Hilton Grand Vacations Inc. (HGV) 10-Year Financial Performance & Capital Metrics

HGV • • Industrial / General

Consumer CyclicalCasinos & GamingIntegrated Casino ResortsGlobal Integrated Resort Operators

AboutHilton Grand Vacations Inc., a timeshare company, develops, markets, sells, and manages vacation ownership resorts primarily under the Hilton Grand Vacations brand. The company operates in two segments, Real Estate Sales and Financing, and Resort Operations and Club Management. It sells vacation ownership intervals and vacation ownership interests; manages resorts and clubs; operates points-based vacation clubs and resort amenities; and finances and services loans provided to consumers for their timeshare purchases. The company also manages and operates the points-based Hilton Grand Vacations Club and Hilton Club exchange programs, and Diamond Clubs, which provide exchange, leisure travel, and reservation services to approximately 333,000 members, as well as engages in the rental of inventory made available due to ownership exchanges through its club programs. As of December 31, 2021, it had 154 properties located in the United States. The company was founded in 1992 and is headquartered in Orlando, Florida.Show more

Revenue $4.98B +25.2%
EBITDA $965M +7.6%
Net Income $47M -85.0%
EPS (Diluted) 0.46 -83.6%
Gross Margin 56.92% +84.2%
EBITDA Margin 19.37% -14.1%
Operating Margin 13.99% -18.6%
Net Margin 0.94% -88.0%
ROE 2.34% -84.0%
ROIC 7.11% -17.6%
Debt/Equity 3.70 +70.6%
Interest Coverage 2.12 -44.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.1%
✓Share count reduced 7.6% through buybacks

✗Weaknesses

✗High debt to equity ratio of 3.7x
✗Profits declining 26.3% over 5 years
✗Thin 5Y average net margin of 0.6%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.23%

5Y22.07%

3Y28.73%

TTM5.98%

Profit (Net Income) CAGR

10Y-11.91%

5Y-26.29%

3Y-35.6%

TTM-60%

EPS CAGR

10Y-12.2%

5Y-28.26%

3Y-35.82%

TTM-56.89%

ROCE

10Y Avg15.09%

5Y Avg9.4%

3Y Avg9.11%

Latest7.89%

Peer Comparison

Global Integrated Resort Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HGVHilton Grand Vacations Inc.	4.12B	48.19	104.76	25.21%	1.76%	5.71%	4.44%	3.70
LVSLas Vegas Sands Corp.	40.98B	60.61	30.92	8.93%	12.69%	83.34%	3.96%	4.35
WYNNWynn Resorts, Limited	12.2B	117.37	26.98	9.13%	7.09%		8.22%
MLCOMelco Resorts & Entertainment Limited	2.63B	6.73	22.43	22.86%	2.06%		12.38%
MTNVail Resorts, Inc.	4.98B	139.17	18.48	2.73%	8.94%	56.85%	6.42%	4.57
MGMMGM Resorts International	9.68B	35.41	14.75	6.66%	0.4%	2.02%	12.51%	8.56
VACMarriott Vacations Worldwide Corporation	2.16B	62.48	11.14	5.08%	3.77%	7.02%	6.84%	2.14
MSCStudio City International Holdings Limited	635.54M	3.30	-1.65	43.45%	-9.61%	-11.09%	16.23%	3.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.48B	1.58B	1.71B	2B	1.84B	894M	2.33B	3.83B	3.98B	4.98B
Revenue Growth %	0.12%	0.07%	0.08%	0.17%	-0.08%	-0.51%	1.61%	0.64%	0.04%	0.25%
Cost of Goods Sold+	1B	1.06B	1.15B	1.31B	1.31B	742M	1.48B	2.56B	2.75B	2.15B
COGS % of Revenue	0.68%	0.67%	0.67%	0.66%	0.71%	0.83%	0.63%	0.67%	0.69%	0.43%
Gross Profit+	474M	519M	557M	685M	527M	152M	855M	1.27B	1.23B	2.83B
Gross Margin %	0.32%	0.33%	0.33%	0.34%	0.29%	0.17%	0.37%	0.33%	0.31%	0.57%
Gross Profit Growth %	0.09%	0.09%	0.07%	0.23%	-0.23%	-0.71%	4.63%	0.49%	-0.04%	1.31%
Operating Expenses+	153M	196M	220M	251M	212M	152M	357M	580M	545M	2.14B
OpEx % of Revenue	0.1%	0.12%	0.13%	0.13%	0.12%	0.17%	0.15%	0.15%	0.14%	0.43%
Selling, General & Admin	131M	172M	191M	215M	212M	92M	151M	212M	194M	836M
SG&A % of Revenue	0.09%	0.11%	0.11%	0.11%	0.12%	0.1%	0.06%	0.06%	0.05%	0.17%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	22M	-1M	29M	-1M	0	60M	206M	368M	351M	1.3B
Operating Income+	321M	323M	337M	434M	315M	0	498M	695M	684M	697M
Operating Margin %	0.22%	0.2%	0.2%	0.22%	0.17%	-	0.21%	0.18%	0.17%	0.14%
Operating Income Growth %	0.03%	0.01%	0.04%	0.29%	-0.27%	-1%	-	0.4%	-0.02%	0.02%
EBITDA+	343M	347M	366M	470M	366M	-192M	624M	939M	897M	965M
EBITDA Margin %	0.23%	0.22%	0.21%	0.24%	0.2%	-0.21%	0.27%	0.24%	0.23%	0.19%
EBITDA Growth %	0.04%	0.01%	0.05%	0.28%	-0.22%	-1.52%	4.25%	0.5%	-0.04%	0.08%
D&A (Non-Cash Add-back)	22M	24M	29M	36M	51M	45M	126M	244M	213M	268M
EBIT	321M	322M	338M	433M	316M	-237M	374M	623M	627M	465M
Net Interest Income+	-29M	-29M	-27M	-30M	-43M	-43M	-105M	-142M	-178M	-329M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	29M	29M	27M	30M	43M	43M	105M	142M	178M	329M
Other Income/Expense	-29M	-30M	-26M	-31M	-42M	-280M	-229M	-214M	-235M	-561M
Pretax Income+	292M	293M	311M	403M	273M	-280M	269M	481M	449M	136M
Pretax Margin %	0.2%	0.19%	0.18%	0.2%	0.15%	-0.31%	0.12%	0.13%	0.11%	0.03%
Income Tax+	118M	125M	-16M	105M	57M	-79M	93M	129M	136M	76M
Effective Tax Rate %	0.6%	0.57%	1.05%	0.74%	0.79%	0.72%	0.65%	0.73%	0.7%	0.35%
Net Income+	174M	168M	327M	298M	216M	-201M	176M	352M	313M	47M
Net Margin %	0.12%	0.11%	0.19%	0.15%	0.12%	-0.22%	0.08%	0.09%	0.08%	0.01%
Net Income Growth %	0.04%	-0.03%	0.95%	-0.09%	-0.28%	-1.93%	1.88%	1%	-0.11%	-0.85%
Net Income (Continuing)	174M	168M	327M	298M	216M	-201M	176M	352M	313M	60M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	143M
EPS (Diluted)+	1.76	1.70	3.28	3.04	2.42	-2.36	1.74	2.93	2.80	0.46
EPS Growth %	0.04%	-0.03%	0.93%	-0.07%	-0.2%	-1.98%	1.74%	0.68%	-0.04%	-0.84%
EPS (Basic)	1.76	1.70	3.30	3.07	2.43	-2.36	1.76	2.98	2.84	0.46
Diluted Shares Outstanding	99M	99M	100M	98M	89.29M	85.18M	101.09M	120M	111.6M	103.1M
Basic Shares Outstanding	99M	98.82M	99M	97M	88.76M	85.18M	99.75M	118M	110.21M	101.9M
Dividend Payout Ratio	0.01%	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.56B	1.81B	1.99B	1.98B	2.05B	2.32B	4.16B	4.13B	5.01B	6.46B
Cash & Short-Term Investments	4M	48M	246M	108M	67M	526M	432M	223M	589M	328M
Cash Only	4M	48M	246M	108M	67M	526M	432M	223M	589M	328M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.06B	1.15B	1.18B	1.27B	1.33B	1.09B	2.06B	2.29B	2.62B	3.35B
Days Sales Outstanding	263.54	264.7	252.36	232.44	264.12	446.25	322.79	218.43	240.4	245.48
Inventory	412M	513M	509M	527M	558M	702M	1.24B	1.16B	1.4B	2.24B
Days Inventory Outstanding	150.23	175.98	160.99	146.39	155.35	345.32	305.81	165.25	185.89	381.67
Other Current Assets	75M	103M	51M	72M	85M	0	304M	332M	296M	438M
Total Non-Current Assets+	168M	368M	395M	773M	1.03B	813M	3.84B	3.88B	3.67B	4.99B
Property, Plant & Equipment	51M	256M	238M	559M	838M	553M	826M	874M	819M	876M
Fixed Asset Turnover	28.92x	6.18x	7.19x	3.58x	2.19x	1.62x	2.83x	4.39x	4.86x	5.69x
Goodwill	0	0	0	0	0	0	1.38B	1.42B	1.42B	1.99B
Intangible Assets	74M	70M	72M	81M	77M	81M	1.44B	1.28B	1.16B	1.79B
Long-Term Investments	0	0	41M	38M	44M	51M	59M	72M	71M	73M
Other Non-Current Assets	43M	42M	-205M	-159M	67M	128M	134M	231M	195M	253M
Total Assets+	1.72B	2.18B	2.38B	2.75B	3.08B	3.13B	8.01B	8B	8.69B	11.44B
Asset Turnover	0.86x	0.73x	0.72x	0.73x	0.60x	0.29x	0.29x	0.48x	0.46x	0.44x
Asset Growth %	0.06%	0.26%	0.09%	0.15%	0.12%	0.02%	1.56%	-0%	0.09%	0.32%
Total Current Liabilities+	363M	440M	552M	520M	425M	596M	866M	1.15B	1.14B	1.32B
Accounts Payable	13M	31M	45M	51M	24M	20M	63M	83M	144M	180M
Days Payables Outstanding	4.74	10.63	14.23	14.17	6.68	9.84	15.54	11.83	19.12	30.62
Short-Term Debt	107M	0	0	0	0	227M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Current Liabilities	-48M	150M	156M	157M	77M	224M	138M	139M	151M	160M
Current Ratio	4.29x	4.12x	3.60x	3.81x	4.83x	3.89x	4.81x	3.60x	4.39x	4.87x
Quick Ratio	3.15x	2.95x	2.68x	2.79x	3.52x	2.72x	3.38x	2.59x	3.17x	3.18x
Cash Conversion Cycle	409.03	430.05	399.12	364.66	412.79	781.73	613.07	371.84	407.16	596.54
Total Non-Current Liabilities+	1.47B	1.57B	1.31B	1.62B	2.08B	2.16B	5.15B	4.71B	5.43B	8.22B
Long-Term Debt	1.14B	1.18B	1.06B	1.36B	1.57B	1.7B	4.24B	3.75B	4.51B	6.92B
Capital Lease Obligations	0	0	0	0	76M	67M	87M	94M	58M	100M
Deferred Tax Liabilities	287M	389M	249M	254M	259M	137M	670M	659M	631M	925M
Other Non-Current Liabilities	103M	260M	443M	425M	-127M	0	156M	201M	224M	278M
Total Liabilities	1.83B	2.01B	1.87B	2.14B	2.51B	2.76B	6.02B	5.85B	6.57B	9.55B
Total Debt+	1.14B	1.18B	1.06B	1.36B	1.65B	1.99B	4.33B	3.85B	4.59B	7.02B
Net Debt	1.13B	1.14B	819M	1.25B	1.58B	1.47B	3.9B	3.62B	4B	6.69B
Debt / Equity	-	7.09x	2.06x	2.21x	2.90x	5.33x	2.18x	1.79x	2.17x	3.70x
Debt / EBITDA	3.31x	3.41x	2.91x	2.90x	4.51x	-	6.94x	4.10x	5.12x	7.27x
Net Debt / EBITDA	3.30x	3.27x	2.24x	2.67x	4.33x	-	6.24x	3.86x	4.46x	6.93x
Interest Coverage	11.07x	11.14x	12.48x	14.47x	7.33x	-	4.74x	4.89x	3.84x	2.12x
Total Equity+	-106M	167M	518M	616M	570M	374M	1.99B	2.15B	2.12B	1.9B
Equity Growth %	0.72%	2.58%	2.1%	0.19%	-0.07%	-0.34%	4.32%	0.08%	-0.02%	-0.1%
Book Value per Share	-1.07	1.69	5.18	6.29	6.38	4.39	19.67	17.93	18.95	18.38
Total Shareholders' Equity	-106M	167M	518M	616M	570M	374M	1.99B	2.15B	2.12B	1.75B
Common Stock	0	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	0	28M	355M	441M	390M	181M	357M	529M	593M	352M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-44M	-56M	-65M	-83M	0	0	0	39M	17M	0
Minority Interest	0	0	0	0	0	0	0	0	0	143M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	131M	158M	356M	-159M	145M	79M	168M	747M	312M	309M
Operating CF Margin %	0.09%	0.1%	0.21%	-0.08%	0.08%	0.09%	0.07%	0.19%	0.08%	0.06%
Operating CF Growth %	-0.38%	0.21%	1.25%	-1.45%	1.91%	-0.46%	1.13%	3.45%	-0.58%	-0.01%
Net Income	174M	168M	327M	298M	216M	-201M	176M	352M	313M	60M
Depreciation & Amortization	22M	24M	29M	36M	51M	45M	165M	244M	213M	268M
Stock-Based Compensation	13M	8M	15M	16M	22M	15M	48M	46M	40M	47M
Deferred Taxes	20M	23M	-129M	20M	3M	-123M	0	-38M	-23M	-29M
Other Non-Cash Items	7M	5M	63M	-219M	-84M	260M	-35M	193M	170M	471M
Working Capital Changes	-131M	-111M	51M	-310M	-63M	83M	-186M	-50M	-401M	-508M
Change in Receivables	-94M	-128M	-91M	-159M	-131M	163M	-124M	-401M	-305M	-339M
Change in Inventory	-38M	7M	47M	16M	-4M	-91M	-18M	100M	-93M	-84M
Change in Payables	18M	28M	95M	-24M	-17M	-56M	0	294M	-86M	21M
Cash from Investing+	-18M	-34M	-87M	-62M	-65M	-33M	-1.63B	-97M	-158M	-1.57B
Capital Expenditures	-18M	-34M	-47M	-63M	-63M	-31M	-18M	-97M	-75M	0
CapEx % of Revenue	0.01%	0.02%	0.03%	0.03%	0.03%	0.03%	0.01%	0.03%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-6M	-8M	-7M	-13M	-26M	-25M	-21M	0	-9M	-127M
Cash from Financing+	-111M	-80M	-123M	104M	-108M	328M	1.64B	-782M	183M	1.16B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2M	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	95M	-577M	-4M	-13M	-5M	-8M	-59M	-16M	6M	-76M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	113M	124M	309M	-222M	82M	48M	150M	650M	237M	183M
FCF Margin %	0.08%	0.08%	0.18%	-0.11%	0.04%	0.05%	0.06%	0.17%	0.06%	0.04%
FCF Growth %	-0.42%	0.1%	1.49%	-1.72%	1.37%	-0.41%	2.13%	3.33%	-0.64%	-0.23%
FCF per Share	1.14	1.25	3.09	-2.27	0.92	0.56	1.48	5.42	2.12	1.77
FCF Conversion (FCF/Net Income)	0.75x	0.94x	1.09x	-0.53x	0.67x	-0.39x	0.95x	2.12x	1.00x	6.57x
Interest Paid	0	0	42M	49M	63M	64M	113M	177M	0	0
Taxes Paid	0	0	57M	153M	74M	54M	0	141M	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	550.82%	95.47%	52.56%	36.43%	-42.58%	14.9%	17.01%	14.67%	2.34%
Return on Invested Capital (ROIC)	24.14%	20.8%	19.15%	20.29%	11.74%	-	9.67%	8.94%	8.63%	7.11%
Gross Margin	32.14%	32.79%	32.55%	34.27%	28.67%	17%	36.62%	33.25%	30.89%	56.92%
Net Margin	11.8%	10.61%	19.11%	14.91%	11.75%	-22.48%	7.54%	9.18%	7.87%	0.94%
Debt / Equity	-	7.09x	2.06x	2.21x	2.90x	5.33x	2.18x	1.79x	2.17x	3.70x
Interest Coverage	11.07x	11.14x	12.48x	14.47x	7.33x	-	4.74x	4.89x	3.84x	2.12x
FCF Conversion	0.75x	0.94x	1.09x	-0.53x	0.67x	-0.39x	0.95x	2.12x	1.00x	6.57x
Revenue Growth	12%	7.32%	8.09%	16.83%	-8.05%	-51.36%	161.19%	64.24%	3.73%	25.21%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Sales Of Vacation Ownership Intervals Net	-	734M	-	-	883M	1.49B	1.42B	1.91B
Sales Of Vacation Ownership Intervals Net Growth	-	-	-	-	-	68.86%	-5.03%	34.82%
Rental	-	-	-	-	315M	586M	623M	682M
Rental Growth	-	-	-	-	-	86.03%	6.31%	9.47%
Sales Marketing Brand And Other Fees	-	-	-	-	385M	620M	634M	637M
Sales Marketing Brand And Other Fees Growth	-	-	-	-	-	61.04%	2.26%	0.47%
Interest Income Revenue	-	-	-	-	157M	235M	273M	425M
Interest Income Revenue Growth	-	-	-	-	-	49.68%	16.17%	55.68%
Resort Management	-	-	-	-	172M	307M	329M	419M
Resort Management Growth	-	-	-	-	-	78.49%	7.17%	27.36%
Club Management	-	-	-	-	168M	227M	240M	303M
Club Management Growth	-	-	-	-	-	35.12%	5.73%	26.25%
Ancillary Services	-	-	-	-	27M	40M	43M	51M
Ancillary Services Growth	-	-	-	-	-	48.15%	7.50%	18.60%
Other Financing Revenue	-	-	-	-	26M	32M	34M	39M
Other Financing Revenue Growth	-	-	-	-	-	23.08%	6.25%	14.71%
Resort And Club Management	-	-	191M	166M	-	-	-	-
Resort And Club Management Growth	-	-	-	-13.09%	-	-	-	-
Financing	-	158M	170M	165M	-	-	-	-
Financing Growth	-	-	7.59%	-2.94%	-	-	-	-
Cost Reimbursements	-	147M	168M	137M	-	-	-	-
Cost Reimbursements Growth	-	-	14.29%	-18.45%	-	-	-	-
Rental And Ancillary Service	-	2M	227M	97M	-	-	-	-
Rental And Ancillary Service Growth	-	-	11250.00%	-57.27%	-	-	-	-
Sales Marketing License And Other Fees	-	570M	-	-	-	-	-	-
Sales Marketing License And Other Fees Growth	-	-	-	-	-	-	-	-
Real Estate Sales And Financing	1.24B	-	-	-	-	-	-	-
Real Estate Sales And Financing Growth	-	-	-	-	-	-	-	-
Resort Operations And Club Management	367M	-	-	-	-	-	-	-
Resort Operations And Club Management Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Hilton Grand Vacations Inc. (HGV) has a price-to-earnings (P/E) ratio of 104.8x. This suggests investors expect higher future growth.

Growth & Financials

Hilton Grand Vacations Inc. (HGV) reported $5.00B in revenue for fiscal year 2024. This represents a 279% increase from $1.32B in 2014.

Hilton Grand Vacations Inc. (HGV) grew revenue by 25.2% over the past year. This is strong growth.

Yes, Hilton Grand Vacations Inc. (HGV) is profitable, generating $88.0M in net income for fiscal year 2024 (0.9% net margin).

Dividend & Returns

Hilton Grand Vacations Inc. (HGV) has a return on equity (ROE) of 2.3%. This is below average, suggesting room for improvement.

Hilton Grand Vacations Inc. (HGV) generated $113.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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