Marriott International
MAR on Nasdaq. Marriott sells hotel rooms and lodging to travelers worldwide. Market value $92.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Retail & consumer stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.32 of spare cash in the past 12 months. A savings account pays about $4.
You pay 26.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 27 cents a year. Above 10 is good.
Quality score: 80 of 100. Price score: 41 of 100. Our list needs 70 on quality and 60 on price.
$361.28 a share, 41% above its 1-year low
Over the past year the price has ranged from $256.76 to $410.98.
Dividend: 0.8% a year
Paid every year for 4 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $13.9bn | $20.8bn | $23.7bn | $25.1bn | $26.2bn |
| Operating margin | |||||
| Operating margin | 12.6% | 16.7% | 16.3% | 15.0% | 15.8% |
| Debt to equity | |||||
| Debt to equity | 7.17 | 17.72 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.32bn | 0.29bn | 0.28bn | 0.27bn | 0.26bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 19.9% a year
- Buying back its own sharesYes, 18% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $7.1 billion last quarter, up 5% on a year ago.
- Profit: $766 million, about the same as a year ago.
- It keeps 16 cents of each $1 of sales as operating profit, up from 15 cents a year earlier.
- Spare cash over the past 12 months: $3.1 billion, up from $1.7 billion.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $16.5 billion more than cash, up from $15 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6.3bn |
| December 2024 | $6.4bn |
| March 2025 | $6.3bn |
| June 2025 | $6.7bn |
| September 2025 | $6.5bn |
| December 2025 | $6.7bn |
| March 2026 | $6.7bn |
| June 2026 | $7.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $584m |
| December 2024 | $455m |
| March 2025 | $665m |
| June 2025 | $763m |
| September 2025 | $728m |
| December 2025 | $445m |
| March 2026 | $648m |
| June 2026 | $766m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 3 November 2026
- Last annual report (10-K)
- 10 February 2026
- Next quarterly (estimated, 10-Q)
- 2 November 2026
Who owns it
12 long-term investors we follow own it, unchanged from 12 last quarter. 1,745 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $196m
- Share of fund
- 0.5%
- Land & BuildingsJonathan Litt
- Value
- $22m
- Share of fund
- 3.8%
- Brave Warrior AdvisorsGlenn Greenberg
- Value
- $442,484
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $426,920
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| FundsmithTerry Smith | $958m | 7.0% | Cut |
| First Manhattan Co.First Manhattan partners | $196m | 0.5% | |
| Boston PartnersBoston Partners team | $142m | 0.1% | Added |
| Markel GroupTom Gayner | $37m | 0.3% | Added |
| Gotham Asset ManagementJoel Greenblatt | $34m | <0.1% | Added |
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $23m | <0.1% | Cut |
| Land & BuildingsJonathan Litt | $22m | 3.8% | |
| First Pacific Advisors (FPA)Steven Romick | $7m | <0.1% | Cut |
| Eagle Capital ManagementBoykin Curry | $6m | <0.1% | Cut |
| Boyar Asset ManagementMark Boyar | $3m | 1.5% | Cut |
| Brave Warrior AdvisorsGlenn Greenberg | $442,484 | <0.1% | |
| GAMCO InvestorsMario Gabelli | $426,920 | <0.1% |
Largest holders overall
- BlackRock$5.9bnAdded
- Vanguard Capital Management$5.2bn
- State Street$3.6bnAdded
- Invesco$3.6bnCut
- FMR$2.5bnCut
- Wellington Management Group LLP$2.0bnCut
- Geode Capital Management$2.0bn
- Morgan Stanley$1.8bnAdded
- JPMorgan Chase$1.5bnAdded
- Vanguard Portfolio Management$1.5bnCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- J.W. Marriott, Jr.Insider or founderat least 11.4%(filed with 10 related holders)Since 15 January 2026
What they said
The text under each heading listed below of Item 4 of the Schedule 13D is hereby supplemented and amended by the following: Second Amended and Restated Stockholders Agreement: On January 19, 2026, Elyse Foulger replaced Michelle Marriott Darmody as an Original Voting Stockholder…
Read the filing - Vanguard Capital ManagementPassive investor6.1%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
J.W. Marriott, Jr. Insider or founder | at least 11.4% (filed with 10 related holders) | 15 January 2026 | What they saidThe text under each heading listed below of Item 4 of the Schedule 13D is hereby supplemented and amended by the following: Second Amended and Restated Stockholders Agreement: On January 19, 2026, Elyse Foulger replaced Michelle Marriott Darmody as an Original Voting Stockholder… Read the filing |
Vanguard Capital Management Passive investor | 6.1% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 11 sold $65m.
- Marriott David SDirectorSold
- Date
- 25 September 2026
- Shares
- 3,500
- Price
- $352.09
- Value
- $1m
- Harrison Deborah MarriottDirectorSold
- Date
- 25 September 2026
- Shares
- 3,500
- Price
- $352.09
- Value
- $1m
- Roe PeggyEVP & Chf. Customer OfficerSold
- Date
- 18 May 2026
- Shares
- 3,000
- Price
- $361.56
- Value
- $1m
- Mao YibingPres. Greater ChinaSold
- Date
- 13 May 2026
- Shares
- 4,816
- Price
- $347.72
- Value
- $2m
- Menon RajeevPresident, APECSold
- Date
- 19 February 2026
- Shares
- 3,492
- Price
- $354.00
- Value
- $1m
- Brown William PGroup Pres., US and CanadaSold
- Date
- 18 February 2026
- Shares
- 9,456
- Price
- $358.25
- Value
- $3m
- Breland Benjamin T.CHRO & EVP, Global Ops. Serv.Sold
- Date
- 18 February 2026
- Shares
- 2,000
- Price
- $358.03
- Value
- $716,060
- Menon RajeevPresident, APECSold
- Date
- 18 February 2026
- Shares
- 6,333
- Price
- $356.61
- Value
- $2m
- Pinto DrewEVP, Chf. Rev & TechnologySold
- Date
- 17 February 2026
- Shares
- 4,000
- Price
- $359.81
- Value
- $1m
- Capuano AnthonyPresident & CEO, DirectorSold
- Date
- 17 February 2026
- Shares
- 63,000
- Price
- $359.22
- Value
- $23m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | Marriott David S Director | Sold | 3,500 | $352.09 | $1m |
| 25 September 2026 | Harrison Deborah Marriott Director | Sold | 3,500 | $352.09 | $1m |
| 18 May 2026 | Roe Peggy EVP & Chf. Customer Officer | Sold | 3,000 | $361.56 | $1m |
| 13 May 2026 | Mao Yibing Pres. Greater China | Sold | 4,816 | $347.72 | $2m |
| 19 February 2026 | Menon Rajeev President, APEC | Sold | 3,492 | $354.00 | $1m |
| 18 February 2026 | Brown William P Group Pres., US and Canada | Sold | 9,456 | $358.25 | $3m |
| 18 February 2026 | Breland Benjamin T. CHRO & EVP, Global Ops. Serv. | Sold | 2,000 | $358.03 | $716,060 |
| 18 February 2026 | Menon Rajeev President, APEC | Sold | 6,333 | $356.61 | $2m |
| 17 February 2026 | Pinto Drew EVP, Chf. Rev & Technology | Sold | 4,000 | $359.81 | $1m |
| 17 February 2026 | Capuano Anthony President & CEO, Director | Sold | 63,000 | $359.22 | $23m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
- It isn't cheap on profits: 26.0× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.