Marriott International, Inc. (MAR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-59.5%

$168.81

vs $416.32 price

Levered DCF

$128.34

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

7.54

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	32.59×	33.37×	22.04×	20.48×	49.18×	-160.88×	39.54×	21.04×
P/B	-22.09×	-26.5×	-99.69×	85.04×	38.24×	99.95×	71.67×	17.08×
P/S	3.18×	3.16×	2.87×	2.33×	3.9×	4.07×	2.4×	1.83×
EV / EBITDA	20.89×	21.7×	18.36×	15.03×	33.73×	116.63×	25.87×	15.84×
Gross margin	21.3%	20.3%	21.6%	21.9%	20.2%	13.8%	15.3%	17.7%
Operating margin	15.8%	15.0%	16.3%	16.7%	12.6%	0.8%	8.6%	11.4%
Net margin	9.9%	9.5%	13.0%	11.4%	7.9%	-2.5%	6.1%	9.2%
Current ratio	0.43×	0.4×	0.43×	0.45×	0.57×	0.49×	0.47×	0.42×
Debt / equity	-4.53×	-5.09×	-18.71×	19.54×	7.95×	26.04×	16.82×	4.2×
Interest coverage	5.12×	5.42×	6.84×	8.59×	4.17×	0.19×	4.57×	6.96×
Dividend yield	0.9%	0.9%	0.9%	0.7%	0.0%	0.4%	1.2%	1.4%
Payout ratio	27.6%	28.7%	19.0%	13.6%	0.0%	-58.4%	48.1%	28.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-69.0%	-79.4%	-452.1%	415.1%	77.7%	-62.1%	181.1%	85.7%
Return on invested capital	15.6%	15.1%	19.1%	14.4%	8.2%	0.2%	7.4%	10.6%
Return on assets	9.4%	9.1%	12.0%	9.5%	4.3%	-1.1%	5.1%	8.0%
Free cash flow yield	3.1%	2.5%	4.0%	4.2%	1.8%	3.5%	2.0%	4.7%
Earnings yield	3.1%	3.0%	4.5%	4.9%	2.0%	-0.6%	2.5%	5.0%
Enterprise value	$100B	$94.1B	$80.4B	$58.9B	$63.9B	$53.3B	$62B	$47B
Net debt / EBITDA	3.49×	3.42×	2.84×	2.7×	5.19×	22.59×	4.84×	3.04×
Cash conversion cycle (days)	26	27	27	28	28	40	27	21