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Inc.","tier":3,"returns_yearly":{"2021":14,"2022":-38.7,"2023":65,"2024":-6.5,"2025":-16.8,"2026":-8.8}},{"slug":"textron","name":"텍스트론","name_en":"Textron","tier":3,"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":-9.3}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-9.9}},{"slug":"phison","name":"Phison","name_en":"Phison Electronics","tier":3,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-12.8}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":3,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-18.3}},{"slug":"hd-hyundai-electric","name":"HD Hyundai Electric","name_en":"HD Hyundai Electric","tier":3,"returns_yearly":{"2021":4.2,"2022":132.5,"2023":159.4,"2024":300.5,"2025":120.2,"2026":-31.3}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-31.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-38.8}},{"slug":"baidu","name":"바이두","name_en":"Baidu","tier":3,"returns_yearly":{"2022":-8.2,"2023":-23.4,"2024":-13.5,"2025":74.2,"2026":-45.7}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null}],"analysis":"글로벌 호텔 프랜차이저 기업. 최근 몇 년간 견조한 상승이 이어졌고 2026년 +8.5%다. 본주(+8.5%)와 공급단(평균 +1.3%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 아마존(+12%), 가장 처진 곳은 부킹 홀딩스(-9.3%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Hilton Worldwide Holdings Inc. operates across Global hotel franchisor. It stayed steadily positive in recent years and is +8.5% in 2026. The stock (+8.5%) and its supply side (avg +1.3%) are moving in step. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Booking Holdings Inc. (-9.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on owned and leased hotel operations, Hilton Honors redemptions, and shared services such as its HotelKey-powered property platform.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Graduate Hotels","counterparty_slug":null,"confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-11","basis":"Graduate 브랜드 총 인수가격","value":210000000,"period":"2024 acquisition","basis_en":"Total purchase price for the Graduate brand","qualifier":null},"note":"힐튼은 2024년 5월 Graduate 브랜드를 2억1,000만 달러에 인수했다. 호텔 부동산이 아니라 브랜드와 관련 프랜차이즈 계약을 취득한 거래다.","note_en":"Hilton acquired the Graduate brand for $210 million in May 2024. The transaction acquired the brand and associated franchise contracts rather than the underlying hotel real estate.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1585689/000158568926000007/hlt-20251231.htm","title":"힐튼 월드와이드 2025 회계연도 Form 10-K","title_en":"Hilton Worldwide Holdings 2025 Form 10-K","excerpt":"2024년 5월 Graduate 브랜드 인수를 완료했으며 총 인수가격은 2억1,000만 달러였다.","excerpt_en":"total purchase price of $210 million"},{"stance":"confirms","publisher":"머니네버슬립","publisher_en":"Money Never Sleeps","kind":"news","lang":"ko","published_at":"2024-03-15","url":"https://v.daum.net/v/Qa65kn9HNF","title":"심상치 않은 도매물가! 인플레이션 재점화일까?","title_en":"Could Rising Wholesale Prices Rekindle Inflation?","excerpt":"힐튼 월드와이드 홀딩스가 그래듀에이트 호텔스를 2억 1000만 달러에 인수하기로 했다고 보도했다.","excerpt_en":"It reported Hilton's agreement to acquire Graduate Hotels for $210 million."},{"stance":"confirms","publisher":"Hilton News","publisher_en":"Hilton News","kind":"ir","lang":"en","published_at":"2024-03-14","url":"https://stories.hilton.com/releases/hilton-to-accelerate-expansion-in-fast-growing-lifestyle-category-with-addition-of-graduate-hotels-to-global-brand-portfolio","title":"Hilton to Accelerate Expansion in Fast-Growing Lifestyle Category with Addition of Graduate Hotels to Global Brand Portfolio","title_en":"Hilton to Accelerate Expansion in Fast-Growing Lifestyle Category with Addition of Graduate Hotels to Global Brand Portfolio","excerpt":"힐튼은 Graduate 브랜드의 전 세계 권리를 2억1,000만 달러에 인수한다고 발표했다.","excerpt_en":"pay $210 million to acquire all rights"},{"stance":"mentions","publisher":"Hotel Dive","publisher_en":"Hotel Dive","kind":"analysis","lang":"en","published_at":"2024-02-07","url":"https://www.hoteldive.com/news/hilton-graduate-hotels-analysis/706831/","title":"Why Hilton might consider acquiring Graduate Hotels","title_en":"Why Hilton might consider acquiring Graduate Hotels","excerpt":"인수 발표 전 전문가들은 Graduate가 힐튼의 부티크 브랜드 침투력을 높일 수 있다고 분석했다.","excerpt_en":"strengthen its portfolio and market penetration"}]},{"direction":"revenue","counterparty":"호스트 호텔스 앤 리조트","counterparty_slug":"host-hotels-resorts","confidence":"high","metric":{"type":"count","unit":"hotels","as_of":"2026-02-25","basis":"호스트 호텔스 앤 리조트가 보유한 힐튼 브랜드 호텔 수","value":5,"period":"portfolio as of 2026-02-20","basis_en":"Number of Hilton-branded hotels owned by Host Hotels & Resorts","qualifier":null},"note":"호스트 호텔스 앤 리조트는 2026년 2월 20일 기준 힐튼 브랜드 호텔 5곳을 보유했다. 호텔 관리자는 매출과 수익성에 연동된 수수료를 받는다고 호스트가 공시했지만 힐튼에 지급한 금액은 따로 공개하지 않았다.","note_en":"Host Hotels & Resorts owned five Hilton-branded hotels as of February 20, 2026. Host says hotel managers earn fees based on property revenue and profitability, but it does not separately disclose the amount paid to Hilton.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1070750/000107075026000054/hst-20251231.htm","title":"Host Hotels & Resorts, Inc. 2025 Form 10-K","title_en":"Host Hotels & Resorts, Inc. 2025 Form 10-K","excerpt":"호스트는 힐튼 브랜드 호텔 5곳, 1,775실을 공시했다.","excerpt_en":"Total Hilton | 5 | 1,775"}]},{"direction":"cost","counterparty":"부킹 홀딩스","counterparty_slug":"booking-holdings","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"힐튼 월드와이드 관련 Booking.com 예약 수수료 매출","value":null,"period":"FY2025","basis_en":"Booking.com reservation commission revenue attributable to Hilton Worldwide","qualifier":"confirmed_no_disclosed_value"},"note":"힐튼 월드와이드는 Booking.com을 제3자 예약 채널로 안내하고 인터넷 여행 중개업체를 통한 객실 판매에 수수료와 거래 수수료를 지급한다고 공시하지만, 개별 Booking.com 수수료율과 지급액은 공개하지 않는다.","note_en":"Hilton Worldwide identifies Booking.com as a third-party reservation channel and discloses that it pays commissions and transaction fees for room sales through internet travel intermediaries, but it does not disclose the Booking.com-specific rate or amount.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1585689/000158568926000007/hlt-20251231.htm","title":"힐튼 월드와이드 2025 회계연도 Form 10-K","title_en":"Hilton Worldwide Holdings 2025 Form 10-K","excerpt":"힐튼은 인터넷 여행 중개업체를 통한 객실 판매에 수수료와 거래 수수료를 지급한다고 공시한다.","excerpt_en":"pay various commissions and transaction fees"},{"stance":"confirms","publisher":"힐튼","publisher_en":"Hilton","kind":"ir","lang":"ko","published_at":"2024-02-29","url":"https://www.hilton.com/ko/help-center/reservations/can-i-book-through-a-third-party-site/","title":"제3자 웹사이트를 통한 힐튼 호텔 예약","title_en":"Booking a Hilton Property Through a Third-Party Website","excerpt":"다음과 같은 제3자 웹사이트를 통해 힐튼 호텔을 예약하실 수 있습니다: Booking.com.","excerpt_en":"Hilton hotels can be booked through third-party websites including Booking.com."}]},{"direction":"revenue","counterparty":"아메리칸 익스프레스","counterparty_slug":"american-express","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"아메리칸 익스프레스 공동브랜드 카드 계약에서 힐튼이 받는 라이선스 및 포인트 발행 대가","value":null,"period":"FY2025","basis_en":"Consideration Hilton receives for licensing and points issued under its American Express cobrand arrangement","qualifier":"confirmed_no_disclosed_value"},"note":"힐튼은 아메리칸 익스프레스 공동브랜드 카드에서 지식재산 라이선스와 Hilton Honors 포인트 발행 대가를 받는다. 양사 공시가 공동브랜드 관계를 확인하지만 상대별 금액은 공개하지 않았다.","note_en":"Hilton receives consideration for intellectual-property licensing and Hilton Honors points issued through American Express co-branded cards. Both companies confirm the cobrand relationship in their filings, but neither discloses the counterparty-specific amount.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1585689/000158568926000007/hlt-20251231.htm","title":"힐튼 월드와이드 2025 회계연도 Form 10-K","title_en":"Hilton Worldwide Holdings 2025 Form 10-K","excerpt":"공시는 아메리칸 익스프레스를 Hilton Honors의 신용카드 파트너로 명시한다.","excerpt_en":"such as American Express"},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/4962/000000496226000080/axp-20251231.htm","title":"아메리칸 익스프레스 2025 회계연도 Form 10-K","title_en":"American Express 2025 Form 10-K","excerpt":"아메리칸 익스프레스는 힐튼 월드와이드 홀딩스와 공동브랜드 카드를 발급한다고 공시했다.","excerpt_en":"cobrand arrangements ... Hilton Worldwide Holdings"}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-11","basis":"아마존에서 사용된 Hilton Honors 포인트의 제3자 상환 대가","value":null,"period":"ongoing Hilton Honors redemption partnership","basis_en":"Third-party redemption consideration for Hilton Honors points used on Amazon","qualifier":"confirmed_no_disclosed_value"},"note":"Hilton Honors 회원은 포인트로 아마존 상품을 구매할 수 있다. 힐튼 공시는 포인트 상환 때 제3자에게 지급할 원가를 인식한다고 설명하지만 아마존에 지급하는 금액은 공개하지 않았다.","note_en":"Hilton Honors members can use points to purchase products on Amazon. Hilton's filing recognizes expected payments to third parties when points are redeemed, but the amount paid to Amazon is not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.sec.gov/Archives/edgar/data/1585689/000158568926000007/hlt-20251231.htm","title":"힐튼 월드와이드 2025 회계연도 Form 10-K","title_en":"Hilton Worldwide Holdings 2025 Form 10-K","excerpt":"포인트 상환 원가는 관리·프랜차이즈 호텔과 다른 제3자에 지급할 예상액을 포함한다.","excerpt_en":"expected payments to third parties"},{"stance":"confirms","publisher":"TechCrunch","publisher_en":"TechCrunch","kind":"news","lang":"en","published_at":"2017-09-19","url":"https://techcrunch.com/2017/09/19/amazon-now-lets-hilton-honors-members-shop-with-points/","title":"Amazon now lets Hilton Honors members shop with Points","title_en":"Amazon now lets Hilton Honors members shop with Points","excerpt":"힐튼과 아마존은 Honors 회원이 포인트로 아마존 상품을 사는 제휴를 시작했다.","excerpt_en":"shop Amazon using their points"}]},{"direction":"cost","counterparty":"HotelKey","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2023-04-27","basis":"HotelKey의 플랫폼 기술 및 공동개발 대가","value":null,"period":"ongoing global deployment","basis_en":"Consideration for HotelKey platform technology and co-development","qualifier":"confirmed_no_disclosed_value"},"note":"힐튼은 HotelKey와 클라우드 기반 Property Engagement Platform을 공동 개발해 전 세계 호텔에 배포하고 있다. 기술 제공 대가는 공개되지 않았다.","note_en":"Hilton co-developed its cloud-based Property Engagement Platform with HotelKey and is deploying it across its global portfolio. The consideration paid for the technology has not been disclosed.","sources":[{"stance":"confirms","publisher":"Hilton News","publisher_en":"Hilton News","kind":"ir","lang":"en","published_at":"2023-04-27","url":"https://stories.hilton.com/releases/hotel-key-partnership","title":"Hilton Rolling Out Technology Platform to Help Reduce the Friction of Travel for Hotel Guests, Team Members Worldwide","title_en":"Hilton Rolling Out Technology Platform to Help Reduce the Friction of Travel for Hotel Guests, Team Members Worldwide","excerpt":"힐튼은 HotelKey와 공동 개발한 클라우드 기반 PEP를 배포하고 있다고 밝혔다.","excerpt_en":"co-developed by Hilton and HotelKey"}]}]}