Marriott International (MAR)
割高ファンダメンタル
78
株価
$357.91
時価総額
$91.66B
パート1 · 企業の価値
概要
Marriott is the world's largest hotel company by room count, but it owns almost none of its roughly 9,000-plus hotels. Instead it manages properties on behalf of owners for a fee, or licenses its brands — Marriott, Sheraton, Westin, Ritz-Carlton and dozens of others — to independent hotel owners under franchise agreements. The owners fund construction and take the real-estate risk; Marriott supplies the brand, reservation system, loyalty programme and operating standards that let a traveller expect the same experience anywhere in the world.
収益の仕組み
Marriott earns franchise fees (a percentage of a hotel's room revenue for the right to use its brand) and base and incentive management fees (a percentage of revenue and profit for running a hotel day-to-day) — the real, high-margin core of the business. Its income statement also includes cost-reimbursement revenue: money hotel owners pay Marriott to cover payroll and other costs Marriott advances on their behalf, which shows up as revenue but carries essentially no profit, so it inflates the top line without adding to earnings.
セグメント別売上高
Payroll and other costs Marriott advances for owners and gets reimbursed, recorded as revenue but carrying essentially no profit.
Fees charged to independent hotel owners for the right to use a Marriott brand, loyalty programme and reservation system.
Revenue from the small number of hotels Marriott owns or leases directly, plus other miscellaneous revenue.
A percentage of a managed hotel's revenue, paid to Marriott for running the property day-to-day.
A percentage of a managed hotel's profit, paid to Marriott only when the property performs well.
競争優位性（moat）
ブランド · 広いMarriott's brands and its Bonvoy loyalty programme, with well over a hundred million members, give hotel owners a reason to pay a fee for something they could not generate on their own: a stream of loyal, repeat guests booking directly. That demand pull, built over decades across dozens of brands covering every price tier, is difficult for a smaller or newer chain to replicate quickly.
需要を左右する要因
景気循環型Hotel demand tracks business and leisure travel spending, which falls sharply when the economy weakens or a shock like a pandemic keeps people from travelling at all — and because Marriott's fees are a percentage of hotel revenue, its own income falls right along with occupancy and room rates. The franchise and fee model cushions Marriott from the fixed costs a hotel owner carries, but not from the revenue swings themselves.
主なリスク
- Hotel demand tied to the travel cycle — Fee revenue is a percentage of hotel room revenue, so a recession, a pandemic-style shock, or any event that keeps people from travelling reduces Marriott's income even though it owns almost none of the real estate.
- Dependence on independent hotel owners — Management and franchise agreements can end early if an owner goes bankrupt or fails to meet performance standards, and Marriott needs a steady supply of owners willing to fund new hotel development under its brands.
- Brand and reputation risk from properties Marriott does not control day-to-day — Franchised hotels are run by their owners under the Marriott name; if an owner fails to maintain brand standards or has a well-publicised problem, it can damage the reputation of the whole brand family.
- Cybersecurity and data privacy — Marriott handles guest and loyalty-programme data across thousands of properties worldwide, including many run by franchisees with their own security practices, and a major breach can bring regulatory penalties and reputational damage.
強気材料
Buyers argue that the asset-light franchise and management model lets Marriott grow its room count and fee income without tying up capital in real estate, that the Bonvoy loyalty programme keeps guests booking direct rather than through third-party sites, and that a large pipeline of signed development deals points to continued room growth ahead.
弱気材料
Sellers fear that fee income falls quickly in a travel downturn since it is a direct percentage of hotel revenue, that Marriott depends on independent owners continuing to fund new hotels under its brands, and that online travel agencies and loyalty-agnostic booking sites keep chipping away at the direct-booking advantage the brand and loyalty programme are supposed to provide.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
Hilton runs the closest mirror of Marriott's business, franchising and managing a full ladder of brands from budget to luxury and courting the same business and leisure travellers with a rival loyalty programme.
Hyatt overlaps most directly at the upper-upscale and luxury end, chasing the same corporate accounts, group and conference bookings and resort guests as Marriott's Westin, Sheraton and Ritz-Carlton brands.
Wyndham is the leading franchisor in the economy and midscale segments, competing with Marriott's Fairfield, Four Points and City Express brands for budget-minded travellers and for owners of smaller roadside hotels.
Choice Hotels franchises midscale and extended-stay brands such as Comfort and WoodSpring across the United States, going after the same owners and the same price-sensitive domestic guests as Marriott's select-service brands.
IHG competes for the same hotel owners looking for a brand and a management contract, and for the same global travellers through brands such as Holiday Inn, Crowne Plaza and InterContinental.
Accor is Marriott's main rival in Europe, the Middle East and Asia-Pacific, where its brands from Ibis to Raffles compete for the same hotel owners and the same international guests.
貸借対照表と流動性
売上高
$26.90B
直近12か月（2026/6/30まで）
純利益
$2.59B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$2.61B
自己資本合計
$-3.77B
負債合計
$31.31B
流動比率
0.53
利払い倍率
5.01
負債/EBITDA
3.69
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$256.40
現在株価
$357.91
安全マージン
-39.6%
適正価値レンジ
$166.66 - $346.14
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
36.69
ROE
-69.0%
P/B レシオ
-
P/FCF
29.54
粗利益率
-
ROIC
16.6%
収益性レーダー
価値創造（経済的モート）
ROIC
16.6%
WACC
9.8%
ROIC − WACC
+6.8 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（18）
- EPS shows upward trend
- EPS CAGR 9.93%
- Price CAGR 15.58%
- ROIC 16.6%
- P/FCF 29.54
- Operating Margin 15.8%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 309.1%
- Revenue Growth 5Y 19.9%
- Analyst Consensus 50% Buy
- Earnings Quality (OCF/NI) 1.44
- Share Dilution -4.1%
- Net Margin Trend 9.6% vs 9.6%
- Piotroski F-Score 6/9
不合格（4）
- Current Ratio
- Low reliance on intangibles
- DCF valuation (Overvalued)
- Earnings Surprise avg 1.9%
データなし（6）
- Gross Margin NaN%
- P/B Ratio NaN
- Dividend Payout NaN%
- Debt/Equity ratio
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Anthony G. Capuano Jr. | President, CEO & Director | 59 |
| Ms. Rena Hozore Reiss J.D. | Executive VP & General Counsel | 65 |
| Mr. Benjamin T. Breland | Chief Human Resources Officer & Executive VP of Global Operations Services | 49 |
| Ms. Jennifer Mason | Executive VP & CFO | 55 |
| Mr. Robert Guidice | Chief Global Operations Officer | - |
| Ms. Felitia O. Lee | Controller & Chief Accounting Officer | 63 |
| Mr. Drew L. Pinto | Executive VP and Chief Revenue & Technology Officer | 52 |
| Ms. Jackie Burka McConagha | Senior Vice President of Investor Relations | - |
| Ms. Tricia A. Primrose | Executive VP and Chief Global Communications & Public Affairs Officer | - |
| Mr. Sabyasachi Chatterjee | Director of Sales & Marketing | - |
監査リスク
5
取締役会リスク
5
報酬リスク
5
株主権利リスク
9
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for MAR, sourced from Markets Gazette.
- 3d agoPOSITIVEGIC Acquires 16 Marriott-Run Hotels in Japan Amid Tourism Boom
Singapore's sovereign wealth fund GIC Pte. has acquired 16 hotels in Japan operated by Marriott International Inc. for approximately ¥125 billion ($800 million). This transaction occurs amidst a significant boom in Japan's tourism sector. For investors, this acquisition highlights the continued global interest in hospitality assets and the strong performance of Marriott's operated properties, potentially signaling robust operational capabilities and future growth prospects for the company.
- 6/12/2026POSITIVEHere's How Much You Would Have Made Owning Marriott International Stock In The Last 15 Years
Marriott International Inc. stock has delivered a remarkable performance over the past 15 years, generating substantial returns for its shareholders. While specific figures are not detailed in this summary, the article implies a significant positive trend in stock value, likely driven by consistent business growth, strategic expansion, and effective brand management within the hospitality sector. Investors who held Marriott stock during this period would have benefited from its resilience and ability to navigate market fluctuations, underscoring its position as a strong performer in the travel and leisure industry.
- 5/20/2026POSITIVE$100 Invested In Marriott International 10 Years Ago Would Be Worth This Much Today
An investment of $100 in Marriott International (MAR) a decade ago would have yielded a significant return, now valued at approximately $560. This performance outpaces many market benchmarks, highlighting the company's consistent growth and resilience in the hospitality sector. Marriott's strategic expansion, brand strength, and ability to adapt to evolving consumer travel trends have been key drivers. For investors, this historical performance suggests Marriott's potential for sustained value creation and its position as a strong contender in the travel and leisure industry.
- 2/22/2026POSITIVEMarriott Bonvoy rolls out a major new offer for loyal members
Marriott International is rolling out a new promotional strategy to retain members of its "Bonvoy" loyalty program. The company has introduced special offers and promotions, particularly during the "Cyber Sale" period in November, aiming to encourage advance bookings. This initiative seeks to capitalize on the trend of travelers planning well in advance, offering exclusive discounts and benefits for reservations made between late 2025 and early 2026. The goal is to strengthen customer loyalty and stimulate demand during strategic periods, improving property occupancy rates.
via Markets Gazette