Consumer Cyclical · NYSE/NASDAQ: MAR
MARRIOTT INTERNATIONAL INC /MD/
Lodging
Market Cap $105.64B
Verdict: High
Quality Scores
Multi-Bagger
82/100
Compounder Quality
91/100
Management Credibility
92/100
Governance
88/100
Cash Flow Quality
95/100
AI Summary
Marriott International (MAR) has transitioned into a high-scale, asset-light management and franchising powerhouse following the Starwood acquisition. The business model prioritizes fee-based revenue, which provides significant operating leverage and resilience, as evidenced by the rapid recovery from the 2020 pandemic lows. While the reported Stockholders' Equity has turned negative due to aggressive share repurchases, this is a hallmark of a mature 'cannibal' compounder that generates massive cash flows without needing a heavy asset base. Revenue has grown from $5.46B in 2016 to over $26B,…
Top Opportunities
- Asset-light business model focusing on fees
- World-class brand portfolio (30+ brands)
- Industry-leading loyalty program (Marriott Bonvoy)
Top Risks
- Negative shareholders equity due to buyback accounting
- High sensitivity to global economic cycles
- Competition from alternative lodging like Airbnb
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