list of competitors, so comparisons need other sources.
The group's competitive edge rests on a diverse portfolio of operating models and a strong presence in coastal and urban destinations. Differentiation, however, depends on the quality of the guest experience and on sustainability reputation.
- Marriott InternationalMAR
Global hotel group with franchise and management models, competing in the urban and luxury segments.
- Hilton WorldwideHLT
International hotel operator with a broad brand portfolio, present in both urban and resort destinations.
- Hyatt HotelsH
Hotel group focused on premium and luxury segments, with a presence in major cities.
- Regional hotel chains in Spain
Local and regional operators competing directly in the Spanish market, mainly in the resort segment.
News & filings
In the press
- Meliá Serenity Cam Ranh opens , bringing a comprehensive all - inclusive experience to VietnamSurge — GDELT DOC · 23 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Meliá Hotels International, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.