Marriott International Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income	1,273)	1,907)	1,372)	780)	859)
Net noncash charges	685)	526)	983)	979)	697)
Working capital changes	(273)	(76)	81)	(177)	(126)
Net cash provided by operating activities	1,685)	2,357)	2,436)	1,582)	1,430)
Cash paid for interest, net of amounts capitalized, net of tax¹	276)	231)	156)	109)	78)
Capital expenditures	(653)	(556)	(240)	(199)	(305)
Contract acquisition costs	—)	—)	(189)	(80)	(121)
Free cash flow to the firm (FCFF)	1,308)	2,032)	2,163)	1,412)	1,082)

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).

¹ See details »

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Marriott International Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Effective Income Tax Rate (EITR)
EITR¹	20.70%	20.30%	33.30%	34.10%	31.50%
Interest Paid, Net of Tax
Cash paid for interest, net of amounts capitalized, before tax	348)	290)	234)	165)	114)
Less: Cash paid for interest, net of amounts capitalized, tax²	72)	59)	78)	56)	36)
Cash paid for interest, net of amounts capitalized, net of tax	276)	231)	156)	109)	78)

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).

¹ See details »

² 2019 Calculation
Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= 348 × 20.70% = 72

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Marriott International Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	37,405)
Free cash flow to the firm (FCFF)	1,308)
Valuation Ratio
EV/FCFF	28.60
Benchmarks
EV/FCFF, Competitors¹
Airbnb Inc.	17.46
Booking Holdings Inc.	11.92
Chipotle Mexican Grill Inc.	27.87
DoorDash, Inc.	43.24
McDonald’s Corp.	24.93
Starbucks Corp.	41.67

Based on: 10-K (reporting date: 2019-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Marriott International Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	49,504)	51,303)	58,357)	41,398)	20,472)
Free cash flow to the firm (FCFF)²	1,308)	2,032)	2,163)	1,412)	1,082)
Valuation Ratio
EV/FCFF³	37.85	25.25	26.98	29.32	18.92
Benchmarks
EV/FCFF, Competitors⁴
Airbnb Inc.	—	—	—	—	—
Booking Holdings Inc.	—	—	—	—	—
Chipotle Mexican Grill Inc.	—	—	—	—	—
DoorDash, Inc.	—	—	—	—	—
McDonald’s Corp.	—	—	—	—	—
Starbucks Corp.	—	—	—	—	—