2026mag
MAR May 2026 · Sell
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.Latest published research · analyzed 2026-05-20 · historical · sources unverified