Booking vs Marriott International
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The short version
- Booking is the larger business, with $26.9B of revenue in fiscal 2025 against $26.2B for Marriott International.
- Booking grew revenue faster (13.4%, against 4.3%).
- Booking kept more of each dollar of sales as operating profit (32.8% operating margin, against 15.8%).
- Booking turned more of its sales into free cash flow (33.8% FCF margin, against 10.0%).
| Latest fiscal year | BKNG · FY25 | MAR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $120.0B | $103.3B |
| Revenue | $26.9B | $26.2B |
| Free cash flow | $9.1B | $2.6B |
| Net income | $5.4B | $2.6B |
| Growth | ||
| Revenue growth | 13.4% | 4.3% |
| 5-year growth | 31.7% | 19.9% |
| Share count change | −4.2% | −4.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 32.8% | 15.8% |
| Net margin | 20.1% | 9.9% |
| FCF margin | 33.8% | 10.0% |
| Return on capital | — | 27.4% |
| Return on equity | — | — |
| Balance sheet | ||
| Net debt | $1.5B | $15.8B |
| Net debt / EBITDA | 0.2x | 3.5x |
| Dividends and buybacks | $7.7B | $4.0B |
| Valuation & quality | ||
| P/E | — | 40.4x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
BKNG $10.7B
MAR $15.4B
FY17
BKNG $12.7B
MAR $20.5B
FY18
BKNG $14.5B
MAR $20.8B
FY19
BKNG $15.1B
MAR $21.0B
FY20
BKNG $6.8B
MAR $10.6B
FY21
BKNG $11.0B
MAR $13.9B
FY22
BKNG $17.1B
MAR $20.8B
FY23
BKNG $21.4B
MAR $23.7B
FY24
BKNG $23.7B
MAR $25.1B
FY25
BKNG $26.9B
MAR $26.2B
BKNG
MAR
Operating margin
FY16
BKNG 27.1%
MAR 9.2%
FY17
BKNG 35.8%
MAR 12.2%
FY18
BKNG 36.8%
MAR 11.4%
FY19
BKNG 35.5%
MAR 8.6%
FY20
BKNG −9.3%
MAR 0.8%
FY21
BKNG 22.8%
MAR 12.6%
FY22
BKNG 29.9%
MAR 16.7%
FY23
BKNG 27.3%
MAR 16.3%
FY24
BKNG 31.8%
MAR 15.0%
FY25
BKNG 32.8%
MAR 15.8%
BKNG
MAR
Free cash flow
FY16
BKNG $3.8B
MAR $1.4B
FY17
BKNG $4.4B
MAR $2.0B
FY18
BKNG $4.9B
MAR $1.8B
FY19
BKNG $4.5B
MAR $1.0B
FY20
BKNG −$201M
MAR $1.5B
FY21
BKNG $2.5B
MAR $994M
FY22
BKNG $6.2B
MAR $2.0B
FY23
BKNG $7.0B
MAR $2.7B
FY24
BKNG $7.9B
MAR $2.0B
FY25
BKNG $9.1B
MAR $2.6B
BKNG
MAR
Return on capital
FY16
BKNG 19.1%
MAR 14.1%
FY17
BKNG 19.8%
MAR 10.3%
FY18
BKNG 37.1%
MAR 17.0%
FY19
BKNG 50.1%
MAR 12.6%
FY20
BKNG −5.2%
MAR 0.6%
FY21
BKNG 33.6%
MAR 16.2%
FY22
BKNG 89.5%
MAR 25.9%
FY23
BKNG —
MAR 33.6%
FY24
BKNG —
MAR 25.9%
FY25
BKNG —
MAR 27.4%
BKNG
MAR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.