A Business at a Glance
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MARRIOTT INTERNATIONAL INC /MD/
MAR
$102.4B
Mkt Cap
$374.43
+2.73%
MARRIOTT INTERNATIONAL INC /MD/ (MAR) has a current P/E ratio of 39.4, compared to its historical median P/E of 33.1. The stock is currently considered Fair based on its historical valuation range.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) has a 5-year average return on invested capital (ROIC) of 23.6%. This indicates strong capital allocation and a potential competitive advantage.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) has a market capitalization of $99.9B. It is classified as a large-cap stock.
Yes, MARRIOTT INTERNATIONAL INC /MD/ (MAR) pays a dividend with a trailing twelve-month yield of 0.72%. The company also returns capital through share buybacks, with a buyback yield of 3.25%.
Based on historical P/E analysis, MARRIOTT INTERNATIONAL INC /MD/ (MAR) appears fair. The current P/E of 39.4 is 19% above its historical median of 33.1. The estimated fair value CAGR (P/E method) is 31.0%.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) operates in the Hotels & Motels industry, within the Consumer Cyclical sector.
Marriott International is a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and yacht properties operating under a portfolio of brands across four quality tiers—Luxury, Premium, Select, and Midscale—organized into Classic and Distinctive styles. The company owns or leases less than one percent of its system properties, maintaining an asset-light business model where it generates revenue primarily through franchise fees (typically four to seven percent of room revenues plus up to four percent of food and beverage revenues), management fees composed of base and incentive components, and licensing arrangements with third parties. As of year-end 2025, Marriott's system included 9,805 properties with 1.78 million rooms across 145 countries and territories, with an additional 4,100 properties (610,000 rooms) in its development pipeline. The company operates through four reportable segments—U.S. & Canada, Europe Middle East & Africa, Greater China, and Asia Pacific excluding China—with significant geographic diversification and exposure to both leisure and business travel segments. Marriott Bonvoy, the company's loyalty program with nearly 283 million members, is central to its strategy, generating approximately 75 percent of U.S. hotel room nights and 68 percent of global room nights, while co-branded credit card programs in 11 countries provide substantial recurring revenue through fixed and variable fees based on card usage. The company's competitive advantages include its extensive brand portfolio spanning multiple price points, industry-leading loyalty program scale, direct digital channels including Marriott.com and the Bonvoy mobile app, and proprietary revenue management and technology systems designed to optimize pricing and enhance owner returns.
【Strong pipeline momentum continuing】 Management expects net rooms growth to accelerate to 4.5%-5% in 2026, driven by record global signings and strong conversion activity, with approximately 43% of the pipeline under construction. Full-year 2026 global RevPAR growth is now expected at 2%-3%, up from prior guidance of 1.5%-2.5%, reflecting outperformance in the first quarter and higher anticipated growth in the U.S. and Canada, though the company assumes the Middle East conflict could impact full-year global RevPAR growth by 100-125 basis points. Co-branded credit card fees are expected to increase around 35% in 2026, driven by new country additions and increased royalty rates, with new U.S. credit card deals expected to be finalized later in the year. Residential branding fees are anticipated to increase 45%-50%, while the company continues to invest in its multi-year technology transformation, with the overwhelming portion of digital tech spending expected to be reimbursed over time. Capital returns to shareholders are expected to exceed $4.4 billion in 2026, reflecting the company's strong cash-generating business model and disciplined capital allocation approach.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 26.6B | 26.2B | 25.1B | 23.7B | 20.8B | 13.9B |
| Net Income | 2.6B | 2.6B | 2.4B | 3.1B | 2.4B | 1.1B |
| EPS | $9.51 | $9.51 | $8.33 | $10.18 | $7.24 | $3.34 |
| Free Cash Flow | 2.8B | 2.6B | 2.0B | 2.7B | 2.0B | 994M |
| ROIC | 26.1% | 24.5% | 22.8% | 30.3% | 24.8% | 15.4% |
| Gross Margin | - | 24.0% | 23.1% | 23.8% | 24.4% | 22.6% |
| Debt/Equity | 0.00 | -4.61 | -5.36 | -19.49 | 19.25 | 7.91 |
| Dividends/Share | $2.71 | $2.64 | $2.41 | $1.96 | $1.00 | $0.00 |
| Operating Income | 4.3B | 4.1B | 3.8B | 3.9B | 3.5B | 1.8B |
| Operating Margin | 16.0% | 15.8% | 15.0% | 16.3% | 16.7% | 12.6% |
| ROE | 0.0% | -76.9% | -129.3% | - | 237.9% | 119.2% |
| Shares Outstanding | 267M | 274M | 285M | 303M | 326M | 329M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 13.8B | 14.5B | 15.4B | 20.5B | 20.8B | 21.0B | 10.6B | 13.9B | 20.8B | 23.7B | 25.1B | 26.2B | 26.6B |
| Gross Margin | 15.5% | 16.2% | 17.2% | 20.2% | 18.7% | 16.6% | 20.6% | 22.6% | 24.4% | 23.8% | 23.1% | 24.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 659M | 634M | 743M | 921M | 927M | 938M | 762M | 823M | 891M | 867M | 945M | 870M | 844M |
| EBIT | 1.2B | 1.4B | 1.4B | 2.5B | 2.4B | 1.8B | 84M | 1.8B | 3.5B | 3.9B | 3.8B | 4.1B | 4.3B |
| Op. Margin | 8.4% | 9.3% | 9.2% | 12.2% | 11.4% | 8.6% | 0.8% | 12.6% | 16.7% | 16.3% | 15.0% | 15.8% | 16.0% |
| Net Income | 753M | 859M | 808M | 1.5B | 1.9B | 1.3B | -267M | 1.1B | 2.4B | 3.1B | 2.4B | 2.6B | 2.6B |
| Net Margin | 5.5% | 5.9% | 5.2% | 7.1% | 9.2% | 6.1% | -2.5% | 7.9% | 11.4% | 13.0% | 9.5% | 9.9% | 9.7% |
| Non-Recurring | 0 | 25M | 282M | 695M | 194M | 147M | 363M | 3.0M | 0 | 0 | 68M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 52.1% | 97.9% | 14.1% | 12.4% | 17.0% | 11.1% | 0.7% | 15.4% | 24.8% | 30.3% | 22.8% | 24.5% | 26.1% |
| ROE | -41.7% | -29.7% | 105.6% | 33.5% | 65.7% | 87.0% | -47.1% | 119.2% | 237.9% | N/A | -129.3% | -76.9% | 0.0% |
| ROA | 11.1% | 13.3% | 5.3% | 6.1% | 8.0% | 5.2% | -1.1% | 4.4% | 9.4% | 12.2% | 9.2% | 9.7% | 9.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.2B | 1.5B | 1.6B | 2.2B | 2.4B | 1.7B | 1.6B | 1.2B | 2.4B | 3.2B | 2.7B | 3.2B | 3.4B |
| Free Cash Flow | 813M | 1.2B | 1.4B | 2.0B | 1.8B | 1.0B | 1.5B | 994M | 2.0B | 2.7B | 2.0B | 2.6B | 2.8B |
| Owner Earnings | 916M | 1.2B | 1.2B | 1.6B | 1.9B | 1.2B | 550M | 857M | 1.9B | 2.6B | 2.1B | 2.5B | 2.7B |
| CapEx | 411M | 305M | 199M | 240M | 556M | 653M | 135M | 183M | 332M | 452M | 750M | 604M | 599M |
| Maint. CapEx | 199M | 197M | 244M | 416M | 256M | 346M | 888M | 138M | 311M | 348M | 383M | 458M | 458M |
| Growth CapEx | 212M | 108M | 0 | 0 | 300M | 307M | 0 | 45M | 21M | 104M | 367M | 146M | 141M |
| D&A | 199M | 197M | 244M | 416M | 256M | 346M | 888M | 138M | 311M | 348M | 383M | 458M | 458M |
| CapEx/OCF | 33.6% | 20.1% | 12.3% | 10.8% | 23.6% | 38.8% | 8.2% | 15.5% | 14.0% | 14.3% | 27.3% | 18.8% | 17.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 223M | 253M | 374M | 482M | 543M | 612M | 156M | 0 | 321M | 587M | 682M | 718M | 722M |
| Dividend Yield | 1.3% | 1.4% | 2.0% | 1.3% | 1.3% | 1.5% | 0.5% | N/A | 0.6% | 1.1% | 1.0% | 1.0% | 0.7% |
| Share Buybacks | 1.5B | 1.9B | 568M | 3.0B | 2.9B | 2.3B | 150M | 0 | 2.6B | 4.0B | 3.8B | 3.3B | 3.2B |
| Buyback Yield | 7.2% | 11.3% | 2.5% | 6.2% | 7.9% | 4.6% | 0.4% | N/A | 5.6% | 6.0% | 4.7% | 3.8% | 3.3% |
| Stock-Based Comp | 109M | 113M | 212M | 181M | 184M | 187M | 201M | 182M | 192M | 205M | 237M | 236M | 241M |
| Debt Repayment | 7.0M | 325M | 326M | 310M | 397M | 835M | 1.9B | 2.2B | 804M | 684M | 558M | 1.3B | 1.3B |
| Balance Sheet | |||||||||||||
| Net Debt | 3.7B | 4.0B | 7.6B | 7.9B | 9.0B | 13.9B | 10.4B | 9.8B | 10.4B | 13.0B | 15.6B | 17.0B | 16.2B |
| Cash & Equiv. | 104M | 96M | 858M | 383M | 316M | 225M | 877M | 1.4B | 507M | 338M | 396M | 358M | 454M |
| Long-Term Debt | 3.4B | 3.8B | 8.2B | 7.8B | 8.5B | 10.0B | 9.2B | 9.3B | 9.4B | 11.3B | 13.1B | 15.0B | 15.3B |
| Debt/Equity | -1.71 | -1.14 | 1.66 | 2.30 | 4.20 | 20.11 | 26.22 | 7.91 | 19.25 | -19.49 | -5.36 | -4.61 | 0.00 |
| Interest Coverage | 10.1 | 8.1 | 6.1 | 8.7 | 7.0 | 4.6 | 0.2 | 4.2 | 8.6 | 6.8 | 5.4 | 5.1 | 5.1 |
| Equity | -2.2B | -3.6B | 5.1B | 3.6B | 2.2B | 703M | 430M | 1.4B | 568M | -682M | -3.0B | -3.8B | -4.1B |
| Total Assets | 6.8B | 6.1B | 24.1B | 23.8B | 23.7B | 25.1B | 24.7B | 25.6B | 24.8B | 25.7B | 26.2B | 27.5B | 27.9B |
| Total Liabilities | 9.0B | 9.7B | 19.0B | 20.3B | 21.5B | 24.3B | 24.3B | 24.1B | 24.2B | 26.4B | 29.2B | 31.3B | 90M |
| Intangibles | 1.4B | 1.5B | 9.3B | 8.5B | 8.4B | 8.6B | 9.0B | 8.9B | 8.7B | 9.2B | 9.5B | 10.3B | 10.4B |
| Retained Earnings | 4.3B | 4.9B | 6.5B | 7.2B | 9.0B | 9.6B | 9.2B | 10.3B | 12.3B | 14.8B | 16.5B | 18.4B | 18.9B |
| Working Capital | -1.4B | -1.8B | -1.8B | -3.1B | -3.7B | -3.5B | -2.9B | -2.8B | -4.0B | -4.5B | -5.2B | -4.8B | -4.6B |
| Current Assets | 1.6B | 1.4B | 3.4B | 2.7B | 2.7B | 3.1B | 2.8B | 3.6B | 3.3B | 3.3B | 3.5B | 3.6B | 3.9B |
| Current Liabilities | 3.0B | 3.2B | 5.1B | 5.8B | 6.4B | 6.7B | 5.8B | 6.4B | 7.3B | 7.8B | 8.6B | 8.4B | 8.5B |
| Per Share Data | |||||||||||||
| EPS | 2.54 | 3.15 | 2.73 | 3.84 | 5.38 | 3.80 | -0.82 | 3.34 | 7.24 | 10.18 | 8.33 | 9.51 | 9.51 |
| Owner EPS | 3.09 | 4.42 | 3.93 | 4.29 | 5.41 | 3.44 | 1.69 | 2.60 | 5.71 | 8.64 | 7.47 | 9.21 | 10.21 |
| Book Value | -7.42 | -13.16 | 17.30 | 9.43 | 6.28 | 2.10 | 1.32 | 4.30 | 1.74 | -2.25 | -10.49 | -13.79 | -15.34 |
| Cash Flow/Share | 4.13 | 5.56 | 5.47 | 5.86 | 6.65 | 5.03 | 5.03 | 3.58 | 7.26 | 10.47 | 9.64 | 11.74 | 11.40 |
| Dividends/Share | 0.75 | 0.93 | 1.26 | 1.29 | 1.56 | 1.85 | 0.48 | 0.00 | 1.00 | 1.96 | 2.41 | 2.64 | 2.71 |
| Shares Out. | 296.5M | 272.7M | 296.0M | 379.9M | 354.5M | 335.0M | 325.6M | 329.0M | 325.7M | 302.8M | 285.1M | 273.5M | 266.8M |
| Valuation | |||||||||||||
| P/E Ratio | 27.8 | 19.8 | 28.2 | 33.2 | 18.8 | 38.5 | N/A | 48.1 | 19.5 | 21.5 | 33.7 | 33.1 | 39.4 |
| P/FCF | 25.7 | 14.1 | 16.0 | 24.4 | 19.9 | 47.5 | 26.7 | 53.1 | 22.6 | 24.4 | 40.0 | 33.0 | 35.4 |
| EV/EBIT | 21.2 | 15.6 | 21.3 | 22.5 | 19.0 | 35.0 | 595.4 | 34.8 | 16.1 | 20.2 | 25.2 | 24.8 | 27.3 |
| Price/Book | N/A | N/A | 4.4 | 13.5 | 16.1 | 69.8 | 93.5 | 37.3 | 80.9 | N/A | N/A | N/A | N/A |
| Price/Sales | 1.2 | 1.3 | 1.2 | 1.8 | 2.1 | 2.0 | 3.1 | 3.3 | 2.4 | 2.3 | 2.8 | 2.8 | 3.8 |
| FCF Yield | 3.9% | 7.1% | 6.2% | 4.1% | 5.0% | 2.1% | 3.7% | 1.9% | 4.4% | 4.1% | 2.5% | 3.0% | 2.8% |
| Market Cap | 20.9B | 17.0B | 22.8B | 48.5B | 35.9B | 49.1B | 40.2B | 52.8B | 45.9B | 66.4B | 79.9B | 86.1B | 99.9B |
| Avg. Price | 56.14 | 68.37 | 63.51 | 95.53 | 121.73 | 122.79 | 100.92 | 138.62 | 153.98 | 180.00 | 243.07 | 266.99 | 374.43 |
| Year-End Price | 70.51 | 62.46 | 76.87 | 127.53 | 101.36 | 146.42 | 123.51 | 160.50 | 141.01 | 219.30 | 280.38 | 314.97 | 374.43 |
MARRIOTT INTERNATIONAL INC /MD/ passes 6 of 9 quality checks, suggesting mixed fundamentals.
MARRIOTT INTERNATIONAL INC /MD/ trades at 39.4x trailing earnings, compared to its 15-year median P/E of 33.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 38.0x vs a median of 25.6x. The company's 5-year average ROIC is 23.6% with a gross margin of 23.6%. Total shareholder yield (dividends + buybacks) is 4.0%. At current prices, the estimated annualized return to fair value is +14.9%.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) reported annual revenue of $26.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) has a net profit margin of 9.9%. This is a modest margin.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) generated $2.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) reported earnings per share (EPS) of $9.51 in its most recent fiscal year.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) has a return on equity (ROE) of -76.9%. A negative ROE may indicate losses or negative equity.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) has a 5-year average gross margin of 23.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for MARRIOTT INTERNATIONAL INC /MD/ (MAR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MARRIOTT INTERNATIONAL INC /MD/ (MAR) has a book value per share of $-13.79, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects net rooms growth to accelerate to 4.5%-5% in 2026, driven by record global signings and strong conversion activity, with approximately 43% of the pipeline under construction. Full-year 2026 global RevPAR growth is now expected at 2%-3%, up from prior guidance of 1.5%-2.5%, reflecting outperformance in the first quarter and higher anticipated growth in the U.S. and Canada, though the company assumes the Middle East conflict could impact full-year global RevPAR growth by 100-125 basis points. Co-branded credit card fees are expected to increase around 35% in 2026, driven by new country additions and increased royalty rates, with new U.S. credit card deals expected to be finalized later in the year. Residential branding fees are anticipated to increase 45%-50%, while the company continues to invest in its multi-year technology transformation, with the overwhelming portion of digital tech spending expected to be reimbursed over time. Capital returns to shareholders are expected to exceed $4.4 billion in 2026, reflecting the company's strong cash-generating business model and disciplined capital allocation approach.
No recent press releases.