Marriott International (MAR)
NASDAQ:MAR
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Marriott International
(NASDAQ:MAR)
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Rating:68Neutral
Price Target:
$379.00
▲(12.13% Upside)
Action:DowngradedDate:02/22/26
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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Marriott International (MAR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$89.56B
Dividend Yield0.84%
Average Volume (3M)1.64M
Price to Earnings (P/E)46.8
Beta (1Y)1.03
Revenue Growth4.68%
EPS Growth-1.10%
CountryUS
Employees418,000
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Lodging
Share Statistics
EPS (TTM)2.58
Shares Outstanding264,984,560
10 Day Avg. Volume1,708,918
30 Day Avg. Volume1,640,878
Financial Highlights & Ratios
PEG Ratio2.31
Price to Book (P/B)-22.09
Price to Sales (P/S)3.18
P/FCF Ratio31.94
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue3.99
Enterprise Value/Gross Profit18.69
Enterprise Value/Ebitda22.61
Forecast
1Y Price Target
$365.41Price Target Upside8.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering18
EPS Forecast (FY)11.55
Revenue Forecast (FY)$27.95B
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...
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 re...
Marriott International Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyMarriott International Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call presented broad momentum across Marriott's global portfolio: accelerating organic room growth, record pipeline and conversions, continued RevPAR improvement (especially internationally and in luxury/leisure), solid fee and adjusted EBITDA growth, strong loyalty expansion, and sizable shareholder returns. Near‑term challenges include softness in Greater China, pressure in business transient/government travel (notably due to the US government shutdown), volatility in residential branding fees, some select‑service softness, and reclassification/one‑time charges that complicate comparability. Management provided positive 2026 guidance for rooms growth, fee revenue, EBITDA and EPS while flagging Q1 timing sensitivities and ongoing credit‑card negotiations.Positive Updates
Large Global Portfolio and Accelerating Rooms Growth
Portfolio at ~1,780,000 rooms across >9,800 properties in 145 countries; inked ~1,200 deals representing ~163,000 rooms in 2025; record pipeline of 610,000 rooms (up 2% QoQ, up 6% YoY) with ~265,000 rooms under construction (up 15% YoY). Conversions drove ~1/3 of signings/openings and 75% of conversion rooms joined the system within 12 months. Company expects net rooms growth of 4.5%–5% in 2026 (organic).
Negative Updates
Greater China Operating Challenges
Greater China faced weak macro conditions and soft consumer sentiment. While Q4 RevPAR returned to growth (~+3%) driven by ADR in Hong Kong, Taiwan, Hainan and tier‑one cities, management expects Greater China RevPAR to be roughly flat in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Large Global Portfolio and Accelerating Rooms Growth
Portfolio at ~1,780,000 rooms across >9,800 properties in 145 countries; inked ~1,200 deals representing ~163,000 rooms in 2025; record pipeline of 610,000 rooms (up 2% QoQ, up 6% YoY) with ~265,000 rooms under construction (up 15% YoY). Conversions drove ~1/3 of signings/openings and 75% of conversion rooms joined the system within 12 months. Company expects net rooms growth of 4.5%–5% in 2026 (organic).
Read all positive updates
Company Guidance
Marriott guided to net rooms growth of 4.5%–5.0% in 2026 (inclusive of ~1.0%–1.5% typical room deletions), full‑year global RevPAR growth of 1.5%–2.5% (Greater China roughly flat) with the FIFA World Cup adding ~30–35 bps, and sensitivity of ~ $55–$65 million of RevPAR‑related fees per 1% RevPAR change; fee revenues are expected to rise 8%–10% to ~$5.9–$5.96 billion with incentive management fees flat-to-up slightly and a meaningful ~35% year‑over‑year increase in co‑branded credit‑card fees reflected in franchise fees (new U.S. card deals not yet modeled), residential branding fees possibly up ~40%, timeshare fees ~$110–$115 million, owned/leased & other net ~$230–$240 million, full‑year adjusted EBITDA up 8%–10% to roughly $5.8–$5.9 billion, adjusted effective tax rate 26.0%–26.5% (core cash tax in the low‑20s), adjusted EPS growth of ~13%–15%, Q1 RevPAR +1%–2% with Q1 gross fees +7%–8% (Q1 residential branding down ~10%–15%), Q1 owned/leased & other net ~ $15 million, planned 2026 investment spending of $1.0–$1.1 billion (≈25% renovations, 35%–40% tech transformation, 35%–40% contract/unit investment), and continued shareholder returns of over $4.3 billion.Marriott International Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
34
Negative
Cash Flow
74
Positive
| 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
Positive
338.00
Price Trends
331.19
Positive
317.98
Positive
292.36
Positive
Market Momentum
-0.04
Negative
57.97
Neutral
92.06
Negative
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 338 is above the 20-day moving average (MA) of 324.92, above the 50-day MA of 331.19, and above the 200-day MA of 292.36, indicating a bullish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 57.97 is Neutral, neither overbought nor oversold. The STOCH value of 92.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAR.
Marriott International Risk Analysis
Marriott International disclosed 32 risk factors in its most recent earnings report. Marriott International reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marriott International Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $20.06B | 28.95 | -23.50% | 1.21% | 8.89% | 23.20% | |
68 Neutral | $89.56B | 46.80 | -79.90% | 0.84% | 4.68% | -1.10% | |
68 Neutral | $13.79B | ― | -1.50% | 0.36% | 2.61% | -106.74% | |
65 Neutral | $15.54B | 20.45 | 42.78% | 3.60% | 5.70% | 9.53% | |
62 Neutral | $70.37B | 46.53 | -30.22% | 0.21% | 6.68% | 48.03% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $6.26B | 29.64 | 35.09% | 2.13% | 3.38% | 38.04% |
* Consumer Cyclical Sector Average
MAR
Marriott International
338.00
128.86
61.61%
HTHT
H World Group
51.86
22.61
77.28%
H
Hyatt Hotels
145.99
42.15
40.58%
IHG
Intercontinental Hotels Group
134.86
39.29
41.12%
HLT
Hilton Worldwide Holdings
306.88
106.04
52.80%
WH
Wyndham Hotels & Resorts
83.32
6.45
8.39%
Marriott International Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Marriott Issues New Senior Notes to Bolster Liquidity
Positive
Feb 20, 2026
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 du...
Executive/Board Changes
Marriott Director Debra L. Lee to Exit Board
Neutral
Feb 6, 2026
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 a...
Business Operations and StrategyExecutive/Board Changes
Marriott International announces major global leadership realignment
Positive
Jan 9, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.