Marriott International, Inc. Financial Ratios — MAR Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	6.08	16.97	17.02	18.52	18.73	14.19	32.64	65.68	86.95	-47.13	119.2	237.94	22.68	15.14	14.88
Return on Assets (%)	2.66	9.32	9.53	11.05	13.3	5.35	6.08	8.02	5.22	-1.07	4.37	9.36	12.21	9.16	9.68
Return on Capital (%)	9.97	43.63	41.9	50.32	93.23	13.36	12.46	18.67	13.17	- -	12.28	21.9	30.31	23.83	25.2
Return on Invested Capital (%)	10.08	41.59	40.7	48.48	88.51	16.42	10.15	17.53	12.81	- -	13.59	21.98	30.67	24.21	25.22
Gross Margin (%)	10.38	13.75	13.8	14.25	14.66	17.34	18.64	17.7	15.34	13.8	20.21	21.94	21	19.81	19.94
EBITDA Margin (%)	5.44	8.82	8.72	9.47	10.28	12.78	14.38	13.51	11.16	7.84	14.82	18.65	18.39	17.27	18.09
Operating Margin (%)	4.27	7.96	7.73	8.4	9.32	11.75	13.02	12.14	9.24	3.32	12.69	16.72	16.55	15.31	15.81
Incremental Operating Margin (%)	-27	-82.31	4.95	16.9	27.68	49.95	16.91	-46.41	-272.43	15.26	42.82	24.81	15.31	-5.77	27.16
Pretax Margin (%)	2.89	7.19	7.02	7.89	8.66	8.04	14.58	11.3	7.62	-4.41	8.52	14.99	14.25	12.55	12.96
Profit Margin (%)	1.61	4.83	4.9	5.46	5.93	5.24	7.13	9.19	6.07	-2.53	7.93	11.35	13	9.46	9.93
Net Income to Common Margin (%)	1.61	4.83	4.9	5.46	5.93	5.24	7.13	9.19	6.07	-2.53	7.93	11.35	13	9.46	9.93
Effective Tax Rate (%)	44.38	32.74	30.21	30.79	31.55	34.79	51.07	18.68	20.39	- -	6.86	24.28	8.73	24.63	23.36
Dvd Payout Ratio (%)	67.68	33.45	31.31	29.61	29.45	46.29	33.04	28.47	48.08	-58.43	- -	13.61	19.04	28.72	27.6
Sustainable Growth Rate (%)	1.97	11.29	11.69	13.03	13.21	7.62	21.86	46.98	45.15	-74.67	119.2	205.55	18.36	10.79	10.77

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	2,171	2,935	3,153	3,771	4,107	8,506	8,238	9,347	11,822	11,199	11,236	11,098	12,760	15,241	17,083
ST Debt	355	407	6	324	300	309	398	833	977	1,173	805	684	553	1,309	1,209
LT Debt	1,816	2,528	3,147	3,447	3,807	8,197	7,840	8,514	10,845	10,026	10,431	10,414	12,207	13,932	15,874
Total Debt/EBITDA	3.24	2.82	2.83	2.89	2.76	4.32	2.8	3.33	5.05	13.51	5.47	2.86	2.93	3.51	3.61
Net Debt/EBITDA	3.09	2.73	2.71	2.81	2.69	3.88	2.67	3.22	4.58	11.46	4.26	2.47	2.65	3.24	3.34
Total Debt/EBIT	4.13	3.12	3.19	3.25	3.04	4.7	3.09	3.71	6.1	31.91	6.39	3.19	3.25	3.96	4.13
Net Debt/EBIT	3.93	3.03	3.06	3.16	2.97	4.23	2.95	3.58	5.53	27.06	4.97	2.75	2.94	3.66	3.83
EBITDA to Interest Expense	4.09	7.61	9.29	11.37	8.92	8.41	10.22	8.25	5.94	1.86	4.89	9.61	7.72	6.24	5.86
EBITDA-CapEx/Interest Expense	3.63	5.76	8.78	10.8	8.19	8.07	9.56	8.25	5.94	1.86	4.89	9.61	7.72	6.24	5.86
EBIT to Interest Expense	3.21	6.86	8.23	10.08	8.08	7.74	9.25	7.41	4.92	0.79	4.19	8.62	6.95	5.53	5.12
Interest Expense	164	137	120	115	167	234	288	340	394	445	420	403	565	695	809
Common Equity/Total Assets	-13.21	-20.26	-20.83	-32.2	-59.03	22.19	15.02	9.39	2.81	1.74	5.53	2.29	-2.66	-11.43	-13.69
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	153.01	218.87	382.65	1,542.67	2,331.63	737.69	1,833.45	- -	- -	- -
Long-Term Debt/Capital (%)	130.65	153.21	181.07	219.41	736.36	59.13	66.33	73.57	86.59	86.22	82.46	89.27	101.07	113.74	119.25
Long-Term Debt/Total Assets (%)	30.73	39.86	46.32	50.45	62.59	33.96	32.88	35.93	43.29	40.59	40.82	41.97	47.55	53.21	57.64
Total Debt/Equity (%)	-277.98	-228.4	-222.83	-171.41	-114.4	158.78	229.98	420.09	1,681.65	2,604.42	794.63	1,953.87	-1,870.97	-509.39	-453.01
Total Debt/Capital (%)	156.19	177.88	181.42	240.04	794.39	61.36	69.7	80.77	94.39	96.3	88.82	95.13	105.65	124.43	128.33
Total Debt/Total Assets (%)	36.73	46.28	46.41	55.19	67.53	35.24	34.55	39.45	47.19	45.34	43.97	44.72	49.7	58.21	62.03
Net Debt to Equity	-264.92	-221.56	-213.92	-166.68	-111.73	142.77	219.29	405.89	1,524.18	2,209.07	618.46	1,682.57	-1,691.35	-469.62	-420.21
Net Debt/Capital (%)	160.64	182.27	187.78	249.97	952.73	58.81	68.68	80.23	87.11	88.35	77.68	85.64	98.25	118.54	122.33
EBITDA	670	1,042	1,115	1,307	1,489	1,969	2,942	2,805	2,341	829	2,053	3,874	4,360	4,336	4,738
EBITDA-CapEx	596	789	1,054	1,242	1,368	1,889	2,753	2,805	2,341	829	2,053	3,874	4,360	4,336	4,738
Operating Income (Loss)	526	940	988	1,159	1,350	1,810	2,663	2,521	1,938	351	1,758	3,474	3,924	3,844	4,139

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.04	0.03	0.05	0.03	0.03	0.17	0.07	0.05	0.03	0.15	0.22	0.07	0.04	0.05	0.04
Current Ratio	0.52	0.53	0.71	0.53	0.43	0.65	0.47	0.42	0.47	0.49	0.57	0.45	0.43	0.4	0.43
Quick Ratio	0.38	0.4	0.45	0.4	0.37	0.5	0.41	0.38	0.39	0.46	0.53	0.42	0.39	0.37	0.39
CFO/Avg Current Liab	0.43	0.37	0.42	0.43	0.48	0.39	0.41	0.39	0.26	0.26	0.19	0.34	0.42	0.34	0.38
Common Equity/Total Assets	-13.21	-20.26	-20.83	-32.2	-59.03	22.19	15.02	9.39	2.81	1.74	5.53	2.29	-2.66	-11.43	-13.69
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	153.01	218.87	382.65	1,542.67	2,331.63	737.69	1,833.45	- -	- -	- -
Long-Term Debt/Capital (%)	130.65	153.21	181.07	219.41	736.36	59.13	66.33	73.57	86.59	86.22	82.46	89.27	101.07	113.74	119.25
Long-Term Debt/Total Assets (%)	30.73	39.86	46.32	50.45	62.59	33.96	32.88	35.93	43.29	40.59	40.82	41.97	47.55	53.21	57.64
Total Debt/Equity (%)	-277.98	-228.4	-222.83	-171.41	-114.4	158.78	229.98	420.09	1,681.65	2,604.42	794.63	1,953.87	-1,870.97	-509.39	-453.01
Total Debt/Capital (%)	156.19	177.88	181.42	240.04	794.39	61.36	69.7	80.77	94.39	96.3	88.82	95.13	105.65	124.43	128.33
Total Debt/Total Assets (%)	36.73	46.28	46.41	55.19	67.53	35.24	34.55	39.45	47.19	45.34	43.97	44.72	49.7	58.21	62.03
CFO/Total Liabilities	16.28	12.97	13.89	13.55	15.66	8.62	10.99	10.98	6.92	6.75	4.88	9.75	12.03	9.42	10.26
CFO/CapEx	14.72	3.91	18.69	18.83	12.52	20.24	11.78	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	4.94	5.11	5.35	6.21	7.45	4.9	7.28	6.94	6.18	4.29	5.41	7.35	8.35	8.46	8.79

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	28.15	12.42	12.12	12.65	13.15	11.01	11.15	10.11	9.26	5.08	7.39	9.12	8.98	9.12	9.18
Days Sales Outstanding	12.96	29.4	30.11	28.85	27.75	33.14	32.73	36.1	39.4	71.87	49.39	40	40.66	40.04	39.75
Inventory Turnover	14.72	617.58	1,001.82	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	24.8	0.59	0.36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	16.18	18.26	19.53	20.36	20.64	19.9	22.64	22.04	23.88	14.61	17.65	22.03	25.25	26.82	26.59
Accounts Payable Turnover Days	22.56	19.98	18.68	17.93	17.68	18.34	16.12	16.56	15.28	24.98	20.68	16.57	14.46	13.61	13.73
Cash Conversion Cycle	15.2	10	11.79	10.93	10.07	14.8	16.61	19.54	24.12	46.9	28.71	23.43	26.2	26.43	26.02
Inventory to Cash Days	-11.83	28.81	29.74	28.85	27.75	33.14	32.73	36.1	39.4	71.87	49.39	40	40.66	40.04	39.75
Inventories	11	22	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	11	22	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	9,655	11,587	14,706	21,560	17,182	31,501	48,157	36,270	49,094	42,795	54,083	46,245	65,520	77,175	82,482
- Cash & Cash Equivalents	102	88	126	104	96	858	383	316	225	877	1,393	507	338	396	358
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2,171	2,935	3,153	3,771	4,107	8,506	8,238	9,347	11,822	11,199	11,236	11,098	12,760	15,241	17,083
Enterprise Value	11,724	14,434	17,733	25,227	21,193	39,149	56,012	45,301	60,691	53,117	63,926	56,836	77,942	92,020	99,207
Total Capital	1,390	1,650	1,738	1,571	517	13,863	11,820	11,572	12,525	11,629	12,650	11,666	12,078	12,249	13,312
Total Debt/Capital (%)	156.19	177.88	181.42	240.04	794.39	61.36	69.7	80.77	94.39	96.3	88.82	95.13	105.65	124.43	128.33
Total Debt / EV	0.19	0.2	0.18	0.15	0.19	0.22	0.15	0.21	0.19	0.21	0.18	0.2	0.16	0.17	0.17
EV/Sales	0.95	1.22	1.39	1.83	1.46	2.54	2.74	2.18	2.89	5.02	4.61	2.74	3.29	3.67	3.79
EV/EBITDA	17.5	13.85	15.9	19.3	14.23	19.88	19.04	16.15	25.93	64.07	31.14	14.67	17.88	21.22	20.94
EV/EBIT	22.29	15.36	17.95	21.77	15.7	21.63	21.03	17.97	31.32	151.33	36.36	16.36	19.86	23.94	23.97
EV/Cash Flow to Firm	9.93	13.35	14.49	19.35	13.01	22.1	23.65	17.2	30.37	28.05	40.76	21.3	21.15	28.12	25.89
EV/Free Cash Flow to Firm	9.35	10.82	13.8	18.43	12.11	21.14	21.91	17.2	30.37	28.05	40.76	21.3	21.15	28.12	25.89
Diluted Market Cap	10,568	12,407	15,052	23,159	18,289	24,448	51,564	38,452	50,805	42,980	54,414	48,508	68,307	79,554	84,882
Diluted Enterprise Value	12,637	15,254	18,079	26,826	22,300	32,096	59,419	47,483	62,402	53,302	64,257	59,099	80,729	94,399	101,607
EV per Share	35.42	46.43	59.51	91.3	82.69	102.75	157.87	135.59	187.2	163.74	195.31	182.99	268.26	332.6	373.15
TTM Sales	12,317	11,814	12,784	13,796	14,486	15,407	20,452	20,758	20,972	10,571	13,857	20,773	23,713	25,100	26,186
TTM EBITDA	670	1,042	1,115	1,307	1,489	1,969	2,942	2,805	2,341	829	2,053	3,874	4,360	4,336	4,738
TTM Operating Income	526	940	988	1,159	1,350	1,810	2,663	2,521	1,938	351	1,758	3,474	3,924	3,844	4,139
TTM Cash Flow to Firm	1,180	1,081	1,224	1,304	1,629	1,772	2,368	2,633	1,999	1,894	1,568	2,668	3,686	3,273	3,832
TTM Free Cash Flow to Firm	1,254	1,334	1,285	1,369	1,750	1,852	2,557	2,633	1,999	1,894	1,568	2,668	3,686	3,273	3,832

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	9.09	9.99	12.53	17.97	11.18	14.39	21.34	16.31	30.15	26.22	46.23	20.53	21.55	28.94	26.43
EV/EBIT	22.29	15.36	17.95	21.77	15.7	21.63	21.03	17.97	31.32	151.33	36.36	16.36	19.86	23.94	23.97
Enterprise Value	11,724	14,434	17,733	25,227	21,193	39,149	56,012	45,301	60,691	53,117	63,926	56,836	77,942	92,020	99,207
Low Price	24.03	29.73	38.14	47.21	63.95	56.43	81.04	100.62	101.57	46.56	115.5	131.01	147.1	204.55	205.4
EV/Sales	0.95	1.22	1.39	1.83	1.46	2.54	2.74	2.18	2.89	5.02	4.61	2.74	3.29	3.67	3.79
EV/EBITDA	17.5	13.85	15.9	19.3	14.23	19.88	19.04	16.15	25.93	64.07	31.14	14.67	17.88	21.22	20.94
Price/Earnings	51.58	21.06	24.04	30.04	20.86	29.77	34.9	19.93	39.58	- -	49.2	20.48	22.05	33.38	32.55
Price/Earnings Average	56.53	20.96	20.55	24.37	23.58	25.05	26.55	23.79	33.81	-127.97	43.02	21.94	18.14	29.62	28.26
Price/Earnings High	71.29	23.64	24.28	30.51	26.45	31.02	35.39	27.39	40.09	-186.21	51.11	26.95	22.16	35.35	33.23
Price/Earnings Low	42.49	16.8	18.58	18.18	19.9	20.32	20.84	18.47	26.55	-56.81	34.39	18.02	14.39	24.48	21.55
Price/Book Value	-12.36	-9.02	-10.39	-9.8	-4.79	5.88	13.44	16.3	69.83	99.52	38.25	81.42	-96.07	-25.79	-21.87
Price/Book Value Average	-13.55	-8.98	-8.88	-7.95	-5.41	4.95	10.23	19.45	59.66	79.12	33.45	87.2	-79.02	-22.89	-18.99
Price/Book Value High	-17.09	-10.12	-10.5	-9.95	-6.07	6.13	13.63	22.4	70.74	115.12	39.74	107.12	-96.55	-27.32	-22.33
Price/Book Value Low	-10.18	-7.19	-8.03	-5.93	-4.57	4.01	8.03	15.11	46.84	35.13	26.73	71.64	-62.67	-18.91	-14.48
Price/Tangible Book Value	-3.86	-3.54	-4.3	-4.85	-2.87	-2.74	-3.4	-2.39	-2.89	-2.41	-3.26	-2.71	-3.49	-3.64	-3.58
Price/Tangible Book Value Average	-4.23	-3.52	-3.68	-3.93	-3.25	-2.3	-2.59	-2.85	-2.47	-1.92	-2.85	-2.9	-2.87	-3.23	-3.11
Price/Tangible Book Value High	-5.33	-3.97	-4.34	-4.93	-3.64	-2.85	-3.45	-3.28	-2.93	-2.79	-3.39	-3.57	-3.51	-3.85	-3.66
Price/Tangible Book Value Low	-3.18	-2.82	-3.32	-2.93	-2.74	-1.87	-2.03	-2.21	-1.94	-0.85	-2.28	-2.39	-2.28	-2.67	-2.37
Price/Sales	0.83	1.02	1.18	1.64	1.24	1.56	2.49	1.83	2.4	4.07	3.9	2.33	2.87	3.16	3.23
Price/Sales Average	0.91	1.01	1.01	1.33	1.4	1.31	1.89	2.19	2.05	3.23	3.41	2.49	2.36	2.8	2.81
Price/Sales High	1.15	1.14	1.19	1.67	1.57	1.63	2.52	2.52	2.43	4.7	4.05	3.06	2.88	3.35	3.3
Price/Sales Low	0.68	0.81	0.91	0.99	1.18	1.07	1.49	1.7	1.61	1.43	2.73	2.05	1.87	2.32	2.14
Price/Cash Flow	9.38	12.16	13.2	18.48	11.83	14.86	22.87	16.13	29.9	26.22	45.94	20.44	21.45	28.84	26.36
Price/Cash Flow Average	10.28	12.1	11.29	14.99	13.37	12.5	17.4	19.24	25.54	20.85	40.17	21.89	17.64	25.59	22.88
Price/Cash Flow High	12.96	13.65	13.33	18.77	15	15.48	23.18	22.16	30.29	30.33	47.73	26.89	21.55	30.54	26.91
Price/Cash Flow Low	7.73	9.7	10.2	11.18	11.28	10.14	13.65	14.95	20.05	9.26	32.11	17.99	13.99	21.15	17.45
Price/Free Cash Flow Average	9.96	9.94	10.71	14.57	12.63	12.11	16.24	19.47	25.76	20.85	40.43	21.99	17.72	25.68	22.94
Price/Free Cash Flow High	12.56	11.21	12.66	18.25	14.17	14.99	21.64	22.42	30.54	30.33	48.03	27.01	21.65	30.65	26.98
Price/Free Cash Flow Low	7.49	7.97	9.69	10.87	10.66	9.82	12.74	15.12	20.22	9.26	32.31	18.06	14.06	21.22	17.5
EV/Sales Average	1.03	1.22	1.22	1.53	1.62	2.22	2.18	2.52	2.55	4.19	4.12	2.89	2.8	3.32	3.37
EV/Sales High	1.25	1.34	1.4	1.85	1.78	2.63	2.77	2.84	2.92	5.66	4.77	3.44	3.3	3.85	3.85
EV/Sales Low	0.81	1.02	1.13	1.21	1.41	1.89	1.79	2.05	2.12	2.41	3.44	2.47	2.33	2.85	2.72
EV/EBITDA Average	18.88	13.8	13.99	16.19	15.74	17.35	15.12	18.65	22.87	53.49	27.83	15.52	15.21	19.22	18.64
EV/EBITDA High	23.01	15.22	16.04	19.56	17.32	20.55	19.26	20.99	26.2	72.17	32.16	18.44	17.95	22.28	21.3
EV/EBITDA Low	14.96	11.6	12.91	12.79	13.7	14.8	12.44	15.2	19.02	30.67	23.21	13.24	12.65	16.48	15.06
EV/EBIT Average	24.05	15.3	15.79	18.25	17.36	18.87	16.71	20.75	27.63	126.34	32.5	17.31	16.9	21.68	21.34
EV/EBIT High	29.31	16.87	18.1	22.06	19.11	22.36	21.28	23.36	31.64	170.44	37.56	20.56	19.95	25.13	24.38
EV/EBIT Low	19.06	12.86	14.57	14.42	15.11	16.1	13.75	16.92	22.98	72.44	27.1	14.76	14.06	18.58	17.23
Last Price	29.17	37.27	49.35	78.03	67.04	82.68	135.73	108.56	151.43	131.92	165.24	148.89	225.51	278.94	310.24
High Price	40.32	41.84	49.84	79.25	85	86.15	137.6	149.21	153.39	152.6	171.68	195.9	226.63	295.45	316.69
Enterprise Value Average	12,651	14,380	15,598	21,156	23,431	34,160	44,491	52,318	53,540	44,344	57,136	60,122	66,312	83,322	88,324
Enterprise Value High	15,415	15,855	17,879	25,564	25,796	40,471	56,675	58,882	61,326	59,825	66,034	71,438	78,267	96,588	100,922
Enterprise Value Low	10,023	12,090	14,393	16,711	20,401	29,148	36,608	42,648	44,526	25,426	47,646	51,283	55,160	71,438	71,334

Shares Outstanding	331	311	298	276	256	381	355	334	324	324	327	311	291	277	266
Diluted Weighted Avg Shares	362	333	305	297	273	296	380	354	336	326	329	326	303	285	274
Basic Weighted Avg Shares	350	323	305	290	267	291	375	350	333	326	327	324	302	284	273
Revenue per Share	35.18	36.62	41.91	47.59	54.19	52.96	54.51	59.29	63.04	32.45	42.35	64.04	78.65	88.32	95.95
EBITDA per Share	1.91	3.23	3.66	4.51	5.57	6.77	7.84	8.01	7.04	2.54	6.27	11.94	14.46	15.26	17.36
Operating Income per Share	1.5	2.91	3.24	4	5.05	6.22	7.1	7.2	5.83	1.08	5.37	10.71	13.01	13.53	15.17
Basic EPS, GAAP	0.57	1.77	2.05	2.6	3.21	2.78	3.89	5.45	3.83	-0.82	3.36	7.27	10.23	8.36	9.53
Basic EPS from Cont Ops	0.57	1.77	2.05	2.6	3.21	2.78	3.89	5.45	3.83	-0.82	3.36	7.27	10.23	8.36	9.53
Diluted EPS, GAAP	0.55	1.72	2.05	2.54	3.15	2.73	3.84	5.38	3.79	-0.82	3.34	7.24	10.18	8.33	9.51
Diluted EPS from Cont Ops	0.55	1.72	2.05	2.54	3.15	2.73	3.84	5.38	3.79	-0.82	3.34	7.24	10.18	8.33	9.51
Dividend per Share	0.38	0.59	0.64	0.77	0.95	1.29	1.28	1.55	1.84	0.48	- -	0.99	1.95	2.4	2.63
Cash Flow per Share	3.11	3.07	3.74	4.22	5.67	5.57	5.94	6.73	5.06	5.03	3.6	7.28	10.51	9.67	11.77
Free Cash Flow per Basic Share	2.9	2.28	3.54	4	5.22	5.29	5.43	6.73	5.06	5.03	3.6	7.28	10.51	9.67	11.77
Cash & Equivalents per Share	0.31	0.28	0.42	0.38	0.37	2.25	1.08	0.95	0.69	2.7	4.26	1.63	1.16	1.43	1.35
Book Value per Share	-2.36	-4.13	-4.75	-7.96	-14.01	14.06	10.1	6.66	2.17	1.33	4.32	1.83	-2.35	-10.81	-14.18
Tangible Book Value per Share	-7.56	-10.53	-11.48	-16.09	-23.35	-30.21	-39.94	-45.48	-52.39	-54.67	-50.67	-54.9	-64.56	-76.66	-86.56

Marriott International, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)