Board Thread:General Discussion/@comment-1453404-20151022162649/@comment-66.131.229.177-20160207035350

Yes it does.

"Version 1.1 of the Unofficial Skyrim Patch prevents the shout from stacking with itself when used multiple times in succession and sets the "Recover" flag, ensuring the effect is not permanent. This does mean that the effect is only applied once per cast instead of once per second, so the top level of Marked for Death reduces damage resistance by 9%, which is only noticeable against the most armored of opponents."