Marriott International (MAR)

Consumer Discretionary · $107B market cap · SEC CIK 0001048286

Next reports on Feb 8, 2027, after the close, with analysts expecting $3.22 in earnings per share.

52-week range $280.99 to $433.30. 1% below its 52-week high and 52% above its low.

The case for MAR

• Has compounded revenue at 19.9% a year over five years.
• Within 1% of its 52-week high: the trend is up.
• Up 43.3% over the past year.

The case against

• Pricey for its growth: 40.5× earnings, where 15% a year of growth plus a 1.0% dividend would justify about 32×.
• Owes more than it owns: shareholder equity is −$3.8B, usually the result of buybacks funded with debt. ROE and price-to-book mean little here.
• Growth is slowing: revenue up 5.8% this year against 19.9% a year over five.
• Current liabilities exceed current assets (ratio 0.53).
• Profitability is weak (42/100): return on assets 9.5%, net margin 9.7%, gross margin 20%, 100% of profit turned to cash.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Shareholder equity is negative, so return on equity, price-to-book and debt-to-equity are left out.
• Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.

The financials

The financials, five years deep

Pulled from Marriott International's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Marriott International says it does

Overview We are a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a portfolio of compelling brands at different price and service points. Consistent with our focus on franchising, management, and licensing, we own or lease very few of our lodging properties (less than one percent of our system). As of year-end 2025, our system included 9,805 properties (1,779,936 rooms) in 145 countries and territories, and we also had approximately 4,100 properties (nearly 610,000 rooms) in our development pipeline. We discuss our operations in the following reportable business segments: (1) U.S. & Canada, (2) Europe, Middle East & Africa (“EMEA”), (3) Greater China, and (4) Asia Pacific excluding China (“APEC”). Our Caribbean & Latin America (“CALA”) operating segment does not meet the applicable accounting criteria for separate disclosure as a reportable business segment, and as such,…

Risk factors MAR lists in its 10-K

• Our industry is highly competitive, which may impact our ability to compete successfully for guests
• Economic and other global, national, and regional conditions and events have in the past materially impacted, and could in the future materially impact, our business, operations, financial results, and growth
• Premature termination of our agreements with hotel owners could materially hurt our financial performance
• Disagreements with hotel owners and other counterparties could materially impact our business, operations, financial results, and growth
• Changes in the way hotel rooms are booked could adversely impact our business
• Our growth strategy depends upon attracting hotel owners to our platform, and future arrangements with these third parties may be less favorable to us, depending on the terms offered by our competitors
• The effects of, or our failure to comply with, applicable laws, regulations, and government policies may disrupt our business, lower our revenues, increase our costs, reduce our profits, limit our growth, or damage our reputation
• Third-party claims that we infringe the intellectual property rights of others or our failure to defend our own intellectual property rights could materially adversely affect our business
• If our brands, goodwill, or other intangible assets become impaired, we may be required to record significant non-cash charges to earnings
• Our business depends on the quality and reputation of our Company and our brands, and any deterioration could adversely impact our market share, reputation, business, financial condition, or results of operations
• Actions by our hotel owners or others could materially adversely affect our image and reputation
• Collective bargaining activity and strikes could materially disrupt hotel operations, increase labor costs, and interfere with the ability of our management to focus on executing our business strategies
• Our business could suffer if we or the hotels in our system cannot attract and retain associates or as the result of the loss of the services of our senior executives
• Extreme weather, natural disasters, climate change, and sustainability-related concerns have impacted our business in the past and could in the future have a material adverse effect on our business and results of operations
• Insurance may not cover damage to, or losses involving, hotels in our system or other aspects of our business, and the cost of such insurance could increase
• Our Loyalty Program plays a significant role in our business, and unfavorable developments affecting the program could adversely affect our business and results of operations
• Exchange rate fluctuations could result in significant foreign currency gains and losses and affect our business results
• Our hotel owners depend on capital to buy, develop, and improve hotels, and they may be unable to access capital when necessary
• Our ability to grow our system is subject to the range of risks associated with real estate investments
• Our owned properties and other real estate investments subject us to numerous risks
• Risks associated with development and sale of residential properties associated with our lodging properties or brands may reduce our profits
• More hotel projects in our development pipeline may be cancelled or delayed in opening, which could adversely affect our growth prospects
• Losses on loans or guarantees that we have made to third parties impact our profits
• Disruption in the functioning of our reservation, Loyalty Program, or other core operational systems, or our use of certain new technologies, could adversely affect our business
• A failure to keep pace with developments in technology could impair our operations or competitive position
• We are exposed to risks and costs associated with protecting the integrity and security of data
• The Data Security Incident, and other information security incidents, could have numerous adverse effects on our business
• Additional cybersecurity incidents could have adverse effects on our business
• Changes in privacy and data security laws could increase our operating costs and increase our exposure to payment obligations and litigation
• Delaware law and our governing corporate documents contain, and our Board of Directors could implement, anti-takeover provisions that could deter takeover attempts
• Changes in tax law, interpretations of existing tax law, or agreements or disputes with tax authorities could increase our tax costs

Filings

Other Consumer Discretionary companies