Marriott International, Inc. (MAR) Stock

Marriott International, Inc. (MAR) is a Consumer Discretionary stock trading at $356.65 (as of 2026-08-20), with a market capitalization of $93.00B and a trailing P/E of 33.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Marriott International, Inc. operates, franchises, and licenses hotel, residential, and timeshare properties worldwide, under multiple hotel brands. The company operates through U.S. and Canada and International segments, serving travelers and property owners across countries and territories.

Understand Marriott International, Inc.: how it makes money

Marriott International operates, franchises, and licenses a large portfolio of hotel, residential, and timeshare properties, earning money primarily from hotel franchise, management, and incentive fee revenues, with additional contributions from owned, leased, and other property operations.

Marriott’s profit model is structurally fee-led, with gross fee revenues and IMS (incentive management) revenue coming from its franchised and managed property ecosystem, complemented by owned, leased, and other revenue.

Business quality (Weak): Good high-level clarity on Marriott’s fee-led business model (franchises, licenses, and management), but the provided data does not include a clean, mutually exclusive official segment revenue breakdown that sums to total revenue.

Valuation: At 41× earnings, MAR trades 51% above the Restaurants, Hotels & Motels average (27×). Note: one-time items can distort reported P/E.

Bull case

Fee-led economics: Gross fee revenues represent a major, directly labeled revenue component, supported by additional IMS (Incentive Management Services) revenue.
Multiple ways to monetize properties: Marriott operates its brands through a mix of franchised and licensed properties, plus owned, leased, and other operations (with timeshare and residential exposure referenced in its business description).

Bear case

Dependence on fee revenue performance: Because fee revenues (including IMS) are central to the model, any downturn or mix shift affecting those fee components would directly pressure results.
Owned and leased exposure adds operating sensitivity: The presence of owned, leased, and other revenue net of direct expenses means results are not purely fee-based, so operational performance within these areas can also matter.

Valuation — source: SEC EDGAR (first-party)
Price	$356.65
Market Cap	$93.00B
P/E Ratio	33.3
EV / EBITDA	20.4
Price / Sales	3.46
FCF Yield	5.3%
DCF Value (model)	$292.62
DCF Upside vs Price	-18.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$26.19B
Net Margin	9.9%
Revenue Growth (YoY)	4.3%
EPS Growth (YoY)	14.0%
FCF Growth (YoY)	30.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	3.98 (safe)

Valuation vs Sector & Industry
Stock P/E	33.3
Sector P/E (Consumer Discretionary)	20.5
Industry P/E (Restaurants, Hotels & Motels)	26.6
vs Sector	62.8%
vs Industry	25.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($6.42B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Consumer Discretionary
Industry	Restaurants, Hotels & Motels
CEO	Anthony G. Capuano Jr.
Employees	418,000
Country	US
IPO Date	1998-03-23

Related Companies (Business model: Hotels & Lodging (Asset-Light Franchisors and Asset-Heavy Lodging REITs); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.