Marriott International (MAR)

Consumer Discretionary · $90.2B market cap · SEC CIK 0001048286

Next reports on Nov 2, 2026, before the open, with analysts expecting $2.85 in earnings per share.

The case for MAR

• Has compounded revenue at 19.9% a year over five years.

The case against

• Pricey at 34.9× earnings, against a long-run market average nearer 20×.
• 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 4.7% this year against 19.9% a year over five.
• Current liabilities exceed current assets (ratio 0.53).

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. 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.

Key numbers

Five years of financials, as filed

Pulled from Marriott International's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.

Share count is down 16.9% over 4 years. Buybacks have been shrinking the pie.

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

Filings

Other Consumer Discretionary companies