Debt to Equity
since 2005
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Marriott International Inc. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Aggregate Accruals
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Calculation
Marriott International Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current portion1 | ÷ | Shareholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2019 | = | ÷ | |||
| Dec 31, 2018 | = | ÷ | |||
| Dec 31, 2017 | = | ÷ | |||
| Dec 31, 2016 | = | ÷ | |||
| Dec 31, 2015 | = | ÷ | |||
| Dec 31, 2014 | = | ÷ | |||
| Dec 31, 2013 | = | ÷ | |||
| Dec 28, 2012 | = | ÷ | |||
| Dec 30, 2011 | = | ÷ | |||
| Dec 31, 2010 | = | ÷ | |||
| Jan 1, 2010 | = | ÷ | |||
| Jan 2, 2009 | = | ÷ | |||
| Dec 28, 2007 | = | ÷ | |||
| Dec 29, 2006 | = | ÷ | |||
| Dec 30, 2005 | = | ÷ |
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 financial data reveals notable trends and shifts in the company's leverage and equity position over the period analyzed.
- Long-term Debt
- The long-term debt, including the current portion, shows a general upward trend from 2005 to 2019. Starting at $1,737 million in 2005, it increased steadily with some fluctuations, reaching $10,940 million by the end of 2019. There were periods of significant increases, notably between 2015 and 2016, where the debt more than doubled from $4,107 million to $8,506 million, and again from 2018 to 2019, where it increased from $9,347 million to $10,940 million. This indicates an increasing reliance on debt financing over time.
- Shareholders’ Equity (Deficit)
- Shareholders’ equity shows a declining trend from $3,252 million in 2005 to a deficit position through much of the period between 2011 and 2015, reaching a low point of -$3,590 million in 2015. After this trough, equity improved markedly, turning positive again by 2016 with $5,357 million, and then experienced a subsequent decline up to 2019, ending at $703 million. This fluctuation reflects periods of financial stress, potential asset write-downs or losses, followed by recovery phases.
- Debt to Equity Ratio
- The debt to equity ratio increased significantly over the periods where data is available. Beginning at 0.53 in 2005, it rose above 2 by 2007 and remained around this level until 2010. The ratio then shows data from 2016 onward, indicating a sharp increase from 1.59 to an extreme level of 15.56 in 2019. This pronounced increase is consistent with the sharp rise in long-term debt and the reduction in shareholders’ equity over the same time frame, signifying heightened financial leverage and risk.
Overall, the company exhibits growing indebtedness paired with volatile equity performance. The substantial increase in the debt to equity ratio towards the end of the period highlights an elevated financial risk profile, suggesting that the company has been increasingly financing its operations through debt rather than equity.
Comparison to Competitors
Marriott International Inc., debt to equity, long-term trends, comparison to competitors
| Marriott International Inc. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | McDonald’s Corp. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Dec 31, 2019 | ||||||
| Dec 31, 2018 | ||||||
| Dec 31, 2017 | ||||||
| Dec 31, 2016 | ||||||
| Dec 31, 2015 | ||||||
| Dec 31, 2014 | ||||||
| Dec 31, 2013 | ||||||
| Dec 28, 2012 | ||||||
| Dec 30, 2011 | ||||||
| Dec 31, 2010 | ||||||
| Jan 1, 2010 | ||||||
| Jan 2, 2009 | ||||||
| Dec 28, 2007 | ||||||
| Dec 29, 2006 | ||||||
| Dec 30, 2005 |
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., debt to equity, long-term trends, comparison to sector (consumer services)
| Marriott International Inc. | Consumer Services | |
|---|---|---|
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 28, 2012 | ||
| Dec 30, 2011 | ||
| Dec 31, 2010 | ||
| Jan 1, 2010 | ||
| Jan 2, 2009 | ||
| Dec 28, 2007 | ||
| Dec 29, 2006 | ||
| Dec 30, 2005 |
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., debt to equity, long-term trends, comparison to industry (consumer discretionary)
| Marriott International Inc. | Consumer Discretionary | |
|---|---|---|
| Dec 31, 2019 | ||
| Dec 31, 2018 | ||
| Dec 31, 2017 | ||
| Dec 31, 2016 | ||
| Dec 31, 2015 | ||
| Dec 31, 2014 | ||
| Dec 31, 2013 | ||
| Dec 28, 2012 | ||
| Dec 30, 2011 | ||
| Dec 31, 2010 | ||
| Jan 1, 2010 | ||
| Jan 2, 2009 | ||
| Dec 28, 2007 | ||
| Dec 29, 2006 | ||
| Dec 30, 2005 |
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).