Latest Ratios: P/E Ratio 39.3x · EV/EBITDA 25.9x · ROE N/A. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $98.3B | $83.6B | $79.6B | $68.3B | $48.5B | $54.4B | $43.0B | $50.8B | $38.5B | $51.6B | $24.1B |
| Enterprise Value | $115.1B | $100.3B | $94.4B | $80.7B | $59.1B | $64.3B | $53.3B | $62.4B | $47.5B | $59.4B | $31.7B |
| P/E Ratio → | 39.30 | 32.69 | 33.49 | 22.15 | 20.56 | 49.47 | — | 39.96 | 21.29 | 35.35 | 30.29 |
| P/S Ratio | 3.76 | 3.19 | 3.17 | 2.88 | 2.34 | 3.93 | 4.07 | 2.42 | 1.85 | 2.52 | 1.56 |
| P/B Ratio | — | — | — | — | 85.40 | 38.48 | 99.95 | 72.27 | 17.28 | 14.40 | 1.85 |
| P/FCF | 37.71 | 32.05 | 39.80 | 25.13 | 23.88 | 54.74 | 28.58 | 49.23 | 21.35 | 25.95 | 16.94 |
| P/OCF | 30.62 | 26.02 | 28.94 | 21.55 | 20.53 | 46.23 | 26.22 | 30.15 | 16.31 | 23.15 | 14.86 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.83 | 3.76 | 3.40 | 2.85 | 4.64 | 5.04 | 2.98 | 2.29 | 2.91 | 2.06 |
| EV / EBITDA | 25.92 | 22.60 | 22.16 | 18.77 | 15.30 | 31.42 | 94.84 | 28.33 | 17.92 | 21.35 | 20.03 |
| EV / EBIT | 27.79 | 23.94 | 24.54 | 20.47 | 16.80 | 40.16 | — | 31.31 | 17.68 | 18.17 | 21.52 |
| EV / FCF | — | 38.46 | 47.22 | 29.70 | 29.10 | 64.64 | 35.44 | 60.47 | 26.36 | 29.90 | 22.32 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.3% | 21.3% | 20.3% | 21.6% | 21.9% | 20.2% | 13.8% | 15.3% | 17.7% | 18.6% | 17.3% |
| Operating Margin | 15.8% | 15.8% | 15.0% | 16.3% | 16.7% | 12.6% | 0.8% | 8.6% | 11.4% | 12.2% | 9.2% |
| Net Profit Margin | 9.9% | 9.9% | 9.5% | 13.0% | 11.4% | 7.9% | -2.5% | 6.1% | 9.2% | 7.1% | 5.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | 237.9% | 119.2% | -47.1% | 87.0% | 65.7% | 17.6% | 17.2% |
| ROA | 9.7% | 9.7% | 9.2% | 12.2% | 9.4% | 4.4% | -1.1% | 5.2% | 8.0% | 6.1% | 5.3% |
| ROIC | 25.0% | 25.0% | 23.9% | 25.3% | 23.2% | 11.9% | 0.5% | 11.5% | 15.6% | 11.7% | 10.1% |
| ROCE | 22.6% | 22.6% | 21.3% | 21.8% | 18.9% | 9.2% | 0.5% | 10.1% | 13.4% | 13.5% | 13.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 19.54 | 7.95 | 26.04 | 16.82 | 4.20 | 2.30 | 0.65 |
| Debt / EBITDA | 3.85 | 3.85 | 3.58 | 2.97 | 2.87 | 5.49 | 19.93 | 5.37 | 3.53 | 2.96 | 5.37 |
| Net Debt / Equity | — | — | — | — | 18.65 | 6.96 | 24.00 | 16.50 | 4.06 | 2.19 | 0.59 |
| Net Debt / EBITDA | 3.77 | 3.77 | 3.49 | 2.89 | 2.74 | 4.81 | 18.37 | 5.26 | 3.41 | 2.82 | 4.83 |
| Debt / FCF | — | 6.41 | 7.43 | 4.57 | 5.21 | 9.90 | 6.86 | 11.24 | 5.01 | 3.95 | 5.39 |
| Interest Coverage | 5.18 | 5.18 | 5.53 | 6.98 | 8.73 | 3.81 | -0.05 | 5.06 | 7.90 | 11.35 | 6.29 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.43 | 0.43 | 0.40 | 0.43 | 0.45 | 0.57 | 0.49 | 0.47 | 0.42 | 0.47 | 0.65 |
| Quick Ratio | 0.43 | 0.43 | 0.40 | 0.43 | 0.45 | 0.57 | 0.49 | 0.47 | 0.42 | 0.47 | 0.51 |
| Cash Ratio | 0.04 | 0.04 | 0.05 | 0.04 | 0.07 | 0.22 | 0.15 | 0.03 | 0.05 | 0.07 | 0.17 |
| Asset Turnover | — | 0.95 | 0.96 | 0.92 | 0.84 | 0.54 | 0.43 | 0.84 | 0.88 | 0.85 | 0.64 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 16.85 |
| Days Sales Outstanding | — | 40.55 | 40.64 | 41.74 | 45.17 | 52.21 | 61.05 | 41.68 | 37.51 | 35.21 | 40.16 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.9% | 0.9% | 0.9% | 0.7% | — | 0.4% | 1.2% | 1.4% | 0.9% | 1.6% |
| Payout Ratio | 27.6% | 27.6% | 28.7% | 19.0% | 13.6% | — | — | 48.1% | 28.5% | 33.0% | 46.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 3.1% | 3.0% | 4.5% | 4.9% | 2.0% | — | 2.5% | 4.7% | 2.8% | 3.3% |
| FCF Yield | 2.7% | 3.1% | 2.5% | 4.0% | 4.2% | 1.8% | 3.5% | 2.0% | 4.7% | 3.9% | 5.9% |
| Buyback Yield | 3.4% | 3.9% | 4.7% | 5.8% | 5.3% | 0.0% | 0.3% | 4.4% | 7.4% | 5.8% | 2.4% |
| Total Shareholder Yield | 4.1% | 4.8% | 5.6% | 6.6% | 6.0% | 0.0% | 0.7% | 5.7% | 8.8% | 6.8% | 3.9% |
| Shares Outstanding | — | $269M | $285M | $303M | $326M | $329M | $326M | $336M | $354M | $380M | $291M |
Cyclical RevPAR sensitivity
According to current market data, Marriott trades at a forward P/E of 32.55, which suggests investors are pricing in significant long-term growth from the Bonvoy ecosystem despite the company's cyclical exposure and the inherent volatility of its fee-based revenue model compared to historical averages.
The current valuation premium relative to broader consumer cyclical peers appears to be predicated on the durability of the loyalty program and the asset-light nature of the business. However, investors should monitor whether this multiple is sustainable if RevPAR growth plateaus, as the current pricing leaves little room for earnings misses.
Based on reported figures, Marriott's ROIC has fluctuated between 4.5% and 7.8% over the last ten quarters, a trend that indicates the company is struggling to compound returns on invested capital effectively given the persistent erosion of its net book value.
The relatively low ROIC figures, when compared to peers like Hilton, suggest that the company's aggressive capital return strategy may be hindering its ability to reinvest in high-return growth initiatives. This warrants further investigation into whether the current capital allocation policy is prioritizing short-term shareholder satisfaction over long-term value creation.
As reported in financial statements, Marriott's asset turnover has remained stagnant at approximately 0.24 over the last ten quarters, reflecting the limitations of an asset-light model that relies heavily on third-party property owners to drive top-line expansion and operational efficiency.
The lack of improvement in asset turnover suggests that the company is not gaining significant operational leverage from its expanding portfolio of managed and franchised properties. Investors should monitor the conversion cycle, as the stability of fee collection is critical to maintaining liquidity in a business model with minimal cash buffers.
According to recent SEC filings, Marriott's debt-to-EBITDA ratio has remained elevated, peaking at 17.91 in 2025Q4, which indicates that the company's ability to service its debt is becoming increasingly sensitive to fluctuations in property-level profitability and incentive fee generation.
The reliance on debt to fund share repurchases in the face of negative equity suggests a high-risk capital structure that may limit the company's ability to navigate a prolonged downturn in corporate travel. This leverage profile warrants close monitoring, as interest coverage ratios have shown significant volatility over the past two years.
The market frequently misapplies standard P/E multiples to Marriott, failing to account for the fact that the company functions more like a data-driven loyalty platform than a traditional hotel operator, which obscures the true quality and recurring nature of its fee-based earnings.
Investors should instead focus on metrics that capture the value of the Bonvoy ecosystem, such as loyalty member penetration and direct booking growth, rather than relying solely on earnings multiples that are distorted by accounting pass-throughs. Using traditional valuation methods likely underestimates the resilience of the company's core intellectual property.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying MAR stock.
Marriott International, Inc.'s current P/E ratio is 39.3x. The historical average is 27.8x. This places it at the 85th percentile of its historical range.
Marriott International, Inc.'s current EV/EBITDA is 25.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.6x.
Based on historical data, Marriott International, Inc. is trading at a P/E of 39.3x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Marriott International, Inc.'s current dividend yield is 0.71% with a payout ratio of 27.6%.
Marriott International, Inc. has 21.3% gross margin and 15.8% operating margin. Operating margin between 10-20% is typical for established companies.
Marriott International, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.