Marriott runs the world's biggest hotel franchise network—like a landlord for 8,000 properties across 139 countries, collecting fees without owning most buildings.
Money comes from franchise and management fees on hotels, plus timeshare sales. Gross margin sits around 20%, with net margin near 10%—recurring, asset-light income.
Its 30-brand portfolio and loyalty program lock in travelers and property owners, making it hard for Hilton or Hyatt to displace. Moat is solid, though Airbnb's home-sharing model chips at leisure demand.
Sell (sector percentile 14) — value C-, growth C, profitability D, momentum B, revisions D. Updated daily, sector-relative, identical for every user.
