Consumer Discretionary · Hotels, Resorts & Cruise Lines · US stock · price as of 16 Oct 2026
Key indicators
Price
$388.05
52-week range
$254.64 – $410.15
Market cap
$102.6B
P/E (trailing)
40.4×
EV / EBITDA
28.0×
Free-cash-flow yield
3.1%
Dividend yield
0.7%
Revenue (last 12 months)
$26.9B
Revenue growth (3y a year)
8.0%
Operating margin
15.8%
Return on invested capital
26.5%
Net debt / EBITDA
3.9×
Fair value
Blended fair value$309.19 range $279 – $346
Versus priceFair−20% to fair value
Peer multiples
$214.61
Fundamentals-adjusted multiple
$309.35
10-year DCF (market-scaled)
$403.61
Earnings power value (floor, not blended)
$72.43
Model uncertainty
Medium
X-Ray Score
44/ 100 · High confidence · ahead of 26% of sector peers
Valuation20
Growth59
Profitability52
Financial health43
Dividends52
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Marriott International Inc an X-Ray Score of 44 out of 100 (high confidence), ahead of 26% of the S&P 500 stocks in its sector. Its strongest lens is growth (59) and its weakest is valuation (20).
Our fair value blend is $309.19 (range $278.85 to $345.50). At $388.05 the stock trades 26% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Marriott International Inc (MAR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$158.42
$143.62
$219.82
$274.61
$308.41
$388.05
Market cap
$52.2B
$46.8B
$66.6B
$78.3B
$84.4B
$102.6B
P/E
47.4×
19.8×
21.6×
33.0×
32.4×
40.4×
EV / revenue
4.4×
2.7×
3.3×
3.7×
3.8×
4.4×
EV / EBITDA
34.8×
16.3×
20.2×
24.5×
24.2×
28.0×
Price / free cash flow
52.5×
23.0×
24.5×
39.2×
32.4×
32.8×
Free-cash-flow yield
1.9%
4.3%
4.1%
2.6%
3.1%
3.1%
Price / book
36.9×
82.4×
–
–
–
–
Dividend yield
–
0.70%
0.89%
0.88%
0.86%
0.72%
Fundamentals checklist ● 2 Good · ● 6 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.1%Bad
Free-cash-flow yield3.1%Bad
Risk models
Altman Z score2.3×Average
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)9.5%Average
Free-cash-flow growth (3y)8.7%Average
Revenue growth (3y)8.0%Average
Growth consistency100%Good
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA3.9×Bad
Interest cover5.0×Bad
Valuation
Fair value vs price0.8×Bad
EBIT / EV yield3.6%Bad
Profitability
Return on invested capital26.5%Average
Operating margin15.8%Average
Red flags
Negative equity — Book equity is negative
XStocksXray
Marriott International Inc (MAR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
13,857
20,773
23,713
25,100
26,186
26,904
Gross profit
–
–
–
–
–
–
Operating income
1,750
3,462
3,864
3,767
4,141
4,250
Net income
1,099
2,358
3,083
2,375
2,601
2,587
Diluted EPS ($)
3.34
7.24
10.18
8.33
9.51
9.60
Free cash flow
994
2,031
2,718
1,999
2,608
3,132
Gross margin
–
–
–
–
–
–
Operating margin
12.6%
16.7%
16.3%
15.0%
15.8%
15.8%
Net margin
7.9%
11.4%
13.0%
9.5%
9.9%
9.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
25,553
24,815
25,674
26,182
27,540
28,085
Cash
1,393
507
338
396
358
462
Total debt
10,138
10,064
11,873
14,447
16,204
16,915
Equity
1,414
568
-682
-2,992
-3,771
-4,525
Dividend per share ($)
–
1.00
1.96
2.41
2.64
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.