Marriott International (MAR)


Market Price (11/3/2026): $415.16 | Market Cap: $106.9 BilInvestor Relations Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Marriott International (MAR)


Market Price (11/3/2026): $415.16
Market Cap: $106.9 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.7 Bil, FCF LTM is 3.1 Bil

Stock buyback support
Stock Buyback 3Y Total is 11 Bil

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/SPrice/Sales ratio is 4.1x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 42x

Key risks
MAR key risks include [1] a significant total debt load of approximately $16.0 billion, Show more.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.7 Bil, FCF LTM is 3.1 Bil
1 Stock buyback support
Stock Buyback 3Y Total is 11 Bil
2 Low stock price volatility
Vol 12M is 27%
3 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Travel & Leisure Tech, Show more.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 4.1x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 29x, P/EPrice/Earnings or Price/(Net Income) is 42x
6 Key risks
MAR key risks include [1] a significant total debt load of approximately $16.0 billion, Show more.

MAR in ETFs

Weight = MAR's share of each fund

SPY0.13%
VOO0.12%
IVV0.13%
VTI0.10%
ITOT0.12%
QQQ0.44%
QQQM0.45%
IWB0.12%
+30 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/2/2026

Marriott International (MAR) stock has gained about 10% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Performance Exceeding Expectations. Marriott International reported robust financial results for fiscal Q3 2026, with adjusted diluted earnings per share (EPS) reaching $3.02, surpassing analyst consensus estimates of $2.84-$2.85 by 6% to 6.71%. The company's revenue of $7.01 billion also exceeded expectations of $6.92-$6.93 billion, marking an 8% year-on-year growth and a 1% beat. This strong performance was further underscored by a 9% increase in reported net income to $794 million and a 12% rise in Adjusted EBITDA to $1.51 billion compared to the prior year's quarter.

2. Robust Global RevPAR Growth and Upgraded Outlook. Worldwide Revenue Per Available Room (RevPAR) for fiscal Q3 2026 increased by 6.5%, driven by higher average daily rates and occupancy levels globally. Specifically, RevPAR in the U.S. & Canada grew by 7.4%, and international markets saw a 4.4% increase. This strong momentum led Marriott to raise its full-year 2026 global RevPAR growth forecast to a range of 4.5% to 5%, an upward revision from its August projection of 3% to 3.5% and significantly above the initial year-end 2025 forecast of 1.5% to 2.5%.

Show more
Updated on 11/2/2026

Marriott International (MAR) stock has gained about 10% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Performance Exceeding Expectations. Marriott International reported robust financial results for fiscal Q3 2026, with adjusted diluted earnings per share (EPS) reaching $3.02, surpassing analyst consensus estimates of $2.84-$2.85 by 6% to 6.71%. The company's revenue of $7.01 billion also exceeded expectations of $6.92-$6.93 billion, marking an 8% year-on-year growth and a 1% beat. This strong performance was further underscored by a 9% increase in reported net income to $794 million and a 12% rise in Adjusted EBITDA to $1.51 billion compared to the prior year's quarter.

2. Robust Global RevPAR Growth and Upgraded Outlook. Worldwide Revenue Per Available Room (RevPAR) for fiscal Q3 2026 increased by 6.5%, driven by higher average daily rates and occupancy levels globally. Specifically, RevPAR in the U.S. & Canada grew by 7.4%, and international markets saw a 4.4% increase. This strong momentum led Marriott to raise its full-year 2026 global RevPAR growth forecast to a range of 4.5% to 5%, an upward revision from its August projection of 3% to 3.5% and significantly above the initial year-end 2025 forecast of 1.5% to 2.5%.

3. Elevated Full-Year 2026 Earnings Guidance. Building on its strong quarterly performance and positive RevPAR trends, Marriott International significantly increased its full-year adjusted EPS outlook to $12.07-$12.14 per share, up from the previously projected range of $11.64-$11.81. The company now anticipates full-year adjusted EPS growth of 20%-21% and Adjusted EBITDA growth of approximately 13%, reflecting continued confidence in sustained strong demand across its customer segments.

4. Significant Shareholder Returns Through Buybacks. In fiscal Q3 2026, Marriott repurchased 3.5 million shares of its common stock for a total of $1.3 billion. Year-to-date through October 28, the company had returned approximately $4.0 billion to shareholders through a combination of dividends and share repurchases, and it now projects returning at least $4.8 billion to shareholders for the full year 2026.

5. Positive Analyst Upgrades and Price Target Revisions. Analyst sentiment turned increasingly positive within the period, contributing to the stock's upward trend. Morgan Stanley, for instance, raised its price target for Marriott from $384.00 to $403.00 on October 22, 2026, while maintaining an "overweight" rating. Following the Q3 earnings report, other firms also followed suit, with BMO Capital raising its price target to $440 from $420 and Stifel increasing its target to $402 from $343.

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Stock Movement Drivers

Fundamental Drivers

The 11.9% change in MAR stock from 7/31/2026 to 11/2/2026 was primarily driven by a 10.8% change in the company's P/E Multiple.
(LTM values as of)731202611022026Change
Stock Price ($)372.07416.3011.9%
Change Contribution By: 
Total Revenues ($ Mil)26,57726,9041.2%
Net Income Margin (%)9.7%9.6%-1.1%
P/E Multiple38.342.510.8%
Shares Outstanding (Mil)2662640.8%
Cumulative Contribution11.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026
ReturnCorrelation
MAR11.9% 
Market (SPY)0.7%-5.6%
Sector (XLY)1.8%20.5%

Fundamental Drivers

The 15.6% change in MAR stock from 4/30/2026 to 11/2/2026 was primarily driven by a 14.1% change in the company's P/E Multiple.
(LTM values as of)430202611022026Change
Stock Price ($)360.25416.3015.6%
Change Contribution By: 
Total Revenues ($ Mil)26,18626,9042.7%
Net Income Margin (%)9.9%9.6%-3.2%
P/E Multiple37.242.514.1%
Shares Outstanding (Mil)2692641.8%
Cumulative Contribution15.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026
ReturnCorrelation
MAR15.6% 
Market (SPY)4.9%9.4%
Sector (XLY)0.0%32.0%

Fundamental Drivers

The 61.1% change in MAR stock from 10/31/2025 to 11/2/2026 was primarily driven by a 47.8% change in the company's P/E Multiple.
(LTM values as of)1031202511022026Change
Stock Price ($)258.43416.3061.1%
Change Contribution By: 
Total Revenues ($ Mil)25,69126,9044.7%
Net Income Margin (%)9.6%9.6%0.1%
P/E Multiple28.742.547.8%
Shares Outstanding (Mil)2742643.9%
Cumulative Contribution61.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026
ReturnCorrelation
MAR61.1% 
Market (SPY)11.2%28.4%
Sector (XLY)-0.9%44.1%

Fundamental Drivers

The 127.1% change in MAR stock from 10/31/2023 to 11/2/2026 was primarily driven by a 112.6% change in the company's P/E Multiple.
(LTM values as of)1031202311022026Change
Stock Price ($)183.34416.30127.1%
Change Contribution By: 
Total Revenues ($ Mil)22,92626,90417.4%
Net Income Margin (%)12.2%9.6%-20.9%
P/E Multiple20.042.5112.6%
Shares Outstanding (Mil)30426415.0%
Cumulative Contribution127.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/2/2026
ReturnCorrelation
MAR127.1% 
Market (SPY)86.0%55.9%
Sector (XLY)58.9%60.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MAR Return25%-9%53%25%12%35%229%
Peers Return37%-19%20%21%-12%19%68%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
MAR Win Rate58%50%58%67%67%73% 
Peers Win Rate55%37%57%58%47%62% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
MAR Max Drawdown-17%-30%-13%-18%-31%-18% 
Peers Max Drawdown-16%-34%-18%-18%-35%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HLT, H, WH, MTN, CHH. See MAR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)

How Low Can It Go

EventMARS&P 500
2025 US Tariff Shock
  % Loss-26.4%-18.8%
  % Gain to Breakeven35.9%23.1%
  Time to Breakeven213 days79 days
2024 Yen Carry Trade Unwind
  % Loss-12.9%-7.8%
  % Gain to Breakeven14.7%8.5%
  Time to Breakeven45 days18 days
2023 SVB Regional Banking Crisis
  % Loss-10.0%-6.7%
  % Gain to Breakeven11.1%7.1%
  Time to Breakeven28 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-18.7%-24.5%
  % Gain to Breakeven23.0%32.4%
  Time to Breakeven50 days427 days
2020 COVID-19 Crash
  % Loss-59.8%-33.7%
  % Gain to Breakeven148.9%50.9%
  Time to Breakeven326 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-18.7%-19.2%
  % Gain to Breakeven22.9%23.8%
  Time to Breakeven58 days105 days

Compare to HLT, H, MTN, CHH, BKNG

In The Past

Marriott International's stock fell -26.4% during the 2025 US Tariff Shock. Such a loss loss requires a 35.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMARS&P 500
2025 US Tariff Shock
  % Loss-26.4%-18.8%
  % Gain to Breakeven35.9%23.1%
  Time to Breakeven213 days79 days
2020 COVID-19 Crash
  % Loss-59.8%-33.7%
  % Gain to Breakeven148.9%50.9%
  Time to Breakeven326 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.6%-17.9%
  % Gain to Breakeven34.4%21.8%
  Time to Breakeven121 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-21.7%-15.4%
  % Gain to Breakeven27.6%18.2%
  Time to Breakeven91 days125 days
2008-2009 Global Financial Crisis
  % Loss-63.0%-53.4%
  % Gain to Breakeven170.4%114.4%
  Time to Breakeven505 days1085 days

Compare to HLT, H, MTN, CHH, BKNG

In The Past

Marriott International's stock fell -26.4% during the 2025 US Tariff Shock. Such a loss loss requires a 35.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Marriott International (MAR)

Marriott International is a leading global hospitality company that operates, franchises, and licenses an extensive portfolio of hotel, residential, and timeshare properties. The company's core business revolves around providing lodging experiences and related services worldwide. It generates revenue through managing properties directly, collecting franchise fees from independently owned hotels operating under its brand names, and licensing its powerful brands for residential and timeshare developments.

Marriott offers a diverse range of products and services through its 30 distinct brands, catering to virtually every type of traveler. Its brand family spans from ultra-luxury names like The Ritz-Carlton and St. Regis, to upscale full-service brands such as Marriott Hotels and Sheraton, and popular select-service options like Courtyard and Residence Inn. This broad offering includes everything from resorts and urban hotels to extended-stay suites, providing flexibility and choice for guests with varying budgets and needs.

The primary customers for Marriott's global operations are a mix of business travelers, leisure tourists, and groups, serving both individual and corporate clients. With nearly 8,000 properties across 139 countries and territories, Marriott's market reach is truly international, segmented across its U.S. & Canada and International operations. Its expansive presence aims to capture demand from a global customer base seeking quality accommodation and hospitality services for both short and extended stays.

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1. Procter & Gamble for hotels

2. Coca-Cola for hotels

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  • Hotel Accommodation: Providing lodging, dining, and other hospitality services to guests across its diverse portfolio of hotel brands.
  • Hotel Franchising and Licensing: Offering its established hotel brands and operational systems to third-party owners who operate properties under a Marriott brand.
  • Branded Residential Properties: Developing, managing, or licensing luxury residential units and services, often integrated with or adjacent to its hotel properties.
  • Timeshare Properties and Vacation Ownership: Operating and selling interests in vacation ownership properties, allowing members to access a portfolio of vacation resorts.

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Marriott International primarily serves individual customers and groups for its hospitality services. While it also engages in business-to-business relationships through its franchising and licensing model (where other companies are its franchisees/licensees), the ultimate consumers of its core hotel, residential, and timeshare offerings are individuals and groups.

The major categories of customers Marriott International serves are:

  1. Business & Corporate Travelers: Individuals traveling for work, attending meetings, conferences, or company-sponsored events. These customers often seek amenities such as business centers, meeting rooms, and convenient locations.
  2. Leisure & Vacation Travelers: Individuals, couples, and families traveling for personal enjoyment, holidays, sightseeing, or personal events like weddings and celebrations. This category often seeks hotels with recreational facilities, tourist attractions nearby, or specific ambiance.
  3. Group & Event Organizers/Attendees: Companies, associations, or individuals organizing or attending large-scale events such as conferences, conventions, weddings, or social gatherings. These bookings often involve block reservations of rooms, as well as the use of event spaces and catering services.

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Anthony Capuano, President and Chief Executive Officer

Anthony Capuano was appointed CEO in February 2021, having joined Marriott in 1995. He has been instrumental in the company's growth, including the 2016 acquisition of Starwood Hotels & Resorts Worldwide. Prior to his CEO role, he served as Group President, Global Development, Design and Operations Services, leading strategic unit growth and overseeing global design and operating standards. Mr. Capuano earned a bachelor's degree from Cornell University in Hotel Administration. He also serves on the Board of Directors for McDonald's Corporation.

Leeny Oberg, Chief Financial Officer and Executive Vice President, Development

Leeny Oberg became CFO in January 2016 and was additionally designated Executive Vice President, Development in February 2023. She is set to retire on March 31, 2026. Prior to becoming Marriott's CFO, she served as CFO for The Ritz-Carlton Hotel Company. She held various financial leadership positions with Marriott, joining the company in 1999 as part of its Investor Relations group. Before Marriott, she held financial leadership roles at organizations such as Sodexo (formerly Sodexo Marriott Services), Sallie Mae, Goldman Sachs, and Chase Manhattan Bank. Ms. Oberg earned a Bachelor of Science from the University of Virginia and an MBA from Stanford University. She serves on the Board of Directors of Adobe Inc.

Satya Anand, Group President, U.S., Canada, and Caribbean & Latin America (Effective March 28, 2026)

Satya Anand is currently President for Europe, Middle East, and Africa (EMEA) and will assume the role of Group President, U.S., Canada, and CALA on March 28, 2026. A 37-year Marriott veteran, Mr. Anand began his career in 1988 as a night auditor at the Vienna Marriott Hotel. He has held numerous leadership positions spanning operations, finance, and design, including cluster general manager for Renaissance Hotels in Vienna, Area Vice President for Western & Central Europe, Chief Financial Officer for Europe, and Chief Operations Officer for Luxury and Southern Europe and Global Design, EMEA.

Brian King, President, Caribbean and Latin America

Brian King oversees Marriott International’s Caribbean and Latin America operations, a role he assumed in January 2021. He will step down from this role at the end of March 2026 and retire from the company at the end of June 2026. Mr. King has a long tenure with Marriott, joining in 1993, and has held various leadership roles across brand management, digital, distribution, global sales, revenue management, and operations. He was involved in bringing Delta Hotels and Protea Hotels into Marriott's brand portfolio and led the global launch of MOXY Hotels in 2013. He also played a key role in integrating Starwood Hotels onto Marriott’s reservations, revenue management, and digital platforms.

Rajeev Menon, President, APAC (Excluding Greater China)

Rajeev Menon serves as the President for Marriott International Inc., for Asia Pacific excluding Greater China (APEC). He is a key member of the continent's senior leadership team, responsible for business performance, driving key initiatives, and ensuring the implementation of brand and discipline programs across more than 410 operating hotels and resorts under 21 unique brands. Prior to his promotion to President in October 2019, Mr. Menon served as the Chief Operating Officer (COO) for APEC from March 2015 through September 2019.

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Key Risks to Marriott International (MAR)

  1. Economic Uncertainty and Slowing Travel Demand: Marriott International faces significant downside risk from macroeconomic uncertainty and slowing travel demand, which directly impacts its revenue per available room (RevPAR) growth. Indicators such as decelerating RevPAR, subdued consumer demand driven by recession fears, and a notable decline in business and government-related travel in some segments pose a material threat to the company's financial performance. This economic softening affects the asset-light, fee-based model, leading to potential declines in fee revenue and compressed margins due to fixed corporate overhead.
  2. Labor Cost Inflation and Staffing Challenges: The hospitality industry, including Marriott, is grappling with persistent labor challenges. These include rising wage inflation, ongoing staffing shortages for various positions, and increasing benefits costs. These factors compress profit margins for hotel owners and may necessitate rate increases that could impact demand elasticity. For Marriott, these labor challenges risk service quality, potentially damaging brand reputation and loyalty, and can put pressure on hotel owners, who may face difficulties in maintaining profitability.
  3. Geopolitical and Regulatory Risks in International Markets: Marriott International's extensive international expansion exposes the company to diverse and rapidly changing regulatory and political risks, particularly in key growth markets like China. Government policies concerning foreign investment, currency controls, and business operations can shift unexpectedly. Furthermore, broader geopolitical tensions can disrupt operations, impair asset values, and create significant uncertainty for Marriott's global strategy.

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For Marriott International (symbol: MAR), the addressable markets for its main products and services are identified as follows:

  • Global Hotel Market: The global hotel market was valued at approximately USD 1,472.15 billion in 2024.
  • U.S. Hotel Market: The U.S. hotels market size was estimated at USD 263.21 billion in 2024.
  • Global Hotel Franchise Market: The global hotel franchise market was valued at USD 46.31 billion in 2024.
  • Global Vacation Ownership (Timeshare) Market: The global vacation ownership (timeshare) market size was approximately USD 12.7 billion in 2024.
  • U.S. Vacation Ownership (Timeshare) Market: The U.S. timeshare industry generated total revenues of approximately USD 13.7 billion in 2024, combining sales and rental income.
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Marriott International (MAR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

  1. Net Room Growth and Pipeline Expansion: Marriott is consistently expanding its global room count through organic growth and conversions. The company grew its net rooms by over 4.3 percent in 2025 and anticipates accelerating this growth to 4.5 percent to 5 percent in 2026. Marriott ended 2025 with a record development pipeline of approximately 610,000 rooms, an increase of 6 percent year-over-year. This continuous expansion directly increases the base from which Marriott collects its recurring fee revenues.
  2. International Market Strength and RevPAR Growth: Strong performance in international markets, particularly in regions like China, the Middle East, Asia Pacific (excluding China), and Europe, is a significant revenue driver. While U.S. and Canada RevPAR (revenue per available room) was relatively flat in Q4 2025, international RevPAR grew by 6.1 percent, offsetting domestic softness. Marriott expects worldwide RevPAR growth of 1.5 percent to 2.5 percent for the full year 2026.
  3. Growth of the Marriott Bonvoy Loyalty Program and Co-branded Credit Card Fees: The Marriott Bonvoy loyalty program is a crucial ecosystem for the company, attracting and retaining customers. The program added 43 million new members in 2025, bringing the total to 271 million members worldwide. This expansive member base contributes to revenue through increased bookings and also generates substantial income from co-branded credit card fees, which increased by 35 percent and 8 percent in Q4 2025 due to renegotiated contracts and system growth.
  4. Expansion in Luxury and Midscale Segments, Including New Brand Offerings: Marriott is strategically expanding its portfolio across diverse segments. The luxury segment continues to show strong resilience and outperformance, with luxury RevPAR increasing over 6 percent in 2025. Simultaneously, the company is accelerating its presence in the midscale market, exemplified by the rapid expansion of the City Express by Marriott brand into new regions like the U.S. & Canada and various Caribbean and Latin American countries. Marriott also introduced new brands like "Series by Marriott™" in 2025 to cater to midscale and upscale lodging segments. This multi-segment approach captures a broader range of traveler demand.
  5. Conversions of Existing Hotels to Marriott Brands: Converting existing properties to Marriott's brands is a key component of the company's growth strategy. Conversions accounted for approximately one-third of organic room signings and openings in 2025, providing a quicker route to increasing room count and generating fee revenue compared to ground-up development.

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Share Repurchases

  • Marriott repurchased 4.6 million shares for US$1.34 billion between October 1, 2025, and February 6, 2026.
  • In 2025, the company repurchased 12.1 million shares for $3.3 billion.
  • Marriott repurchased 15.4 million shares for $3.7 billion in 2024.

Outbound Investments

  • Marriott International acquired the citizenM lifestyle brand, which is reflected in their total investment spending.

Capital Expenditures

  • Capital expenditures for Marriott International increased from $183 million in 2021 to $954 million in 2025.
  • The company anticipates capital expenditures and other investments to total approximately $1.0 billion to $1.1 billion for 2025, including capital and technology expenditures, loan advances, and contract acquisition costs.
  • For fiscal year 2026, Marriott plans capital investments between $1 billion and $1.1 billion, with a focus on operational enhancement and portfolio expansion, including the multi-year transformation of its property management, reservations, and loyalty systems.

Better Bets vs. Marriott International (MAR)

Peer Outperformance in Hotels, Resorts & Cruise Lines

MAR has outperformed 95% of its 20 Hotels, Resorts & Cruise Lines peers over 5Y. Hotels, Resorts & Cruise Lines ranks 3rd of 22 industries in Consumer Discretionary by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Hotels, Resorts & Cruise Lines constituents that MAR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
85%
of 20 industry peers · 61.1% return
3Y
70%
of 20 industry peers · 123.8% return
5Y
95%
of 20 industry peers · 171.3% return
No Hotels, Resorts & Cruise Lines peer with a comparable growth profile has beaten MAR by more than 20pp over 5Y.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Hotels, Resorts & Cruise Lines is MAR's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -3.2%35.5%76.9% CVSA 255% · GHC 117% · LRN 109%
Homebuilding 17 3.8%32.7%38.5% PHM 188% · CVCO 174% · TOL 169%
Hotels, Resorts & Cruise Lines ← 21 24.4%60.9%20.3% RCL 278% · MAR 171% · HLT 162%
Automotive Retail 17 -0.6%15.0%11.8% MUSA 220% · PAG 125% · ORLY 119%
Home Furnishings 3 2.7%74.8%3.9% SGI 58% · MHK -15%
Home Improvement Retail 5 -7.6%18.9%3.4% HD 5% · LOW 3% · FND -65%
Footwear 9 86.5%82.4%-8.5% DECK 29% · SHOO 9% · CROX -9%
Specialized Consumer Services 10 -5.3%38.1%-13.8% HRB 171% · FTDR 126% · ADT 29%
Restaurants 36 3.1%-5.5%-14.6% EAT 407% · CAKE 209% · TXRH 133%
Distributors 4 -8.1%-15.2%-23.8% ARMK 113% · GPC 8% · POOL -55%
Leisure Products 14 -11.3%-11.9%-33.0% GOLF 82% · HAS 54% · BC -9%
Household Appliances 18 20.9%18.8%-33.8% WHR -81%
Apparel, Accessories & Luxury Goods 29 11.4%30.3%-38.6% RL 274% · TPR 246% · KTB 68%
Leisure Facilities 12 -4.0%3.1%-40.5% OSW 186% · LTH 149% · PLNT -33%
Apparel Retail 27 1.0%5.7%-41.2% ANF 287% · TJX 125% · ROST 113%
Computer & Electronics Retail 3 23.3%65.6%-41.7% BBY -2% · GME -53%
Broadline Retail 12 -3.1%20.8%-44.1% EBAY 76% · AMZN 48% · OLLI 25%
Automotive Parts & Equipment 39 -10.5%-10.6%-45.9% MOD 1011% · GTX 190% · PATK 73%
Casinos & Gaming 21 -24.9%-19.9%-50.2% MCRI 82% · BYD 24% · RRR 21%
Other Specialty Retail 24 -9.6%-14.2%-60.7% ULTA 71% · ASO 47% · DKS 29%
Automobile Manufacturers 8 -11.6%-44.2%-69.3% GM 69% · TSLA 3% · F -5%
Consumer Electronics 11 -35.8%-39.8%-80.5% GRMN 111%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

MARHLTHWHMTNCHHMedian
NameMarriott.Hilton W.Hyatt Ho.Wyndham .Vail Res.Choice H. 
Mkt Price415.16366.12185.9678.53155.00118.48170.48
Mkt Cap109.682.017.55.85.55.411.7
Rev LTM26,90412,6907,1091,4462,8381,6194,974
Op Inc LTM4,2333,047596526433413561
FCF LTM3,1321,839174442248115345
FCF 3Y Avg2,5021,947293364315141340
CFO LTM3,7282,014328511480222495
CFO 3Y Avg3,1332,139467423541276504

Growth & Margins

MARHLTHWHMTNCHHMedian
NameMarriott.Hilton W.Hyatt Ho.Wyndham .Vail Res.Choice H. 
Rev Chg LTM4.7%8.1%2.8%0.7%-4.3%2.6%2.7%
Rev Chg 3Y Avg5.5%8.0%2.5%0.8%-0.6%1.8%2.1%
Rev Chg Q4.8%6.6%-2.4%7.3%2.5%3.4%4.1%
QoQ Delta Rev Chg LTM1.2%1.6%-0.6%2.0%0.2%0.9%1.1%
Op Inc Chg LTM7.2%18.1%32.4%-11.3%-19.4%-13.3%-2.1%
Op Inc Chg 3Y Avg1.6%9.7%16.7%2.3%-7.9%-3.6%2.0%
Op Mgn LTM15.7%24.0%8.4%36.4%15.3%25.5%19.9%
Op Mgn 3Y Avg15.7%22.3%6.7%38.8%17.4%27.6%19.9%
QoQ Delta Op Mgn LTM-0.3%0.7%1.3%-1.2%-0.2%-1.5%-0.3%
CFO/Rev LTM13.9%15.9%4.6%35.3%16.9%13.7%14.9%
CFO/Rev 3Y Avg12.2%18.2%6.8%29.6%18.7%17.5%17.8%
FCF/Rev LTM11.6%14.5%2.4%30.6%8.7%7.1%10.2%
FCF/Rev 3Y Avg9.7%16.5%4.3%25.5%10.9%8.9%10.3%

Valuation

MARHLTHWHMTNCHHMedian
NameMarriott.Hilton W.Hyatt Ho.Wyndham .Vail Res.Choice H. 
Mkt Cap109.682.017.55.85.55.411.7
P/S4.16.52.54.01.93.33.7
P/Op Inc25.926.929.311.112.713.019.4
P/EBIT25.327.028.813.512.810.719.4
P/E42.448.294.028.837.416.339.9
P/CFO29.440.753.311.411.524.126.8
Total Yield3.0%2.2%1.4%6.8%8.4%7.1%4.9%
Dividend Yield0.7%0.2%0.3%3.4%5.7%1.0%0.8%
FCF Yield 3Y Avg3.1%3.1%2.0%6.3%5.4%2.7%3.1%
D/E0.20.20.30.50.60.40.3
Net D/E0.20.20.20.50.60.40.3

Returns

MARHLTHWHMTNCHHMedian
NameMarriott.Hilton W.Hyatt Ho.Wyndham .Vail Res.Choice H. 
1M Rtn15.7%14.6%17.0%9.4%11.5%15.6%15.1%
3M Rtn19.9%16.5%8.5%5.0%5.5%9.5%9.0%
6M Rtn20.0%17.7%17.1%-1.0%29.7%21.3%18.9%
12M Rtn60.6%42.8%35.8%9.4%11.4%28.9%32.4%
3Y Rtn123.2%135.2%79.8%11.6%-18.9%6.1%45.7%
1M Excs Rtn18.0%17.0%19.4%11.7%13.9%17.9%17.5%
3M Excs Rtn23.0%19.9%9.7%6.5%7.8%11.9%10.8%
6M Excs Rtn15.3%12.9%12.3%-5.7%24.9%16.5%14.1%
12M Excs Rtn49.1%30.4%22.2%-0.7%3.2%18.9%20.6%
3Y Excs Rtn46.9%65.8%5.0%-67.0%-95.1%-72.1%-31.0%

Comparison Analyses

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment26,18625,10023,71320,773 
Base management fees    669
Contract investment amortization    -75
Cost reimbursement revenue    10,442
Franchise fees    1,790
Incentive management fees    235
Owned, leased, and other revenue    796
Total26,18625,10023,71320,77313,857


Operating Income by Segment
$ Mil20042003200220011999
Full-Service Lodging426407   
Timeshare203149   
Select-Service Lodging14099   
Synthetic Fuel10796-134  
Extended-Stay Lodging6647   
Lodging  707641827
Distribution Services   -621
Senior Living Services   -45-18
Total942798573590830


Assets by Segment
$ Mil20132012201120102009
Other unallocated corporate2,0682,1032,2152,2942,653
North American Full-Service1,6621,5171,2411,203849
Luxury1,4401,174931871468
International1,1541,0561,0268411,175
North American Limited-Service470492497464653
Timeshare   3,3102,135
Total6,7946,3425,9108,9837,933


Price Behavior

Price Behavior
Market Price$416.30 
Market Cap ($ Bil)109.9 
First Trading Date10/13/1993 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$361.40$355.57
DMA Trendupup
Distance from DMA15.2%17.1%
 3M1YR
Volatility23.0%27.4%
Downside Capture-28.6239.34
Upside Capture94.6091.09
Correlation (S&P 500)14.7%28.6%
MAR Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.660.56-0.070.230.620.95
Up Beta-1.74-0.34-1.57-0.530.680.97
Down Beta0.530.620.620.310.691.00
Up Capture201%130%27%49%73%88%
Bmk +ve Days12182862130427
Stock +ve Days15273568132403
Down Capture-1%-8%-13%31%42%96%
Bmk -ve Days10253664121325
Stock -ve Days7162958119348

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MAR
MAR60.4%27.4%1.69-
Sector ETF (XLY)1.7%19.3%-0.0543.2%
Equity (SPY)11.6%12.8%0.5728.4%
Gold (GLD)-2.3%28.6%-0.0911.5%
Commodities (DBC)43.1%20.9%1.60-34.3%
Real Estate (VNQ)11.0%13.7%0.5046.2%
Bitcoin (BTCUSD)-28.8%43.6%-0.668.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MAR
MAR22.9%28.7%0.73-
Sector ETF (XLY)4.5%24.1%0.1464.2%
Equity (SPY)12.0%17.1%0.5261.7%
Gold (GLD)16.5%19.0%0.693.6%
Commodities (DBC)8.4%19.6%0.314.3%
Real Estate (VNQ)1.1%18.9%-0.0547.8%
Bitcoin (BTCUSD)4.1%51.6%0.2625.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MAR
MAR21.1%32.9%0.66-
Sector ETF (XLY)12.6%22.2%0.5260.7%
Equity (SPY)15.2%17.9%0.7258.9%
Gold (GLD)11.6%16.5%0.57-0.5%
Commodities (DBC)7.8%18.1%0.3417.3%
Real Estate (VNQ)5.4%20.7%0.2249.1%
Bitcoin (BTCUSD)61.7%66.3%1.0113.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity6.7 Mil
Short Interest: % Change Since 9302026-1.1%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest5.8 days
Basic Shares Quantity263.9 Mil
Short % of Basic Shares2.5%

Earnings Returns History

Updated 11/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/2026-7.0%-5.1%-8.1%
5/6/20261.3%-1.2%8.9%
2/10/20268.5%8.7%-1.3%
11/4/20253.2%10.1%12.4%
8/5/20250.2%-0.4%2.6%
5/6/20251.9%10.0%6.2%
2/11/2025-5.4%-5.3%-19.7%
11/4/2024-1.6%7.8%9.6%
...
SUMMARY STATS   
# Positive131113
# Negative111311
Median Positive3.0%7.8%8.5%
Median Negative-4.1%-2.3%-4.5%
Max Positive8.5%19.9%31.8%
Max Negative-7.0%-9.9%-19.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/2026-7.0%-5.1%-8.1%
5/6/20261.3%-1.2%8.9%
2/10/20268.5%8.7%-1.3%
11/4/20253.2%10.1%12.4%
8/5/20250.2%-0.4%2.6%
5/6/20251.9%10.0%6.2%
2/11/2025-5.4%-5.3%-19.7%
11/4/2024-1.6%7.8%9.6%
7/31/2024-4.8%-9.9%-4.5%
5/1/2024-1.0%-0.1%-2.8%
2/13/2024-5.6%-2.4%1.2%
11/2/2023-1.6%2.0%11.1%
8/1/20231.5%1.4%2.4%
5/2/20235.0%4.6%-1.1%
2/14/20234.0%-2.1%-9.0%
11/3/2022-4.3%-2.2%8.5%
8/2/2022-0.8%-0.8%-3.7%
5/4/20224.7%-2.9%1.0%
2/15/20225.8%1.0%0.6%
11/3/20212.8%2.9%-5.6%
8/3/2021-1.5%-5.4%-6.7%
5/10/2021-4.1%-2.3%-0.7%
2/18/20210.5%19.9%17.5%
11/6/20203.0%14.3%31.8%
SUMMARY STATS   
# Positive131113
# Negative111311
Median Positive3.0%7.8%8.5%
Median Negative-4.1%-2.3%-4.5%
Max Positive8.5%19.9%31.8%
Max Negative-7.0%-9.9%-19.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/06/202610-Q
12/31/202502/10/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/11/202510-K
09/30/202411/04/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/13/202410-K
09/30/202311/02/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202202/14/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/03/202610-Q
03/31/202605/06/202610-Q
12/31/202502/10/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/11/202510-K
09/30/202411/04/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/13/202410-K
09/30/202311/02/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202202/14/202310-K
09/30/202211/03/202210-Q
06/30/202208/02/202210-Q
03/31/202205/04/202210-Q
12/31/202102/15/202210-K
09/30/202111/03/202110-Q
06/30/202108/03/202110-Q
03/31/202105/10/202110-Q
12/31/202002/18/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201902/27/202010-K
09/30/201911/05/201910-Q

Recent Forward Guidance

Updated 11/2/2026

Latest: Q3 2026 Earnings Reported 11/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Worldwide RevPAR GrowthReported4.5%4.75%5.0% 1.0%Higher NewGuidance: 3.75% for Q3 2026
Q4 2026 General and administrative expensesReported227.00 Mil232.00 Mil237.00 Mil   
Q4 2026 Gross Fee RevenuesReported1.60 Bil1.61 Bil1.61 Bil8.8% Higher NewGuidance: 1.48 Bil for Q3 2026
Q4 2026 Owned, leased, and other revenue, net of owned, leased, and other expenseReported47.00 Mil49.50 Mil52.00 Mil   
Q4 2026 Adjusted EBITDAReported1.57 Bil1.58 Bil1.60 Bil9.0% Higher NewGuidance: 1.45 Bil for Q3 2026
Q4 2026 Adjusted Effective Tax RateReported 26.5%    
Q4 2026 Net Income Excluding Certain ItemsReported813.00 Mil821.50 Mil830.00 Mil   
Q4 2026 Adjusted Diluted EPSReported3.143.183.2114.2% Higher NewGuidance: 2.78 for Q3 2026
2026 Worldwide RevPAR GrowthReported4.5%4.75%5.0% 1.5%RaisedGuidance: 3.25% for 2026
2026 Net Rooms GrowthReported 4.5%  -0.2%LoweredGuidance: 4.75% for 2026
2026 General and administrative expensesReported880.00 Mil885.00 Mil890.00 Mil   
2026 Investment SpendingReported1.25 Bil1.30 Bil1.35 Bil   
2026 Capital Return to ShareholdersReported4.80 Bil4.80 Bil    
2026 Gross Fee RevenuesReported6.14 Bil6.14 Bil6.14 Bil1.7% RaisedGuidance: 6.04 Bil for 2026
2026 Owned, leased, and other revenue, net of owned, leased, and other expenseReported170.00 Mil172.50 Mil175.00 Mil   
2026 Adjusted EBITDAReported6.08 Bil6.09 Bil6.10 Bil1.5% RaisedGuidance: 6.00 Bil for 2026
2026 Adjusted Effective Tax RateReported 26.0%    
2026 Net Income Excluding Certain ItemsReported3.11 Bil3.12 Bil3.13 Bil   
2026 Adjusted Diluted EPSReported12.0712.1112.143.2% RaisedGuidance: 11.73 for 2026


Prior: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Worldwide RevPAR growthReported3.5%3.75%4.0%   
Q3 2026 Gross fee revenuesReported1.47 Bil1.48 Bil1.48 Bil   
Q3 2026 Adjusted EBITDAReported1.44 Bil1.45 Bil1.47 Bil   
Q3 2026 Adjusted EPS – dilutedReported2.742.782.82   
2026 Worldwide RevPAR growthReported3.0%3.25%3.5% 0.8%RaisedGuidance: 2.5% for 2026
2026 Net rooms growthReported4.5%4.75%5.0% 0.0%AffirmedGuidance: 4.75% for 2026
2026 Gross fee revenuesReported6.03 Bil6.04 Bil6.05 Bil1.4% RaisedGuidance: 5.96 Bil for 2026
2026 Adjusted EBITDAReported5.96 Bil6.00 Bil6.03 Bil1.2% RaisedGuidance: 5.92 Bil for 2026
2026 Adjusted EPS – dilutedReported11.6411.7311.811.9% RaisedGuidance: 11.51 for 2026

Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Comparable systemwide constant $ RevPAR growthReported1.5%2.0%2.5%   
Q2 2026 General and administrative expensesReported220.00 Mil225.00 Mil230.00 Mil   
Q2 2026 Gross fee revenuesReported1.54 Bil1.55 Bil1.55 Bil   
Q2 2026 Owned, leased, and other revenue, netReported 60.00 Mil    
Q2 2026 Adjusted EBITDAReported1.52 Bil1.54 Bil1.55 Bil   
Q2 2026 Adjusted effective tax rateReported 26.5%    
Q2 2026 Adjusted EPSReported2.993.033.06   
2026 Comparable systemwide constant $ RevPAR growthReported2.0%2.5%3.0%25.0%0.5%RaisedGuidance: 2.0% for 2026
2026 Net rooms growthReported4.5%4.75%5.0%0.0%0.0%AffirmedGuidance: 4.75% for 2026
2026 General and administrative expensesReported875.00 Mil885.00 Mil895.00 Mil   
2026 Investment spendingReported1.05 Bil1.10 Bil1.15 Bil   
2026 Capital return to shareholdersReported 4.40 Bil 2.3% RaisedGuidance: 4.30 Bil for 2026
2026 Gross fee revenuesReported5.92 Bil5.96 Bil5.99 Bil0.5% RaisedGuidance: 5.92 Bil for 2026
2026 Owned, leased, and other revenue, netReported215.00 Mil220.00 Mil225.00 Mil   
2026 Adjusted EBITDAReported5.88 Bil5.92 Bil5.97 Bil0.7% RaisedGuidance: 5.88 Bil for 2026
2026 Adjusted effective tax rateReported26.0%26.25%26.5%   
2026 Adjusted EPSReported11.3811.5111.630.5% RaisedGuidance: 11.45 for 2026

Q4 2025 Earnings Reported 2/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevPAR GrowthReported1.0%1.5%2.0%   
Q1 2026 Gross Fee RevenuesReported1.36 Bil1.37 Bil1.38 Bil-1.4% Lower NewGuidance: 1.39 Bil for Q4 2025
Q1 2026 Adjusted EBITDAReported1.30 Bil1.31 Bil1.32 Bil-5.1% Lower NewGuidance: 1.39 Bil for Q4 2025
Q1 2026 Adjusted EPSReported2.52.532.55-2.1% Lower NewGuidance: 2.58 for Q4 2025
2026 RevPAR GrowthReported1.5%2.0%2.5% 0.0%AffirmedGuidance: 2.0% for 2025
2026 Net Rooms GrowthReported4.5%4.75%5.0%   
2026 Capital Return to ShareholdersReported 4.30 Bil 7.5% Higher NewGuidance: 4.00 Bil for 2025
2026 Gross Fee RevenuesReported5.89 Bil5.92 Bil5.96 Bil9.6% Higher NewGuidance: 5.41 Bil for 2025
2026 Adjusted EBITDAReported5.84 Bil5.88 Bil5.93 Bil9.7% Higher NewGuidance: 5.37 Bil for 2025
2026 Adjusted EPSReported11.3211.4511.5714.2% Higher NewGuidance: 10.02 for 2025

Insider Activity

Updated 10/1/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Marriott, David S TrustSell9292026352.093,5001,232,31399,424,089Form
2Harrison, Deborah Marriott TrustSell9292026352.093,5001,232,31399,424,089Form
3Marriott, J W JR TrustSell9292026352.093,5001,232,31399,424,089Form
4Roe, PeggyEVP & Chf. Customer OfficerDirectSell5192026361.563,0001,084,6807,168,650Form
5Mao, YibingPres. Greater ChinaDirectSell5142026347.724,8161,674,6209,526,833Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Marriott, David S TrustSell9292026352.093,5001,232,31399,424,089Form
2Harrison, Deborah Marriott TrustSell9292026352.093,5001,232,31399,424,089Form
3Marriott, J W JR TrustSell9292026352.093,5001,232,31399,424,089Form
4Roe, PeggyEVP & Chf. Customer OfficerDirectSell5192026361.563,0001,084,6807,168,650Form
5Mao, YibingPres. Greater ChinaDirectSell5142026347.724,8161,674,6209,526,833Form
6Menon, RajeevPresident, APECDirectSell2202026354.003,4921,236,1682,124,000Form
7Marriott, David S DirectSell2172026360.004,7471,708,933213,002,497Form
8Reiss, Rena HozoreEVP & General CounselDirectSell2172026357.002,512896,78411,954,859Form
9Lee, FelitiaController and CAODirectSell12162025305.981,617494,7691,497,107Form
10Lee, FelitiaController and CAODirectSell11262025301.58873263,2801,963,241Form
11Harrison, Deborah Marriott The Harrison Generation TrustSell11122025291.6370,00020,414,10051,096,492Form
12Roe, PeggyEVP & Chf. Customer OfficerDirectSell11112025292.122,000584,2405,102,168Form
13Reiss, Rena HozoreEVP & General CounselDirectSell11112025287.115,4831,574,22411,300,652Form
14Breland, Benjamin TCHRO & EVP, Global Ops. Serv.DirectSell11112025286.101,650472,0655,214,090Form
15Brown, William PGroup Pres., US and CanadaDirectSell11102025280.046,6661,866,7203,080,396Form

Investor Activity (13F)

Updated Nov 3, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Square Wave Capital, LLC$70.1 Mil17.0%12Hold13F
Capco Asset Management, LLC$57.3 Mil15.6%27TRIM -26.1%13F
Harbor Investment Advisory, LLC$174.6 Mil13.8%1227TRIM -5.7%13F
Fundsmith Investment Services LTD.$392.2 Mil8.9%24TRIM -9.0%13F
Fundsmith LLP$1.1 Bil8.6%34TRIM -15.3%13F
Columbus Hill Capital Management, L.P.$40.0 Mil6.7%21Hold13F
AltraVue Capital, LLC$39.0 Mil3.4%49TRIM -11.9%13F
Land & Buildings Investment Management, LLC$19.5 Mil3.3%20TRIM -6.1%13F
Concord Investment Counsel Inc.$9.0 Mil3.0%41Hold13F
Kinsale Capital Group, Inc.$10.6 Mil1.7%41ADD +5.5%13F
Cander Asset Management LP$8.6 Mil1.5%43New13F
Par Capital Management Inc$29.4 Mil0.9%45TRIM -33.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cander Asset Management LP$8.6 Mil1.5%43New13F
Kinsale Capital Group, Inc.$10.6 Mil1.7%41ADD +5.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Crake Asset Management LLP$64.8 Mil2.5%17ExitedDec 31, 202513F
Par Capital Management Inc$29.4 Mil0.9%45TRIM -33.3%Mar 31, 202613F
Capco Asset Management, LLC$57.3 Mil15.6%27TRIM -26.1%Mar 31, 202613F
Fundsmith LLP$1.1 Bil8.6%34TRIM -15.3%Mar 31, 202613F
AltraVue Capital, LLC$39.0 Mil3.4%49TRIM -11.9%Mar 31, 202613F
Fundsmith Investment Services LTD.$392.2 Mil8.9%24TRIM -9.0%Mar 31, 202613F
Land & Buildings Investment Management, LLC$19.5 Mil3.3%20TRIM -6.1%Mar 31, 202613F
Harbor Investment Advisory, LLC$174.6 Mil13.8%1227TRIM -5.7%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fundsmith LLP$1.1 Bil8.6%34TRIM -15.3%13F
Fundsmith Investment Services LTD.$392.2 Mil8.9%24TRIM -9.0%13F
Harbor Investment Advisory, LLC$174.6 Mil13.8%1227TRIM -5.7%13F
Square Wave Capital, LLC$70.1 Mil17.0%12Hold13F
Capco Asset Management, LLC$57.3 Mil15.6%27TRIM -26.1%13F
Columbus Hill Capital Management, L.P.$40.0 Mil6.7%21Hold13F
AltraVue Capital, LLC$39.0 Mil3.4%49TRIM -11.9%13F
Par Capital Management Inc$29.4 Mil0.9%45TRIM -33.3%13F
Land & Buildings Investment Management, LLC$19.5 Mil3.3%20TRIM -6.1%13F
Kinsale Capital Group, Inc.$10.6 Mil1.7%41ADD +5.5%13F
Concord Investment Counsel Inc.$9.0 Mil3.0%41Hold13F
Cander Asset Management LP$8.6 Mil1.5%43New13F
Core Cache Last Updated: 11/2/2026