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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
MAR — frequently asked questions
Is Marriott International, Inc. overvalued?
In our latest published analysis dated 2026-05-20, MAR looks meaningfully overvalued. The price recorded at analysis is 359 USD versus our fair value of 228 USD; the high endpoint is presented separately as potential value of 304 USD. That implies roughly 36.5% downside to fair value at that date.
Our latest published report, analyzed 2026-05-20, gives MAR a fair value of 228 USD and a potential value of 304 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Marriott International, Inc.'s archetype; it is a dated research output, not a live price.
Should I buy MAR now?
Our latest published rating for MAR, analyzed 2026-05-20, is Sell. Marriott International, Inc. looks meaningfully overvalued at the analysis-date price of 359 USD versus fair value of 228 USD; potential value is 304 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for MAR?
The dedicated bear-case section in our report analyzed 2026-05-20 documents Marriott International, Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is MAR's rating?
Our latest published rating for MAR, analyzed 2026-05-20, is Sell, with a published moat assessment of 9/10 (Wide). It reflects our fair value of 228 USD, the potential value of 304 USD, and the price recorded at analysis (359 USD).
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§1 Resumen ejecutivoEN
Respuesta en 30 segundosSell
Precio frente a valor
Precio
$358.69
Valor razonable
$227.84
Valor potencial
$303.69
A fecha de
Fecha de cotización no registrada
Por qué puede funcionar
Bull: Accelerating international footprint growth, expanding co-branded credit card fees, and enduring pricing power structurally elevate margins and support mid-teens EPS compounding.
Qué cambiaría nuestra opinión
Interest Rate Shock & Refinancing Squeeze: Cost of debt spikes on the $17B load, forcing cash diversion from the buyback engine to debt service, collapsing the EPS accretion thesis.
Marriott International operates an elite asset-light lodging franchise model, leveraging global scale and the Bonvoy loyalty network to generate high returns on invested capital and robust free cash flow. Despite executing highly accretive buybacks, the current market valuation aggressively overprices these fundamentals, completely ignoring downside lodging cycle risks.
Marriott International operates an elite asset-light lodging franchise model, leveraging global scale and the Bonvoy loyalty network to generate high returns on invested capital and robust free cash flow. Despite executing highly accretive buybacks, the current market valuation aggressively overprices these fundamentals, completely ignoring downside lodging cycle risks.
Dominant Bonvoy loyalty ecosystem locking
Dominant Bonvoy loyalty ecosystem locking in high-value corporate travelers.
Global scale and brand portfolio yielding immense pricing power.
Cycle upside
Global travel demand outstrips limited supply pipelines, driving aggressive ADR (Average Daily Rate) and RevPAR expansion across upscale portfolios.
Recomendación de la casa
Sell. The $94.5B market capitalization leaves zero margin of safety, pricing in perpetual double-digit growth while ignoring cyclical travel risks.
Descripción general de la empresa
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.
§2 Caso bajistaEN
A severe macroeconomic contraction compresses RevPAR, while sustained high interest rates raise the cost of servicing $17B in debt, forcing a halt to share buybacks and destroying EPS growth momentum.
A prolonged macroeconomic slowdown stalls RevPAR growth, while structural heavy debt loads ($17B) and higher interest rates restrict share buybacks and compress equity valuations.
Cómo puede fallar esta tesis
Interest Rate Shock & Refinancing Squeeze
Medium
Cost of debt spikes on the $17B load, forcing cash diversion from the buyback engine to debt service, collapsing the EPS accretion thesis.
FV impact
-30%
Trigger
12-24 months
Señales de alerta temprana a vigilar
Los cinco acontecimientos que debilitarían nuestra tesis de inversión.
Underperforming top-line expansion indicates enterprise travel budget reductions and consumer lodging weakness, curbing base and incentive management fee income across franchised properties.
Actual:Revenue growth was 4.3% for the period ended 2025-12-31
Alerta siFalls below 2.0% for two consecutive fiscal quarters
02
§3 Foso competitivoEN
Wide
Dominant Bonvoy loyalty ecosystem locking in high-value corporate travelers.
Global scale and brand portfolio yielding immense pricing power.
Asset-light franchise model generating highly recurring fee streams.
Beneficio económico
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
9/ 10
Wide
Sources of advantage
01Dominant Bonvoy loyalty ecosystem locking in high-value corporate travelers. — Dominant Bonvoy loyalty ecosystem locking in high-value corporate travelers.Wide
02Global scale and brand portfolio yielding immense pricing power. — Global scale and brand portfolio yielding immense pricing power.Wide
03Asset-light franchise model generating highly recurring fee streams. — Asset-light franchise model generating highly recurring fee streams.Wide
Amenazas conocidas al foso
Amenaza
Severidad
Cronograma
Mitigación
Consolidation of Online Travel Agencies (OTAs) compressing intermediary margins.
medium
Monitor
Monitor the threat against the report checkpoints.
Institutionalization of alternative lodging supply (e.g., Airbnb) capturing broader demographics.
The highlighted base cell is anchored to composite fair-value midpoint ($227.84). It is the reference value for this grid, not a separate standalone fair-value claim.
Accelerating international footprint growth, expanding co-branded credit card fees, and enduring pricing power structurally elevate margins and support mid-teens EPS compounding.
If near-term RevPAR growth fails to achieve the 6.4% hurdle, expect violent multiple compression given the 37x trailing P/E. If interest expenses scale up and interrupt buyback pacing, EPS internal valuation cross-check will miss aggressively.
En línea
Hold
Disparador: In-line results
If near-term RevPAR growth fails to achieve the 6.4% hurdle, expect violent multiple compression given the 37x trailing P/E. If interest expenses scale up and interrupt buyback pacing, EPS internal valuation cross-check will miss aggressively.
Fallo
Reassess
Disparador: Downside surprise
If near-term RevPAR growth fails to achieve the 6.4% hurdle, expect violent multiple compression given the 37x trailing P/E. If interest expenses scale up and interrupt buyback pacing, EPS internal valuation cross-check will miss aggressively.
Calidad de los beneficios
If near-term RevPAR growth fails to achieve the 6.4% hurdle, expect violent multiple compression given the 37x trailing P/E. If interest expenses scale up and interrupt buyback pacing, EPS internal valuation cross-check will miss aggressively.
ActualRevenue growth was 4.3% for the period ended 2025-12-31
Por qué importa
Warning level: Falls below 2.0% for two consecutive fiscal quarters. Underperforming top-line expansion indicates enterprise travel budget reductions and consumer lodging weakness, curbing base and incentive management fee income across franchised properties.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
Ingresos más recientes26,2 mil MCAGR de ingresos +8,0 %
Margen operativo15,8 %4 periodos fiscales
Flujo de caja libre más reciente2608 MFY2025
Deuda neta16,7 mil MFY2025
Desglose de la cuenta de resultadosCómo la escala del negocio se convierte en beneficio declarado.
StockMarketAgent.AI
Ingresos26,2 mil MCoste de ventas−21 mil MBeneficio bruto5222 MGastos operativos−1083 MBeneficio operativo4139 MPartidas no operativas e impuestos−1538 MBeneficio neto2601 M
Datos del historial financiero
Ingresos
26.186.000.000
Coste de ventas
20.964.000.000
Beneficio bruto
5.222.000.000
Gastos operativos
1.083.000.000
Beneficio operativo
4.139.000.000
Partidas no operativas e impuestos
-1.538.000.000
Beneficio neto
2.601.000.000
Resumen del balanceCómo se mantienen y financian los activos declarados en el período seleccionado.
StockMarketAgent.AI
Composición de activosFinanciado por
Activos totales27,5 mil MEfectivo358 MActivos corrientes3584 MPasivos totales31,3 mil MPasivos corrientes8398 MDéficit patrimonial3771 M
Datos del desglose del balance
Activos totales
27.540.000.000
Efectivo
358.000.000
Activos corrientes
3.584.000.000
Pasivos totales
31.311.000.000
Pasivos corrientes
8.398.000.000
Déficit patrimonial
3.771.000.000
Ingresos y beneficiosCómo la escala del negocio se convierte en beneficio declarado.
Efectivo y deudaLiquidez disponible frente al endeudamiento total.
Generación de efectivoFlujo de caja operativo frente al flujo de caja libre.
RentabilidadEvolución de los márgenes bruto, operativo y neto.
Datos financieros puntuales utilizados en el análisis del 2026-05-20.
Datos del historial financiero
Período
Ingresos
EBITDA
Beneficio neto
Flujo de caja operativo
Flujo de caja libre
Capex
Depreciación y amortización
Compensación basada en acciones
Recompras de acciones
Dividendos pagados
Emisión neta de deuda
Flujo de inversión
Flujo de financiación
Efectivo inicial
Efectivo final
Efectivo e inversiones
Deuda total
Margen operativo
ROIC
WACC
Diferencial ROIC−WACC
2022-12-31
20,8 mil M
3917 M
2358 M
2363 M
2031 M
332 M
400 M
192 M
2566 M
321 M
-3 M
—
—
—
—
507 M
11,1 mil M
16,7 %
—
9,6 %
—
2023-12-31
23,7 mil M
4379 M
3083 M
3170 M
2718 M
452 M
436 M
205 M
3953 M
587 M
1780 M
—
—
—
—
338 M
12,8 mil M
16,5 %
—
10,1 %
—
2024-12-31
25,1 mil M
4338 M
2375 M
2749 M
1999 M
750 M
492 M
237 M
3762 M
682 M
2553 M
—
—
—
—
396 M
15,2 mil M
15,3 %
—
10,7 %
—
2025-12-31
26,2 mil M
4802 M
2601 M
3212 M
2608 M
604 M
599 M
236 M
3300 M
718 M
1724 M
—
—
—
—
358 M
17,1 mil M
15,8 %
—
8,7 %
—
§9 Comparación de valoración con pares
Valor razonableReport-date price
Marriott International, Inc.MAR
Precio / valor razonable
Valor razonable227,84 US$Report-date price358,69 US$
Fecha de evaluación
Ventaja competitivaWide
Cuadro de mando de inversión59 / 100
Hilton Worldwide Holdings Inc.HLT
Precio / valor razonable
Valor razonable183,91 US$Report-date price313,96 US$
Fecha de evaluación
Ventaja competitivaWide
Cuadro de mando de inversión60 / 100
Amazon.com Inc.AMZN
Precio / valor razonable
Valor razonable183,76 US$Report-date price258,51 US$
Fecha de evaluación
Ventaja competitivaNarrow
Cuadro de mando de inversión63 / 100
Marriott International, Inc.MAR
Precio / valor razonable
Valor razonable227,84 US$Report-date price358,69 US$
MAR trades at 27.4x forward earnings against a peer median of 26.4x; EV/EBITDA of 23.6x against a peer median of 18.5x; 6 peers.
§10 Industria y cicloEN
Fase del ciclo
Expansion
Operating in a normal asset-light phase. Property-level capital expenditures are borne by franchisees, while corporate free cash flow is almost entirely directed toward share repurchases.
Ciclo alcista
Global travel demand outstrips limited supply pipelines, driving aggressive ADR (Average Daily Rate) and RevPAR expansion across upscale portfolios.
Ciclo bajista
Macroeconomic tightening slashes discretionary consumer travel and corporate group bookings, directly impacting fee generation.
Posicionamiento
Operating in a normal asset-light phase. Property-level capital expenditures are borne by franchisees, while corporate free cash flow is almost entirely directed toward share repurchases.
§11 Gestión de posiciónEN
Tamaño de posición
Avoid allocation. The massive 36% downside to the base case provides zero margin of safety for fundamental allocators.
Riesgo
Liquidate current holdings into market strength. The implied >15% perpetual growth rate represents extreme structural overvaluation.
Tramos de entrada
Nivel
Acción
Por qué
Current / pullbacks
Await a major cyclical washout or severe multiple compression closer to the $225 intrinsic level before contemplating initiation.
Await a major cyclical washout or severe multiple compression closer to the $225 intrinsic level before contemplating initiation.
Tramos de salida
Nivel
Acción
Thesis break
Liquidate current holdings into market strength. The implied >15% perpetual growth rate represents extreme structural overvaluation.
§12 Perspectivas de inversoresEN
Bull view
Buy
Upside case depends on the report valuation range and named growth catalysts.
Base view
Sell
While Marriott operates an exceptional, moat-protected franchise model, the stock trades at a staggering premium to unlevered free cash flows. Sustained, flawless execution is entirely priced in, leaving investors vulnerable to cyclical mean reversion.
§14 Recomendación finalEN
Acción
Vender
Sell. Unfavorable risk/reward asymmetry is driven by stretched multiples, cycle-peak assumptions, and a massive gap to intrinsic fundamental value.
Reassess the thesis against the named valuation, risk, and quarterly checkpoint evidence in this report.
§15Your notes
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
Elevated financial debt increases debt service burdens during high interest rate environments, restricting financial flexibility and forcing management to curtail shareholder capital returns.
Actual:$17B total debt load against $4.80B EBITDA for the period ended 2025-12-31
Alerta siExceeds 4.0x for two consecutive quarters
03
Share Repurchase Program Curtailment
Halting share repurchases eliminates a core pillar of per-share earnings growth, signaling cash flow diversion toward debt refinancing and removing critical valuation support.
Actual:Active share repurchase program as of 2026-05-20
Alerta siFormal board suspension or greater than 50.0% reduction in annual share repurchases
04
Global Room Pipeline Contraction
A shrinking room pipeline limits unit growth expansion and curbs long-term franchise royalty compounding, constraining future earnings potential independent of cyclical occupancy fluctuations.
Actual:Active global room addition pipeline as of 2026-05-20
Alerta siContracts by more than 5.0% year-over-year over any twelve-month period
05
Loyalty Program Active Member Engagement
Weakening loyalty participation shifts booking distribution toward high-cost online travel agencies, eroding owner operating margins and reducing the attractiveness of new franchise conversions.
Actual:Active Bonvoy loyalty platform engagement as of 2026-05-20
Alerta siSustains a 10.0% or greater year-over-year decline in active member direct bookings
Monitor
Monitor the threat against the report checkpoints.
Prolonged corporate travel budget optimization structurally reducing group volume.
medium
Monitor
Monitor the threat against the report checkpoints.
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
How this lens was calculated
This edition does not contain enough finite inputs to reproduce the lens calculation.
Stable debt servicing costs.
Marriott maintains asset-light operating leverage and steady cash flows, but the current market valuation excessively pulls forward perpetual growth, necessitating a sharp multiple contraction to align with fundamentals.
Actual$17B total debt load against $4.80B EBITDA for the period ended 2025-12-31
Por qué importa
Warning level: Exceeds 4.0x for two consecutive quarters. Elevated financial debt increases debt service burdens during high interest rate environments, restricting financial flexibility and forcing management to curtail shareholder capital returns.
03
Métrica:
Share Repurchase Program Curtailment
ActualActive share repurchase program as of 2026-05-20
Por qué importa
Warning level: Formal board suspension or greater than 50.0% reduction in annual share repurchases. Halting share repurchases eliminates a core pillar of per-share earnings growth, signaling cash flow diversion toward debt refinancing and removing critical valuation support.
04
Métrica:
Global Room Pipeline Contraction
ActualActive global room addition pipeline as of 2026-05-20
Por qué importa
Warning level: Contracts by more than 5.0% year-over-year over any twelve-month period. A shrinking room pipeline limits unit growth expansion and curbs long-term franchise royalty compounding, constraining future earnings potential independent of cyclical occupancy fluctuations.
05
Métrica:
Loyalty Program Active Member Engagement
ActualActive Bonvoy loyalty platform engagement as of 2026-05-20
Por qué importa
Warning level: Sustains a 10.0% or greater year-over-year decline in active member direct bookings. Weakening loyalty participation shifts booking distribution toward high-cost online travel agencies, eroding owner operating margins and reducing the attractiveness of new franchise conversions.
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Precio / valor razonable
Valor razonable24,84 US$Report-date price354,08 US$
Fecha de evaluación
Ventaja competitivaNone
Cuadro de mando de inversión49 / 100
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