Loading institutional data...
Loading institutional data...
Held by 553 of 2,417 reporting institutions (99th percentile) — extremely crowded.
Data as of Q3 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading insider activity...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $399.30 today, the market must believe free cash flow compounds 18.4%/yr for a decade (off $2.44B on the 3-yr avg basis).
On the basis ($2.22B) the requirement is 19.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 18.4% is more optimistic than its 9-yr track record.
Default is 10.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.26B shares (market data) · net debt -$335.0M
mean 15.8% · volatility σ 48% · implied rate exceeded in 5/9 yrs
Central path = implied 18.4%/yr growth; shaded band = ±1σ (48%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 28% of free cash flow, leaving room to grow it and fund buybacks. Last year: $718.0M dividends + $3.30B buybacks = $4.02B returned on $2.61B FCF.
4 consecutive years of dividend increases · 12%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -69%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $358.0M is below the $1.21B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~3517.4% on $23.0M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $26.19B 100.0% | $25.10B 100.0% | $23.71B 100.0% | $20.77B 100.0% | $13.86B 100.0% | $10.57B 100.0% | $20.97B 100.0% | $20.76B 100.0% | $20.45B 100.0% | $15.41B 100.0% |
| Selling, General & Admin | $870.0M 3.3% | $945.0M 3.8% | $867.0M 3.7% | $891.0M 4.3% | $823.0M 5.9% | $762.0M 7.2% | $938.0M 4.5% | $927.0M 4.5% | $921.0M 4.5% | $743.0M 4.8% |
| Total Operating Expenses | $22.05B 84.2% | $21.33B 85.0% | $19.85B 83.7% | $17.31B 83.3% | $12.11B 87.4% | $10.49B 99.2% | $19.17B 91.4% | $18.39B 88.6% | $17.95B 87.8% | $13.98B 90.8% |
| Operating Income | $4.14B 15.8% | $3.77B 15.0% | $3.86B 16.3% | $3.46B 16.7% | $1.75B 12.6% | $84.0M 0.8% | $1.80B 8.6% | $2.37B 11.4% | $2.50B 12.2% | $1.42B 9.2% |
| Interest Expense | $809.0M 3.1% | $695.0M 2.8% | $565.0M 2.4% | $403.0M 1.9% | $420.0M 3.0% | $445.0M 4.2% | $394.0M 1.9% | $340.0M 1.6% | $288.0M 1.4% | $234.0M 1.5% |
| Interest & Investment Income | $42.0M 0.2% | $40.0M 0.2% | $30.0M 0.1% | $26.0M 0.1% | $28.0M 0.2% | $27.0M 0.3% | $26.0M 0.1% | $22.0M 0.1% | $38.0M 0.2% | $35.0M 0.2% |
| Other Income (Expense), net | $9.0M 0.0% | $31.0M 0.1% | $40.0M 0.2% | $11.0M 0.1% | $10.0M 0.1% | $9.0M 0.1% | $154.0M 0.7% | $194.0M 0.9% | $688.0M 3.4% | $5.0M 0.0% |
| Pretax Income | $3.39B 13.0% | $3.15B 12.6% | $3.38B 14.2% | $3.11B 15.0% | $1.18B 8.5% | -$466.0M -4.4% | $1.60B 7.6% | $2.35B 11.3% | $2.98B 14.6% | $1.24B 8.0% |
| Income Tax Expense | $793.0M 3.0% | $776.0M 3.1% | $295.0M 1.2% | $756.0M 3.6% | $81.0M 0.6% | -$199.0M -1.9% | $326.0M 1.6% | $438.0M 2.1% | $1.52B 7.4% | $431.0M 2.8% |
| Net Income | $2.60B 9.9% | $2.38B 9.5% | $3.08B 13.0% | $2.36B 11.4% | $1.10B 7.9% | -$267.0M -2.5% | $1.27B 6.1% | $1.91B 9.2% | $1.46B 7.1% | $808.0M 5.2% |
| Per Share | ||||||||||
| EPS (Basic) | $9.53 | $8.36 | $10.23 | $7.27 | $3.36 | -$0.82 | $3.83 | $5.45 | $3.89 | $2.78 |
| EPS (Diluted) | $9.51 | $8.33 | $10.18 | $7.24 | $3.34 | -$0.82 | $3.80 | $5.38 | $3.84 | $2.73 |
| Weighted Avg Shares (Basic) | 272.9M | 284.2M | 301.5M | 324.4M | 327.2M | 325.8M | 332.7M | 350.1M | 375.2M | 290.9M |
| Weighted Avg Shares (Diluted) | 273.6M | 285.2M | 302.9M | 325.8M | 329.3M | 325.8M | 335.5M | 354.2M | 379.9M | 295.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MAR | $104.2B | 42.0× | 24.2× | 4.0× | 4.3% | — | 9.9% | -69.0% | -69.4% | -0.1× | 553 |
| HLT | $79.4B | 58.3× | 31.7× | 6.6× | 7.7% | — | 12.1% | -27.0% | 20.9% | 4.0× | 346 |
| LVS | $24.0B | 15.8× | — | 1.8× | 15.2% | — | 12.5% | 102% | 9.4% | — | 149 |
| H | $17.4B | — | 68.4× | 2.5× | 6.8% | — | -0.7% | -1.6% | -0.7% | 11.4× | 99 |
| WYNN | $7.6B | 23.6× | 9.9× | 1.1× | 0.1% | — | 4.6% | -119% | 3.2% | 5.4× | 101 |
| MGM | $7.4B | 37.9× | — | 0.4× | 1.7% | — | 1.2% | 8.5% | 2.4% | — | 155 |
| CZR | $5.9B | — | 5.1× | 0.5× | 2.1% | — | -4.4% | -14.3% | -3.3% | 3.3× | 76 |
| WH | $5.7B | 30.8× | 18.8× | 4.0× | 1.5% | — | 13.5% | 41.2% | 6.4% | 5.7× | 96 |
| BYD | $5.3B | 3.2× | 6.6× | 1.3× | 4.1% | — | 45.0% | 70.7% | 39.6% | 1.6× | 73 |
| CHH | $5.1B | 14.3× | 13.7× | 3.2× | 0.8% | — | 23.2% | 204% | 17.7% | 3.7× | 61 |
| ATAT | $4.5B | 59.4× | 12.1× | 3.2× | 41.0% | — | 16.6% | 45.1% | 42.2% | -1.3× | 16 |
| TNL | $4.3B | 20.8× | 14.3× | 1.1× | 4.1% | 93.2% | 5.7% | -23.4% | 5.0% | 7.9× | 102 |
| RRR | $2.9B | 15.8× | 7.8× | 1.4× | 3.7% | — | 9.3% | 90.3% | 5.2% | 4.1× | 39 |
| SHO | $2.4B | 323.5× | — | 2.5× | 6.0% | — | 2.6% | 1.3% | 0.9% | — | 57 |
| MCRI | $2.0B | 20.6× | 10.9× | 3.6× | 4.4% | 23.4% | 18.6% | 18.9% | 18.9% | 0.0× | 44 |
| XHR | $1.9B | 32.4× | 13.4× | 1.8× | 3.8% | 30.6% | 5.8% | 5.6% | 2.5% | 5.4× | 49 |
| MLCO | $1.5B | 24.9× | 6.6× | 0.3× | 11.3% | — | 3.6% | -14.8% | 3.4% | 5.3× | 19 |
Peers = companies sharing MAR's sector (Hotels & Motels) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-30 | Reid Grant Director | Grant | 70 | $359.68 | $25k |
| 2026-09-30 | Lewis Aylwin B Director | Grant | 10 | $359.68 | $4k |
| 2026-09-25 | Marriott David S Director | Open-market saleindirect | 3,500 | $352.09 | $1.2m |
| 2026-09-25 | Harrison Deborah Marriott Director |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Open-market saleindirect |
| 3,500 |
| $352.09 |
| $1.2m |
| 2026-09-25 | Marriott J W Jr 10% owner | Open-market saleindirect | 3,500 | $352.09 | $1.2m |
| 2026-09-08 | Marriott Juliana B. Insider | Otherindirect | 2,000,000 | $0.00 | $0 |
| 2026-09-08 | Marriott David S Director | Otherindirect | 2,000,000 | $0.00 | $0 |
| 2026-09-08 | Harrison Deborah Marriott Director | Otherindirect | 2,000,000 | $0.00 | $0 |
| 2026-09-08 | Juliana B. Marriott Marital Trust Insider | Otherindirect | 2,000,000 | $0.00 | $0 |
| 2026-08-17 | Jones Neal President, EMEA | Tax withholding | 107 | $355.49 | $38k |
| 2026-06-30 | Lewis Aylwin B Director | Grant | 10 | $370.98 | $4k |
| 2026-06-30 | Reid Grant Director | Grant | 39 | $370.98 | $15k |
| 2026-06-10 | Marriott J W Jr 10% owner | Gift | 17,500 | $0.00 | $0 |
| 2026-05-18 | Harrison Deborah Marriott Director | Giftindirect | 52 | $0.00 | $0 |
| 2026-05-18 | Marriott J W Jr 10% owner | Gift | 52 | $0.00 | $0 |
| 2026-05-18 | Roe Peggy EVP & Chf. Customer Officer | Open-market sale | 3,000 | $361.56 | $1.1m |
| 2026-05-13 | Mao Yibing Pres. Greater China | Open-market sale | 4,816 | $347.72 | $1.7m |
| 2026-05-11 | Reid Grant Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | Mccarthy Margaret M Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | Henderson Frederick A. Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | 2 co-filers EVP & Chf. Development Officer | Grant | 87 | $350.84 | $31k |
| 2026-05-11 | 2 co-filers Group filing | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | Hobart Lauren R Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | Tresvant Sean Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | Lewis Aylwin B Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | Schwab Susan C Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | Harrison Deborah Marriott Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | Goren Isabella D Director | Grant | 670 | $0.00 | $0 |
| 2026-05-11 | 2 co-filers EVP & Chf. Development Officer | Grant | 87 | $350.84 | $31k |
| 2026-05-11 | 2 co-filers Group filing | Grant | 663 | $0.00 | — |
| 2026-05-08 | Marriott J W Jr 10% owner | Gift | 2,340 | $0.00 | $0 |
| 2026-05-08 | 3 co-filers Group filing | Gift | 52 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Gift | 52 | $0.00 | $0 |
| 2026-05-08 | 2 co-filers Group filing | Giftindirect | 52 | $0.00 | $0 |
| 2026-05-08 | 3 co-filers Group filing | Giftindirect | 52 | $0.00 | $0 |
| 2026-05-08 | 3 co-filers Group filing | Giftindirect | 936 | $0.00 | $0 |
| 2026-03-31 | Lewis Aylwin B Director | Grant | 11 | $326.05 | $4k |
| 2026-03-16 | Hill David Shawn EVP & Chf. Development Officer | Tax withholding | 382 | $320.11 | $122k |
| 2026-02-19 | Menon Rajeev President, APEC | Open-market sale | 3,492 | $354.00 | $1.2m |
| 2026-02-18 | 10 co-filers President, APEC | Option exercise | 4,992 | $177.55 | $886k |
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 93th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -69% against ROIC -69% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 4.5 | 4.5 | 7.2 | 5.9 | 4.3 | 3.7 | 3.8 | 3.3 |
| Operating Income | 11.4 | 8.6 | 0.8 | 12.6 | 16.7 | 16.3 | 15.0 | 15.8 |
| Income Tax | 2.1 | 1.6 | -1.9 | 0.6 | 3.6 | 1.2 | 3.1 | 3.0 |
| Net Income | 9.2 | 6.1 | -2.5 | 7.9 | 11.4 | 13.0 | 9.5 | 9.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on MAR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 9.2% | 5.2% |
| FY2017 | not reported | 12.2% | 7.1% |
| FY2018 | not reported | 11.4% | 9.2% |
| FY2019 | not reported | 8.6% | 6.1% |
| FY2020 | not reported | 0.8% | -2.5% |
| FY2021 | not reported | 12.6% | 7.9% |
| FY2022 | not reported | 16.7% | 11.4% |
| FY2023 | not reported | 16.3% | 13.0% |
| FY2024 | not reported | 15.0% | 9.5% |
| FY2025 | not reported | 15.8% | 9.9% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 0.90x of reported profit into cash — adequate, without much margin.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Covers interest 3.6x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 5.12x |
| 5% | 4.86x |
| 10% | 4.61x |
| 15% | 4.35x |
| 20% | 4.09x |
| 25% | 3.84x |
| 30% | 3.58x |
| 35% | 3.33x |
| 40% | 3.07x |
| 45% | 2.82x |
| 50% | 2.56x |
| 55% | 2.30x |
| 60% | 2.05x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 5.1x today but falls to 3.6x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $399.65, free cash flow must compound 18.6%/yr for 10 years. It has done 16.71%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 45.7% | 18.6% |
| FY2021 | −33.9% | 18.6% |
| FY2022 | 104.3% | 18.6% |
| FY2023 | 33.8% | 18.6% |
| FY2024 | −26.5% | 18.6% |
| FY2025 | 30.5% | 18.6% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM (share count from the last fiscal year — the TTM window reports none).
The implied rate has been matched or beaten in 4 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.60B | $2.60B |
| Share-based comp | $236M | $2.84B |
| Other non-cash & working capital | $375M | $3.21B |
| Operating cash flow | $3.21B | $3.21B |
| Capex | −$604M | $2.61B |
| Free cash flow | $2.61B | $2.61B |
| FCF after SBC | $2.37B | $2.37B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -49.6% | not reported | not reported |
| FY2021 | 31.1% | not reported | not reported |
| FY2022 | 49.9% | not reported | not reported |
| FY2023 | 14.2% | not reported | not reported |
| FY2024 | 5.8% | not reported | not reported |
| FY2025 | 4.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.6 percent |
| FY2020 | -7.7 percent |
| FY2021 | -0.3 percent |
| FY2022 | -0.0 percent |
| FY2023 | -0.3 percent |
| FY2024 | -1.4 percent |
| FY2025 | -2.2 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.