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Marriott International Inc (MAR) Fair Value & Analysis

Consumer Cyclical · US · Market cap $95.8B · ISIN US5719032022

What is Marriott International Inc really worth?

MI Marriott International Inc logo Marriott International Inc MAR · US
Price$336.07
Fair Value$132.35
Upside−60.6%
Quality68/100

A solid business, but trading 154% above our fair value of $132.35.

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Strengths

Healthy Growth (revenue 5y +19.9 %/yr)
Highly profitable · 36.0% net margin
Negative equity (buybacks among others) · generates free cash flow
Wide moat 78/100

Risks

!Mixed vs. peers (7/14)
!Weak on dividend: 16 out of 100

For context

·0.80% dividend yield
Evidence: High Range $67.02 – $206.21

Fair value as of: Sep 2, 2026

From 23 valuation models · updated 2 days ago

Share price −2.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case ($206.21). The favourable scenario is already priced in.
  • The model range is unusually wide ($67.02 to $206.21). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

$402.54 $124.88 Fair Value $132.35 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.

How to read this chart

60‑month range $124.88 – $402.54 · fair‑value band $67.02 – $206.21 · the $336.07 price screens above the $132.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 2, 2026.

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Analysis

Marriott International Inc (MAR) currently trades at $336.07, while our model-based Fair Value estimate is $132.35, implying the stock looks roughly 153.9% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of $189.33 per share, and 0 of the 23 models we run sit above the $336.07 price. Bear case: the Dividend Discount group reads lowest at $40.78, and 23 of the 23 models stay below the price. Evidence for this calculation is high.

Revenue grew 12.6% year over year. It earns a return on equity of 14.5%. Net debt stands at $16.7B. The stock trades on a trailing P/E of 35.2. Fundamentals as of Sep 2, 2026

Our scenario range runs from $67.02 (bear case) to $206.21 (bull case); at $336.07, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 13% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −47% fair-value upside, at −61%, MAR screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $4.67 per share, which is 3.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $55.90 $116.34 $207.82 77
Growth DCF $57.99 $111.80 $188.47 76
EPV $65.41 $85.57 $103.20 74
All 23 models by family
DCF Models
FCF DCF $55.90 $116.34 $207.82 77
Owner Earnings $55.39 $115.55 $206.61 73
5Y Revenue Exit $35.08 $83.90 $145.25 69
5Y EBITDA Exit $76.88 $161.59 $259.82 73
5Y P/E Exit $77.44 $162.64 $251.44 69
10Y Revenue Exit $39.09 $85.28 $145.64 64
10Y EBITDA Exit $68.19 $139.05 $232.59 66
10Y P/E Exit $68.55 $139.77 $226.23 62
Earnings-Based
Graham-Dodd $67.07 $202.35 $268.26 65
Lynch FV $43.09 $61.55 $80.02 61
PEG = 1.0 $43.09 $61.55 $80.02 57
EPV $65.41 $85.57 $103.20 74
Dividend Discount
Gordon GGM $25.00 $51.98 $82.47 66
DDM Multi-Stage $25.00 $40.78 $54.56 66
Multiples
P/E Multiple $162.75 $217.01 $271.26 63
P/S Multiple $89.38 $119.17 $148.96 58
EV/EBIT $156.50 $227.17 $297.83 65
EV/EBITDA $106.27 $160.20 $214.13 66
EV/Revenue $27.91 $63.66 $99.41 51
Growth DCF
Growth DCF $57.99 $111.80 $188.47 76
Rev-Margin DCF $35.08 $84.60 $141.26 69
Economic Profit
ROIC Compounder $72.83 $103.77 $137.81 71
Growth Earnings
Growth-Adj P/E $132.53 $189.33 $246.13 67

Widest divergence: Growth Earnings ($189.33) versus Dividend Discount ($40.78). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 35.2
P/S ratio 3.50 P/E × margin
EPS (TTM) $9.55 price ÷ EPS = P/E 35.2
Dividend yield 0.8% payout 28.1%
Net margin 9.9% FY2025
Return on equity 14.5% TTM
More key figures
Profitability
Return on assets (EBIT) 13.1% avg 5y
Operating margin 59.0% TTM
Growth
Revenue growth (YoY) +12.6% 3y avg +8.0%
EPS growth (YoY) +1.7%
Balance sheet & cash flow
Free cash flow $2.6B FY2025
Net debt $16.7B FY2025 · ≈ 6.4 yrs of FCF

Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 63 · Market factors (momentum, volatility) 55

Profitability 54
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 48
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Marriott International Inc reported revenue of $26.2B in FY2025 versus $13.9B in FY2021, a compound +17.2%/yr. Reported net income was $2.6B in FY2025, compounding +24.0%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$26.2B
Latest YoY
+4.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.0%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.9%
Avg. revenue growth/yr (28Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+24.5% (23.7 + 0.8)
Revenue +17.2%/yr
FY21 $13.9B
FY22 $20.8B
FY23 $23.7B
FY24 $25.1B
FY25 $26.2B
Net income +24.0%/yr
FY21 $1.1B
FY22 $2.4B
FY23 $3.1B
FY24 $2.4B
FY25 $2.6B
Character of growth · EPS growth decomposed (2014-2025) +14.3 % p.a.
Revenue per share +6.2 %

of which total revenue +6.2 % · buybacks/dilution +0.0 %

EBIT margin +6.4 %
Tax rate +2.1 %
Residual (interest, one-offs) −0.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

MAR screens 154% overvalued. Compare with Hilton Worldwide Holdings →

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Cite: Fair Value Calculator (2026). "Marriott International Inc Fair Value". https://www.fairvalue-calculator.com/stock/MAR

Peer Group

Lodging · 165 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 68 · Top 25%
Fair Value upside −61% · Bottom 25%
Return on equity (TTM) 14% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 36% · Top 25%
Operating margin (TTM) 59% · Top 25%
Revenue growth 13% · Above median
Dividend yield (TTM) 0.8% · Below median

Valuation Multiples vs Lodging median · lower = cheaper

P/E (TTM) 35.2× · Pricier than 75% of peers
P/S (TTM) 13.33× · Pricier than 75% of peers
P/FCF 36.7× · Pricier than 75% of peers
EV/EBITDA 23.3× · Pricier than 75% of peers
PEG 2.16× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE63 · sector 24
PAST58 · sector 12
HEALTH100 · sector 91
DIVIDEND16 · sector 26

VALUE 0: the price sits above our fair-value range.

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Lodging stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).

Stock Price Fair Value vs Fair Value
Hilton Worldwide Holdings HLT $314.35 $122.07 −61%
InterContinental Hotels Group IHG $161.82 $85.18 −47%
Hyatt Hotels Corporation H $178.37 $46.78 −74%
H World Group HTHT $41.25 $47.78 +16%
Accor SA AC €46.52 €36.87 −21%
The Indian Hotels Company INDHOTEL ₹723.35 ₹253.67 −65%
Wyndham Hotels & Resorts, Inc WH $74.02 $23.55 −68%
Hanjin Kal, 180640 139,100 KRW 36,890 KRW −73%
Choice Hotels International, Inc CHH $105.54 $61.72 −42%
Jabal Omar Development Company 4250 18.88 SAR 11.64 SAR −38%

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Frequently asked questions

Is Marriott International Inc (MAR) overvalued or undervalued?
As of Sep 2, 2026, our model estimates a fair value of $132.35 versus a price of $336.07, about −61% upside (overvalued).
What is the fair value of MAR?
Our model-based fair value for Marriott International Inc is $132.35 (as of Sep 2, 2026), built from audited fundamentals. The current price: $336.07.
What is the quality score of MAR?
Marriott International Inc has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the net profit margin of MAR?
The net profit margin of Marriott International Inc is about 36.0%, meaning it keeps roughly 36.0% of revenue as net income. Based on the latest reported figures.
Does Marriott International Inc pay a dividend?
Marriott International Inc currently shows a dividend yield of about 0.80% relative to its recent price (as of Sep 2, 2026).
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