Marriott International (MAR)
Consumer Discretionary · Hotel franchising and management
Global hospitality franchisor operating a portfolio of 22+ distinctive hotel brands across luxury to midscale segments, generating revenue through franchising, management fees, and brand licensing rather than property ownership.
What Marriott International does
Marriott International is a worldwide franchisor, operator, and licensor of hotel, residential, timeshare, and other lodging properties under a diverse portfolio of brands positioned at different price points and service levels. The company owns or leases less than one percent of its lodging properties, instead focusing on a capital-light franchise and management model. As of year-end 2025, Marriott's system included 9,805 properties with 1,779,936 rooms across 145 countries and territories, with an additional 4,100 properties in its development pipeline. Revenue is generated primarily through franchise fees, base and incentive management fees, cost reimbursement revenue, and owned/leased property operations.
Themes: ["hospitality franchising","hotel brands","asset-light model","global lodging expansion","luxury travel","loyalty programs","franchise fee revenue","management fees"]
Fundamentals
- Price$372.47 as of 2026-07-09 close
- Market cap$97.4B as of 2026-07-10
- 1-year return+33.4% as of 2026-07-09 close
- P/E37.68 as of 2026-07-10
- Net margin+9.7% as of 2026-07-10
- Gross margin+20.0% as of 2026-07-10
- ROE+309.1% as of 2026-07-10
- Debt / equity76.12 as of 2026-07-10
- Revenue growth (YoY)+4.7% as of 2026-07-10
- Revenue CAGR (3y)+8.0% SEC XBRL
- Beta1.13 as of 2026-07-10
Dividend: yield +0.8%; 4-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Franchise system performance and brand reputation risks: as a franchisor with minimal direct property ownership, Marriott is exposed to franchisee performance, property maintenance standards, and brand damage if franchisees fail to meet brand standards or face operational challenges","Geopolitical and foreign exchange exposure: with properties across 145 countries, the company faces significant foreign currency translation risks (as evidenced by Q1 2026 FX loss of $81 million) and geopolitical uncertainties that could impact development pipelines and operations in emerging markets","Dependence on royalties and management fees from franchisees: the bulk of revenue depends on franchisee profitability and willingness to pay fees; economic downturns or competitive pressures on franchisees could reduce fee revenues and constrain future development"]
Competitors & peers
- Hilton Worldwide Holdings (HLT)
- IHG Hotels & Resorts (IHG)
- Hyatt Hotels (H)
- Wyndham Hotels & Resorts (WH)
- Choice Hotels International (CHH)
- AccorHotels
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.