---
title: Marriott International (MAR) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/mar
ticker: MAR
as_of: 2026-10-17
sector: Consumer Cyclical
industry: Travel Lodging
---
# Marriott International (MAR)

Marriott International (MAR) closed at $388.05 on Oct 16, 2026, overvalued by 115% vs its model value of $180.36 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $388.05 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $180.36 |
| Price vs model | overvalued by 115% vs model |
| Range of that model | $107.05 – $404.22 |
| Market value | $101.2B |
| P/E (fiscal 2025) | 40.8 |
| Net margin (fiscal 2025) | 9.9% |
| Free cash flow (fiscal 2025) | $2.6B |
| Dividend yield (trailing twelve months) | 0.72% |
| Beta | 1.17 |
| Cost of capital (WACC) | 8.90% |
| Business classification | Mature & Stable (Low/slowing growth (~5% recent), Moderate margins (10% net margin), Highly cyclical earnings, High leverage (D/E 5.0x)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 0.72% |
| Dividends per share, last 12 months | $2.80 |
| Dividends / free cash flow (fiscal 2025) | 27.5% |
| Raised | 3 years in a row |
| Growth over 4 years | 15.7% a year |
| Latest payment | $0.73, ex-date Aug 20, 2026, paid Sep 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 17, 2022 | $1.56 |
| To Aug 16, 2023 | $1.84 |
| To Aug 16, 2024 | $2.30 |
| To Aug 21, 2025 | $2.60 |
| Trailing twelve months (to Aug 20, 2026) | $2.80 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $180.36 | $107.05 | $404.22 |
| DCF · Perpetuity growth · 10y | cross check | $193.43 | $120.28 | $412.56 |
| DCF · EBITDA exit · 5y | cross check | $231.18 | $151.94 | $324.39 |
| DCF · EBITDA exit · 10y | cross check | $234.25 | $153.23 | $341.90 |
| P/E · peers | cross check | $338.61 | $320.87 | $371.94 |
| P/E · own history | cross check | $338.20 | $265.29 | $412.15 |
| PEG | sanity check | $181.54 | $181.54 | $181.54 |
| EV/EBITDA · peers | cross check | $335.20 | $328.85 | $423.31 |
| EV/Revenue · peers | cross check | $465.80 | $419.51 | $503.02 |
| Earnings power value | cross check | $25.79 | $13.71 | $42.76 |
| Dividend discount | cross check | $54.60 | $38.46 | $85.50 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 3 open-market sales ($3.7M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 30, 2026 | Reid Grant | Director | Grant / award | 69.507 | $25,000.3 |
| Sep 30, 2026 | LEWIS AYLWIN B | Director | Grant / award | 10.079 | $3,625.2 |
| Sep 25, 2026 | Marriott David S | Director, Other | Open-market sell | 3,500 | $1.2M |
| Sep 25, 2026 | Harrison Deborah Marriott | Director, Other | Open-market sell | 3,500 | $1.2M |
| Sep 25, 2026 | MARRIOTT J W JR | 10% Owner, Other | Open-market sell | 3,500 | $1.2M |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 24, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1048286/000119312526401051/d145370d8k.htm |
| Aug 13, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1048286/000119312526349395/d162127d8k.htm |
| Aug 12, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1048286/000119312526347066/d158956d424b5.htm |
| Aug 11, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1048286/000119312526343535/d158956d424b5.htm |
| Aug 3, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1048286/000104828626000035/mar-20260630.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Terry Smith | 2026-06-30 | 2,585,757 | $958.3M |
| Thomas Gayner | 2026-06-30 | 99,500 | $36.9M |
| First Pacific Advisors | 2026-06-30 | 18,445 | $6.8M |
| Glenn Greenberg | 2026-06-30 | 1,194 | $442,484 |

4 tracked managers in all.

## About

Marriott International, Inc. is a leading global hospitality firm responsible for managing, franchising, and licensing a wide range of accommodation options, including hotels, residential units, and timeshare resorts, on an international scale. The company segments its extensive operations into North America (covering the U.S. and Canada) and its various international divisions. Under its corporate umbrella, Marriott oversees a diverse collection of esteemed brands, such as JW Marriott, The Ritz-Carlton, W Hotels, Sheraton, Westin, and Courtyard, among many others. As of February 15, 2022, its impressive network encompassed nearly 8,000 properties—specifically 7,989 establishments—operating across 139 countries and territories under 30 distinct hotel brand names. Established in 1927, Marriott International, Inc. maintains its corporate headquarters in Bethesda, Maryland.

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Source: https://sweetvaluelab.com/stocks/mar (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.