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Marriott International Inc. (NASDAQ:MAR)

This company has been moved to the archive! The financial data has not been updated since May 11, 2020.

Enterprise Value (EV)

Microsoft Excel

Current Enterprise Value (EV)

Marriott International Inc., current enterprise value calculation

Microsoft Excel
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

Historical Enterprise Value (EV)

Marriott International Inc., EV calculation

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Share price1, 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 trajectory from 2015 to 2019 is characterized by a period of rapid valuation expansion followed by a moderate contraction. All primary valuation metrics reached a peak in 2017 before experiencing a downward trend over the subsequent two years.

Market Equity Dynamics
Common equity market value experienced significant growth between 2015 and 2017, rising from 16,461 million US$ to a peak of 50,502 million US$. Following this apex, a contraction is observed, with the value declining to 42,272 million US$ in 2018 and further decreasing to 38,789 million US$ by December 31, 2019.
Total Capitalization Trends
Total equity and debt exhibited a growth pattern nearly identical to that of market equity. The figure ascended from 20,568 million US$ in 2015 to a high of 58,740 million US$ in 2017. A subsequent reduction occurred, bringing the total to 49,729 million US$ by the end of the 2019 period.
Enterprise Value (EV) Analysis
Enterprise value closely mirrored the movements of the total capitalization. The EV increased from 20,472 million US$ in 2015 to 58,357 million US$ in 2017, representing the period of maximum valuation. The subsequent decline to 49,504 million US$ by 2019 indicates a reduction in the overall theoretical takeover price, driven by the decline in both market equity and total debt and equity levels.

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