As we navigate the ever-evolving landscape of the travel industry, two titans stand out: Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR). Both companies operate within the travel sector, yet they adopt distinct approaches to innovation and market engagement. While Booking focuses on online reservations and services, Marriott excels in hotel and property management. Join me as we delve into a comparative analysis of these two giants to uncover which company presents the most compelling investment opportunity.
Table of contents
Company Overview
Booking Holdings Inc. Overview
Booking Holdings Inc. stands as a leader in the online travel services sector, offering a comprehensive suite of platforms for travel reservations. Founded in 1997 and headquartered in Norwalk, Connecticut, the company operates well-known brands such as Booking.com, Priceline, and Agoda. Its mission is to empower travelers with the tools to plan their journeys seamlessly, providing services ranging from hotel bookings to car rentals and restaurant reservations. With a market cap of approximately $154B and a diverse portfolio, Booking Holdings has positioned itself as a pivotal player in the digital travel landscape, catering to both consumers and businesses.
Marriott International, Inc. Overview
Marriott International, Inc. is a global hospitality giant, operating a vast array of hotels and timeshare properties under various prestigious brands such as JW Marriott, The Ritz-Carlton, and Sheraton. Established in 1927 and based in Bethesda, Maryland, Marriott focuses on providing exceptional guest experiences across its nearly 8,000 properties worldwide. The company aims to lead in the travel lodging industry while emphasizing sustainability and community engagement. With a market cap of about $79.4B, Marriott is a dominant force, continually adapting to the evolving preferences of travelers.
Key similarities between Booking Holdings and Marriott International include their focus on the travel and hospitality sector and their extensive global reach. However, their business models differ significantly; Booking Holdings primarily operates as an online travel agency, whereas Marriott functions as a hotelier, managing properties and hospitality services directly.
Income Statement Comparison
The following table compares the most recent income statements of Booking Holdings Inc. and Marriott International, Inc., providing insights into their financial performance.
| Metric | Booking Holdings Inc. | Marriott International, Inc. |
|---|---|---|
| Revenue | 23.74B | 25.10B |
| EBITDA | 9.34B | 4.34B |
| EBIT | 8.59B | 3.85B |
| Net Income | 5.88B | 2.38B |
| EPS | 174.96 | 8.36 |
Interpretation of Income Statement
Over the most recent year, Booking Holdings Inc. experienced notable revenue growth of 9.9% year-over-year, reflecting strong demand in the travel sector. Marriott also saw a revenue increase of 5.8%, indicating stability. However, while Booking maintained an impressive EBITDA margin, Marriott’s margins slightly contracted, though its net income growth was robust at 0.5%. In summary, both companies are on a growth trajectory, but Booking’s performance appears stronger in terms of profitability and operational efficiency. Investors should weigh these factors when considering their positions.
Financial Ratios Comparison
The table below provides a comparative view of the most recent financial metrics for Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR), focusing on key ratios that can help investors assess their financial health.
| Metric | BKNG | MAR |
|---|---|---|
| ROE | -1.46 | -0.79 |
| ROIC | 0.44 | 0.15 |
| P/E | 28.40 | 33.38 |
| P/B | -41.55 | -26.50 |
| Current Ratio | 1.31 | 0.40 |
| Quick Ratio | 1.31 | 0.40 |
| D/E | -4.25 | -5.09 |
| Debt-to-Assets | 0.62 | 0.58 |
| Interest Coverage | 5.83 | 5.42 |
| Asset Turnover | 0.86 | 0.96 |
| Fixed Asset Turnover | 17.07 | 9.37 |
| Payout Ratio | 0.20 | 0.29 |
| Dividend Yield | 0.70% | 0.86% |
Interpretation of Financial Ratios
In analyzing the ratios, Booking Holdings shows better asset turnover and a significantly higher fixed asset turnover compared to Marriott, suggesting more efficient use of its assets. However, both companies display negative equity ratios, indicating a heavy reliance on debt. Additionally, Marriott has a higher current ratio, reflecting better short-term liquidity. Overall, BKNG demonstrates strong operational efficiency, while MAR needs to improve its leverage and liquidity positions.
Dividend and Shareholder Returns
Booking Holdings Inc. (BKNG) pays a modest dividend of $34.92 per share, with a payout ratio of approximately 20%. However, potential risks include the sustainability of these distributions amid fluctuating profits. Conversely, Marriott International, Inc. (MAR) has a lower dividend payout ratio of 19%, indicating a focus on reinvestment for growth. Both companies engage in share buybacks, suggesting a commitment to enhancing shareholder value, though BKNG’s dividends may pose sustainability challenges compared to MAR’s growth-focused approach.
Strategic Positioning
In the travel sector, Booking Holdings Inc. (BKNG) commands a significant market share through its various platforms like Booking.com and KAYAK, offering diverse travel services. With a market cap of $153.7B, it faces competitive pressure from Marriott International, Inc. (MAR), which operates a vast portfolio of over 7,900 properties globally, valued at $79.4B. Both companies must navigate technological disruptions, emphasizing the importance of digital innovation to maintain their positions in this rapidly evolving market.
Stock Comparison
Over the past year, Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR) have exhibited significant price movements, with both companies showing bullish trends overall but differing dynamics in their recent trading behaviors.
Trend Analysis
For Booking Holdings Inc. (BKNG), the overall price change over the past year is +34.42%, indicating a bullish trend. However, the recent performance from September 7, 2025, to November 23, 2025, has seen a decrease of -13.4%, characterized by a trend slope of -65.04. The highest price during the analyzed period was 5720.87, while the lowest was 3328.13. The standard deviation of 758.67 suggests relatively high volatility, and the acceleration status is noted as deceleration.
On the other hand, Marriott International, Inc. (MAR) has experienced a price change of +31.19% over the past year, also reflecting a bullish trend. In the recent period from September 7, 2025, to November 23, 2025, MAR has shown a positive price change of +11.76% with a trend slope of 2.33. The stock reached a high of 303.97 and a low of 213.67, with a lower standard deviation of 20.99 indicating less volatility. Notably, the trend acceleration status is marked as acceleration.
In summary, while both stocks are in a bullish phase overall, BKNG’s recent performance indicates a pullback, whereas MAR shows continued growth momentum.
Analyst Opinions
Recent analyst recommendations for Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR) both reflect a rating of B-. Analysts suggest a cautious approach, noting BKNG’s strong discounted cash flow and return on assets, but highlighting risks in return on equity and debt levels. For MAR, similar concerns about return on equity persist despite solid asset returns. Analysts like those from JPMorgan and Goldman Sachs recommend holding these stocks for the current year. The consensus is leaning towards a hold for both companies, given the mixed financial indicators.
Stock Grades
In this section, I present the latest stock ratings for Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR) based on data from reliable grading companies.
Booking Holdings Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Wedbush | upgrade | Outperform | 2025-11-13 |
| Barclays | maintain | Overweight | 2025-10-29 |
| DA Davidson | maintain | Buy | 2025-10-29 |
| UBS | maintain | Buy | 2025-10-29 |
| Wells Fargo | maintain | Equal Weight | 2025-10-29 |
| Cantor Fitzgerald | maintain | Neutral | 2025-10-29 |
| Truist Securities | maintain | Buy | 2025-10-29 |
| BTIG | maintain | Buy | 2025-10-29 |
| Keybanc | maintain | Overweight | 2025-10-29 |
| Benchmark | maintain | Buy | 2025-10-29 |
Marriott International, Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Barclays | maintain | Equal Weight | 2025-11-05 |
| BMO Capital | maintain | Market Perform | 2025-11-05 |
| Morgan Stanley | maintain | Overweight | 2025-10-22 |
| Baird | maintain | Neutral | 2025-10-21 |
| Barclays | maintain | Equal Weight | 2025-10-03 |
| Truist Securities | maintain | Hold | 2025-09-03 |
| Baird | maintain | Neutral | 2025-08-20 |
| BMO Capital | maintain | Market Perform | 2025-08-06 |
| Baird | maintain | Neutral | 2025-07-16 |
| Truist Securities | maintain | Hold | 2025-05-30 |
Overall, the grades for Booking Holdings indicate a positive trend, particularly with an upgrade to “Outperform” from Wedbush. In contrast, Marriott International maintains consistent ratings without any significant upgrades, reflecting a stable but cautious outlook in the market.
Target Prices
The consensus among analysts for Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR) presents a clear outlook on these stocks.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Booking Holdings Inc. (BKNG) | 6,806 | 5,433 | 6,082.85 |
| Marriott International, Inc. (MAR) | 327 | 274 | 295.5 |
For Booking Holdings Inc., the consensus target price of 6,082.85 significantly exceeds the current stock price of 4,768, indicating positive analyst sentiment. Similarly, Marriott International has a consensus target of 295.5, which is slightly above its current price of 295.84, suggesting a stable outlook.
Strengths and Weaknesses
The following table outlines the strengths and weaknesses of Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR) based on the most recent data.
| Criterion | Booking Holdings Inc. (BKNG) | Marriott International, Inc. (MAR) |
|---|---|---|
| Diversification | Strong with multiple brands across travel services (Booking.com, Priceline, etc.) | Diverse hotel brands globally but primarily focused on lodging |
| Profitability | High net profit margin (24.78%) | Moderate net profit margin (9.46%) |
| Innovation | Consistent investment in tech (AI and booking systems) | Focused on enhancing guest experience through digital tools |
| Global presence | Operates in numerous countries and territories | Significant global footprint with 7,989 properties |
| Market Share | Leading player in online travel services | Strong presence in the hotel industry but faces competition |
| Debt level | High debt to assets ratio (61.65%) | Moderate debt to assets ratio (58.21%) |
In summary, while Booking Holdings shows strong profitability and diversification, its high debt levels may pose risks. Marriott, meanwhile, has a solid global presence but faces challenges in profitability compared to its counterpart.
Risk Analysis
The following table outlines key risks associated with Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR) for the most recent fiscal year.
| Metric | Booking Holdings Inc. (BKNG) | Marriott International, Inc. (MAR) |
|---|---|---|
| Market Risk | High | Moderate |
| Regulatory Risk | Moderate | High |
| Operational Risk | Moderate | Moderate |
| Environmental Risk | Low | Moderate |
| Geopolitical Risk | High | High |
Both companies face significant market and regulatory risks. A recent surge in travel demand could heighten competition, while potential regulatory changes in the travel sector could impact operations. These factors are essential to consider for investors assessing risks.
Which one to choose?
When comparing Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR), both companies exhibit bullish stock trends with recent price changes of 34.42% and 31.19%, respectively. BKNG boasts a stronger return on assets and equity, reflected in its higher profit margins, although its price-to-earnings ratio (P/E) of 28.4 suggests a premium valuation. Conversely, MAR offers a lower P/E ratio of 22.1, appealing to value-focused investors. Analyst ratings for both companies are equal at B-, indicating similar overall performance. However, BKNG’s recent revenue growth appears to be outpacing MAR.
Investors focused on growth may prefer BKNG, while those prioritizing a more stable investment might favor MAR.
Both companies face risks from market dependence and competition in the travel industry, which could impact future performance.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of Booking Holdings Inc. and Marriott International, Inc. to enhance your investment decisions:
