Financials Marriott International, Inc.

Equities

MAR

US5719032022

Hotels, Motels & Cruise Lines

Market Closed - Nasdaq Other stock markets 04:00:00 2025-07-08 pm EDT			5-day change	1st Jan Change
279.96 ^USD	+0.56%		+0.68%	+0.37%

Jul. 08	Caliber Announces Chief Operating Officer Changes, Effective July 7, 2025	CI
Jul. 08	HSBC Adjusts Price Target on Marriott International to $332 From $288, Maintains Buy Rating	MT

Projected Income Statement: Marriott International, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	10,571	13,857	20,773	23,713	25,100	26,206	27,689	29,304
Change	-	31.09%	49.91%	14.15%	5.85%	4.41%	5.66%	5.83%
EBITDA ¹	1,147	2,278	3,853	4,656	4,981	5,341	5,712	6,121
Change	-	98.61%	69.14%	20.84%	6.98%	7.23%	6.95%	7.16%
EBIT ¹	535	1,649	3,203	3,935	4,161	4,469	4,832	5,201
Change	-	208.22%	94.24%	22.85%	5.74%	7.39%	8.14%	7.62%
Interest Paid ¹	-445	-420	-403	-565	-695	-815.8	-889.5	-935.3
Earnings before Tax (EBT) ¹	-466	1,180	3,114	3,378	3,151	3,664	4,021	4,403
Change	-	353.22%	163.9%	8.48%	-6.72%	16.28%	9.74%	9.5%
Net income ¹	-267	1,099	2,358	3,083	2,375	2,744	2,961	3,244
Change	-	511.61%	114.56%	30.75%	-22.96%	15.55%	7.88%	9.59%
Announcement Date	2/18/21	2/15/22	2/14/23	2/13/24	2/11/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	1,464	2,254	2,172	2,316	3,149	3,946	4,446	4,199	5,338	5,313	5,923	5,615	6,075	5,928	6,095	5,977	6,439	6,255	6,429	6,263	6,655	6,500	6,711	6,492	7,006	6,828	7,033	-
Change	-	53.96%	-3.64%	6.63%	35.97%	25.31%	12.67%	-5.56%	27.13%	-0.47%	11.48%	-5.2%	8.19%	-2.42%	2.82%	-1.94%	7.73%	-2.86%	2.78%	-2.58%	6.26%	-2.34%	3.25%	-3.25%	7.91%	-2.54%	3%	-
EBITDA ¹	61	327	317	296	558	683	741	759	1,019	985	1,090	1,098	1,219	1,142	1,197	1,142	1,324	1,229	1,286	1,217	1,381	1,345	1,396	1,300	1,489	1,432	1,483	1,399
Change	-	436.07%	-3.06%	-6.62%	88.51%	22.4%	8.49%	2.43%	34.26%	-3.34%	10.66%	0.73%	11.02%	-6.32%	4.82%	-4.59%	15.94%	-7.18%	4.64%	-5.37%	13.5%	-2.62%	3.76%	-6.88%	14.55%	-3.78%	3.56%	-5.68%
EBIT ¹	-109	147	148	138	406	527	578	605	857	815	926	941	1,043	959	992	952	1,120	1,017	1,072	1,016	1,169	1,118	1,165	1,073	1,258	1,214	1,258	-
Change	-	234.86%	0.68%	-6.76%	194.2%	29.8%	9.68%	4.67%	41.65%	-4.9%	13.62%	1.62%	10.84%	-8.05%	3.44%	-4.03%	17.65%	-9.2%	5.41%	-5.22%	15.06%	-4.34%	4.22%	-7.97%	17.29%	-3.5%	3.6%	-
Charge d'intérêts ¹	-127	-113	-112	-107	-109	-107	-97	-93	-95	-100	-115	-126	-140	-146	-153	-163	-173	-179	-180	-192	-201.4	-208.5	-214.8	-222	-223.7	-226	-229	-
Earnings before Tax (EBT) ¹	-298	127	-314	-27	381	278	548	476	878	869	891	844	964	989	581	727	1,040	786	598	764	979.6	922.8	963.3	875.7	1,050	995.9	1,031	940.5
Change	-	142.62%	-347.24%	91.4%	1,511.11%	-27.03%	97.12%	-13.14%	84.45%	-1.03%	2.53%	-5.27%	14.22%	2.59%	-41.25%	25.13%	43.05%	-24.42%	-23.92%	27.76%	28.22%	-5.8%	4.39%	-9.09%	19.92%	-5.17%	3.51%	-8.77%
Net income ¹	-234	100	-164	-11	422	220	468	377	678	630	673	757	726	752	848	564	772	584	455	665	714.6	666.3	697.8	655.4	770	727.7	761	667.5
Change	-	142.74%	-264%	93.29%	3,936.36%	-47.87%	112.73%	-19.44%	79.84%	-7.08%	6.83%	12.48%	-4.1%	3.58%	12.77%	-33.49%	36.88%	-24.35%	-22.09%	46.15%	7.47%	-6.77%	4.73%	-6.08%	17.48%	-5.49%	4.57%	-12.27%
Announcement Date	8/10/20	11/6/20	2/18/21	5/10/21	8/3/21	11/3/21	2/15/22	5/4/22	8/2/22	11/3/22	2/14/23	5/2/23	8/1/23	11/2/23	2/13/24	5/1/24	7/31/24	11/4/24	2/11/25	5/6/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Marriott International, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,500	8,700	9,557	11,535	14,051	16,035	16,790	17,334
Change	-	-8.42%	9.85%	20.7%	21.81%	14.12%	4.71%	3.24%
Announcement Date	2/18/21	2/15/22	2/14/23	2/13/24	2/11/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Marriott International, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	135	183	332	452	750	836.2	688.5	709.3
Change	-	35.56%	81.42%	36.14%	65.93%	11.5%	-17.67%	3.03%
Free Cash Flow (FCF) ¹	1,504	994	2,031	2,718	1,999	2,734	3,127	3,328
Change	-	-33.91%	104.33%	33.83%	-26.45%	36.79%	14.35%	6.43%
Announcement Date	2/18/21	2/15/22	2/14/23	2/13/24	2/11/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Marriott International, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	10.85%	16.44%	18.55%	19.63%	19.84%	20.38%	20.63%	20.89%
EBIT Margin (%)	5.06%	11.9%	15.42%	16.59%	16.58%	17.05%	17.45%	17.75%
EBT Margin (%)	-4.41%	8.52%	14.99%	14.25%	12.55%	13.98%	14.52%	15.02%
Net margin (%)	-2.53%	7.93%	11.35%	13%	9.46%	10.47%	10.69%	11.07%
FCF margin (%)	14.23%	7.17%	9.78%	11.46%	7.96%	10.43%	11.29%	11.36%
FCF / Net Income (%)	-563.3%	90.45%	86.13%	88.16%	84.17%	99.64%	105.62%	102.58%
Profitability
ROA	-1.07%	4.37%	9.36%	11.99%	10.26%	16.56%	17.2%	18.75%
ROE	-47.13%	119.2%	237.94%	-	-	-	-	-
Financial Health
Leverage (Debt/EBITDA)	8.28x	3.82x	2.48x	2.48x	2.82x	3x	2.94x	2.83x
Debt / Free cash flow	6.32x	8.75x	4.71x	4.24x	7.03x	5.86x	5.37x	5.21x
Capital Intensity
CAPEX / Current Assets (%)	1.28%	1.32%	1.6%	1.91%	2.99%	3.19%	2.49%	2.42%
CAPEX / EBITDA (%)	11.77%	8.03%	8.62%	9.71%	15.06%	15.66%	12.05%	11.59%
CAPEX / FCF (%)	8.98%	18.41%	16.35%	16.63%	37.52%	30.58%	22.02%	21.31%
Items per share
Cash flow per share ¹	5.031	3.574	7.253	10.47	9.639	12.52	14.15	15.22
Change	-	-28.95%	102.92%	44.29%	-7.9%	29.94%	12.98%	7.59%
Dividend per Share ¹	0.48	-	1	1.96	2.41	2.586	2.913	3.053
Change	-	-	-	96%	22.96%	7.31%	12.63%	4.82%
Book Value Per Share ¹	1.326	4.333	1.829	-2.252	-10.49	-16.03	-19.72	-22.46
Change	-	226.93%	-57.79%	-223.1%	-365.94%	-52.76%	-23.06%	-13.88%
EPS ¹	-0.82	3.34	7.24	10.18	8.33	10.09	11.33	12.88
Change	-	507.32%	116.77%	40.61%	-18.17%	21.16%	12.22%	13.72%
Nbr of stocks (in thousands)	324,332	325,683	316,540	293,691	277,893	273,896	273,896	273,896
Announcement Date	2/18/21	2/15/22	2/14/23	2/13/24	2/11/25	-	-	-