In the dynamic world of travel services, two giants stand out: Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR). Both companies are leaders in their respective domains—BKNG in online travel reservations and MAR in hotel management and franchising. With overlapping markets and innovative growth strategies, they present intriguing investment opportunities. In this analysis, I will dive into their strengths and weaknesses to help you determine which company may be the more compelling choice for your investment portfolio.
Table of contents
Company Overview
Booking Holdings Inc. Overview
Booking Holdings Inc. is a leading player in the global travel services market, providing a comprehensive range of online reservation services. Founded in 1997 and headquartered in Norwalk, Connecticut, the company operates several well-known brands, including Booking.com, Priceline, and KAYAK. Its mission focuses on making travel easier and more accessible for consumers worldwide. With a market capitalization of approximately $158.4B and a workforce of around 24,500 employees, Booking Holdings has positioned itself as a one-stop shop for travel-related needs, from accommodation and rental cars to restaurant reservations. The company is publicly traded on the NASDAQ under the ticker BKNG, and it has continually adapted its offerings to align with evolving consumer preferences.
Marriott International, Inc. Overview
Marriott International, Inc. stands as a titan in the travel lodging industry, operating, franchising, and licensing an extensive portfolio of hotel and residential properties around the globe. Established in 1927 and headquartered in Bethesda, Maryland, Marriott boasts a diverse array of brands catering to various customer segments, including luxury, upscale, and midscale options. With approximately 7,989 properties across 139 countries, Marriott’s mission is to enhance the travel experience through quality service and customer satisfaction. As of now, the company has a market capitalization of about $81.8B and employs around 418,000 individuals. Marriott is also listed on NASDAQ under the ticker MAR, reflecting its strong commitment to maintaining a leading position in the hospitality sector.
Key similarities and differences
Both Booking Holdings and Marriott International operate within the travel sector but focus on different aspects. Booking Holdings primarily offers online travel services, while Marriott specializes in hotel and lodging management. Their business models highlight Booking’s emphasis on digital reservations and comparisons, contrasting with Marriott’s extensive physical presence through its diverse hotel brands.
Income Statement Comparison
The following table provides a comparison of the most recent income statements for Booking Holdings Inc. and Marriott International, Inc., highlighting their financial performance metrics.
| Metric | Booking Holdings Inc. (BKNG) | Marriott International, Inc. (MAR) |
|---|---|---|
| Market Cap | 158.42B | 81.79B |
| 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 |
| Fiscal Year | 2024 | 2024 |
Interpretation of Income Statement
In the latest fiscal year, Booking Holdings reported a revenue increase to 23.74B, reflecting a strong growth trend compared to previous years. Marriott also saw a rise in revenue, reaching 25.10B. However, Booking’s net income of 5.88B demonstrates a more robust profitability compared to Marriott’s 2.38B. Both companies maintained stable margins, but Booking’s performance indicates a more favorable growth trajectory, suggesting that while Marriott continues to grow, it may not be keeping pace with Booking’s accelerated expansion in the travel services sector.
Financial Ratios Comparison
The following table provides a comparative overview of key financial metrics and ratios for Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR).
| Metric | [BKNG] | [MAR] |
|---|---|---|
| ROE | -1.46 | -0.79 |
| ROIC | 0.44 | 0.15 |
| P/E | 28.4 | 33.4 |
| 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 | 0.61 | 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 | 0.19 |
| Dividend Yield | 0.70% | 0.86% |
Interpretation of Financial Ratios
In comparing the financial ratios of BKNG and MAR, both companies exhibit weaknesses in return on equity (ROE) and return on investment capital (ROIC), indicating challenges in profitability and asset utilization. BKNG displays a significantly higher fixed asset turnover ratio, reflecting efficient use of its fixed assets compared to MAR. However, both companies face high debt-to-equity ratios, highlighting potential risks related to leverage. The current and quick ratios suggest BKNG maintains better liquidity than MAR, which is concerning given MAR’s lower ratios. Overall, careful consideration is advised due to the financial vulnerabilities present in both firms.
Dividend and Shareholder Returns
Booking Holdings Inc. (BKNG) has a modest dividend yield of 0.70% with a payout ratio around 20%. While it engages in share buybacks, there are concerns over sustainability given its high debt levels. Conversely, Marriott International, Inc. (MAR) offers a higher yield of 0.86% and maintains a payout ratio of 19%, also engaging in share buybacks. Both companies’ dividend strategies suggest a commitment to returning value, though BKNG’s financial leverage warrants caution regarding long-term sustainability.
Strategic Positioning
In the competitive travel services market, Booking Holdings Inc. (BKNG) holds a significant market share, primarily driven by its diverse portfolio of brands like Booking.com and KAYAK. With a market cap of 158.4B, it faces competitive pressure from Marriott International, Inc. (MAR), which operates 7,989 properties globally and has a market cap of 81.8B. Both companies must navigate technological disruptions and evolving consumer preferences to maintain their positions in this dynamic sector.
Stock Comparison
In this section, I will analyze the stock price movements of Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR) over the past year, highlighting key dynamics and price fluctuations.
Trend Analysis
Booking Holdings Inc. (BKNG) has experienced a price change of +44.2% over the last year, indicating a bullish trend. However, the recent analysis from September 14, 2025, to November 30, 2025, shows a decline of -9.96%, suggesting a bearish short-term trend. The stock reached a high of 5720.87 and a low of 3328.13, reflecting notable volatility with a standard deviation of 753.19. The overall trend shows a deceleration in growth, which warrants caution.
Marriott International, Inc. (MAR) has seen a price increase of +37.03% over the last year, also indicating a bullish trend. In the recent period from September 14, 2025, to November 30, 2025, the stock’s price rose by +14.37%, suggesting continued positive momentum. The highest price recorded was 304.79 and the lowest was 213.67, with a standard deviation of 21.32, indicating relatively low volatility. The trend shows acceleration, which is a positive sign for potential investors.
In summary, while both companies exhibit bullish trends over the long term, BKNG is currently facing some short-term challenges, whereas MAR appears to be gaining strength. As always, I recommend assessing individual risk tolerance and market conditions before making investment decisions.
Analyst Opinions
Recent analyst recommendations for Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR) indicate a cautious outlook. Both companies received a rating of B-, suggesting a “hold” position. Analysts highlight BKNG’s strong discounted cash flow score (5) but point to weaknesses in return on equity (1) and price-to-book ratio (1). Similarly, MAR shows solid return on assets (5), yet its overall score (2) raises concerns. The consensus for both stocks remains a “hold” as of 2025, reflecting a wait-and-see approach amidst market fluctuations.
Stock Grades
In this section, I present the latest stock ratings for Booking Holdings Inc. and Marriott International, Inc., based on reliable analyses from reputable grading companies.
Booking Holdings Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| B of A Securities | upgrade | Buy | 2025-11-24 |
| BTIG | maintain | Buy | 2025-11-24 |
| Wedbush | upgrade | Outperform | 2025-11-13 |
| Benchmark | maintain | Buy | 2025-10-29 |
| BTIG | maintain | Buy | 2025-10-29 |
| Barclays | maintain | Overweight | 2025-10-29 |
| DA Davidson | maintain | Buy | 2025-10-29 |
| Cantor Fitzgerald | maintain | Neutral | 2025-10-29 |
| Wells Fargo | maintain | Equal Weight | 2025-10-29 |
| UBS | 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, Booking Holdings Inc. has shown a positive trend with recent upgrades indicating growing confidence among analysts. Conversely, Marriott International, Inc. maintains a stable outlook, with most ratings indicating a ‘Neutral’ or ‘Market Perform’ stance, suggesting a steady but cautious investor sentiment.
Target Prices
Based on the latest data, I have identified reliable target price estimates for Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR).
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Booking Holdings Inc. | 6806 | 5433 | 6078.47 |
| Marriott International, Inc. | 327 | 274 | 295.5 |
The consensus target price for Booking Holdings suggests a significant upside from the current price of 4914.69, indicating positive analyst sentiment. For Marriott, the target consensus is slightly above its current price of 304.79, reflecting cautious optimism among analysts.
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 | High (multiple brands) | Moderate (limited to hotels) |
| Profitability | Strong (Net margin: 25%) | Moderate (Net margin: 13%) |
| Innovation | High (advanced technology) | Moderate (focus on enhancements) |
| Global presence | Extensive (200+ countries) | Broad (139 countries) |
| Market Share | High (Industry leader) | Strong (significant player) |
| Debt level | Moderate (Debt/Equity: -4.25) | High (Debt/Equity: -5.09) |
Key takeaways: Booking Holdings shows stronger profitability and innovation, backed by a vast global presence. In contrast, Marriott has a solid market share but faces higher debt levels, affecting its financial flexibility.
Risk Analysis
The following table outlines key risks associated with Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR).
| Metric | Booking Holdings Inc. | Marriott International, Inc. |
|---|---|---|
| Market Risk | Moderate | High |
| Regulatory Risk | Low | Moderate |
| Operational Risk | Moderate | High |
| Environmental Risk | Moderate | High |
| Geopolitical Risk | High | Moderate |
Both companies face significant market and operational risks, particularly from changing consumer preferences and geopolitical tensions. Recent economic shifts and travel disruptions emphasize the need for robust risk management strategies.
Which one to choose?
When comparing Booking Holdings Inc. (BKNG) and Marriott International, Inc. (MAR), both companies exhibit strong fundamentals, yet they cater to different market segments. BKNG has a market cap of 167B and shows robust profitability with a net income margin of 24.8% and a price-to-earnings ratio of 28.4. In contrast, MAR, with a market cap of 79B, has a net income margin of 9.5% and a lower price-to-earnings ratio of 22.1.
Analyst ratings are similar, both companies holding a grade of B-. However, BKNG’s recent stock trend shows a bullish pattern with a 44.2% price change over the year, while MAR has also experienced a bullish trend but with a 37.0% increase.
Investors focused on growth may prefer BKNG due to its higher profit margins and growth potential, whereas those prioritizing stability might find MAR appealing given its strong operational metrics. It’s essential to consider risks such as market dependence and competition in the travel industry.
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:
