Marriott International, Inc. (MAR) 10-Year Financial Performance & Capital Metrics

MAR • • Industrial / General

Consumer CyclicalHotels & LodgingGlobal Hotel FranchisorsGlobal Luxury & Full-Service Franchisors

AboutMarriott International, Inc. operates, franchises, and licenses hotel, residential, and timeshare properties worldwide. The company operates through U.S. and Canada, and International segments. It operates its properties under the JW Marriott, The Ritz-Carlton, Ritz-Carlton Reserve, W Hotels, The Luxury Collection, St. Regis, EDITION, Bulgari, Marriott Hotels, Sheraton, Delta Hotels, Marriott Executive Apartments, Marriott Vacation Club, Westin, Renaissance, Le Méridien, Autograph Collection, Gaylord Hotels, Tribute Portfolio, Design Hotels, Courtyard, Residence Inn, Fairfield by Marriott, SpringHill Suites, Four Points, TownePlace Suites, Aloft, AC Hotels by Marriott, Protea Hotels, Element, and Moxy brand names. As of February 15, 2022, it operated approximately 7,989 properties under 30 hotel brands in 139 countries and territories. Marriott International, Inc. was founded in 1927 and is headquartered in Bethesda, Maryland.Show more

Revenue $25.1B +5.8%
EBITDA $4.26B -1.0%
Net Income $2.38B -23.0%
EPS (Diluted) 8.33 -18.2%
Gross Margin 20.32% -6.0%
EBITDA Margin 16.97% -6.4%
Operating Margin 15.01% -7.9%
Net Margin 9.46% -27.2%
ROE -
ROIC 23.95% -5.4%
Debt/Equity -
Interest Coverage 5.42 -20.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 237.9%
✓Share count reduced 5.8% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.17%

5Y3.66%

3Y21.9%

TTM4.68%

Profit (Net Income) CAGR

10Y12.17%

5Y13.28%

3Y29.29%

TTM-5.67%

EPS CAGR

10Y12.61%

5Y17.06%

3Y35.61%

TTM-1.05%

ROCE

10Y Avg16.22%

5Y Avg14.33%

3Y Avg20.67%

Latest21.26%

Peer Comparison

Global Luxury & Full-Service Franchisors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HLTHilton Worldwide Holdings Inc.	70.16B	301.86	49.16	9.17%	14.19%		2.59%
MARMarriott International, Inc.	87.43B	325.79	39.11	5.85%	10.07%		2.29%
IHGInterContinental Hotels Group PLC	20.75B	137.92	35.82	32.05%	14.79%		3.11%
HHyatt Hotels Corporation	7.1B	169.71	13.42	-8.67%	-2.05%	-2.31%	6.57%	1.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	14.49B	15.41B	20.45B	20.76B	20.97B	10.57B	13.86B	20.77B	23.71B	25.1B
Revenue Growth %	0.05%	0.06%	0.33%	0.01%	0.01%	-0.5%	0.31%	0.5%	0.14%	0.06%
Cost of Goods Sold+	12.36B	12.73B	16.64B	17.08B	17.75B	9.11B	11.06B	16.21B	18.59B	20B
COGS % of Revenue	0.85%	0.83%	0.81%	0.82%	0.85%	0.86%	0.8%	0.78%	0.78%	0.8%
Gross Profit+	2.12B	2.67B	3.81B	3.67B	3.22B	1.46B	2.8B	4.56B	5.12B	5.1B
Gross Margin %	0.15%	0.17%	0.19%	0.18%	0.15%	0.14%	0.2%	0.22%	0.22%	0.2%
Gross Profit Growth %	0.08%	0.26%	0.43%	-0.04%	-0.12%	-0.55%	0.92%	0.63%	0.12%	-0%
Operating Expenses+	773M	1.25B	1.31B	1.31B	1.42B	1.38B	1.05B	1.1B	1.26B	1.33B
OpEx % of Revenue	0.05%	0.08%	0.06%	0.06%	0.07%	0.13%	0.08%	0.05%	0.05%	0.05%
Selling, General & Admin	634M	743M	921M	927M	938M	762M	823M	891M	1.01B	1.07B
SG&A % of Revenue	0.04%	0.05%	0.05%	0.04%	0.04%	0.07%	0.06%	0.04%	0.04%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	139M	505M	388M	381M	479M	613M	228M	205M	249M	260M
Operating Income+	1.35B	1.42B	2.5B	2.37B	1.8B	84M	1.75B	3.46B	3.86B	3.77B
Operating Margin %	0.09%	0.09%	0.12%	0.11%	0.09%	0.01%	0.13%	0.17%	0.16%	0.15%
Operating Income Growth %	0.16%	0.05%	0.76%	-0.06%	-0.24%	-0.95%	19.83%	0.98%	0.12%	-0.03%
EBITDA+	1.49B	1.58B	2.78B	2.65B	2.2B	562M	2.04B	3.86B	4.3B	4.26B
EBITDA Margin %	0.1%	0.1%	0.14%	0.13%	0.11%	0.05%	0.15%	0.19%	0.18%	0.17%
EBITDA Growth %	0.14%	0.06%	0.76%	-0.05%	-0.17%	-0.74%	2.64%	0.89%	0.11%	-0.01%
D&A (Non-Cash Add-back)	139M	159M	279M	284M	403M	478M	295M	400M	436M	492M
EBIT	1.42B	1.47B	3.27B	2.69B	1.99B	-21M	1.6B	3.52B	3.94B	3.85B
Net Interest Income+	-138M	-199M	-250M	-318M	-368M	-418M	-392M	-377M	-535M	-655M
Interest Income	29M	35M	38M	22M	26M	27M	28M	26M	30M	40M
Interest Expense	167M	234M	288M	340M	394M	445M	420M	403M	565M	695M
Other Income/Expense	-95M	-185M	478M	-21M	-201M	-550M	-570M	-348M	-486M	-616M
Pretax Income+	1.25B	1.24B	2.98B	2.35B	1.6B	-466M	1.18B	3.11B	3.38B	3.15B
Pretax Margin %	0.09%	0.08%	0.15%	0.11%	0.08%	-0.04%	0.09%	0.15%	0.14%	0.13%
Income Tax+	396M	431M	1.52B	438M	326M	-199M	81M	756M	295M	776M
Effective Tax Rate %	0.68%	0.65%	0.49%	0.81%	0.8%	0.57%	0.93%	0.76%	0.91%	0.75%
Net Income+	859M	808M	1.46B	1.91B	1.27B	-267M	1.1B	2.36B	3.08B	2.38B
Net Margin %	0.06%	0.05%	0.07%	0.09%	0.06%	-0.03%	0.08%	0.11%	0.13%	0.09%
Net Income Growth %	0.14%	-0.06%	0.81%	0.31%	-0.33%	-1.21%	5.12%	1.15%	0.31%	-0.23%
Net Income (Continuing)	859M	808M	1.46B	1.91B	1.27B	-267M	1.1B	2.36B	3.08B	2.38B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	7.65B	0	0	0	0	0	0	0	0
EPS (Diluted)+	3.15	2.73	3.84	5.10	3.79	-0.82	3.34	7.24	10.18	8.33
EPS Growth %	0.24%	-0.13%	0.41%	0.33%	-0.26%	-1.22%	5.07%	1.17%	0.41%	-0.18%
EPS (Basic)	3.22	2.78	3.89	5.16	3.83	-0.82	3.36	7.27	10.23	8.36
Diluted Shares Outstanding	272.8M	290.9M	379.9M	354.2M	335.5M	325.8M	329.3M	325.8M	302.9M	285.2M
Basic Shares Outstanding	267.3M	290.9M	375.2M	350.1M	332.7M	325.8M	327.2M	324.4M	301.5M	284.2M
Dividend Payout Ratio	0.29%	0.46%	0.33%	0.28%	0.48%	-	-	0.14%	0.19%	0.29%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.38B	3.37B	2.75B	2.71B	3.13B	2.83B	3.63B	3.31B	3.31B	3.48B
Cash & Short-Term Investments	96M	858M	383M	316M	225M	877M	1.39B	507M	338M	396M
Cash Only	96M	858M	383M	316M	225M	877M	1.39B	507M	338M	396M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.1B	1.7B	1.97B	2.13B	2.4B	1.77B	1.98B	2.57B	2.71B	2.79B
Days Sales Outstanding	27.79	40.16	35.21	37.51	41.68	61.05	52.21	45.17	41.74	40.64
Inventory	155M	756M	0	0	0	0	0	0	0	0
Days Inventory Outstanding	4.58	21.67	-	-	-	-	-	-	-	-
Other Current Assets	108M	588M	149M	8M	255M	0	0	235M	261M	0
Total Non-Current Assets+	4.7B	20.77B	21.2B	20.99B	21.92B	21.88B	21.93B	21.5B	22.36B	22.7B
Property, Plant & Equipment	1.03B	2.33B	1.79B	1.96B	2.79B	2.27B	2.56B	2.57B	2.51B	2.68B
Fixed Asset Turnover	14.08x	6.60x	11.41x	10.61x	7.51x	4.67x	5.40x	8.08x	9.45x	9.37x
Goodwill	943M	7.6B	9.21B	9.04B	9.05B	9.18B	9.07B	8.87B	8.89B	8.73B
Intangible Assets	1.45B	9.27B	8.8B	8.38B	8.64B	8.99B	8.93B	8.75B	9.19B	9.49B
Long-Term Investments	165M	728M	734M	732M	577M	422M	387M	335M	308M	298M
Other Non-Current Assets	438M	722M	563M	712M	712M	775M	748M	736M	796M	852M
Total Assets+	6.08B	24.14B	23.95B	23.7B	25.05B	24.7B	25.55B	24.82B	25.67B	26.18B
Asset Turnover	2.38x	0.64x	0.85x	0.88x	0.84x	0.43x	0.54x	0.84x	0.92x	0.96x
Asset Growth %	-0.11%	2.97%	-0.01%	-0.01%	0.06%	-0.01%	0.03%	-0.03%	0.03%	0.02%
Total Current Liabilities+	3.23B	5.15B	5.81B	6.44B	6.68B	5.75B	6.41B	7.34B	7.76B	8.65B
Accounts Payable	593M	687M	783M	767M	720M	527M	726M	746M	738M	763M
Days Payables Outstanding	17.51	19.69	17.18	16.39	14.8	21.11	23.97	16.79	14.49	13.93
Short-Term Debt	300M	309M	398M	833M	977M	1.17B	805M	684M	553M	1.31B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	952M	1.87B	2.12B	2.53B	2.26B	1.77B	2.52B	3.31B	3.33B	3.49B
Current Ratio	0.43x	0.65x	0.47x	0.42x	0.47x	0.49x	0.57x	0.45x	0.43x	0.40x
Quick Ratio	0.38x	0.51x	0.47x	0.42x	0.47x	0.49x	0.57x	0.45x	0.43x	0.40x
Cash Conversion Cycle	14.86	42.13	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	6.44B	13.64B	14.46B	15.03B	17.67B	18.52B	17.73B	16.91B	18.59B	20.52B
Long-Term Debt	3.81B	8.2B	7.84B	8.51B	9.96B	9.2B	9.33B	9.38B	11.32B	13.14B
Capital Lease Obligations	0	0	0	0	882M	823M	1.1B	1.03B	887M	794M
Deferred Tax Liabilities	0	1.02B	605M	485M	290M	83M	169M	313M	209M	81M
Other Non-Current Liabilities	2.63B	4.42B	5.43B	5.3B	5.7B	6.87B	5.95B	5.12B	5.16B	5.41B
Total Liabilities	9.67B	18.78B	20.26B	21.47B	24.35B	24.27B	24.14B	24.25B	26.36B	29.17B
Total Debt+	4.11B	8.51B	8.24B	9.35B	11.82B	11.2B	11.24B	11.1B	12.76B	15.24B
Net Debt	4.01B	7.65B	7.86B	9.03B	11.6B	10.32B	9.84B	10.59B	12.42B	14.85B
Debt / Equity	-	0.65x	2.30x	4.20x	16.82x	26.04x	7.95x	19.54x	-	-
Debt / EBITDA	2.76x	5.37x	2.96x	3.53x	5.37x	19.93x	5.49x	2.87x	2.97x	3.58x
Net Debt / EBITDA	2.69x	4.83x	2.82x	3.41x	5.26x	18.37x	4.81x	2.74x	2.89x	3.49x
Interest Coverage	8.08x	6.09x	8.69x	6.96x	4.57x	0.19x	4.17x	8.59x	6.84x	5.42x
Total Equity+	-3.59B	13.01B	3.58B	2.23B	703M	430M	1.41B	568M	-682M	-2.99B
Equity Growth %	-0.63%	4.62%	-0.72%	-0.38%	-0.68%	-0.39%	2.29%	-0.6%	-2.2%	-3.39%
Book Value per Share	-13.16	44.71	9.43	6.28	2.10	1.32	4.29	1.74	-2.25	-10.49
Total Shareholders' Equity	-3.59B	5.36B	3.58B	2.23B	703M	430M	1.41B	568M	-682M	-2.99B
Common Stock	5M	5M	5M	5M	5M	5M	5M	5M	5M	5M
Retained Earnings	4.88B	6.5B	7.24B	8.98B	9.64B	9.21B	10.3B	12.34B	14.84B	16.53B
Treasury Stock	-11.1B	-6.46B	-9.42B	-12.19B	-14.38B	-14.5B	-14.45B	-17.02B	-20.93B	-24.64B
Accumulated OCI	-196M	-497M	-17M	-391M	-361M	-135M	-342M	-729M	-647M	-1.06B
Minority Interest	0	7.65B	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.51B	1.62B	2.23B	2.36B	1.69B	1.64B	1.18B	2.36B	3.17B	2.75B
Operating CF Margin %	0.1%	0.11%	0.11%	0.11%	0.08%	0.16%	0.08%	0.11%	0.13%	0.11%
Operating CF Growth %	0.24%	0.07%	0.38%	0.06%	-0.29%	-0.03%	-0.28%	1.01%	0.34%	-0.13%
Net Income	859M	808M	1.46B	1.91B	1.27B	-267M	1.1B	2.36B	3.08B	2.38B
Depreciation & Amortization	139M	159M	279M	284M	403M	478M	295M	400M	436M	492M
Stock-Based Compensation	113M	212M	181M	184M	187M	201M	182M	192M	205M	237M
Deferred Taxes	143M	103M	887M	-239M	-200M	-478M	-281M	280M	-612M	-172M
Other Non-Cash Items	302M	443M	-549M	297M	295M	1.73B	-228M	-325M	-11M	-101M
Working Capital Changes	-41M	-106M	-30M	-76M	-273M	-28M	110M	-542M	69M	-82M
Change in Receivables	0	0	0	0	0	0	0	0	0	0
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	0	0	0	0	0	0	0	0	0	0
Cash from Investing+	367M	-2.35B	1.21B	-52M	-284M	35M	-187M	-297M	-465M	-734M
Capital Expenditures	-305M	-199M	-240M	-556M	-653M	-135M	-183M	-332M	-452M	-750M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.03%	0.03%	0.01%	0.01%	0.02%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	816M	245M	1.64B	504M	-26M	-90M	-4M	35M	88M	16M
Cash from Financing+	-1.89B	1.5B	-3.9B	-2.37B	-1.51B	-1.03B	-463M	-2.96B	-2.86B	-1.96B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-253M	-374M	-482M	-543M	-612M	-156M	0	-321M	-587M	-682M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-85M	-124M	-157M	-105M	-156M	-111M	-234M	-72M	-133M	-138M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.21B	1.42B	1.99B	1.8B	1.03B	1.5B	994M	2.03B	2.72B	2B
FCF Margin %	0.08%	0.09%	0.1%	0.09%	0.05%	0.14%	0.07%	0.1%	0.11%	0.08%
FCF Growth %	0.49%	0.17%	0.4%	-0.09%	-0.43%	0.46%	-0.34%	1.04%	0.34%	-0.26%
FCF per Share	4.44	4.88	5.23	5.08	3.08	4.62	3.02	6.23	8.97	7.01
FCF Conversion (FCF/Net Income)	1.76x	2.00x	1.53x	1.24x	1.32x	-6.14x	1.07x	1.00x	1.03x	1.16x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	17.16%	17.59%	65.68%	86.95%	-47.13%	119.2%	237.94%	-	-
Return on Invested Capital (ROIC)	106.69%	10.14%	11.7%	15.64%	11.46%	0.55%	11.93%	23.17%	25.31%	23.95%
Gross Margin	14.66%	17.34%	18.64%	17.7%	15.34%	13.8%	20.21%	21.94%	21.61%	20.32%
Net Margin	5.93%	5.24%	7.13%	9.19%	6.07%	-2.53%	7.93%	11.35%	13%	9.46%
Debt / Equity	-	0.65x	2.30x	4.20x	16.82x	26.04x	7.95x	19.54x	-	-
Interest Coverage	8.08x	6.09x	8.69x	6.96x	4.57x	0.19x	4.17x	8.59x	6.84x	5.42x
FCF Conversion	1.76x	2.00x	1.53x	1.24x	1.32x	-6.14x	1.07x	1.00x	1.03x	1.16x
Revenue Growth	5%	6.36%	32.74%	1.5%	1.03%	-49.59%	31.09%	49.91%	14.15%	5.85%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Reimbursements	-	-	-	-	-	-	-	-	-	18.8B
Reimbursements Growth	-	-	-	-	-	-	-	-	-	-
Fee Service	-	-	-	-	-	-	-	-	-	5.17B
Fee Service Growth	-	-	-	-	-	-	-	-	-	-
Franchise	-	-	-	-	-	-	-	-	-	3.11B
Franchise Growth	-	-	-	-	-	-	-	-	-	-
Management Service, Base	-	-	-	-	-	-	-	-	-	2.06B
Management Service, Base Growth	-	-	-	-	-	-	-	-	-	-
Owned, Leased and Other	-	-	-	-	-	-	-	-	-	1.55B
Owned, Leased and Other Growth	-	-	-	-	-	-	-	-	-	-
United States & Canada	-	-	-	-	-	7.91B	10.36B	15.75B	17.7B	-
United States & Canada Growth	-	-	-	-	-	-	31.01%	52.11%	12.33%	-
International	-	2.64B	-	-	-	-	2.25B	3.49B	4.46B	-
International Growth	-	-	-	-	-	-	-	54.66%	27.80%	-
Unallocated Corporate and Other	-	499M	590M	1.08B	595M	1.3B	1.25B	1.53B	1.56B	-
Unallocated Corporate and Other Growth	-	-	18.24%	83.90%	-45.16%	117.82%	-3.78%	23.02%	1.83%	-
EMEA	-	-	-	-	-	758M	-	-	-	-
EMEA Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific	-	-	1.34B	1.12B	1.19B	612M	-	-	-	-
Asia Pacific Growth	-	-	-	-16.82%	6.35%	-48.53%	-	-	-	-
North American Full-Service	-	10.38B	14.3B	13.07B	13.46B	-	-	-	-	-
North American Full-Service Growth	-	-	37.82%	-8.59%	2.93%	-	-	-	-	-
North American Limited-Service	-	3.56B	4B	3.22B	3.38B	-	-	-	-	-
North American Limited-Service Growth	-	-	12.38%	-19.62%	5.00%	-	-	-	-	-
Other International	-	-	2.66B	2.27B	2.35B	-	-	-	-	-
Other International Growth	-	-	-	-14.75%	3.93%	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States & Canada	-	-	-	-	-	7.91B	10.36B	15.75B	17.7B	18.61B
United States & Canada Growth	-	-	-	-	-	-	31.01%	52.11%	12.33%	5.18%
International	-	2.64B	-	-	-	-	2.25B	3.49B	4.46B	3.96B
International Growth	-	-	-	-	-	-	-	54.66%	27.80%	-11.02%
Unallocated Corporate and Other	-	499M	-	1.08B	595M	1.3B	1.25B	1.53B	1.56B	-
Unallocated Corporate and Other Growth	-	-	-	-	-45.16%	117.82%	-3.78%	23.02%	1.83%	-
EMEA	-	-	-	-	-	758M	-	-	-	-
EMEA Growth	-	-	-	-	-	-	-	-	-	-
Asia Pacific	-	-	-	1.12B	1.19B	612M	-	-	-	-
Asia Pacific Growth	-	-	-	-	6.35%	-48.53%	-	-	-	-
United States	-	13.39B	-	15.43B	15.98B	-	-	-	-	-
United States Growth	-	-	-	-	3.57%	-	-	-	-	-
Other International	-	-	-	2.27B	2.35B	-	-	-	-	-
Other International Growth	-	-	-	-	3.93%	-	-	-	-	-
Canada	-	545M	-	862M	856M	-	-	-	-	-
Canada Growth	-	-	-	-	-0.70%	-	-	-	-	-
North American Full Service	12.02B	-	-	-	-	-	-	-	-	-
North American Full Service Growth	-	-	-	-	-	-	-	-	-	-
International	2.2B	-	-	-	-	-	-	-	-	-
International Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Marriott International, Inc. (MAR) has a price-to-earnings (P/E) ratio of 39.1x. This suggests investors expect higher future growth.

Growth & Financials

Marriott International, Inc. (MAR) reported $25.93B in revenue for fiscal year 2024. This represents a 110% increase from $12.32B in 2011.

Marriott International, Inc. (MAR) grew revenue by 5.8% over the past year. This is steady growth.

Yes, Marriott International, Inc. (MAR) is profitable, generating $2.61B in net income for fiscal year 2024 (9.5% net margin).

Dividend & Returns

Yes, Marriott International, Inc. (MAR) pays a dividend with a yield of 0.73%. This makes it attractive for income-focused investors.

Marriott International, Inc. (MAR) generated $2.22B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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