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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- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Aggregate Accruals
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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), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins from March 31, 2016, showing an upward trend initially, rising from 19.16 to a peak of 43.27 by December 31, 2016. Subsequently, it shows a decline and fluctuation, falling to 21.82 by June 30, 2018, and then gradually increasing again up to 33.34 by June 30, 2019. After this peak, the ratio trends downward moderately, reaching 28.73 by March 31, 2020. This pattern suggests periods of market optimism and valuation expansion, followed by some correction and stabilization.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a somewhat similar trajectory to P/E, starting at 12.19 on March 31, 2016, increasing sharply to a high of 25.25 by September 30, 2017, before gradually declining to 15.54 by June 30, 2018. From there, it exhibits a modest upward movement to 22.44 by June 30, 2019, and then a noticeable decrease down to 19.01 by March 31, 2020. The fluctuations point to changing operational profitability perceptions related to the price investors are willing to pay.
- Price to Sales (P/S) Ratio
- The P/S ratio experienced a steady increase from 1.14 on March 31, 2016, to a high of 2.21 on March 31, 2018. After reaching this peak, it fluctuated slightly around the 2.0 level until the end of 2019, followed by a sharp decline to 1.29 by March 31, 2020. This trend indicates growing sales valuation until early 2018, stability thereafter, and then a sharp revaluation downward potentially linked to external factors affecting sales prospects.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a notable upward trend starting from a base of 4.95 on December 31, 2016, to a significant peak of 55.18 on December 31, 2019. This increase reflects a growing investor willingness to pay a premium over book value, possibly due to anticipated growth or intangible assets. The data for March 31, 2020, is missing, but the previous trend indicates strong valuation expansion over the period under review.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
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 demonstrates considerable volatility over the analyzed quarters. Starting at $80.05 in the first quarter of 2015, the price experienced some fluctuations through 2015 and 2016, reaching a peak of $87.99 by the end of 2016. Subsequently, the price showed a strong upward trend through 2017, peaking at $141.29 at the end of that year. Following this peak, the price fluctuated but generally exhibited a downward trajectory from early 2018 through the first quarter of 2020, dropping to $82.31 by March 31, 2020.
- Earnings per Share (EPS) Trend
- EPS data begins from the first quarter of 2016, starting at $3.39 and showing a general upward trend through 2018 and 2019. The EPS increased from $3.39 to a high of $5.61 in September 2019. However, from the last quarter of 2019 into early 2020, EPS declined significantly, falling to $2.87 by March 31, 2020. This pattern suggests a period of growth in profitability culminating in late 2019, followed by a sharp contraction.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio shows notable variation corresponding to the fluctuations in share price and EPS. Initially, in early 2016, the ratio was around 19.16 and increased steadily to a peak above 40 in 2017, with the highest value recorded at 43.27. This elevated ratio implies market expectations of higher growth during this period. From 2018 through 2019, the P/E ratio exhibited a declining trend, falling to levels around 21.82 to 23.55. However, towards the last quarters shown, the ratio increased again to the high twenties and low thirties before ending at 28.73 in March 2020. This rise occurred despite declining EPS and share prices, indicating mixed market sentiment or valuation adjustments.
- Overall Insights
- The data reveals a complex financial scenario with increases in both share price and EPS until late 2019, suggesting growth and improved profitability. The marked drop in both EPS and share price in the first quarter of 2020 suggests external negative influences impacting performance. The P/E ratio's variability reflects changing investor perceptions, with particularly high valuations during 2017 and a more moderate approach in later periods. These shifts highlight a period of growth followed by financial challenges evidenced in early 2020.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
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 exhibits notable fluctuations over the analyzed periods. Initially, from March 2015 to December 2015, there is a decline from around 80.05 US$ to 64.94 US$. Subsequently, the price generally climbs, reaching a peak of 141.29 US$ by December 2017. This upward momentum continues with some volatility, maintaining levels mostly above 100 US$ through the end of 2019. However, a significant decline occurs by March 2020, where the share price drops sharply to 82.31 US$.
- Operating Profit Per Share (OPPS) Development
- Operating profit per share data starts from March 2016 and reveals a generally positive trend through the end of 2018, increasing from 5.33 US$ to a peak of 7.37 US$ in December 2018. Thereafter, a slight decline is observed through to 2020, but the OPPS remains above 4.00 US$ even at the last recorded quarter. This indicates an overall improvement in profitability per share during most of the period prior to 2020, followed by some deterioration in the last quarters available.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio begins at approximately 12.19 in March 2016 and steadily increases, reaching levels above 20 starting in late 2016, peaking at 25.25 in September 2017. This suggests that the market's valuation relative to operating profit per share rose significantly over these periods. From 2018 onward, the ratio oscillates between roughly 15.54 and 22.44, indicating some market valuation adjustments compared to profit. An overall pattern of elevated price multiples relative to operating profits is evident, with a slight downward trend in the last measured quarter.
- Overall Insights
- The data reflects an overall growth phase in both share price and operating profitability from 2015 through 2018, with the market price rising more rapidly relative to profit growth, as indicated by increasing P/OP ratios. The elevated P/OP ratio suggests investor optimism or premium pricing on operating profits during this growth period. However, towards the end of the dataset, particularly in early 2020, there are signs of stress: share price falls significantly, the operating profit per share declines, and the P/OP ratio decreases accordingly. This may reflect external market factors impacting valuation and profitability simultaneously.
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 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
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 analysis of the quarterly financial data reveals several key trends in the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price exhibited considerable fluctuations between March 2015 and March 2020. Initially, the price decreased from $80.05 in March 2015 to a trough of $64.94 in December 2015. Subsequently, the share price demonstrated a strong upward trend, peaking at $141.29 in December 2017. Following this peak, the price showed some volatility but remained generally elevated until the end of 2019, fluctuating mostly between $110 and $135. However, by March 2020, the share price substantially declined to $82.31, suggesting a sharp market adjustment or adverse event affecting the company at that time.
- Sales Per Share
- Sales per share data begins from March 2016 with a value of $57.15. Over the next few quarters, sales per share increased steadily, reaching a peak of $64.69 in December 2019. There is evidence of stability in sales per share around the $60-$64 range from late 2017 through late 2019, indicating consistent revenue generation per share despite some minor quarterly fluctuations. The value slightly decreased to $63.66 by March 2020, reflecting a minor dip but generally remaining stable over the period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio also shows notable changes. Starting at 1.14 in March 2016, it increased steadily to a high of 2.21 in December 2017, indicating that the market valuation grew faster relative to sales. After this peak, the P/S ratio slightly declined but generally stayed around 2.0 through 2018 and most of 2019. A decline to 1.29 in March 2020 was observed alongside the drop in share price, suggesting a relative devaluation of the company’s market price compared to sales during this last period.
Overall, the data indicate that from early 2015 to late 2017, there was a strong upward movement in market value, as reflected in share price and P/S ratio, outpacing the growth in sales per share. This trend moderated from 2018 into 2019, with sales per share maintaining stability while market valuation showed some fluctuation but remained elevated. The significant declines in share price and P/S ratio by March 2020 suggest a material negative impact on investor sentiment or fundamental business conditions shortly before or during this quarter.
Price to Book Value (P/BV)
Marriott International Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
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 exhibits a generally upward trend from early 2015 through the end of 2019, rising from approximately $80.05 to a peak above $133 before declining sharply to $82.31 by March 31, 2020. Notable growth periods include strong gains through 2017 and into 2018 with the price reaching above $140 in late 2017. The decline starting in late 2019 and culminating in early 2020 suggests market challenges during that period.
- Book Value per Share (BVPS) Trend
- The BVPS shows significant volatility, starting negative in early 2015 around -$9.23 and declining further through 2015 and early 2016. A marked positive shift occurs starting mid-2016, with BVPS rising sharply into positive territory, peaking near $14.96 in September 2016. However, from late 2016 onward, BVPS consistently declines, dropping from double-digit positive figures in 2016 and early 2017 to near zero and slightly negative values by March 2020, indicating erosion in the company’s net asset value per share over time.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio data begins in late 2016 and demonstrates a clear upward trajectory, increasing from 4.95 in September 2016 to an exceptionally high 55.18 by December 2019. This sharp increase implies that the market valuation of the company’s shares grew disproportionately compared to the underlying book value, reflecting investor optimism or market speculation despite the decreasing book value per share. The absence of P/BV data for March 2020 hinders direct analysis for that final period, but given the share price decline and BVPS approaching zero or negative, the ratio would likely show extreme volatility.
- Overall Financial Insights
- The trends indicate that while the share price experienced robust appreciation from 2015 through 2019, underlying book value per share deteriorated, suggesting the market's valuation was increasingly driven by factors beyond net asset values. The rapid rise in the P/BV ratio corroborates this, especially during 2018 and 2019. The sharp price decline at the start of 2020 may reflect market corrections or adverse external events impacting the company’s valuation and financial outlook.