Marriott International Inc. (NASDAQ:MAR)

Over the examined period, revenues demonstrate a generally positive trajectory, with fluctuations reflecting specific intervals of decline and growth. Initially, revenues increased steadily from approximately 11,550 million US dollars in late 2005 to nearly 12,990 million US dollars by the end of 2007. Subsequently, there was a minor decline and some volatility around 2009 and 2010, where revenues decreased to approximately 10,908 million US dollars before rebounding to approximately 12,317 million US dollars by the end of 2011. Revenues then continued to increase, reaching a peak of about 22,894 million US dollars by 2017, before slightly declining to around 20,972 million US dollars by the end of 2019.

Total assets show a different pattern compared to revenues. From 2005 through 2010, total assets largely remained stable, fluctuating modestly between 7,933 million and 8,983 million US dollars. However, beginning in 2011, there is a notable divergence; total assets decrease abruptly to 5,910 million US dollars, and although some recovery is observed in the subsequent years, assets remain at lower levels relative to earlier periods until reaching a significant increase in 2016 with over 24,000 million US dollars. Total assets then stabilize just below 25,000 million US dollars in the latest periods.

The total asset turnover ratio, indicating efficiency in generating revenues from assets, initially exhibits an upward trend from 1.35 in 2005 to a peak of 2.38 in 2015. This suggests improved operational efficiency during this phase. However, after 2015, the ratio declines sharply to 0.71, then slightly recovers but remains below 1 through 2019. This sudden drop may be linked to the substantial increase in total assets that occurred around 2016, as revenue did not increase proportionally. The declining asset turnover ratio in the later years signals a reduction in asset utilization efficiency, indicating that the company may be holding more assets relative to the revenue generated.

In summary, the revenue growth over the period shows resilience with some periodic volatility, while total assets experience a notable structural change around 2011-2016, culminating in a marked increase. The asset turnover ratio reflects these dynamics, initially improving but decreasing significantly as asset levels rise substantially without proportional revenue growth, implying a shift in how effectively the company employs its assets to generate revenues in the recent years.