Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Marriott International Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).
The company’s valuation multiples exhibit notable fluctuations over the reported quarters, reflecting changes in market sentiment and financial performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio initially rose sharply from 20.21 to a peak of 43.27 between March 2016 and December 2016, indicating increasing market expectations for earnings growth or possibly a compression in earnings. Following this peak, the ratio generally declined through 2018, reaching a low of 21.82 in September 2018. Subsequently, it increased again, peaking around 33.34 in September 2019 before slightly declining to 28.73 in March 2020. This pattern suggests cyclical investor optimism with some revaluation adjustments over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed a similar trend to the P/E ratio, rising from 12.71 in March 2016 to a high of 25.25 by March 2017. After peaking, it decreased progressively, reaching a lower range between 15.54 and 17.87 during 2018, and then rose again, peaking at 22.44 in September 2019 before declining to 19.01 by March 2020. This volatility in the ratio points to fluctuations in operating profitability relative to the stock price.
- Price to Sales (P/S) Ratio
- The P/S ratio increased from 1.19 in March 2016 to a local high of 2.21 in December 2017, reflecting higher valuation relative to sales. Afterward, the ratio displayed some volatility and a slight downward trend from early 2018 to early 2020, declining to 1.29 by March 2020. This implies that sales valuations peaked in late 2017 and then softened, possibly due to sales growth deceleration or re-rating of sales multiples.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio was unreported for most of 2016 but starts at 4.95 in September 2016 and shows a sharp and consistent upward trend throughout the subsequent quarters. It increased exponentially from 4.95 in late 2016 to 55.18 by December 2019. This significant rise suggests a considerable increase in market capitalization relative to book value, which may reflect growing investor confidence, asset revaluation, or reduced book value relative to market price. The absence of data in early 2020 prevents assessing the latest phase of this trend.
Overall, the financial ratios indicate a period of heightened market valuation peaking between late 2016 and 2017, followed by some corrections before another rise in 2019. The exceptional increase in the Price to Book Value ratio over the years highlights strong market optimism or changes in asset base valuation. However, the decrease in multiple ratios towards early 2020 may point to cautious investor sentiment approaching that period.
Price to Earnings (P/E)
Marriott International Inc., historical P/E calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
EPS
= (Net incomeQ1 2020
+ Net incomeQ4 2019
+ Net incomeQ3 2019
+ Net incomeQ2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marriott International Inc. Quarterly or Annual Report.
4 Q1 2020 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend from March 2016 to December 2017, increasing from $69.24 to a peak of $141.29. After this peak, the price experienced some fluctuations but remained relatively high throughout 2018 and 2019, staying within the range of approximately $114 to $134. However, by March 2020, the share price declined sharply to $82.31, indicating a significant drop toward the end of the observed period.
- Earnings Per Share (EPS) Trend
- The EPS showed variation across quarters. Initially, there was a decrease from 3.43 in March 2016 to 1.89 in September 2016, followed by a partial recovery towards the end of 2016. From 2017 through 2018, EPS generally increased, reaching a peak of 5.61 in December 2018. In 2019, EPS slightly declined but remained relatively strong. By March 2020, EPS decreased to 2.87, reflecting a downward trend concurrent with the share price drop.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio was notably high during the latter part of 2016, peaking at over 43 in December 2016, coinciding with a relatively low EPS. Following this, the P/E ratio declined steadily through 2017 and 2018, suggesting earnings growth outpacing share price increases. In 2019, the P/E ratio rose again, reaching above 33 in September, before decreasing toward 28.73 in March 2020. This pattern indicates fluctuations in market valuation relative to earnings, possibly influenced by changing investor sentiment or market conditions.
- Overall Financial Insights
- The data reveals a company experiencing growth in share price and earnings through much of 2016 to 2018, with a peak in both metrics around late 2017 to 2018. Despite strong earnings growth during this period, market valuation as indicated by the P/E ratio underwent significant fluctuations. The latter part of 2019 and especially the first quarter of 2020 show signs of financial stress, as evidenced by declining share price and EPS, coupled with a relatively moderate P/E ratio. This may point to external factors impacting performance and investor confidence during this period.
Price to Operating Profit (P/OP)
Marriott International Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
Operating profit per share
= (Operating incomeQ1 2020
+ Operating incomeQ4 2019
+ Operating incomeQ3 2019
+ Operating incomeQ2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marriott International Inc. Quarterly or Annual Report.
4 Q1 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a general upward trajectory from March 2016 through December 2019, increasing from $69.24 to a peak of $141.29 in the last quarter of 2017, and maintaining relatively high levels above $119 until early 2020. However, by March 2020, there was a notable decline to $82.31, indicating a significant drop in market valuation during this last recorded period.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share experienced fluctuations throughout the quarters. Initially, it decreased from $5.45 in March 2016 to a low of $3.17 in September 2016 before recovering steadily to reach a peak of approximately $7.37 in the third quarter of 2018. After this peak, the OPPS displayed a downward tendency, falling to $4.33 by March 2020. Despite some short-term recoveries, the overall trend in recent periods indicates a weakening operating profitability on a per-share basis.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio, which reflects market valuation relative to operating profit per share, was relatively moderate and stable in early 2016, ranging approximately between 12.71 and 25.25. It peaked at 24.67 in December 2016 before decreasing to a low of 15.54 in the third quarter of 2018. Subsequently, the ratio increased again, reaching above 22 in late 2019, signaling that market valuations were becoming more expensive relative to earnings. By March 2020, the ratio declined to 19.01, potentially influenced by the falling share price and reduced operating profits.
- Overall Insights
- The combined data suggests that while operating profitability per share reached its highest levels around 2018, share prices had already begun to stabilize or decline after peaking in 2017. The P/OP ratio's fluctuations indicate that investor sentiment and valuation multiples varied widely, with periods of perceived overvaluation and more attractive pricing. The sharp decline in both share price and OPPS in early 2020 points to a significant negative event or market change impacting the company's financial performance and investor confidence.
Price to Sales (P/S)
Marriott International Inc., historical P/S calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
Sales per share
= (RevenuesQ1 2020
+ RevenuesQ4 2019
+ RevenuesQ3 2019
+ RevenuesQ2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marriott International Inc. Quarterly or Annual Report.
4 Q1 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrated a general upward trend from March 2016 through December 2019, increasing from $69.24 to a peak of $141.29 in the last quarter of 2017 and then fluctuating modestly around the $120-$130 range through 2018 and 2019. However, a notable decline occurred in the first quarter of 2020, with the share price dropping sharply to $82.31, which may indicate the onset of adverse market conditions or company-specific challenges at that time.
Sales per share showed variability over the same periods, starting at $58 in the first quarter of 2016 and experiencing fluctuations with a low of $39.24 in the third quarter of 2016. From 2017 onwards, sales per share generally rose and stabilized, ranging mostly between $60 and $65 through the end of 2019, signaling relative consistency in generating revenue per share. In the first quarter of 2020, sales per share slightly decreased to $63.66, suggesting an initial impact on revenue performance.
The Price-to-Sales (P/S) ratio exhibited variability that corresponded with changes in both share price and sales per share. Early fluctuations were noted, with the ratio increasing from 1.19 in March 2016 to peaks above 2.00 in several quarters, notably reaching 2.21 in the fourth quarter of 2017. This elevated ratio suggests that the market valued the company's sales favorably during this period. The P/S ratio remained predominantly above 1.8 until late 2019, after which it declined sharply to 1.29 in the first quarter of 2020. This decrease indicates a relative reduction in market valuation compared to sales, possibly reflecting shifting investor sentiment or expectations of future sales challenges.
Overall, the data reveals a phase of growth and stabilization in financial performance and market valuation from 2016 through most of 2019, followed by a marked downturn in early 2020 across key indicators including share price and valuation multiples. This pattern aligns with broader economic disruptions occurring during that period.
- Share Price
- Generally increased from $69.24 in early 2016 to a high around $141.29 by late 2017, followed by moderate fluctuation until a sharp decline to $82.31 in early 2020.
- Sales per Share
- Displayed initial volatility in 2016, then stabilized in the $60-$65 range from 2017 through 2019, with a slight decrease in early 2020.
- Price-to-Sales Ratio (P/S)
- Varied between approximately 1.2 and above 2.0, peaking in late 2017, maintaining elevated levels through 2019, and subsequently falling to 1.29 in early 2020, indicating changes in market valuation relative to sales.
Price to Book Value (P/BV)
Marriott International Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Shareholders’ equity (deficit) (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||
| McDonald’s Corp. | |||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
BVPS = Shareholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Marriott International Inc. Quarterly or Annual Report.
4 Q1 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed an upward trajectory from March 2016, starting at $69.24, reaching a peak of $141.29 by December 2017. After this peak, the price experienced fluctuation but generally remained elevated relative to the earlier periods, with values hovering between $114.55 and $133.69 throughout 2018 and 2019. However, a notable decline occurred by March 2020, when the share price dropped sharply to $82.31.
- Book Value Per Share (BVPS) Trend
- BVPS initially showed negative values in early 2016 but improved substantially by the third quarter of 2016, turning positive at $14.96. Subsequently, BVPS exhibited a decreasing trend from late 2016 through 2019, falling from $13.97 at year-end 2016 to a low of $2.17 by December 2019. By March 2020, BVPS had declined slightly below zero, registering a value of -$0.06.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio was initially not reported in early 2016 but became available from the third quarter of 2016 and demonstrated a steep upward trend. Starting at 4.95 in September 2016, it increased consistently, reaching extremely elevated levels by the end of 2019, peaking at 55.18 in December 2019. This indicates that despite the contraction in book value per share, the share price remained relatively high, significantly increasing the market's valuation of the company's equity relative to its book value.
- Interrelation and Insights
- The data suggests a divergence between share price and book value per share over the reported period. The increase in share price paired with a decline in BVPS led to an amplified P/BV ratio. This divergence may reflect market optimism or investor sentiment not aligned with accounting book value, possibly due to non-tangible assets, future growth expectations, or other factors influencing market price beyond the book value metrics. The sharp decline in share price in March 2020, combined with the near-zero BVPS, could reflect market reaction to emerging external pressures or financial performance concerns.