Marriott International Inc (MAR)

Debt-to-capital ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	13,001,000	11,197,000	9,249,000	8,144,000	8,157,000
Total stockholders’ equity	US$ in thousands	-2,992,000	-682,000	568,000	1,414,000	430,000
Debt-to-capital ratio		1.30	1.06	0.94	0.85	0.95

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $13,001,000K ÷ ($13,001,000K + $-2,992,000K)
= 1.30

The debt-to-capital ratio of Marriott International Inc has fluctuated over the years, with values ranging from 0.85 to 1.30 as of December 31 of each respective year. In 2020, the ratio was 0.95, indicating that debt made up 95% of the company's capital structure. This ratio decreased to 0.85 in 2021, suggesting a lower reliance on debt for financing. However, in 2022, the ratio rose to 0.94 before experiencing a significant increase to 1.06 in 2023 and a further jump to 1.30 in 2024. These higher ratios indicate a higher proportion of debt compared to equity in the company's capital structure, implying increased financial leverage and potential risks associated with servicing the debt obligations. Further analysis would be needed to understand the reasons behind these fluctuations and assess the impact on the company's financial health and risk profile.