Price to Sales (P/S)
since 2005
Calculation
Marriott International Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2020 | 1.85 | = | 119.64 | ÷ | 64.69 | 64.69 | = | 20,972 | ÷ | 324,214,545 | |
| Mar 1, 2019 | 2.04 | = | 124.45 | ÷ | 61.11 | 61.11 | = | 20,758 | ÷ | 339,668,839 | |
| Feb 15, 2018 | 2.21 | = | 141.29 | ÷ | 64.05 | 64.05 | = | 22,894 | ÷ | 357,437,289 | |
| Feb 21, 2017 | 1.98 | = | 87.99 | ÷ | 44.51 | 44.51 | = | 17,072 | ÷ | 383,561,428 | |
| Feb 18, 2016 | 1.14 | = | 64.94 | ÷ | 57.15 | 57.15 | = | 14,486 | ÷ | 253,481,935 | |
| Feb 19, 2015 | 1.67 | = | 83.10 | ÷ | 49.89 | 49.89 | = | 13,796 | ÷ | 276,542,350 | |
| Feb 20, 2014 | 1.19 | = | 51.79 | ÷ | 43.36 | 43.36 | = | 12,784 | ÷ | 294,823,291 | |
| Feb 20, 2013 | 1.05 | = | 39.72 | ÷ | 37.82 | 37.82 | = | 11,814 | ÷ | 312,344,872 | |
| Feb 16, 2012 | 0.94 | = | 34.82 | ÷ | 36.89 | 36.89 | = | 12,317 | ÷ | 333,866,753 | |
| Feb 18, 2011 | 1.29 | = | 40.92 | ÷ | 31.77 | 31.77 | = | 11,691 | ÷ | 367,937,640 | |
| Feb 12, 2010 | 0.88 | = | 26.84 | ÷ | 30.42 | 30.42 | = | 10,908 | ÷ | 358,522,350 | |
| Feb 12, 2009 | 0.43 | = | 15.73 | ÷ | 36.81 | 36.81 | = | 12,879 | ÷ | 349,860,166 | |
| Feb 15, 2008 | 0.97 | = | 35.53 | ÷ | 36.69 | 36.69 | = | 12,990 | ÷ | 354,043,159 | |
| Feb 21, 2007 | 1.59 | = | 49.73 | ÷ | 31.34 | 31.34 | = | 12,160 | ÷ | 387,952,048 | |
| Feb 22, 2006 | 1.21 | = | 34.16 | ÷ | 28.12 | 28.12 | = | 11,550 | ÷ | 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.
The price-to-sales (P/S) ratio exhibits significant volatility over the analyzed period, reflecting alternating phases of valuation contraction and expansion. While the ratio began at 1.21 in 2006, it experienced a dramatic decline to a cyclical low before trending upward toward a peak in 2018, eventually stabilizing near 1.85 by February 2020.
- Valuation Contraction and Trough (2006–2009)
- A sharp decline in the P/S ratio is observed between 2007 and 2009. After reaching 1.59 in 2007, the ratio dropped precipitously to 0.43 by February 2009. This contraction was primarily driven by a steep reduction in the share price, which fell from 49.73 to 15.73, while sales per share remained relatively resilient, actually increasing from 31.34 to 36.81 during the same window.
- Recovery and Stabilization Phase (2010–2015)
- A consistent recovery trend emerged starting in 2010, with the P/S ratio returning to pre-crisis levels. The ratio climbed from 0.88 in 2010 to 1.67 by 2015. This period was characterized by a steady increase in both share price and sales per share, indicating that market valuation was expanding in tandem with fundamental revenue growth.
- Peak Valuation and Recent Trends (2016–2020)
- The highest valuation multiples were recorded between 2017 and 2019. The P/S ratio reached its historical peak of 2.21 in February 2018, coinciding with a share price high of 141.29. Following this peak, a moderate correction occurred, with the ratio descending to 1.85 by February 2020. Despite the slight decline in the ratio, sales per share reached their period high of 64.69 in 2020, suggesting that the decrease in the P/S ratio was a result of share price softening rather than a decline in revenue performance.
Overall, the data indicates a long-term upward shift in how the market values each dollar of sales. The P/S ratio shifted from a historical average closer to 1.0 in the first decade of the analysis to a higher baseline exceeding 1.8 in the final years, suggesting increased investor confidence or a change in the company's perceived value proposition over time.
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Comparison to Competitors
Marriott International Inc., P/S, 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 | 1.85 | — | 4.57 | 4.24 | — | 7.43 | 3.75 |
| Mar 1, 2019 | 2.04 | — | 5.91 | 3.31 | — | 6.67 | 3.42 |
| Feb 15, 2018 | 2.21 | — | 7.13 | 1.66 | — | 5.68 | 3.62 |
| Feb 21, 2017 | 1.98 | — | 7.47 | 2.94 | — | 4.29 | 3.81 |
| Feb 18, 2016 | 1.14 | — | 6.65 | 3.07 | — | 4.20 | 4.73 |
| Feb 19, 2015 | 1.67 | — | 7.49 | 5.10 | — | 3.33 | 3.55 |
| Feb 20, 2014 | 1.19 | — | 9.85 | 5.24 | — | 3.40 | 4.08 |
| Feb 20, 2013 | 1.05 | — | 6.60 | 3.64 | — | 3.50 | 2.73 |
| Feb 16, 2012 | 0.94 | — | 6.76 | 5.19 | — | 3.78 | 2.68 |
| Feb 18, 2011 | 1.29 | — | 7.33 | 4.49 | — | 3.23 | 2.14 |
| Feb 12, 2010 | 0.88 | — | 4.49 | 2.18 | — | 3.02 | 1.62 |
| Feb 12, 2009 | 0.43 | — | 1.82 | 1.29 | — | 2.57 | 0.60 |
| Feb 15, 2008 | 0.97 | — | 3.11 | 3.17 | — | 2.83 | 1.79 |
| Feb 21, 2007 | 1.59 | — | 1.78 | 2.56 | — | 2.55 | 3.55 |
| Feb 22, 2006 | 1.21 | — | 0.97 | 2.80 | — | 2.17 | 3.74 |
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/S, long-term trends, comparison to sector (consumer services)
| Marriott International Inc. | Consumer Services | |
|---|---|---|
| Feb 27, 2020 | 1.85 | 5.11 |
| Mar 1, 2019 | 2.04 | 5.02 |
| Feb 15, 2018 | 2.21 | 4.94 |
| Feb 21, 2017 | 1.98 | 4.60 |
| Feb 18, 2016 | 1.14 | 4.67 |
| Feb 19, 2015 | 1.67 | 4.15 |
| Feb 20, 2014 | 1.19 | 4.53 |
| Feb 20, 2013 | 1.05 | 3.63 |
| Feb 16, 2012 | 0.94 | 3.85 |
| Feb 18, 2011 | 1.29 | 3.31 |
| Feb 12, 2010 | 0.88 | 2.70 |
| Feb 12, 2009 | 0.43 | 1.93 |
| Feb 15, 2008 | 0.97 | 2.57 |
| Feb 21, 2007 | 1.59 | 2.77 |
| Feb 22, 2006 | 1.21 | 2.49 |
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).
Comparison to Industry (Consumer Discretionary)
Marriott International Inc., P/S, long-term trends, comparison to industry (consumer discretionary)
| Marriott International Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 27, 2020 | 1.85 | 2.33 |
| Mar 1, 2019 | 2.04 | 2.05 |
| Feb 15, 2018 | 2.21 | 2.06 |
| Feb 21, 2017 | 1.98 | 1.68 |
| Feb 18, 2016 | 1.14 | 1.57 |
| Feb 19, 2015 | 1.67 | 1.32 |
| Feb 20, 2014 | 1.19 | 1.33 |
| Feb 20, 2013 | 1.05 | 1.06 |
| Feb 16, 2012 | 0.94 | 0.97 |
| Feb 18, 2011 | 1.29 | 0.96 |
| Feb 12, 2010 | 0.88 | 0.92 |
| Feb 12, 2009 | 0.43 | 0.66 |
| Feb 15, 2008 | 0.97 | 0.79 |
| Feb 21, 2007 | 1.59 | 0.86 |
| Feb 22, 2006 | 1.21 | 0.79 |
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).