Marriott Vacations Worldwide Corporation (VAC) 10-Year Financial Performance & Capital Metrics

VAC • • Industrial / General

Consumer CyclicalCasinos & GamingIntegrated Casino ResortsGlobal Integrated Resort Operators

AboutMarriott Vacations Worldwide Corporation, a vacation company, develops, markets, sells, and manages vacation ownership and related products. It operates through two segments, Vacation Ownership and Exchange & Third-Party Management. The company manages vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, Hyatt Residence Club, and Marriott Vacation Club Pulse brands. It also develops, markets, and sells vacation ownership and related products under The Ritz-Carlton Destination Club brand; and holds right to develop, market, and sell ownership residential products under The Ritz-Carlton Residences brand. In addition, the company offers exchange networks and membership programs, as well as provision of management services to other resorts and lodging properties through various brands, including Interval International, Trading Places International, Vacation Resorts International, and Aqua-Aston. As of December 31, 2021, the company operated approximately 120 properties in the United States and thirteen other countries and territories. The company sells its upscale tier vacation ownership products primarily through a network of resort-based sales centers and off-site sales locations. Marriott Vacations Worldwide Corporation was founded in 1984 and is headquartered in Orlando, Florida.Show more

Revenue $4.97B +5.1%
EBITDA $693M -4.0%
Net Income $218M -14.2%
EPS (Diluted) 5.61 -10.7%
Gross Margin 37.35% -2.9%
EBITDA Margin 13.95% -8.7%
Operating Margin 11.01% -11.3%
Net Margin 4.39% -18.3%
ROE 9.04% -13.2%
ROIC 5.56% -9.8%
Debt/Equity 2.14 -0.9%
Interest Coverage 3.38 -16.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 4.1%
✓Share count reduced 3.2% through buybacks
✓Trading at only 1.1x book value

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Thin 5Y average net margin of 2.0%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.08%

5Y3.12%

3Y8.49%

TTM-5.15%

Profit (Net Income) CAGR

10Y10.44%

5Y9.58%

3Y64.47%

TTM-14.78%

EPS CAGR

10Y9.18%

5Y12.6%

3Y70.59%

TTM-14.81%

ROCE

10Y Avg8.59%

5Y Avg7.17%

3Y Avg7.69%

Latest6.48%

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.	4.06B	47.43	103.11	25.21%	1.76%	5.71%	4.51%	3.70
LVSLas Vegas Sands Corp.	40.5B	59.90	30.56	8.93%	12.69%	83.34%	4.01%	4.35
WYNNWynn Resorts, Limited	12.15B	116.88	26.87	9.13%	7.09%		8.26%
MLCOMelco Resorts & Entertainment Limited	2.61B	6.68	22.27	22.86%	2.06%		12.47%
MTNVail Resorts, Inc.	5.1B	142.61	18.94	2.73%	8.94%	56.85%	6.27%	4.57
MGMMGM Resorts International	9.41B	34.41	14.34	6.66%	0.4%	2.02%	12.88%	8.56
VACMarriott Vacations Worldwide Corporation	2.16B	62.54	11.15	5.08%	3.77%	7.02%	6.84%	2.14
MSCStudio City International Holdings Limited	645.17M	3.35	-1.68	43.45%	-9.61%	-11.09%	15.99%	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+	1.83B	1.81B	2.18B	2.97B	4.26B	2.89B	3.89B	4.66B	4.73B	4.97B
Revenue Growth %	0.05%	-0.01%	0.21%	0.36%	0.43%	-0.32%	0.35%	0.2%	0.02%	0.05%
Cost of Goods Sold+	1.13B	1.1B	1.42B	1.87B	2.59B	2.19B	2.44B	2.67B	2.91B	3.11B
COGS % of Revenue	0.62%	0.61%	0.65%	0.63%	0.61%	0.76%	0.63%	0.57%	0.62%	0.63%
Gross Profit+	700.3M	706.78M	765M	1.1B	1.67B	696M	1.45B	1.99B	1.82B	1.85B
Gross Margin %	0.38%	0.39%	0.35%	0.37%	0.39%	0.24%	0.37%	0.43%	0.38%	0.37%
Gross Profit Growth %	0.13%	0.01%	0.08%	0.44%	0.52%	-0.58%	1.09%	0.37%	-0.08%	0.02%
Operating Expenses+	433.56M	458.13M	505M	1.1B	1.2B	696M	990M	1.19B	1.23B	1.31B
OpEx % of Revenue	0.24%	0.25%	0.23%	0.37%	0.28%	0.24%	0.25%	0.26%	0.26%	0.26%
Selling, General & Admin	436.7M	434M	494M	725M	996M	540M	844M	1.06B	1.1B	1.16B
SG&A % of Revenue	0.24%	0.24%	0.23%	0.24%	0.23%	0.19%	0.22%	0.23%	0.23%	0.23%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	4M	375M	0	156M	146M	132M	135M	146M
Operating Income+	243.97M	220M	260.67M	313M	564M	0	463M	797M	587M	547M
Operating Margin %	0.13%	0.12%	0.12%	0.11%	0.13%	-	0.12%	0.17%	0.12%	0.11%
Operating Income Growth %	0.35%	-0.1%	0.18%	0.2%	0.8%	-1%	-	0.72%	-0.26%	-0.07%
EBITDA+	266.18M	241.04M	281.67M	375M	705M	-67M	609M	929M	722M	693M
EBITDA Margin %	0.15%	0.13%	0.13%	0.13%	0.17%	-0.02%	0.16%	0.2%	0.15%	0.14%
EBITDA Growth %	0.33%	-0.09%	0.17%	0.33%	0.88%	-1.1%	10.09%	0.53%	-0.22%	-0.04%
D&A (Non-Cash Add-back)	22.22M	21.04M	21M	62M	141M	123M	146M	132M	135M	146M
EBIT	243.97M	207M	250M	157M	357M	-190M	291M	700M	543M	468M
Net Interest Income+	-37.47M	-9M	-10M	-54M	-132M	-150M	-164M	-118M	-145M	-162M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	37.47M	9M	10M	54M	132M	150M	164M	118M	145M	162M
Other Income/Expense	-37.47M	2.93M	-20.67M	-210M	-339M	-340M	-336M	-215M	-189M	-241M
Pretax Income+	206.5M	222.93M	240M	103M	225M	-340M	127M	582M	398M	306M
Pretax Margin %	0.11%	0.12%	0.11%	0.03%	0.05%	-0.12%	0.03%	0.13%	0.08%	0.06%
Income Tax+	83.7M	76M	5M	51M	83M	-84M	74M	191M	146M	89M
Effective Tax Rate %	0.59%	0.62%	0.98%	0.53%	0.61%	0.81%	0.39%	0.67%	0.64%	0.71%
Net Income+	122.8M	137.35M	235M	55M	138M	-275M	49M	391M	254M	218M
Net Margin %	0.07%	0.08%	0.11%	0.02%	0.03%	-0.1%	0.01%	0.08%	0.05%	0.04%
Net Income Growth %	0.52%	0.12%	0.71%	-0.77%	1.51%	-2.99%	1.18%	6.98%	-0.35%	-0.14%
Net Income (Continuing)	122.8M	137.35M	235M	52M	142M	-256M	53M	391M	252M	217M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	5M	12M	31M	10M	2M	0	-1M
EPS (Diluted)+	3.82	4.83	8.49	1.62	3.10	-6.65	1.13	7.94	6.28	5.61
EPS Growth %	0.64%	0.26%	0.76%	-0.81%	0.91%	-3.15%	1.17%	6.03%	-0.21%	-0.11%
EPS (Basic)	3.90	4.93	8.70	1.64	3.14	-6.65	1.15	8.76	6.96	6.16
Diluted Shares Outstanding	32.17M	28.42M	27.7M	34M	44.5M	41.35M	43.3M	45.2M	43.5M	42.1M
Basic Shares Outstanding	31.49M	27.88M	27.1M	33.54M	44.66M	41.35M	42.61M	40.4M	36.5M	35.4M
Dividend Payout Ratio	0.19%	0.25%	0.16%	0.93%	0.59%	-	0.47%	0.25%	0.42%	0.49%

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+	1.97B	2.06B	2.1B	3.84B	4.15B	3.91B	3.85B	4B	3.94B	4.09B
Cash & Short-Term Investments	177.06M	147.1M	409M	231M	287M	524M	342M	524M	248M	197M
Cash Only	177.06M	147.1M	409M	231M	287M	524M	342M	524M	248M	197M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	268.59M	328.33M	1.21B	2.36B	166M	150M	2.32B	2.49B	2.73B	2.83B
Days Sales Outstanding	53.56	66.17	201.81	290.6	14.23	18.97	218.06	195.2	210.65	207.74
Inventory	669.24M	712.54M	398M	863M	897M	802M	719M	660M	634M	735M
Days Inventory Outstanding	216.14	235.48	102.45	168.63	126.51	133.67	107.69	90.19	79.55	86.21
Other Current Assets	71.45M	0	82M	383M	2.8B	2.43B	461M	330M	326M	331M
Total Non-Current Assets+	429.48M	331.74M	749M	5.18B	5.06B	4.99B	5.77B	5.63B	5.74B	5.72B
Property, Plant & Equipment	288.8M	202.8M	583M	951M	860M	922M	1.14B	1.14B	1.26B	1.17B
Fixed Asset Turnover	6.34x	8.93x	3.74x	3.12x	4.95x	3.13x	3.42x	4.09x	3.75x	4.25x
Goodwill	0	0	0	2.83B	2.89B	2.82B	3.15B	3.12B	3.12B	3.12B
Intangible Assets	0	0	0	1.11B	1.03B	952M	993M	911M	854M	790M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	140.68M	128.94M	166M	292M	281M	297M	488M	468M	513M	641M
Total Assets+	2.4B	2.39B	2.85B	9.02B	9.21B	8.9B	9.61B	9.64B	9.68B	9.81B
Asset Turnover	0.76x	0.76x	0.77x	0.33x	0.46x	0.32x	0.40x	0.48x	0.49x	0.51x
Asset Growth %	-0.05%	-0%	0.19%	2.17%	0.02%	-0.03%	0.08%	0%	0%	0.01%
Total Current Liabilities+	485.28M	462.92M	446M	1.14B	905M	724M	1.26B	1.32B	1.29B	1.3B
Accounts Payable	139.12M	124.44M	145M	301M	286M	209M	265M	356M	362M	343M
Days Payables Outstanding	44.93	41.12	37.32	58.81	40.34	34.83	39.69	48.65	45.42	40.23
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	1000K	1000K	1000K	1000K
Other Current Liabilities	104.33M	95.52M	112M	210M	187M	147M	201M	251M	205M	220M
Current Ratio	4.06x	4.45x	4.70x	3.37x	4.59x	5.40x	3.04x	3.03x	3.05x	3.14x
Quick Ratio	2.68x	2.91x	3.81x	2.61x	3.60x	4.29x	2.47x	2.53x	2.56x	2.58x
Cash Conversion Cycle	224.77	260.52	266.94	400.41	100.4	117.8	286.06	236.74	244.77	253.72
Total Non-Current Liabilities+	938.17M	1.02B	1.36B	4.62B	5.28B	5.49B	5.36B	5.82B	6.01B	6.07B
Long-Term Debt	678.79M	730M	1.09B	3.8B	4.09B	4.26B	4.4B	4.94B	4.96B	5.03B
Capital Lease Obligations	0	7.22M	7M	17M	165M	146M	83M	86M	189M	199M
Deferred Tax Liabilities	109.08M	149.17M	90M	318M	0	0	350M	331M	280M	345M
Other Non-Current Liabilities	72.11M	38.79M	104M	488M	1.02B	1.09B	73M	464M	581M	496M
Total Liabilities	1.42B	1.48B	1.8B	5.55B	6.18B	6.22B	6.63B	7.14B	7.3B	7.37B
Total Debt+	678.79M	737.22M	1.09B	3.82B	4.26B	4.41B	4.49B	5.03B	5.14B	5.22B
Net Debt	501.73M	590.12M	686M	3.59B	3.97B	3.88B	4.14B	4.5B	4.9B	5.03B
Debt / Equity	0.70x	0.81x	1.05x	1.10x	1.41x	1.64x	1.50x	2.01x	2.16x	2.14x
Debt / EBITDA	2.55x	3.06x	3.89x	10.18x	6.04x	-	7.37x	5.41x	7.13x	7.54x
Net Debt / EBITDA	1.88x	2.45x	2.44x	9.57x	5.63x	-	6.81x	4.85x	6.78x	7.26x
Interest Coverage	6.51x	24.44x	26.07x	5.80x	4.27x	-	2.82x	6.75x	4.05x	3.38x
Total Equity+	976.27M	907.82M	1.04B	3.47B	3.03B	2.68B	2.99B	2.5B	2.38B	2.44B
Equity Growth %	-0.1%	-0.07%	0.15%	2.33%	-0.13%	-0.12%	0.11%	-0.16%	-0.05%	0.02%
Book Value per Share	30.35	31.94	37.58	101.94	68.11	64.86	68.96	55.27	54.76	57.98
Total Shareholders' Equity	976.27M	907.82M	1.04B	3.46B	3.02B	2.65B	2.98B	2.5B	2.38B	2.44B
Common Stock	364K	366K	0	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	243.78M	346.34M	529M	523M	569M	272M	275M	593M	742M	852M
Treasury Stock	-429.99M	-606.63M	-694M	-790M	-1.25B	-1.33B	-1.36B	-2.05B	-2.33B	-2.38B
Accumulated OCI	11.38M	5.46M	17M	6M	-36M	-48M	-16M	15M	16M	-8M
Minority Interest	0	0	0	5M	12M	31M	10M	2M	0	-1M

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+	109.03M	140.17M	142M	97M	382M	299M	343M	522M	232M	205M
Operating CF Margin %	0.06%	0.08%	0.07%	0.03%	0.09%	0.1%	0.09%	0.11%	0.05%	0.04%
Operating CF Growth %	-0.63%	0.29%	0.01%	-0.32%	2.94%	-0.22%	0.15%	0.52%	-0.56%	-0.12%
Net Income	122.8M	137.35M	235M	55M	142M	-256M	53M	391M	254M	217M
Depreciation & Amortization	22.22M	21M	21.49M	62M	141M	123M	146M	132M	135M	146M
Stock-Based Compensation	14.14M	14M	16.29M	35M	37M	36M	51M	39M	31M	33M
Deferred Taxes	28.16M	30M	-66.13M	54M	5M	-38M	34M	87M	-64M	38M
Other Non-Cash Items	-6.68M	-80.18M	-155.65M	-164M	-144M	450M	-170M	-268M	275M	-57M
Working Capital Changes	-71.6M	18M	91M	55M	201M	-16M	229M	141M	-399M	-172M
Change in Receivables	0	0	5.7M	-38M	69M	21M	0	0	-496M	-16M
Change in Inventory	72.16M	4.3M	45M	9M	65M	18M	61M	104M	87M	-33M
Change in Payables	0	-18.7M	50.75M	26M	17M	-146M	42M	112M	1M	9M
Cash from Investing+	-25.07M	34.18M	-38M	-1.41B	37M	-32M	-213M	16M	-112M	-115M
Capital Expenditures	-35.73M	-34.77M	-26M	-40M	-46M	-41M	-47M	-65M	-118M	0
CapEx % of Revenue	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.98M	0	-12M	-14M	32M	-6M	-12M	-13M	-10M	-115M
Cash from Financing+	-249.75M	-204.95M	171M	1.43B	-331M	23M	-317M	-486M	-401M	-132M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-23.79M	-34.2M	-38M	-51M	-81M	-45M	-23M	-99M	-106M	-107M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.15M	-2.62M	-40M	-52M	-34M	-30M	-72M	46M	-2M	-33M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	73.3M	105.4M	116M	57M	336M	258M	296M	457M	114M	148M
FCF Margin %	0.04%	0.06%	0.05%	0.02%	0.08%	0.09%	0.08%	0.1%	0.02%	0.03%
FCF Growth %	-0.73%	0.44%	0.1%	-0.51%	4.89%	-0.23%	0.15%	0.54%	-0.75%	0.3%
FCF per Share	2.28	3.71	4.19	1.68	7.55	6.24	6.84	10.11	2.62	3.52
FCF Conversion (FCF/Net Income)	0.89x	1.02x	0.60x	1.76x	2.77x	-1.09x	7.00x	1.34x	0.91x	0.94x
Interest Paid	0	23M	22M	55M	167M	176M	184M	149M	204M	247M
Taxes Paid	0	48M	49M	41M	53M	32M	13M	57M	141M	133M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.95%	14.58%	24.12%	2.44%	4.25%	-9.63%	1.73%	14.26%	10.41%	9.04%
Return on Invested Capital (ROIC)	12.56%	11.09%	12.12%	5.35%	6.02%	-	5.07%	8.46%	6.17%	5.56%
Gross Margin	38.26%	39.02%	35.04%	37.06%	39.23%	24.12%	37.35%	42.63%	38.46%	37.35%
Net Margin	6.71%	7.58%	10.76%	1.85%	3.24%	-9.53%	1.26%	8.4%	5.37%	4.39%
Debt / Equity	0.70x	0.81x	1.05x	1.10x	1.41x	1.64x	1.50x	2.01x	2.16x	2.14x
Interest Coverage	6.51x	24.44x	26.07x	5.80x	4.27x	-	2.82x	6.75x	4.05x	3.38x
FCF Conversion	0.89x	1.02x	0.60x	1.76x	2.77x	-1.09x	7.00x	1.34x	0.91x	0.94x
Revenue Growth	5.44%	-1.05%	20.53%	35.96%	43.5%	-32.24%	34.79%	19.69%	1.52%	5.08%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Time Share	-	-	-	-	-	-	-	-	1.46B	1.45B
Time Share Growth	-	-	-	-	-	-	-	-	-	-0.82%
Management And Exchange	-	-	-	31M	147M	188M	152M	67M	813M	843M
Management And Exchange Growth	-	-	-	-	374.19%	27.89%	-19.15%	-55.92%	1113.43%	3.69%
Rental	-	-	-	1M	5M	-	-	-	571M	645M
Rental Growth	-	-	-	-	400.00%	-	-	-	-	12.96%
Service, Other	-	-	-	35M	160M	210M	171M	72M	355M	359M
Service, Other Growth	-	-	-	-	357.14%	31.25%	-18.57%	-57.89%	393.06%	1.13%
Ancillary Revenues	-	-	-	-	-	-	-	-	257M	270M
Ancillary Revenues Growth	-	-	-	-	-	-	-	-	-	5.06%
Management Service	-	-	-	-4M	-13M	-22M	-19M	-5M	201M	214M
Management Service Growth	-	-	-	-	-225.00%	-69.23%	13.64%	73.68%	4120.00%	6.47%
Cost Reimbursement	-	-	-	-	-	-	-	1.37B	-	-
Cost Reimbursement Growth	-	-	-	-	-	-	-	-	-	-
Cost Reimbursements	-	-	-	-	1.11B	-	-	-	-	-
Cost Reimbursements Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Non-US	-	195.4M	191.8M	-	-	-	-	-	-	-
Non-US Growth	-	-	-1.84%	-	-	-	-	-	-	-
Outside United States	215.3M	-	-	-	-	-	-	-	-	-
Outside United States Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Marriott Vacations Worldwide Corporation (VAC) has a price-to-earnings (P/E) ratio of 11.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Marriott Vacations Worldwide Corporation (VAC) reported $4.58B in revenue for fiscal year 2024. This represents a 184% increase from $1.61B in 2011.

Marriott Vacations Worldwide Corporation (VAC) grew revenue by 5.1% over the past year. This is steady growth.

Yes, Marriott Vacations Worldwide Corporation (VAC) is profitable, generating $173.0M in net income for fiscal year 2024 (4.4% net margin).

Dividend & Returns

Yes, Marriott Vacations Worldwide Corporation (VAC) pays a dividend with a yield of 4.06%. This makes it attractive for income-focused investors.

Marriott Vacations Worldwide Corporation (VAC) has a return on equity (ROE) of 9.0%. This is below average, suggesting room for improvement.

Marriott Vacations Worldwide Corporation (VAC) generated $63.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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