MARMARRIOTT INTERNATIONAL INC /MD/

Hotels & Motels

Revenue: $26.2B; 4.3% YoY
Operating margin: 15.8%; 5.4% YoY
EBITDA: $4.3B; 10% YoY
Market cap: $106.2B
Employees: 414,000; $63K revenue each
Net debt / EBITDA: 3.7×; $16.0B net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
123% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
125% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$63K · 7th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 70th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$106.2B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$66M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$13.9B	$20.8B	$23.7B	$25.1B	$26.2B	4.3%
Operating income	$1.8B	$3.5B	$3.9B	$3.8B	$4.1B	9.9%
Net income	$1.1B	$2.4B	$3.1B	$2.4B	$2.6B	9.5%
Operating cash flow	$1.2B	$2.4B	$3.2B	$2.7B	$3.2B	17%
Capex	$183M	$332M	$452M	$750M	$604M	19%
Stock-based comp	$182M	$192M	$205M	$237M	$236M	0.4%
Buybacks	$0	$2.6B	$4.0B	$3.8B	$3.3B	12%
Dividends	$0	$321M	$587M	$682M	$718M	5.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 20, 2026	JWM Family Enterprises, Inc.	SCHEDULE 13D/A	8.2%	Active
Jan 30, 2024	JWM Family Enterprises, Inc.	SC 13D/A	12.8%	Active
May 16, 2022	JWM Family Enterprises, Inc.	SC 13D/A	11.9%	Passive
Mar 2, 2021	JWM Family Enterprises, Inc.	SC 13D/A	7.5%	Passive
Jun 5, 2020	MARRIOTT RICHARD E	SC 13D/A	6.7%	Passive
Mar 10, 2020	JWM Family Enterprises, Inc.	SC 13D/A	12.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $66M · 25
Net: −$66M

Pay vs performance

No pay-versus-performance disclosure yet.