Booking vs Marriott International

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KIRA’s take AI analyst

I put Booking and Marriott International side by side, using each one’s latest annual report. Here is what stands out:

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%).

Who comes out ahead

Of the 8 measures where higher (or lower) is clearly better, how many each company leads.

Booking

BKNG

7/8

Revenue growth5-year growthOperating marginNet marginFCF marginNet debt / EBITDAShare count change

Marriott International

MAR

1/8

Piotroski F-score

Side by side

Best in the row

Latest fiscal year	BKNG FY25	MAR FY25
Size
Market cap	$117.9B	$104.4B
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	—	40.8x
Piotroski F-score	5	7

Ten years

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

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.