MARRIOTT INTERNATIONAL INC /MD/
$423.16
−1.50 (−0.35%) · delayed · Nov 13, 2026
Five-year price
52w $280.99 to $433.30
- Market cap
- $109.0B
- Enterprise value
- $108.6B
- P/E
- 44.5×
- 45.3× on 3y avg EPS
- EV / EBIT
- 26.2×
- FCF yield
- 2.4%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 1379.1%
- ●ROE > 15% (5y avg)5y avg ROE 246.4%
- ●Stable operating marginsMargin volatility 1.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 90% (5y avg)
- ●Growing revenueRevenue CAGR 5y 19.9%
- ●Shrinking share countDiluted shares -16.0% over 5y
Value
0
- ○P/E below 15P/E 44.5
- ○EV/EBIT below 12EV/EBIT 26.2
- ○FCF yield above 6%FCF yield 2.4%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
50
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-0.3B
- ○Interest coverage > 8xCoverage 5.1x
- ○Current ratio > 1.5Current ratio 0.43
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
33
- ●Adequate size (revenue > $2B)Revenue $26.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.43
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 134%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 45.3
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $423.16, the market is pricing in about 15.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$335M · 258M shares · 5y revenue CAGR 19.9%
Intrinsic value
$597.50
Price
$423.16
Margin of safety
29%
What the price implies
The market is paying for 15.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 15,407 | 20,452 | 20,758 | 20,972 | 10,571 | 13,857 | 20,773 | 23,713 | 25,100 | 26,186 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,424 | 2,504 | 2,366 | 1,800 | 84 | 1,750 | 3,462 | 3,864 | 3,767 | 4,141 |
| Operating margin | 9.2% | 12.2% | 11.4% | 8.6% | 0.8% | 12.6% | 16.7% | 16.3% | 15.0% | 15.8% |
| Pre-tax income | 1,239 | 2,982 | 2,345 | 1,599 | (466) | 1,180 | 3,114 | 3,378 | 3,151 | 3,394 |
| Income tax | 431 | 1,523 | 438 | 326 | (199) | 81 | 756 | 295 | 776 | 793 |
| Net income | 808 | 1,459 | 1,907 | 1,273 | (267) | 1,099 | 2,358 | 3,083 | 2,375 | 2,601 |
| EPS (diluted) | 2.73 | 3.84 | 5.38 | 3.80 | -0.82 | 3.34 | 7.24 | 10.18 | 8.33 | 9.51 |
| Diluted shares | 296 | 380 | 354 | 336 | 326 | 329 | 326 | 303 | 285 | 274 |
Who owns it