Hilton (HLT) Has Negative Shareholder Equity. Here is What You Are Buying

Hilton Worldwide Holdings Inc. (NYSE:HLT) was trading at around $318 on October 5, up 22.75% over twelve months. Its book value per share is negative $27.93, so the recorded assets are worth less than the liabilities. The question is what the $69.14 billion of market value is attached to, because it is not the balance sheet. READ ALSO: Here is Why Tripadvisor (TRIP) is a Bad Investment at Today's PriceHilton (HLT) Has Negative Shareholder Equity. Here is What You Are Buying Hilton Does Not Own the Hotels: One figure explains everything else about this company. Hilton's operating margin is 62.99%. A company that ran the buildings could not earn that.