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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 USD ۳۵۹ versus our fair value of USD ۲۲۸; the high endpoint is presented separately as potential value of USD ۳۰۴. 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 USD ۲۲۸ and a potential value of USD ۳۰۴. 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 USD ۳۵۹ versus fair value of USD ۲۲۸; potential value is USD ۳۰۴. 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 USD ۲۲۸, the potential value of USD ۳۰۴, and the price recorded at analysis (USD ۳۵۹).
این گزارش هنوز ترجمه نشده است. پس از چند دقیقه، زمانی که صف ترجمه به‌روز شد، صفحه را تازه کنید.
§1 خلاصه اجراییEN
پاسخ ۳۰ ثانیه‌ایSell
قیمت در برابر ارزش
Price
$358.69
Fair value
$227.84
Potential value
$303.69
As of
تاریخ قیمت ثبت نشده است
چرا این سناریو می‌تواند موفق باشد
Bull: Accelerating international footprint growth, expanding co-branded credit card fees, and enduring pricing power structurally elevate margins and support mid-teens EPS compounding.
چه چیزی دیدگاه ما را تغییر می‌دهد
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
Global scale and brand portfolio yielding immense .
Global travel demand outstrips limited supply pipelines, driving aggressive ADR (Average Daily Rate) and RevPAR expansion across upscale portfolios.
توصیه داخلی
Sell. The $94.5B market capitalization leaves zero margin of safety, pricing in perpetual double-digit growth while ignoring cyclical travel risks.
نمای کلی شرکت
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 سناریوی نزولیEN
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.
چگونگی شکست این تز
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
سیگنالهای هشدار اولیه برای پایش
پنج تحولی که می‌تواند تز سرمایه‌گذاری ما را تضعیف کند.
Underperforming top-line expansion indicates enterprise travel budget reductions and consumer lodging weakness, curbing base and incentive management fee income across franchised properties.
وضعیت فعلی:Revenue growth was 4.3% for the period ended 2025-12-31
هشدار در صورتFalls below 2.0% for two consecutive fiscal quarters
02
§3 خندق رقابتیEN
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.
سود اقتصادی
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
تهدیدات شناخته‌شده برای خندق
تهدید
شدت
بازه زمانی
کاهش
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.
Project SBC-adjusted , discount each year's earnings at , then add a Gordon-growth .
§5 حساسیت
نرخ تنزیل
رشد نهایی
2.0%
2.5%
3.0%
3.5%
4.0%
8.0%
$265.81
$289.98
$318.98
$354.42
$398.72
9.0%
$227.84
$245.37
$265.81
$289.98
$318.98
10.0%
$199.36
$212.65
$227.84
$245.37
$265.81
11.0%
$177.21
$187.63
$199.36
$212.65
$227.84
12.0%
$159.49
$167.88
$177.21
$187.63
$199.36
ردیف‌ها: نرخ تنزیل (Ke برای سود؛ WACC برای جریان نقدی). ستون‌ها: رشد نهایی.
تغییر مدت (سال)
Unavailable
مرجع حساسیت
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.
مطابق
Hold
محرک: 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.
کمتر از انتظار
Reassess
محرک: 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.
کیفیت سود
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.
فعلیRevenue growth was 4.3% for the period ended 2025-12-31
چرا مهم است
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.
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 صنعت و چرخهEN
فاز چرخه
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.
چرخه صعودی
Global travel demand outstrips limited supply pipelines, driving aggressive ADR (Average Daily Rate) and RevPAR expansion across upscale portfolios.
چرخه نزولی
Macroeconomic tightening slashes discretionary consumer travel and corporate group bookings, directly impacting fee generation.
موقعیتیابی
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 مدیریت موقعیتEN
اندازه موقعیت
Avoid allocation. The massive 36% downside to the base case provides zero margin of safety for fundamental allocators.
ریسک
Liquidate current holdings into market strength. The implied >15% perpetual growth rate represents extreme structural overvaluation.
بخش‌های ورود
سطح
اقدام
چرا
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.
بخش‌های خروج
سطح
اقدام
Thesis break
Liquidate current holdings into market strength. The implied >15% perpetual growth rate represents extreme structural overvaluation.
§12 دیدگاههای سرمایهگذارانEN
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 توصیه نهاییEN
اقدام
فروش
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.
§15یادداشتهای شما
تز سرمایه‌گذاری، اندازه موقعیت و پرسشهای پیگیری خود را ثبت کنید. روی همین دستگاه میماند و فقط شما آن را میبینید.
یادداشتهای خصوصی
فقط برای شما قابل مشاهده است. روی همین دستگاه ذخیره می‌شود.
Elevated financial debt increases debt service burdens during high interest rate environments, restricting financial flexibility and forcing management to curtail shareholder capital returns.
وضعیت فعلی:$17B total debt load against $4.80B EBITDA for the period ended 2025-12-31
هشدار در صورتExceeds 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.
وضعیت فعلی:Active share repurchase program as of 2026-05-20
هشدار در صورتFormal 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.
وضعیت فعلی:Active global room addition pipeline as of 2026-05-20
هشدار در صورتContracts 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.
وضعیت فعلی:Active Bonvoy loyalty platform engagement as of 2026-05-20
هشدار در صورتSustains 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.
فعلی$17B total debt load against $4.80B EBITDA for the period ended 2025-12-31
چرا مهم است
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
معیار:
Share Repurchase Program Curtailment
فعلیActive share repurchase program as of 2026-05-20
چرا مهم است
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
معیار:
Global Room Pipeline Contraction
فعلیActive global room addition pipeline as of 2026-05-20
چرا مهم است
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
معیار:
Loyalty Program Active Member Engagement
فعلیActive Bonvoy loyalty platform engagement as of 2026-05-20
چرا مهم است
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.
