Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
The one-paragraph verdict: Marriott is a genuinely wonderful business — one of the best royalty streams on global travel ever assembled, with brands, a loyalty network of roughly a quarter-billion members, and twenty-year contracts that make its fees about as durable as anything in the service economy. Management is capable, honest, and shareholder-minded. But at ~30 times forward earnings and ~18 times EBITDA, the market has fully discovered what we admire. We calculate intrinsic value in the range of $250–$290 per share; at $349 the margin of safety is negative. We would happily hold what we owned, and we would be delighted buyers on a real markdown. We would not initiate here.
Recent filings analysed: 8-K (2026-08-13), FWP (2026-08-11), 8-K (2026-08-03), 10-Q (2026-08-03).
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