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World's largest hotel company by rooms, franchising and managing hotel brands from budget to luxury.
World's largest hotel company by rooms, franchising and managing hotel brands from budget to luxury.
Owns few hotels. Owners pay it fees for brand use, bookings and, where it manages the hotel, day-to-day running, typically a share of room revenue plus an incentive fee tied to profit. Co-branded credit cards pay it for loyalty points. The 2016 purchase of Starwood added brands and members.
Moat: wide (scale, brand, network effects). Largest global room count and loyalty program create powerful demand generation for franchisees.
Headquarters: Bethesda, Maryland, US · Founded: 1927 · Employees: 414,000
Size Marriott International (MAR) is a United States Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $107B, the 115th largest of 3,117 United States companies the cockpit tracks. Shares closed at $416.47 on 6 Nov 2026.
Performance Over six months the shares gained 18.1%, against +11.9% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 5.8% over the last twelve months (peer median +4.7%); the operating margin is 15.9% (peer median 21.1%).
Valuation It trades at 32.1× forward earnings against a peer median of 18.8× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.5 points above its cost of capital (9.9% WACC).
Credit Marriott International has 26 bonds outstanding ($18.5B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 92 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $27.4B | $26.2B | $25.1B | $23.7B | $20.8B |
| Revenue growth | — | +4% | +6% | +14% | — |
| Gross profit | $5.26B | $5.01B | $4.92B | $4.93B | $4.37B |
| EBITDA | $4.65B | $4.35B | $4.37B | $4.43B | $3.79B |
| Net income | $2.65B | $2.60B | $2.38B | $3.08B | $2.36B |
| Free cash flow | $3.48B | $2.61B | $2.00B | $2.72B | $2.03B |
| Capital expenditure | $583M | $604M | $750M | $452M | $332M |
| Total debt | $17.7B | $17.2B | $15.3B | $12.9B | $11.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Marriott International MAR | $107B | +18% | +6% | 16% | 32.1× | 17.9% |
| Hilton Worldwide HLT | n/a | +17% | n/a | n/a | n/a | n/a |
| InterContinental Hotels Group PLC Sponsored ADR IHG | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% |
| Hyatt Hotels H | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% |
| Wyndham Hotels & Resorts WH | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.3% | +13.5% | 10th highest of 21 |
| 6-month return | +18.1% | +11.9% | 8th highest of 21 |
| Distance from 52-week high | -3.9% | -9.1% | 7th highest of 21 |
| Revenue growth (TTM) | +5.8% | +4.7% | 9th highest of 21 |
| Operating margin | 15.9% | 21.1% | 8th lowest of 21 |
| Forward P/E | 32.1× | 18.8× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 17.9% | 13.3% | 7th most demanding of 18 |
| Growth delivered (Del g) | +19.9% | +27.0% | 8th lowest of 18 |
| Hurdle (Req g minus delivered) | -2.0 pp | -7.8 pp | 7th most demanding of 18 |
| ROIC minus cost of capital | +18.5 pp | -1.2 pp | 3rd highest of 19 |
| EV / EBITDA | 26.8× | 14.4× | 3rd most expensive of 20 |
| Net debt / EBITDA | 3.7× | 3.8× | 10th least indebted of 21 |
| Bond spread | 92 bp | 125 bp | 3rd tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Marriott International MAR | United States | $107B | +18% | +6% | 16% | 32.1× | 17.9% | +19.9% |
| Airbnb ABNB | United States | $114B | +34% | +14% | 21% | 30.7× | 26.0% | +29.5% |
| Royal Caribbean RCL | United States | $87.5B | +19% | +10% | 27% | 16.4× | 23.2% | +52.0% |
| Carnival CCL | United States | $39.8B | +13% | +5% | 16% | 12.4× | 14.5% | +36.6% |
| Viking VIK | United States | $39.1B | +6% | +20% | 23% | 24.4× | 19.2% | +27.0% |
| InterContinental Hotels Group PLC Sponsored ADR IHG | United States | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% | +16.6% |
| Hyatt Hotels H | United States | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% | +27.7% |
| H World 1179.HK | Hong Kong | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% | +19.1% |
| Indian Hotels INDHOTEL.NS | India | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% | +43.8% |
| Accor AC.PA | France | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% | +28.3% |
| Hanjinkal 180640.KS | South Korea | $9.60B | +74% | +7% | 1% | 43.3× | n/a | n/a |
| Norwegian Cruise Line NCLH | United States | $8.23B | +5% | +5% | 14% | 13.8× | n/a | n/a |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% | +37.7% |
| Seibu 9024.T | Japan | $6.11B | +2% | -41% | 10% | 29.6× | n/a | n/a |
| Vail Resorts MTN | United States | $5.66B | +26% | -4% | 16% | 27.9× | 9.6% | +8.2% |
| Wyndham Hotels & Resorts WH | United States | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% | +1.8% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% | +15.6% |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% | +11.2% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 15.8× | 1.8% | +43.1% |
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% | +11.2% |
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | n/a | 24.2% | +20.7% |
Marriott International has 26 bonds outstanding with $18.5B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.58%, a spread of 92 bp over government bonds.