Price to Book Value (P/BV)
since 2005
Calculation
Marriott International Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity (deficit)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2020 | 55.18 | = | 119.64 | ÷ | 2.17 | 2.17 | = | 703 | ÷ | 324,214,545 | |
| Mar 1, 2019 | 19.00 | = | 124.45 | ÷ | 6.55 | 6.55 | = | 2,225 | ÷ | 339,668,839 | |
| Feb 15, 2018 | 13.54 | = | 141.29 | ÷ | 10.44 | 10.44 | = | 3,731 | ÷ | 357,437,289 | |
| Feb 21, 2017 | 6.30 | = | 87.99 | ÷ | 13.97 | 13.97 | = | 5,357 | ÷ | 383,561,428 | |
| Feb 18, 2016 | — | = | 64.94 | ÷ | -14.16 | -14.16 | = | -3,590 | ÷ | 253,481,935 | |
| Feb 19, 2015 | — | = | 83.10 | ÷ | -7.96 | -7.96 | = | -2,200 | ÷ | 276,542,350 | |
| Feb 20, 2014 | — | = | 51.79 | ÷ | -4.80 | -4.80 | = | -1,415 | ÷ | 294,823,291 | |
| Feb 20, 2013 | — | = | 39.72 | ÷ | -4.11 | -4.11 | = | -1,285 | ÷ | 312,344,872 | |
| Feb 16, 2012 | — | = | 34.82 | ÷ | -2.34 | -2.34 | = | -781 | ÷ | 333,866,753 | |
| Feb 18, 2011 | 9.50 | = | 40.92 | ÷ | 4.31 | 4.31 | = | 1,585 | ÷ | 367,937,640 | |
| Feb 12, 2010 | 8.43 | = | 26.84 | ÷ | 3.19 | 3.19 | = | 1,142 | ÷ | 358,522,350 | |
| Feb 12, 2009 | 3.99 | = | 15.73 | ÷ | 3.94 | 3.94 | = | 1,380 | ÷ | 349,860,166 | |
| Feb 15, 2008 | 8.80 | = | 35.53 | ÷ | 4.04 | 4.04 | = | 1,429 | ÷ | 354,043,159 | |
| Feb 21, 2007 | 7.37 | = | 49.73 | ÷ | 6.75 | 6.75 | = | 2,618 | ÷ | 387,952,048 | |
| Feb 22, 2006 | 4.31 | = | 34.16 | ÷ | 7.92 | 7.92 | = | 3,252 | ÷ | 410,705,438 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Marriott International Inc. Annual Report.
- Share Price Trend
- The share price experienced significant volatility over the period analyzed. Initially, it rose sharply from 34.16 US$ in February 2006 to a peak of 49.73 US$ in February 2007 before declining steeply to 15.73 US$ by February 2009. Following this low point, there was a marked recovery and upward trend, reaching a high of 141.29 US$ in February 2018. Subsequently, the share price showed some decline but remained elevated relative to the earlier periods, ending at 119.64 US$ in February 2020.
- Book Value Per Share (BVPS) Trend
- The book value per share demonstrated a generally downward and volatile trajectory. Starting at 7.92 US$ in February 2006, it decreased continuously hitting negative values from February 2012 through February 2016, with the lowest recorded value at -14.16 US$. Interestingly, there was a recovery trend beginning in February 2017, returning to positive territory and peaking at 13.97 US$ before falling again, ending at 2.17 US$ in February 2020. This suggests substantial fluctuations in the company’s net asset base or equity valuation over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio showed considerable variation and some data gaps during the middle years. The ratio began at 4.31 in 2006, rising sharply to a peak above 9.5 by 2011. Notably, from 2012 through 2015, the P/BV ratio data is missing, likely reflecting the challenges or anomalies related to the negative book values recorded in those years. Starting from 2017, the ratio surged dramatically, reaching a very high value of 55.18 by February 2020. This elevated P/BV ratio indicates a significant premium placed by the market on the company’s shares relative to book value, especially during the later years.
- Overall Insights
- The data over the period reflects a company that faced significant financial stress and restructuring, as indicated by the negative book value per share for several years and the missing P/BV data in that timeframe. Despite these challenges, market confidence appears to have increased substantially after 2016, as evidenced by the rise in share price and P/BV ratio. The large disparity between share price and book value, especially at the end of the period, suggests investor optimism and a valuation driven more by future earnings potential or intangible assets rather than current net asset value.
Comparison to Competitors
Marriott International Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|
| Feb 27, 2020 | 55.18 | — | 11.61 | 14.09 | — | — | — |
| Mar 1, 2019 | 19.00 | — | 9.77 | 11.19 | — | — | 72.30 |
| Feb 15, 2018 | 13.54 | — | 8.03 | 5.45 | — | — | 14.86 |
| Feb 21, 2017 | 6.30 | — | 8.17 | 8.18 | — | — | 13.79 |
| Feb 18, 2016 | — | — | 6.97 | 6.49 | — | 15.06 | 15.59 |
| Feb 19, 2015 | — | — | 7.38 | 10.42 | — | 7.10 | 11.09 |
| Feb 20, 2014 | — | — | 9.68 | 10.94 | — | 5.97 | 13.55 |
| Feb 20, 2013 | — | — | 8.91 | 7.98 | — | 6.30 | 7.10 |
| Feb 16, 2012 | — | — | 11.44 | 11.27 | — | 7.10 | 7.14 |
| Feb 18, 2011 | 9.50 | — | 12.47 | 10.16 | — | 5.31 | 6.23 |
| Feb 12, 2010 | 8.43 | — | 7.95 | 4.71 | — | 4.90 | 5.21 |
| Feb 12, 2009 | 3.99 | — | 4.70 | 2.76 | — | 4.52 | 2.49 |
| Feb 15, 2008 | 8.80 | — | 7.55 | 6.13 | — | 4.22 | 7.37 |
| Feb 21, 2007 | 7.37 | — | 5.73 | 4.44 | — | 3.57 | 12.40 |
| Feb 22, 2006 | 4.31 | — | 2.53 | 5.68 | — | 2.92 | 11.40 |
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., P/BV, long-term trends, comparison to sector (consumer services)
| Marriott International Inc. | Consumer Services | |
|---|---|---|
| Feb 27, 2020 | 55.18 | — |
| Mar 1, 2019 | 19.00 | 63.58 |
| Feb 15, 2018 | 13.54 | 20.82 |
| Feb 21, 2017 | 6.30 | 18.69 |
| Feb 18, 2016 | — | 11.44 |
| Feb 19, 2015 | — | 8.15 |
| Feb 20, 2014 | — | 8.29 |
| Feb 20, 2013 | — | 6.94 |
| Feb 16, 2012 | — | 7.80 |
| Feb 18, 2011 | 9.50 | 6.28 |
| Feb 12, 2010 | 8.43 | 5.15 |
| Feb 12, 2009 | 3.99 | 4.17 |
| Feb 15, 2008 | 8.80 | 4.77 |
| Feb 21, 2007 | 7.37 | 4.69 |
| Feb 22, 2006 | 4.31 | 3.95 |
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., P/BV, long-term trends, comparison to industry (consumer discretionary)
| Marriott International Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 27, 2020 | 55.18 | 13.59 |
| Mar 1, 2019 | 19.00 | 11.35 |
| Feb 15, 2018 | 13.54 | 10.74 |
| Feb 21, 2017 | 6.30 | 8.39 |
| Feb 18, 2016 | — | 7.17 |
| Feb 19, 2015 | — | 5.83 |
| Feb 20, 2014 | — | 5.12 |
| Feb 20, 2013 | — | 4.39 |
| Feb 16, 2012 | — | 3.84 |
| Feb 18, 2011 | 9.50 | 4.04 |
| Feb 12, 2010 | 8.43 | 4.73 |
| Feb 12, 2009 | 3.99 | 4.98 |
| Feb 15, 2008 | 8.80 | 3.91 |
| Feb 21, 2007 | 7.37 | 4.50 |
| Feb 22, 2006 | 4.31 | 3.49 |
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).