Marriott Vacations Worldwide

VAC · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

VAC · Last close · October 26, 2026

$109.75

Value Marriott Vacations Worldwide yourself

Marriott Vacations Worldwide's revenue rose 1.3% to $5.0 billion in fiscal 2025. Its net margin was −6.1%, down from 4.4% a year earlier. Free cash flow was −$29 million, against $148 million a year earlier. It paid out $171 million in dividends and buybacks. The diluted share count fell 17.1%.

Marriott Vacations Worldwide Corp Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001524358-26-000010 Updated October 20, 2026

Revenue

$5.0B

1.3%

Net margin

−6.1%

10.5 pts

Net income

−$308M

$218M a year earlier

Free cash flow

−$29M

$148M a year earlier

Return on equity

−13.9%

22.9 pts

Market cap

$4.2B

Oct 26 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share grew 3.4% a year and net income 7.5% a year, as new shares raised the share count by 48% and diluted each share's earnings. Marriott Vacations Worldwide then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Marriott Vacations Worldwide yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Marriott Vacations Worldwide's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Marriott Vacations Worldwide's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

The average of fiscal 2023 to 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Marriott Vacations Worldwide's own revenue growth, as above. Cautious: growth of 0.5% then 1% a year, 2% after year 10, a 14% discount rate. Base: growth of 2.5% then 2.5% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 4.5% then 4% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $109.75
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Marriott Vacations Worldwide's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	342	524	248	197	406
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	1.7x	4.9x	3.0x	2.2x	−0.3x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 11 insiders bought $7.3 million of Marriott Vacations Worldwide shares on the open market, and 2 insiders sold $83.9 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 19, 2026	Impactive Capital LLCDirector, 10% owner	Sold	750,000	$111.49	$83.6 million	Form 4
Aug 17, 2026	Kathleen A. PighiniSee Remarks	Sold	2,500	$120.00	$300,000	Form 4
Mar 10, 2026	Michael FlaskeySee Remarks	Bought	14,862	$67.26	$999,636	Form 4
Jan 7, 2026	John D. FitzgeraldSee Remarks	Bought	65	$61.15	$4,000	Form 4
Jan 6, 2026	John D. FitzgeraldSee Remarks	Bought	44	$61.06	$2,657	Form 4
Nov 25, 2025	Jonice M GrayDirector	Bought	1,100	$54.47	$59,917	Form 4
Nov 21, 2025	Dianna MorganDirector	Bought	500	$51.22	$25,610	Form 4
Nov 20, 2025	William W McCartenDirector	Bought	5,000	$48.08	$240,400	Form 4
Nov 19, 2025	Impactive Capital LPDirector, 10% owner	Bought	84,000	$47.44	$4.0 million	Form 4
Nov 18, 2025	Lizanne GalbreathDirector	Bought	5,500	$46.51	$255,805	Form 4
Nov 14, 2025	William Joseph ShawDirector	Bought	20,000	$46.04	$920,800	Form 4
Nov 14, 2025	Matthew E AvrilSee Remarks, Director	Bought	5,000	$45.61	$228,050	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Fail	Fail	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—
Accruals ratio	0.2%	0.1%	−3.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Marriott Vacations Worldwide side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Marriott Vacations Worldwide	FY25	1.3%	—	−0.6%	—	—	—
Hilton Grand Vacations	FY25	1.3%	—	4.6%	4.6%	5.7x	—	Compare
IHG Hotels & Resorts	FY25	5.4%	23.1%	16.8%	—	2.4x	8	Compare
Travel + Leisure	FY25	4.1%	13.8%	13.0%	8.5%	7.9x	—	Compare
Hyatt	FY25	6.8%	—	2.2%	3.0%	4.8x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,000	2,183	2,968	4,259	2,886	3,890	4,656	4,727	4,967	5,032
Revenue growth	10.4%	9.2%	36.0%	43.5%	−32.2%	34.8%	19.7%	1.5%	5.1%	1.3%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	122	235	55	138	−275	49	391	254	218	−308
Diluted EPS (US$)	4.29	8.49	1.61	3.09	−6.65	1.13	8.77	6.28	5.61	−8.84
Diluted shares (millions)	28	28	34	44	41	43	45	44	42	35
Cash flow
Cash from operations	141	142	97	382	299	343	522	232	205	28
Capital expenditure	35	26	40	46	41	47	65	118	57	57
Free cash flow	106	116	57	336	258	296	457	114	148	−29
Dividends paid	34	38	51	81	45	23	99	106	107	110
Share buybacks	178	88	96	465	82	78	701	286	56	61
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	14	16	29	33	36	51	39	31	33	38
Balance sheet at fiscal year end
Cash and short-term investments	147	409	231	287	524	342	524	248	197	406
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	2,391	2,845	9,018	9,214	8,898	9,613	9,639	9,680	9,808	9,757
Total liabilities	1,484	1,804	5,552	6,183	6,216	6,627	7,141	7,298	7,367	7,764
Shareholders' equity	908	1,041	3,461	3,019	2,651	2,976	2,496	2,382	2,442	1,993
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	6.1%	10.8%	1.9%	3.2%	−9.5%	1.3%	8.4%	5.4%	4.4%	−6.1%
Free cash flow margin	5.3%	5.3%	1.9%	7.9%	8.9%	7.6%	9.8%	2.4%	3.0%	−0.6%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	12.9%	24.1%	2.4%	4.3%	−9.7%	1.7%	14.3%	10.4%	9.0%	−13.9%
Return on assets	5.1%	9.0%	0.9%	1.5%	−3.0%	0.5%	4.1%	2.6%	2.2%	−3.1%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Marriott Vacations Worldwide's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Marriott Vacations Worldwide.