Marriott International Inc (MAR)
Consumer Discretionary · Hotels, Resorts & Cruise Lines · US stock · S&P 500 component
$396.80
▼ -7.20 (1.78%)
Fair valueOvervalued
$307 −22.6% to fair value
$154fair band $261–$372$461
Day's range
$394.18 – $403.27
52-week range
$256.76 – $410.98
Red flags⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity
About Marriott International Inc
Marriott International is a hotel company that franchises, manages and licenses hotels and resorts rather than owning most of them. Its brands include Ritz-Carlton, St. Regis, JW Marriott, Sheraton, Westin, Courtyard and Residence Inn, and its Marriott Bonvoy programme is a loyalty scheme for guests. Hotel owners and franchisees operate properties under these names across the world, while travellers and corporate clients book stays.
Marriott earns revenue mainly from franchise and management fees paid by hotel owners, plus fees tied to co-branded credit cards. Over the last twelve months it was $26.9 billion, growing at 8.0% a year across the last three years. The operating margin is 15.8%, and the business earns a profit of 27% on the capital invested in it. It carries net debt of 3.9 times EBITDA. The company pays a dividend with a yield of 0.7%. On the site's X-Ray Score it receives 42 out of 100.
Price chart
52-wk range $256.76 – $410.98Volume 2,657,561Daily, split-adjusted
Vitals
Market cap$105.0B
52-week range$256.76 – $410.98
Volume (last day)2,657,561
P/E (TTM)41.3
EBIT / EV yield3.5%
Free-cash-flow yield3.0%
Dividend yield0.7%
Revenue (TTM)$26.9B
Net income (TTM)$2.6B
Operating margin15.8%
Return on capital26.5%
Debt incl. leases$16.9B
Cash & securities$462M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$307middle half of models $225 – $372
Overvalued
−22.6% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $397
Undervalued < $261Fair $261 – $372Overvalued > $372
P/E multiple
$376
P/S multiple
$364
EV/EBITDA multiple
$329
EV/EBIT multiple
$325
EV/revenue multiple
$374
10-year DCF, EBITDA exit
$342
5-year DCF, EBITDA exit
$372
10-year DCF, revenue exit
$349
5-year DCF, revenue exit
$379
10-year DCF, growth exit
$172
5-year DCF, growth exit
$168
Dividend discount, stable · not used
$111
Dividend discount, multi-stage
$218
Earnings power value
$225
Growth the price implies
20.3%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Consumer Discretionary peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
13/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.5%
Free-cash-flow yield3.0%
Fair value vs price0.8×
Growth
Fair
59/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)8.0%
EPS growth (3y)9.5%
Growth consistency100%
Profitability
Fair
52/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital26.5%
Operating margin15.8%
Financial health
Weak
43/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA3.9×
Interest cover5.0×
Dividends
Fair
52/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.7%
Dividends vs free cash flow24%
Dividend growth30.8%
Quarterly results: last 6 quarters
+4.8%
Mar '25
+4.7%
Jun '25
+3.7%
Sep '25
+4.1%
Dec '25
+6.2%
Mar '26
+4.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $7.1B, diluted EPS $2.90.
Compare with peers
BKNG Booking Holdings Inc.70 EXPE Expedia Group, Inc.62 CCL Carnival Corp Ltd.56 ABNB Airbnb, Inc.52Other Hotels, Resorts & Cruise Lines companies by X-Ray Score.
SWOT analysis: Marriott International Inc
Strengthsinside the company
- Return on invested capital is 26.5%, against a median of 11.6% for industry peers.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Net debt is 3.9x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Trades at 40.6x earnings, 130% above the 17.7x median of industry peers, so the price already assumes better results.
- The price is 23% above our fair value estimate, so there is little room for disappointment.
- Our checks raised: Negative equity; Negative equity.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MAR with peers and sector
Medians of 7 Hotels, Resorts & Cruise Lines peers and of 46 Consumer Discretionary stocks in our universe.
Largest peers (X-Ray Score): BKNG 70, ABNB 52, HLT 39, RCL 43, CCL 56, EXPE 62.
| Metric | MAR | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 42 | 52 | 51 |
| Valuation | 13 | 62 | 49 |
| Growth | 59 | 77 | 50 |
| Profitability | 52 | 52 | 52 |
| Financial health | 43 | 42 | 50 |
| Dividends | 52 | 38 | 51 |
Sector leaders: highest X-Ray Score in Consumer Discretionary
MAR ranks #37 of 47 in Consumer Discretionary and #7 of 8 in Hotels, Resorts & Cruise Lines by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MAR
Each factor is rated by where MAR stands among the 47 Consumer Discretionary stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 1 Good · 9 Average · 8 Bad of 18
Growth: 0 · 3 · 0
Profitability: 0 · 3 · 0
Financial strength: 1 · 0 · 3
Valuation: 0 · 0 · 4
Cash flow: 0 · 3 · 1
| Factor | MAR | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +8.0% | Average beats 63% | +6.5% | – | – |
| Revenue growth, last year | +4.3% | Average beats 47% | +4.9% | +14.2% | ▼ Worse |
| EPS growth, 3 years a year | +9.5% | Average beats 63% | +4.0% | – | – |
| Profitability | |||||
| Operating margin | 15.8% | Average beats 57% | 14.9% | 15.8% | ≈ In line |
| Net margin | 9.6% | Average beats 42% | 11.4% | 9.9% | ≈ In line |
| Return on invested capital | 26.5% | Average beats 56% | 24.6% | – | – |
| Financial strength | |||||
| Net debt / EBITDA | 3.9x | Bad beats 24% | 1.8x | 3.7x | ≈ In line |
| Interest cover | 5.0x | Bad beats 17% | 25.3x | 5.4x | ≈ In line |
| Current ratio | 0.53 | Bad beats 13% | 1.10 | 0.43 | ▲ Better |
| Piotroski F-score | 7 / 9 | Good beats 76% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 40.6x | Bad beats 14% | 21.1x | 32.6x | ▼ Worse |
| Price / sales | 3.9x | Bad beats 24% | 2.1x | 3.2x | ▼ Worse |
| EV / EBITDA | 28.6x | Bad beats 14% | 15.0x | 24.3x | ▼ Worse |
| Free cash flow yield | 3.0% | Bad beats 24% | 4.3% | 3.1% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 11.6% | Average beats 60% | 10.8% | 9.8% | ▲ Better |
| Cash from operations / net income | 1.44 | Average beats 60% | 1.37 | 1.07 | ▲ Better |
| Free cash flow growth, 3 years a year | +8.7% | Average beats 44% | +12.1% | – | – |
| Accruals (lower is better) | −4.1% | Bad beats 28% | −5.3% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 6 Average · ● 7 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 39/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $13.9B | $20.8B | $23.7B | $25.1B | $26.2B |
| Operating income | $1.8B | $3.5B | $3.9B | $3.8B | $4.1B |
| Net income | $1.1B | $2.4B | $3.1B | $2.4B | $2.6B |
| Operating cash flow | $1.2B | $2.4B | $3.2B | $2.7B | $3.2B |
| Operating margin | 12.6% | 16.7% | 16.3% | 15.0% | 15.8% |
| Free cash flow | $994M | $2.0B | $2.7B | $2.0B | $2.6B |
| Diluted EPS | $3.34 | $7.24 | $10.18 | $8.33 | $9.51 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 384.1 | Bullish |
| EMA 10 | 386.0 | Bullish |
| SMA 20 | 370.9 | Bullish |
| EMA 20 | 374.7 | Bullish |
| SMA 50 | 355.5 | Bullish |
| EMA 50 | 363.6 | Bullish |
| SMA 100 | 365.0 | Bullish |
| EMA 100 | 359.4 | Bullish |
| SMA 200 | 352.9 | Bullish |
| EMA 200 | 346.8 | Bullish |
Oscillators (daily)
| RSI (14) | 72.55 | Bearish |
| MACD (12, 26) | 12.61 | Bullish |
| Momentum (12) | 9.83 | Bullish |
| Stochastic %K (14) | 80.01 | Bearish |
| Williams %R (14) | -19.99 | Bearish |
| CCI (20) | 133.2 | Bearish |
Pivot points (classic, last session)
S3 383.8 | S2 389.0 | S1 392.9 | Pivot 398.1 | R1 402.0 | R2 407.2 | R3 411.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.80 USD
Yield on today's price
0.71%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.7300 | |
| 0.7300 | |
| 0.6700 | |
| 0.6700 | |
| 0.6700 | |
| 0.6700 | |
| 0.6300 | |
| 0.6300 | |
| 0.6300 | |
| 0.6300 | |
| 0.5200 | |
| 0.5200 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MAR
| ETF | Share of the fund |
|---|---|
| XLY Consumer Discretionary Select Sector S... | 2.02% |
| SAMT The Advisorsa Inner Circle Fund III | 1.88% |
| FDIS Fidelity MSCI Consumer Discretionary I... | 1.31% |
| VCR Vanguard Consumer Discretionary | 1.28% |
| RPG Invesco S&P 500 Pure Growth | 1.17% |
| QQQE Direxion NASDAQ-100 Equal Weighted Ind... | 1.01% |
| GPIQ Goldman Sachs Nasdaq-100 Core Premium... | 0.58% |
| QGRW WisdomTree U.S. Quality Growth | 0.51% |
The eight funds with the largest weight in MAR among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MAR stock splits
MAR has split its stock once since 2006. The latest was a 2-for-1 split on 12 Jun 2006.
Full MAR stock split history →MAR SEC filings
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.