MAR Analysis: Marriott's $92 Billion Asset-Light Empire Generates Record Cash Flow — But Insiders Are Selling Near the 52-Week High
Marriott International (NASDAQ: MAR) has quietly become one of the most successful capital-light business models in corporate America. At $347.93 per share, the stock trades within 6% of its 52-week high of $370 and has gained nearly 70% from its 52-week low of $205.40 — a rally that has pushed the company's market capitalisation to $92.2 billion. The question facing investors today is whether Marriott's premium valuation is justified or whether the stock has run too far, too fast. The numbers tell a compelling but complicated story. Marriott generated $3.21 billion in operating cash flow and $2.61 billion in free cash flow during fiscal 2025 — both records. Revenue reached $26.19 billion across four quarters of steady growth. Yet insiders have been selling aggressively near the highs: CEO Anthony Capuano unloaded 63,000 shares at $359.22 in mid-February, while other executives offloaded additional blocks at similar prices. With a trailing P/E of 36.6x and negative book value — a feature of the asset-light franchise model, not a flaw — Marriott demands that investors pay a steep premium for what is undeniably one of the highest-quality cash-flow machines in the hospitality sector. Here is what the data says about whether that premium is still worth paying.