Expedia Group vs Marriott International
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The short version
- Marriott International is the larger business, with $26.2B of revenue in fiscal 2025 against $14.7B for Expedia Group, about 1.8 times as much.
- Expedia Group grew revenue faster (7.6%, against 4.3%).
- Marriott International kept more of each dollar of sales as operating profit (15.8% operating margin, against 12.7%).
- Expedia Group turned more of its sales into free cash flow (21.1% FCF margin, against 10.0%).
- Expedia Group earned a higher return on the capital invested in it (40.5%, against 27.4%).
- Investors pay more for each dollar of Marriott International’s earnings: a P/E of 40.4x against 18.0x for Expedia Group.
| Latest fiscal year | EXPE · FY25 | MAR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.4B | $103.3B |
| Revenue | $14.7B | $26.2B |
| Free cash flow | $3.1B | $2.6B |
| Net income | $1.3B | $2.6B |
| Growth | ||
| Revenue growth | 7.6% | 4.3% |
| 5-year growth | 23.2% | 19.9% |
| Share count change | −4.3% | −4.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 12.7% | 15.8% |
| Net margin | 8.8% | 9.9% |
| FCF margin | 21.1% | 10.0% |
| Return on capital | 40.5% | 27.4% |
| Return on equity | 91.1% | — |
| Balance sheet | ||
| Net debt | $428M | $15.8B |
| Net debt / EBITDA | 0.2x | 3.5x |
| Dividends and buybacks | $2.1B | $4.0B |
| Valuation & quality | ||
| P/E | 18.0x | 40.4x |
| Piotroski F-score | 8 | 7 |
Revenue
FY16
EXPE $8.8B
MAR $15.4B
FY17
EXPE $10.1B
MAR $20.5B
FY18
EXPE $11.2B
MAR $20.8B
FY19
EXPE $12.1B
MAR $21.0B
FY20
EXPE $5.2B
MAR $10.6B
FY21
EXPE $8.6B
MAR $13.9B
FY22
EXPE $11.7B
MAR $20.8B
FY23
EXPE $12.8B
MAR $23.7B
FY24
EXPE $13.7B
MAR $25.1B
FY25
EXPE $14.7B
MAR $26.2B
EXPE
MAR
Operating margin
FY16
EXPE 5.3%
MAR 9.2%
FY17
EXPE 6.2%
MAR 12.2%
FY18
EXPE 6.4%
MAR 11.4%
FY19
EXPE 7.5%
MAR 8.6%
FY20
EXPE −52.3%
MAR 0.8%
FY21
EXPE 2.2%
MAR 12.6%
FY22
EXPE 9.3%
MAR 16.7%
FY23
EXPE 8.1%
MAR 16.3%
FY24
EXPE 9.6%
MAR 15.0%
FY25
EXPE 12.7%
MAR 15.8%
EXPE
MAR
Free cash flow
FY16
EXPE $800M
MAR $1.4B
FY17
EXPE $1.1B
MAR $2.0B
FY18
EXPE $1.1B
MAR $1.8B
FY19
EXPE $1.6B
MAR $1.0B
FY20
EXPE −$4.6B
MAR $1.5B
FY21
EXPE $3.1B
MAR $994M
FY22
EXPE $2.8B
MAR $2.0B
FY23
EXPE $1.8B
MAR $2.7B
FY24
EXPE $2.3B
MAR $2.0B
FY25
EXPE $3.1B
MAR $2.6B
EXPE
MAR
Return on capital
FY16
EXPE 6.5%
MAR 14.1%
FY17
EXPE 7.9%
MAR 10.3%
FY18
EXPE 8.4%
MAR 17.0%
FY19
EXPE 9.9%
MAR 12.6%
FY20
EXPE −29.7%
MAR 0.6%
FY21
EXPE 1.9%
MAR 16.2%
FY22
EXPE 10.2%
MAR 25.9%
FY23
EXPE 13.2%
MAR 33.6%
FY24
EXPE 22.4%
MAR 25.9%
FY25
EXPE 40.5%
MAR 27.4%
EXPE
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.