Current Ratio
since 2005
Calculation
Marriott International Inc., current ratio, long-term trends, calculation
| Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
|---|---|---|---|---|---|
| Dec 31, 2019 | 0.47 | = | 3,127) | ÷ | 6,677) |
| Dec 31, 2018 | 0.42 | = | 2,706) | ÷ | 6,437) |
| Dec 31, 2017 | 0.46 | = | 2,747) | ÷ | 6,010) |
| Dec 31, 2016 | 0.65 | = | 3,371) | ÷ | 5,147) |
| Dec 31, 2015 | 0.43 | = | 1,384) | ÷ | 3,233) |
| Dec 31, 2014 | 0.63 | = | 1,921) | ÷ | 3,060) |
| Dec 31, 2013 | 0.71 | = | 1,903) | ÷ | 2,675) |
| Dec 28, 2012 | 0.53 | = | 1,475) | ÷ | 2,773) |
| Dec 30, 2011 | 0.52 | = | 1,324) | ÷ | 2,558) |
| Dec 31, 2010 | 1.35 | = | 3,382) | ÷ | 2,501) |
| Jan 1, 2010 | 1.25 | = | 2,851) | ÷ | 2,287) |
| Jan 2, 2009 | 1.33 | = | 3,368) | ÷ | 2,533) |
| Dec 28, 2007 | 1.24 | = | 3,572) | ÷ | 2,876) |
| Dec 29, 2006 | 1.31 | = | 3,314) | ÷ | 2,522) |
| Dec 30, 2005 | 1.01 | = | 2,010) | ÷ | 1,992) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
1 US$ in millions
The analysis of the liquidity position from 2005 to 2019 reveals a significant structural shift in the relationship between current assets and current liabilities. The period is characterized by an initial phase of liquidity stability followed by a sustained period of current liabilities exceeding current assets, resulting in a current ratio consistently below 1.0 after 2010.
- Initial Liquidity Stability (2005–2010)
- During this interval, the current ratio remained above 1.0, peaking at 1.35 in 2010. Current assets generally scaled in tandem with current liabilities, ensuring that short-term obligations were fully covered by short-term assets. This period reflects a conservative liquidity management approach where the ratio fluctuated within a healthy range of 1.01 to 1.35.
- Liquidity Transition and Contraction (2011–2015)
- A sharp decline in the current ratio is observed in 2011, where it dropped to 0.52. This was driven by a substantial decrease in current assets, which fell from 3,382 million US$ in 2010 to 1,324 million US$ in 2011, while current liabilities remained relatively stable. Although a brief recovery to 0.71 occurred in 2013, the ratio remained below 1.0 throughout this period, reaching a low of 0.43 in 2015.
- Expansion of Short-Term Obligations (2016–2019)
- The final phase is marked by a significant increase in current liabilities, which grew from 3,233 million US$ in 2015 to 6,677 million US$ in 2019. Current assets did not experience a commensurate increase, fluctuating between 2,706 million US$ and 3,371 million US$. Consequently, the current ratio remained suppressed, oscillating between 0.42 and 0.65, indicating a persistent reliance on non-current assets or external financing to meet short-term obligations.
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Comparison to Competitors
Marriott International Inc., current ratio, long-term trends, comparison to competitors
| Marriott International Inc. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2019 | 0.47 | — | 1.83 | 1.61 | — | 0.98 | 0.92 |
| Dec 31, 2018 | 0.42 | — | 2.36 | 1.81 | — | 1.36 | 2.20 |
| Dec 31, 2017 | 0.46 | — | 2.58 | 1.94 | — | 1.84 | 1.25 |
| Dec 31, 2016 | 0.65 | — | 1.89 | 1.85 | — | 1.40 | 1.05 |
| Dec 31, 2015 | 0.43 | — | 2.47 | 2.91 | — | 3.27 | 1.19 |
| Dec 31, 2014 | 0.63 | — | 3.82 | 3.58 | — | 1.52 | 1.37 |
| Dec 31, 2013 | 0.71 | — | 5.41 | 3.34 | — | 1.59 | 1.02 |
| Dec 28, 2012 | 0.53 | — | 3.89 | 2.93 | — | 1.45 | 1.90 |
| Dec 30, 2011 | 0.52 | — | 2.77 | 3.18 | — | 1.25 | 1.83 |
| Dec 31, 2010 | 1.35 | — | 4.15 | 3.30 | — | 1.49 | 1.55 |
| Jan 1, 2010 | 1.25 | — | 2.50 | 2.91 | — | 1.14 | 1.29 |
| Jan 2, 2009 | 1.33 | — | 1.14 | 2.75 | — | 1.39 | 0.80 |
| Dec 28, 2007 | 1.24 | — | 0.88 | 2.75 | — | 0.80 | 0.79 |
| Dec 29, 2006 | 1.31 | — | 5.00 | 2.92 | — | 1.21 | 0.79 |
| Dec 30, 2005 | 1.01 | — | 3.15 | 0.42 | — | 1.45 | 0.99 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
Comparison to Sector (Consumer Services)
Marriott International Inc., current ratio, long-term trends, comparison to sector (consumer services)
| Marriott International Inc. | Consumer Services | |
|---|---|---|
| Dec 31, 2019 | 0.47 | 1.27 |
| Dec 31, 2018 | 0.42 | 2.04 |
| Dec 31, 2017 | 0.46 | 1.85 |
| Dec 31, 2016 | 0.65 | 1.39 |
| Dec 31, 2015 | 0.43 | 2.21 |
| Dec 31, 2014 | 0.63 | 1.96 |
| Dec 31, 2013 | 0.71 | 1.84 |
| Dec 28, 2012 | 0.53 | 2.11 |
| Dec 30, 2011 | 0.52 | 1.72 |
| Dec 31, 2010 | 1.35 | 1.79 |
| Jan 1, 2010 | 1.25 | 1.33 |
| Jan 2, 2009 | 1.33 | 1.14 |
| Dec 28, 2007 | 1.24 | 0.82 |
| Dec 29, 2006 | 1.31 | 1.14 |
| Dec 30, 2005 | 1.01 | 1.36 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).
Comparison to Industry (Consumer Discretionary)
Marriott International Inc., current ratio, long-term trends, comparison to industry (consumer discretionary)
| Marriott International Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2019 | 0.47 | 1.10 |
| Dec 31, 2018 | 0.42 | 1.15 |
| Dec 31, 2017 | 0.46 | 1.15 |
| Dec 31, 2016 | 0.65 | 1.12 |
| Dec 31, 2015 | 0.43 | 1.25 |
| Dec 31, 2014 | 0.63 | 1.11 |
| Dec 31, 2013 | 0.71 | 1.15 |
| Dec 28, 2012 | 0.53 | 1.14 |
| Dec 30, 2011 | 0.52 | 1.31 |
| Dec 31, 2010 | 1.35 | 1.24 |
| Jan 1, 2010 | 1.25 | 1.25 |
| Jan 2, 2009 | 1.33 | 0.96 |
| Dec 28, 2007 | 1.24 | 1.21 |
| Dec 29, 2006 | 1.31 | 1.15 |
| Dec 30, 2005 | 1.01 | 1.10 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-28), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2010-01-01), 10-K (reporting date: 2009-01-02), 10-K (reporting date: 2007-12-28), 10-K (reporting date: 2006-12-29), 10-K (reporting date: 2005-12-30).