Marriott International (MAR) AI Stock Analysis

• Market Cap: $94.33B
• Dividend Yield: 0.84%
• Average Volume (3M): 1.58M
• Price to Earnings (P/E): 37.4
• Beta (1Y): 1.04
• Revenue Growth: 4.68%
• EPS Growth: -1.10%
• Country: US
• Employees: 418,000
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Lodging
• EPS (TTM): 2.58
• Shares Outstanding: 264,984,560
• 10 Day Avg. Volume: 1,916,438
• 30 Day Avg. Volume: 1,582,538
• PEG Ratio: 2.31
• Price to Book (P/B): -22.09
• Price to Sales (P/S): 3.18
• P/FCF Ratio: 31.94
• Enterprise Value/Market Cap: 1.15
• Enterprise Value/Revenue: 4.16
• Enterprise Value/Gross Profit: 19.50
• Enterprise Value/Ebitda: 23.58
• 1Y Price Target: $363.06
• Price Target Upside: 4.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 18
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $379.00 ▲(8.93% Upside)

The score is driven primarily by strong operating results and cash generation, supported by constructive technical momentum and upbeat 2026 guidance. Offsetting these positives are elevated leverage/negative equity and a relatively expensive valuation (high P/E with a modest dividend yield), with recent debt issuance underscoring balance-sheet risk.

Positive Factors

Cash generation

Marriott converted 2025 operating performance into roughly $3.2B of operating and free cash flow, showing durable cash-generation. This cash base supports multi-year investments (renovations, tech), sizable shareholder returns and ongoing debt service, underpinning strategic flexibility over the medium term.

Scale & development pipeline

A ~1.78M-room global portfolio and a 610k-room pipeline provide durable growth optionality and scale economics. Rapid conversions (75% join within 12 months) expand fee-bearing assets and management contracts, producing predictable, recurring fee revenue and margin-accretive expansion across markets over multiple years.

Loyalty & co-branded card revenue

Bonvoy's massive membership and rising co‑branded card fees strengthen customer retention and spend visibility. Loyalty-driven repeat bookings and card partnerships are durable drivers of high-margin fee income, improving guest lifetime value and steadying franchise and royalty revenue streams long term.

Negative Factors

Elevated leverage & negative equity

Marriott's sizable debt load (~$17.1B) and consecutive years of negative equity materially constrain financial flexibility. Elevated leverage increases refinancing, interest‑rate and covenant risk, reducing the company's ability to fund opportunistic M&A or absorb a prolonged revenue shock without relying on capital markets or asset sales.

Business-transient & government travel weakness

Persistent softness in business-transient and government travel compresses RevPAR in corporate and lower‑tier segments. These segmental headwinds are structural in nature (slow recovery of corporate volume, episodic government travel shocks) and can meaningfully reduce fee and incentive management income across multiple quarters.

Greater China demand sensitivity

Greater China remains an uneven market: management expects roughly flat RevPAR in 2026 amid weak macro and consumer sentiment. Given Marriott's international exposure, prolonged or renewed weakness in China can blunt international RevPAR gains and slow fee and conversion momentum in a key growth region.

Marriott International Business Overview & Revenue Model

Company Description

Marriott 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.

How the Company Makes Money

Marriott International generates revenue primarily through its hotel operations, which include room bookings, food and beverage sales, and meeting and event services. The company operates on a franchise model, where a significant portion of its revenue comes from franchise fees paid by independent hotel owners who operate under Marriott's brand. Additionally, Marriott earns management fees for hotels that are managed on behalf of owners. The company's loyalty program, Marriott Bonvoy, plays a crucial role in driving customer retention and repeat bookings, contributing to its overall revenue. Furthermore, partnerships with travel agencies, corporate clients, and other businesses enhance its earnings by providing a steady flow of guests and increasing brand visibility.

Marriott International Financial Statement Overview

Summary

Operating performance and cash generation are strong (income statement score 78; cash flow score 74), including solid profitability and ~$3.2B of operating/free cash flow in 2025. The main offset is meaningful balance-sheet risk (balance sheet score 34) with elevated and rising debt (~$17.1B in 2025) and negative equity in 2023–2025, reducing flexibility if conditions weaken.

Income Statement

Revenue has expanded strongly from 2020 to 2025 (from ~$10.6B to ~$26.2B), with continued growth in 2024–2025. Profitability is solid in the most recent year, with net margin around ~10% and operating profitability in the mid-teens. However, margins peaked in 2022–2023 and eased in 2024–2025, and the business has shown sensitivity to downturns (2020 loss and sharp revenue drop), which tempers the score.

Balance Sheet

Leverage is elevated, with total debt rising to ~$17.1B in 2025. Equity is negative in 2023–2025, which is a meaningful balance-sheet risk signal and makes equity-based leverage and return measures unfavorable. While the asset base supports operations, the combination of high debt and negative equity reduces financial flexibility and increases vulnerability if operating conditions weaken.

Cash Flow

Cash generation is a clear strength: operating cash flow increased to ~$3.2B in 2025, and free cash flow was also ~$3.2B, showing strong conversion of earnings into cash (free cash flow roughly matching net income in 2025). Free cash flow rebounded sharply in 2025 after a softer 2024. A watch item is that operating cash flow relative to debt remains moderate, meaning the company likely relies on sustained performance and refinancing access rather than rapid debt paydown from annual cash flow alone.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	26.19B	25.10B	23.71B	20.77B	13.86B
Gross Profit	5.59B	5.10B	5.12B	4.56B	2.80B
EBITDA	4.49B	4.34B	4.38B	3.92B	1.90B
Net Income	2.60B	2.38B	3.08B	2.36B	1.10B
Balance Sheet
Total Assets	27.54B	26.18B	25.67B	24.82B	25.55B
Cash, Cash Equivalents and Short-Term Investments	358.00M	396.00M	338.00M	507.00M	1.39B
Total Debt	17.08B	15.24B	12.76B	11.10B	11.24B
Total Liabilities	31.31B	29.17B	26.36B	24.25B	24.14B
Stockholders Equity	-3.77B	-2.99B	-682.00M	568.00M	1.41B
Cash Flow
Free Cash Flow	2.61B	2.00B	2.72B	2.03B	994.00M
Operating Cash Flow	3.21B	2.75B	3.17B	2.36B	1.18B
Investing Cash Flow	-948.00M	-734.00M	-465.00M	-297.00M	-187.00M
Financing Cash Flow	-2.32B	-1.96B	-2.86B	-2.96B	-463.00M

Marriott International Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 347.93
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAR, the sentiment is Positive. The current price of 347.93 is above the 20-day moving average (MA) of 334.57, above the 50-day MA of 321.77, and above the 200-day MA of 282.75, indicating a bullish trend. The MACD of 10.29 indicates Negative momentum. The RSI at 60.56 is Neutral, neither overbought nor oversold. The STOCH value of 58.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAR.

Marriott International Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HTHT	74 Outperform	$15.98B	30.86	32.28%	3.60%	5.70%	9.53%
IHG	71 Outperform	$21.85B	29.50	―	1.21%	8.89%	23.20%
HLT	69 Neutral	$72.43B	51.60	―	0.21%	6.68%	48.03%
MAR	68 Neutral	$94.33B	37.45	―	0.84%	4.68%	-1.10%
H	68 Neutral	$15.87B	-304.83	-1.51%	0.36%	2.61%	-106.74%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
WH	60 Neutral	$6.06B	32.10	34.53%	2.13%	3.38%	38.04%

Marriott International Corporate Events

Marriott Issues New Senior Notes to Bolster Liquidity

On February 18, 2026, Marriott International, Inc. entered into a terms agreement with a syndicate of underwriters to issue two tranches of senior notes: $600 million of 4.500% Series WW Notes due 2033 and $850 million of 5.100% Series XX Notes due 2038, which were issued on February 20, 2026, under an existing indenture with The Bank of New York Mellon as trustee. The offering generated approximately $1.425 billion in net proceeds that Marriott plans to deploy for general corporate purposes, including potential working capital, capital expenditures, acquisitions, share repurchases, or debt repayment, underscoring its continued use of the bond market to support balance sheet flexibility and fund strategic and operational needs.

Interest on both series will be paid semiannually on May 1 and November 1, beginning November 1, 2026, with the Series WW Notes maturing on May 1, 2033 and the Series XX Notes maturing on May 1, 2038, and the company retaining the option to redeem the notes in whole or in part on specified terms. The issuance, conducted via a registered public offering supported by a base prospectus and prospectus supplement filed with the Securities and Exchange Commission, reinforces Marriott’s access to long-term capital markets to manage its funding profile and support ongoing corporate initiatives.

The most recent analyst rating on (MAR) stock is a Buy with a $395.00 price target. To see the full list of analyst forecasts on Marriott International stock, see the MAR Stock Forecast page.

Marriott Director Debra L. Lee to Exit Board

On February 3, 2026, Marriott International announced that Debra L. Lee, a member of its Board of Directors and chair of the Board’s Inclusion and Social Impact Committee, informed the company she will not stand for re-election at the 2026 annual shareholders’ meeting, a decision that was not due to any disagreement with Marriott’s operations, policies, or practices.

The most recent analyst rating on (MAR) stock is a Hold with a $323.00 price target. To see the full list of analyst forecasts on Marriott International stock, see the MAR Stock Forecast page.

Marriott International announces major global leadership realignment

On January 9, 2026, Marriott International announced a major leadership reshuffle and regional realignment, highlighted by the retirements of long-time executives Liam Brown, Group President, U.S. and Canada, and Brian King, President, Enterprise Transformation & CALA, who will step down from their roles at the end of March 2026 and retire at the end of June 2026. Effective March 28, 2026, the company will unify its U.S., Canada and CALA operations under Satya Anand, currently President of EMEA, who becomes Group President, U.S., Canada and CALA, while Neal Jones will be promoted to President, EMEA, and Federico “Fede” Greppi will become President, CALA, with Brown and King remaining in advisory roles through June to ensure a smooth transition. The moves underscore Marriott’s reliance on experienced internal talent to sustain growth, deepen owner relationships and sharpen regional execution across nearly 80 countries in EMEA and more than 500 properties in CALA, while consolidating the Americas under one leadership structure to enhance alignment and operational efficiency during the company’s next phase of global expansion.

The most recent analyst rating on (MAR) stock is a Buy with a $370.00 price target. To see the full list of analyst forecasts on Marriott International stock, see the MAR Stock Forecast page.