Marriott International Inc., current enterprise value calculation

Current share price (P)	$82.31
No. shares of common stock outstanding	324,255,928
US$ in millions
Common equity (market value)¹	26,690)
Total equity	26,690)
Add: Current portion of long-term debt (per books)	977)
Add: Long-term debt, excluding current portion (per books)	9,963)
Total equity and debt	37,630)
Less: Cash and equivalents	225)
Enterprise value (EV)	37,405)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 82.31 × 324,255,928

Marriott International Inc., EV calculation

	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Share price^1, 2	$119.64	$124.45	$141.29	$87.99	$64.94
No. shares of common stock outstanding¹	324,214,545	339,668,839	357,437,289	383,561,428	253,481,935
US$ in millions
Common equity (market value)³	38,789)	42,272)	50,502)	33,750)	16,461)
Total equity	38,789)	42,272)	50,502)	33,750)	16,461)
Add: Current portion of long-term debt (book value)	977)	833)	398)	309)	300)
Add: Long-term debt, excluding current portion (book value)	9,963)	8,514)	7,840)	8,197)	3,807)
Total equity and debt	49,729)	51,619)	58,740)	42,256)	20,568)
Less: Cash and equivalents	225)	316)	383)	858)	96)
Enterprise value (EV)	49,504)	51,303)	58,357)	41,398)	20,472)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Marriott International Inc. Annual Report.

³ 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 119.64 × 324,214,545

The financial data of the company from 2015 to 2019 reveals several notable trends in equity and valuation metrics.

Common Equity and Total Equity: Both common equity (market value) and total equity exhibit a significant upward trajectory from 2015 through 2017, rising from approximately $16.5 billion to just over $50.5 billion. This represents a substantial growth phase over the first three years. However, after peaking in 2017, equity values declined, falling to about $42.3 billion in 2018 and further to around $38.8 billion in 2019. This reversal suggests a contraction or market adjustment following the earlier increase.
Total Equity and Debt: Total equity and debt follow a pattern similar to that of equity alone but on a larger scale, increasing sharply from $20.6 billion in 2015 to $58.7 billion in 2017. After this peak, a decline is observed in subsequent years, with values dropping to $51.6 billion in 2018 and further to $49.7 billion in 2019. The decrease after 2017 highlights a reduction in the company's combined financing from equity and debt sources, which may indicate deleveraging or repayment of debt alongside equity adjustments.
Enterprise Value (EV): The enterprise value closely mirrors the trend seen in total equity and debt. It rose significantly between 2015 and 2017, from $20.5 billion to $58.4 billion, followed by a decrease to approximately $51.3 billion in 2018 and $49.5 billion in 2019. This pattern suggests that overall market valuation and the cost of acquisition for the company decreased after 2017, consistent with the drops in equity and financing levels.

In summary, the data indicates a strong expansion phase for the company during 2015-2017, characterized by increased equity, financing, and enterprise valuation. However, this growth was followed by a notable contraction across these key financial metrics in the two subsequent years. The decline after 2017 warrants further analysis to understand underlying causes, such as market conditions, operational performance, or strategic financial decisions.

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Marriott International Inc. (NASDAQ:MAR)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)