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Stock Analysis on Net

Marriott International Inc. (NASDAQ:MAR)

This company has been moved to the archive! The financial data has not been updated since May 11, 2020.

Common-Size Balance Sheet: Assets

Marriott International Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Cash and equivalents 0.90 1.33 1.60 3.55 1.58
Accounts receivable, net 9.52 8.98 8.28 7.01 18.04
Notes receivable, net 0.04 0.03 0.03 0.01 0.10
Accounts and notes receivable, net 9.56% 9.00% 8.31% 7.02% 18.14%
Prepaid expenses and other 1.01 1.05 0.94 0.95 1.76
Assets held for sale 1.02 0.03 0.62 2.44 1.28
Current assets 12.48% 11.42% 11.47% 13.96% 22.76%
Property and equipment, net 7.60 8.25 7.49 9.67 16.92
Brands 23.77 24.43 24.72 26.96 3.24
Contract acquisition costs and other 10.73 10.93 12.04 11.44 20.62
Goodwill 36.12 38.15 38.45 31.47 15.50
Intangible assets 70.61% 73.51% 75.21% 69.88% 39.36%
Equity method investments 2.30 3.09 3.09 3.02 2.71
Notes receivable, net 0.47 0.53 0.59 1.01 3.54
Deferred tax assets 0.61 0.72 0.39 0.48 11.05
Operating lease assets 3.54 0.00 0.00 0.00 0.00
Other noncurrent assets 2.38 2.48 1.76 1.98 3.67
Noncurrent assets 87.52% 88.58% 88.53% 86.04% 77.24%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

The balance sheet composition exhibits a fundamental structural shift between 2015 and 2019, characterized by a significant migration from current assets toward noncurrent, intangible assets. Total current assets declined from 22.76% of total assets in 2015 to 12.48% by 2019, while noncurrent assets increased from 77.24% to 87.52% over the same period.

Liquidity and Current Asset Trends
A substantial reduction in the relative weight of current assets occurred after 2015. Accounts and notes receivable, net, which represented 18.14% of total assets in 2015, dropped sharply to 7.02% in 2016 and remained relatively stable between 8.31% and 9.56% through 2019. Cash and equivalents remained a minimal component of the asset base, fluctuating between a high of 3.55% in 2016 and a low of 0.90% in 2019.
Intangible Asset Expansion
The most prominent trend is the aggressive growth of intangible assets, which rose from 39.36% of total assets in 2015 to 70.61% in 2019. This growth is driven by two primary components: Goodwill and Brands. Goodwill increased from 15.50% in 2015 to a peak of 38.45% in 2017, ending at 36.12% in 2019. Similarly, the proportion of assets attributed to Brands surged from 3.24% in 2015 to 23.77% in 2019. This indicates a strategic transition toward an asset-light model or the result of large-scale acquisitions.
Tangible and Other Noncurrent Assets
Property and equipment, net, experienced a steady relative decline, falling from 16.92% in 2015 to 7.60% in 2019. Deferred tax assets also saw a precipitous drop from 11.05% in 2015 to 0.61% by 2019. Notably, operating lease assets appeared in 2019, accounting for 3.54% of total assets, suggesting a change in accounting standards or lease structures.
Investment and Other Assets
Equity method investments remained relatively stable, fluctuating slightly around 2.30% to 3.09% of total assets. Assets held for sale showed volatility, peaking at 2.44% in 2016 before settling at 1.02% in 2019. Other noncurrent assets maintained a low profile, generally remaining below 4% of the total asset base throughout the analyzed period.

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