NASDAQ · Consumer Cyclical

Marriott International, Inc.

MAR · Lodging

$346.94

▼ -8.03 (-2.26%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Marriott International, Inc. at $346.94.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 19.9%

Operating Margin 15.8%

Net Income Margin 9.9%

Fin. Health F

Years to Pay Off Debt 6.6 yrs

Working Capital vs Long-Term Debt -$19.8B

Working Capital -$4.8B

Valuation A

Price-to-Book -24.37x

Cash Flow B

Free Cash Flow $2.6B

CapEx % of Net Income 23.2%

Owner Earnings $3.8B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $91.9B

Enterprise Value $110.9B

P/E (TTM) 36.48

Dividend Yield 0.74%

Exchange NASDAQ

Key Margins

Gross Profit 19.9%

Operating Margin 15.8%

Net Margin 9.9%

Company Info

Sector Consumer Cyclical

Industry Lodging

Employees 414000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Marriott International, Inc. at $346.94.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Marriott International, Inc.

Marriott International, Inc. engages in the operation, franchise, and licensing of hotel, residential, timeshare, and other lodging properties in the U.S. & Canada, Europe, Middle East & Africa, Greater China, and Asia Pacific, and internationally. It operates properties under JW Marriott, The Ritz-Carlton, The Luxury Collection, W Hotels, St. Regis, EDITION, Bvlgari, Marriott Hotels, Sheraton, Westin, Autograph Collection, Renaissance Hotels, Le Méridien, Delta Hotels by Marriott, MGM Collection with Marriott Bonvoy, Tribute Portfolio, Gaylord Hotels, Design Hotels, Marriott Executive Apartments, Apartments by Marriott Bonvoy, Courtyard by Marriott, Fairfield by Marriott, Residence Inn by Marriott, SpringHill Suites by Marriott, Four Points by Sheraton, TownePlace Suites by Marriott, Aloft Hotels, AC Hotels by Marriott, Moxy Hotels, Element Hotels, Protea Hotels by Marriott, citizen, City Express by Marriott, and Four Points Flex by Sheraton brand names, as well as operates residences, timeshares, and yachts. The company was founded in 1927 and is headquartered in Bethesda, Maryland.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	19.9% ▲	19.8%	21.0%	21.9%	N/A
Operating Margin %	15.8% ▲	15.3%	16.5%	16.7%	N/A
Net Income %	9.9% ▲	9.5%	13.0%	11.4%	N/A
Diluted EPS	9.51 ▲	8.33	10.18	7.24	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$27.5B	$26.2B	$25.7B	$24.8B	N/A
Total Debt	$17.1B ↑	$15.2B	$12.8B	$11.1B	N/A
Working Capital	-$4.8B ▲	-$5.2B	-$4.5B	-$4.0B	N/A
Years to Pay Debt	6.57	6.42	4.14	4.71	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.6B ▲	$2.0B	$2.7B	$2.0B	N/A
Owner Earnings	$3.8B	$3.6B	$4.0B	$3.1B	N/A
CapEx % of Net Income	23.2%	31.6%	14.7%	14.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	468	-18,942	-5,220	-2,916
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,800,000	4,415,000	4,439,000	3,929,000
Total Unusual Items	2,000	-77,000	-60,000	-12,000
Total Unusual Items Excluding Goodwill	2,000	-77,000	-60,000	-12,000
Net Income From Continuing Operation Net Minority Interest	2,601,000	2,375,000	3,083,000	2,358,000
Reconciled Depreciation	599,000	492,000	436,000	400,000
Reconciled Cost Of Revenue	20,578,000	19,819,000	18,486,000	16,008,000
EBITDA	4,802,000	4,338,000	4,379,000	3,917,000
EBIT	4,203,000	3,846,000	3,943,000	3,517,000
Net Interest Income	-767,000	-655,000	-535,000	-377,000
Interest Expense	809,000	695,000	565,000	403,000
Interest Income	42,000	40,000	30,000	26,000
Normalized Income	2,599,468	2,433,058	3,137,780	2,367,084
Net Income From Continuing And Discontinued Operation	2,601,000	2,375,000	3,083,000	2,358,000
Total Expenses	22,047,000	21,256,000	19,789,000	17,299,000
Total Operating Income As Reported	4,141,000	3,767,000	3,864,000	3,462,000
Diluted Average Shares	273,600	285,200	302,900	325,800
Basic Average Shares	272,900	284,200	301,500	324,400
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,601,000	2,375,000	3,083,000	2,358,000
Net Income Common Stockholders	2,601,000	2,375,000	3,083,000	2,358,000
Net Income	2,601,000	2,375,000	3,083,000	2,358,000
Net Income Including Noncontrolling Interests	2,601,000	2,375,000	3,083,000	2,358,000
Net Income Continuous Operations	2,601,000	2,375,000	3,083,000	2,358,000
Tax Provision	793,000	776,000	295,000	756,000
Pretax Income	3,394,000	3,151,000	3,378,000	3,114,000
Other Income Expense	22,000	-38,000	-11,000	17,000
Other Non Operating Income Expenses	9,000	31,000	40,000	11,000
Special Income Charges	2,000	-77,000	-60,000	-12,000
Other Special Charges					164,000
Restructuring And Mergern Acquisition	-2,000	77,000	60,000	12,000
Earnings From Equity Interest	11,000	8,000	9,000	18,000
Net Non Operating Interest Income Expense	-767,000	-655,000	-535,000	-377,000
Interest Expense Non Operating	809,000	695,000	565,000	403,000
Interest Income Non Operating	42,000	40,000	30,000	26,000
Operating Income	4,139,000	3,844,000	3,924,000	3,474,000
Operating Expense	1,083,000	1,128,000	1,056,000	1,084,000
Depreciation Amortization Depletion Income Statement	213,000	183,000	189,000	193,000
Depreciation And Amortization In Income Statement	213,000	183,000	189,000	193,000
Selling General And Administration	870,000	945,000	867,000	891,000
General And Administrative Expense	870,000	945,000	867,000	891,000
Other Gand A	870,000	945,000	867,000	891,000
Gross Profit	5,222,000	4,972,000	4,980,000	4,558,000
Cost Of Revenue	20,964,000	20,128,000	18,733,000	16,215,000
Total Revenue	26,186,000	25,100,000	23,713,000	20,773,000
Operating Revenue	7,117,000	6,721,000	6,388,000	5,445,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	265,865	276,672	290,540	310,600
Share Issued	265,865	276,672	290,540	310,600
Net Debt	15,846,000	14,051,000	11,535,000	9,557,000
Total Debt	17,083,000	15,241,000	12,760,000	11,098,000
Tangible Book Value	-23,014,000	-21,211,000	-18,758,000	-17,051,000
Invested Capital	12,433,000	11,455,000	11,191,000	10,632,000
Working Capital	-4,814,000	-5,164,000	-4,451,000	-4,026,000
Net Tangible Assets	-23,014,000	-21,211,000	-18,758,000	-17,051,000
Capital Lease Obligations	879,000	794,000	887,000	1,034,000
Common Stock Equity	-3,771,000	-2,992,000	-682,000	568,000
Total Capitalization	11,224,000	10,146,000	10,638,000	9,948,000
Total Equity Gross Minority Interest	-3,771,000	-2,992,000	-682,000	568,000
Stockholders Equity	-3,771,000	-2,992,000	-682,000	568,000
Gains Losses Not Affecting Retained Earnings	-642,000	-1,063,000	-647,000	-729,000
Other Equity Adjustments	-642,000	-1,063,000	-647,000	-729,000
Treasury Stock	27,900,000	24,644,000	20,929,000	17,015,000
Retained Earnings	18,414,000	16,531,000	14,838,000	12,342,000
Additional Paid In Capital	6,352,000	6,179,000	6,051,000	5,965,000
Capital Stock	5,000	5,000	5,000	5,000
Common Stock	5,000	5,000	5,000	5,000
Total Liabilities Net Minority Interest	31,311,000	29,174,000	26,356,000	24,247,000
Total Non Current Liabilities Net Minority Interest	22,913,000	20,525,000	18,594,000	16,908,000
Other Non Current Liabilities	5,760,000	5,409,000	5,160,000	5,122,000
Non Current Deferred Liabilities	1,279,000	1,184,000	1,227,000	1,372,000
Non Current Deferred Revenue	1,200,000	1,103,000	1,018,000	1,059,000
Non Current Deferred Taxes Liabilities	79,000	81,000	209,000	313,000
Long Term Debt And Capital Lease Obligation	15,874,000	13,932,000	12,207,000	10,414,000
Long Term Capital Lease Obligation	879,000	794,000	887,000	1,034,000
Long Term Debt	14,995,000	13,138,000	11,320,000	9,380,000
Current Liabilities	8,398,000	8,649,000	7,762,000	7,339,000
Other Current Liabilities	3,497,000	3,487,000	3,328,000	3,314,000
Current Debt And Capital Lease Obligation	1,209,000	1,309,000	553,000	684,000
Current Debt	1,209,000	1,309,000	553,000	684,000
Payables And Accrued Expenses	3,692,000	3,853,000	3,881,000	3,341,000
Current Accrued Expenses	2,878,000	3,090,000	3,143,000	2,595,000
Payables	814,000	763,000	738,000	746,000
Accounts Payable	814,000	763,000	738,000	746,000
Total Assets	27,540,000	26,182,000	25,674,000	24,815,000
Total Non Current Assets	23,956,000	22,697,000	22,363,000	21,502,000
Other Non Current Assets	799,000	716,000	658,000	584,000
Non Current Deferred Assets	570,000	650,000	673,000	240,000
Non Current Deferred Taxes Assets	570,000	650,000	673,000	240,000
Non Current Note Receivables	151,000	136,000	138,000	152,000
Investments And Advances	298,000	298,000	308,000	335,000
Long Term Equity Investment	298,000	298,000	308,000	335,000
Goodwill And Other Intangible Assets	19,243,000	18,219,000	18,076,000	17,619,000
Other Intangible Assets	10,336,000	9,488,000	9,190,000	8,747,000
Goodwill	8,907,000	8,731,000	8,886,000	8,872,000
Net PPE	2,895,000	2,678,000	2,510,000	2,572,000
Accumulated Depreciation	-947,000	-881,000	-890,000	-874,000
Gross PPE	3,842,000	3,559,000	3,400,000	3,446,000
Construction In Progress	149,000	89,000	72,000	36,000
Other Properties	941,000	845,000	929,000	987,000
Machinery Furniture Equipment	643,000	619,000	622,000	649,000
Buildings And Improvements	1,337,000	1,238,000	1,108,000	1,086,000
Land And Improvements	772,000	768,000	669,000	688,000
Current Assets	3,584,000	3,485,000	3,311,000	3,313,000
Other Current Assets	317,000	294,000	261,000	235,000
Prepaid Assets					251,000
Receivables	2,909,000	2,795,000	2,712,000	2,571,000
Accounts Receivable	2,909,000	2,795,000	2,712,000	2,571,000
Allowance For Doubtful Accounts Receivable	-212,000	-199,000	-197,000	-191,000
Gross Accounts Receivable	3,121,000	2,994,000	2,909,000	2,762,000
Cash Cash Equivalents And Short Term Investments	358,000	396,000	338,000	507,000
Cash And Cash Equivalents	358,000	396,000	338,000	507,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,608,000	1,999,000	2,718,000	2,031,000
Repurchase Of Capital Stock	-3,300,000	-3,762,000	-3,953,000	-2,566,000
Repayment Of Debt	-1,309,000	-558,000	-684,000	-804,000
Issuance Of Debt	3,436,000	2,948,000	1,918,000	983,000
Issuance Of Capital Stock	92,000	73,000	29,000	0
Capital Expenditure	-604,000	-750,000	-452,000	-332,000
End Cash Position	371,000	425,000	366,000	525,000
Beginning Cash Position	425,000	366,000	525,000	1,421,000
Changes In Cash	-54,000	59,000	-159,000	-896,000
Financing Cash Flow	-2,318,000	-1,956,000	-2,864,000	-2,962,000
Cash Flow From Continuing Financing Activities	-2,318,000	-1,956,000	-2,864,000	-2,962,000
Net Other Financing Charges	-116,000	-138,000	-133,000	-72,000
Cash Dividends Paid	-718,000	-682,000	-587,000	-321,000
Common Stock Dividend Paid	-718,000	-682,000	-587,000	-321,000
Net Common Stock Issuance	-3,208,000	-3,689,000	-3,924,000	-2,566,000
Common Stock Payments	-3,300,000	-3,762,000	-3,953,000	-2,566,000
Common Stock Issuance	92,000	73,000	29,000	0
Net Issuance Payments Of Debt	1,724,000	2,553,000	1,780,000	-3,000
Net Short Term Debt Issuance	-403,000	163,000	546,000	-182,000
Net Long Term Debt Issuance	2,127,000	2,390,000	1,234,000	179,000
Long Term Debt Payments	-1,309,000	-558,000	-684,000	-804,000
Long Term Debt Issuance	3,436,000	2,948,000	1,918,000	983,000
Investing Cash Flow	-948,000	-734,000	-465,000	-297,000
Cash Flow From Continuing Investing Activities	-948,000	-734,000	-465,000	-297,000
Net Other Investing Changes	-353,000		-84,000	34,000	-16,000
Net Business Purchase And Sale			-101,000	0	0
Purchase Of Business			-101,000	0	0
Net PPE Purchase And Sale	9,000	16,000	71,000	1,000
Sale Of PPE	9,000	16,000	71,000	1,000
Capital Expenditure Reported	-604,000	-750,000	-452,000	-332,000
Operating Cash Flow	3,212,000	2,749,000	3,170,000	2,363,000
Cash Flow From Continuing Operating Activities	3,212,000	2,749,000	3,170,000	2,363,000
Change In Working Capital	-147,000	-82,000	69,000	-542,000
Other Non Cash Items	200,000	-101,000	-11,000	-325,000
Stock Based Compensation	236,000	237,000	205,000	192,000
Deferred Tax	-277,000	-172,000	-612,000	280,000
Deferred Income Tax	-277,000	-172,000	-612,000	280,000
Depreciation Amortization Depletion	599,000	492,000	436,000	400,000
Depreciation And Amortization	599,000	492,000	436,000	400,000
Depreciation	599,000	492,000	436,000	400,000
Operating Gains Losses					164,000
Net Income From Continuing Operations	2,601,000	2,375,000	3,083,000	2,358,000

These metrics estimate what Marriott International, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A

Margin of Safety

—

Market Cap ÷ Company Value

-2.98

P/B Ratio

-24.37

Warren's Owner Earnings

$3.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$26.2B

vs > $1.5B revenue

❌ Strong Financial Condition

0.43x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.74%

vs Uninterrupted dividends

❌ Earnings Growth

+31.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

36.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

N/A (negative book value)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-104.66

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	23.2%	31.6%	14.7%	14.1%	N/A
Repurchase of Capital Stock	-$3.3B	-$3.8B	-$4.0B	-$2.6B	N/A
Free Cash Flow	$2.6B ▲	$2.0B ▼	$2.7B ▲	$2.0B •	N/A •
Warren's Owner Earnings	$3.8B	$3.6B	$4.0B	$3.1B	N/A

Peers & Industry

No auto-detected peers for Lodging. You can manually compare MAR against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

17.80%

High — management has strong skin in the game

Return on Assets (ROA)

9.4%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$3.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+12.1% YoY

Debt is growing — management is leveraging up

Leadership Team

Anthony Capuano Jr.

President, CEO & Director

Age 59

Pay: $6,835,025

0.263% of net income

Jennifer Mason

Executive VP & CFO

Age 55

Jackie Burka McConagha

Senior Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	7.81%	20,680,132
Blackrock Inc.	5.92%	15,693,529
State Street Corporation	3.57%	9,445,794
Wellington Management Group, LLP	3.24%	8,576,175
FMR, LLC	2.54%	6,719,325
Geode Capital Management, LLC	1.97%	5,230,583
Morgan Stanley	1.81%	4,793,465
Massachusetts Financial Services Co.	1.79%	4,732,764

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

1.11

Moderate volatility — moves slightly more than market

Short Interest

2.4% of float

Low short interest — market is not heavily bearish

Current Ratio