Marriott Vacations Worldwide Corporation
- Open
- 101.64
- Day high
- 104.17
- Day low
- 100.48
- Prev close
- 101.88
- Volume
- 141K
- Mkt cap
- $3.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.7
- P/S
- 0.8
- Yield
- 1.58%
- Per share
- $1.60
Marriott Vacations Worldwide Corporation (VAC) is a Consumer Cyclical company listed on NYSE. The stock is up 34% over the past year.
Marriott Vacations Worldwide Corporation (VAC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VAC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $1.67 | $1.24 | -25.7% | $1.3B | +4.9% |
| Feb 26, 2026 | $1.72 | $-12.35 | -818.0% | $1.3B | +8.7% |
| Nov 5, 2025 | $1.64 | $1.69 | +3.0% | $812M | -37.4% |
| May 7, 2025 | $1.56 | $1.66 | +6.4% | $1.2B | -0.6% |
| Feb 26, 2025 | $1.51 | $1.86 | +23.2% | $1.3B | +6.7% |
| Jul 31, 2024 | $1.99 | $1.10 | -44.7% | $1.1B | -5.8% |
| Feb 21, 2024 | $1.80 | $1.88 | +4.4% | $1.2B | +4.4% |
| Nov 1, 2023 | $2.16 | $1.20 | -44.4% | $1.2B | -0.4% |
| Aug 2, 2023 | $2.76 | $2.19 | -20.7% | $1.2B | -4.5% |
| May 3, 2023 | $1.94 | $2.54 | +30.9% | $1.2B | +3.3% |
| Feb 22, 2023 | $2.72 | $2.74 | +0.7% | $1.2B | -1.1% |
| Oct 31, 2022 | $2.60 | $3.02 | +16.2% | $1.3B | +4.7% |
VAC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Gray Jonice Mdirector | Grant | 315 | — |
| Jun 11, 2026 | Gray Jonice Mdirector | Grant | 118 | — |
| Jun 11, 2026 | QUAZZO STEPHEN Rdirector | Grant | 24 | — |
| Jun 11, 2026 | Morgan Diannadirector | Grant | 24 | — |
| Jun 11, 2026 | SHAW WILLIAM JOSEPHdirector | Grant | 24 | — |
| Jun 11, 2026 | Avril Matthew Edirector, officer: Chief Executive Officer | Grant | 27 | — |
| Jun 11, 2026 | GALBREATH LIZANNEdirector | Grant | 88 | — |
| Jun 11, 2026 | ANDREWS CHARLES ELLIOTTdirector | Grant | 97 | — |
| May 19, 2026 | Gray Jonice Mdirector | Grant | 2,913 | — |
| May 19, 2026 | QUAZZO STEPHEN Rdirector | Grant | 2,913 | — |
| May 19, 2026 | GALBREATH LIZANNEdirector | Grant | 2,913 | — |
| May 19, 2026 | Morgan Diannadirector | Grant | 2,913 | — |
| May 19, 2026 | Dausch James Adirector | Grant | 2,913 | — |
| May 19, 2026 | SHAW WILLIAM JOSEPHdirector | Grant | 3,953 | — |
| May 19, 2026 | ANDREWS CHARLES ELLIOTTdirector | Grant | 2,913 | — |
Source: VAC SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full VAC insider & 13F page →Marriott Vacations Worldwide Corporation company profile
Overview
Marriott Vacations Worldwide Corporation (NYSE:VAC) is a leading vacation ownership company that was spun off from Marriott International in 2011. Founded in 1984 and headquartered in Orlando, Florida, the company has evolved into one of the largest vacation ownership businesses globally, operating approximately 120 properties across the United States and thirteen other countries and territories. The company develops, markets, sells, and manages vacation ownership products under premium hospitality brands including Marriott Vacation Club, The Ritz-Carlton Destination Club, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Vacation Club.
Business
Marriott Vacations Worldwide operates in the vacation ownership industry, commonly known as timeshares, which allows customers to purchase fractional ownership interests in resort properties for recurring vacation use. The company operates through two primary business segments that generate distinct revenue streams. The Vacation Ownership segment represents the core business, accounting for approximately 85% of total revenues. This segment develops, markets, and sells vacation ownership intervals and vacation ownership points under various luxury hospitality brands. Customers purchase either weekly intervals at specific resorts or flexible points that can be used across the company's network of properties. The company also provides financing services to customers and manages the ongoing operations of vacation ownership resorts, collecting annual maintenance fees from owners. The Exchange & Third-Party Management segment comprises roughly 15% of revenues and operates through several brands including Interval International, Trading Places International, and Aqua-Aston. Interval International serves as an exchange network allowing vacation ownership customers to trade their owned weeks or points for stays at other resorts worldwide, operating with approximately 1.5 million active members. This segment also provides property management services to third-party resort owners and operates rental programs for non-vacation ownership properties. The company has recently launched strategic initiatives including the Abound by Marriott Vacations program, which unifies the Marriott, Sheraton, and Westin vacation ownership brands into a single points-based system, and expanded internationally with new developments in Asia Pacific markets including Thailand and Bali.
Revenue model
Marriott Vacations Worldwide generates revenue through multiple interconnected business models centered around vacation ownership sales and ongoing customer relationships. The primary revenue driver is vacation ownership sales, where the company develops resort properties and sells fractional ownership interests to consumers. These sales typically range from $20,000 to over $100,000 per purchase, with customers often financing purchases through the company's lending programs. The company earns substantial upfront profits on these sales, with development margins typically running 22-30%. Revenue is recognized when contracts are signed and customers meet financing requirements. Annual maintenance fees provide a stable, recurring revenue stream as vacation ownership customers pay ongoing fees for property maintenance, utilities, and resort operations. These fees typically increase annually at rates below 5% and provide predictable cash flow regardless of new sales performance. The company's financing business generates interest income by providing loans to vacation ownership purchasers, with approximately 60-70% of customers utilizing company financing. This creates an additional profit center while facilitating sales by making purchases more accessible to customers. Rental operations monetize unsold inventory and unused customer weeks by renting them to transient guests, with rental profit margins exceeding 20%. The exchange business generates membership fees and transaction revenues as customers trade their owned weeks for stays at other properties. Several factors influence the company's margins and profitability. Economic conditions significantly impact discretionary spending on vacation ownership, with consumer confidence affecting both tour volume and closing rates. Interest rates influence both customer financing costs and the company's cost of capital for development projects. Real estate costs for new resort development directly impact inventory costs and development margins. Competition from other vacation ownership companies and alternative vacation options can pressure pricing and sales volumes. Seasonal patterns affect tour flow and sales, with stronger performance typically in winter months when customers are planning summer vacations.
Competitive moat
Marriott Vacations Worldwide possesses a moderate but sustainable competitive moat built primarily around brand strength and customer lock-in effects, though the moat faces ongoing challenges from industry dynamics and economic sensitivity. The company's strongest competitive advantage lies in its premium brand portfolio, operating under globally recognized hospitality names including Marriott, Ritz-Carlton, Sheraton, Westin, and Hyatt. These brands command higher pricing and attract affluent customers who value luxury accommodations and service standards. The brand relationships also provide access to Marriott's customer database and referral programs, generating qualified sales leads that competitors cannot easily replicate. Customer switching costs create meaningful retention advantages once customers purchase vacation ownership interests. Owners have significant financial investments in their memberships and face substantial transaction costs to exit, creating a captive customer base for maintenance fees and exchange services. The company's exchange network through Interval International further increases switching costs by providing access to a broad inventory of resort destinations that would be lost if customers left the system. The company benefits from operational scale advantages in resort development, marketing, and customer acquisition. Its size enables more efficient sales and marketing operations, better financing terms for development projects, and stronger negotiating power with suppliers and contractors. However, the moat faces several vulnerabilities. The vacation ownership industry carries reputational challenges from aggressive sales practices and customer complaints, making regulatory scrutiny and negative publicity ongoing risks. Economic sensitivity creates cyclical pressures that can significantly impact sales volumes and customer payment performance. Alternative vacation options including short-term rentals, hotel loyalty programs, and travel subscription services provide increasing competition for discretionary vacation spending. The company also faces potential disruption from demographic shifts as younger consumers show different vacation preferences and spending patterns compared to traditional vacation ownership customers. Overall, while the company maintains competitive advantages through brand strength and customer lock-in, the moat is not exceptionally wide and requires ongoing investment in customer experience and operational efficiency to maintain its defensive characteristics.
Risks & safety
The company exhibits moderate financial stability with adequate liquidity but elevated leverage levels that warrant attention. **Liquidity and Cash Position:** - Cash and short-term investments of $196 million as of Q1 2025 - Strong current ratio of 3.06, indicating solid short-term liquidity coverage - Positive but modest free cash flow of $8 million in Q1 2025, though this was significantly lower than the $148 million generated in full-year 2024 **Debt and Leverage Concerns:** - High debt-to-equity ratio of 2.18, indicating substantial leverage - Total liabilities of $7.4 billion against total assets of $9.9 billion - Net debt position with debt significantly exceeding cash balances - Management targeting leverage reduction to 3x EBITDA by end of 2025 **Valuation Metrics:** - Trading at P/E ratio of 10.1, suggesting reasonable valuation relative to earnings - EV/EBITDA of 10.2, within acceptable range for the industry - Price-to-book ratio of 0.93, indicating trading below book value **Other Considerations:** - Cyclical business model creates earnings volatility during economic downturns - Customer loan portfolio creates credit risk exposure, with recent increases in delinquencies - Asset-heavy business model with substantial real estate holdings provides some downside protection
Recent development
Over the past few years, Marriott Vacations Worldwide has pursued several strategic initiatives focused on operational modernization, brand unification, and international expansion. The company launched a comprehensive Strategic Business Modernization Initiative expected to generate $150-$200 million in annualized EBITDA benefits by the end of 2026. This program focuses on digital transformation, operational efficiencies, and technology upgrades including new revenue management platforms, automated booking systems, and AI-powered customer service tools. Nearly 70% of point reservations are now booked online, and the company has expanded use of virtual voice agents and chatbots to reduce operational costs. A major strategic pivot involved the unification of vacation ownership brands through the Abound by Marriott Vacations program, which consolidated Marriott, Sheraton, and Westin vacation ownership products into a single points-based system. This initiative initially caused some sales disruption but is expected to provide long-term benefits through simplified customer experience and operational efficiencies. The company has significantly expanded its international presence, with international business growing over 50% in recent years. New development projects include resorts in Thailand, Bali, and other Asia Pacific markets, representing a strategic shift toward global diversification beyond the traditional U.S. market focus. Product portfolio expansion has included the launch of the City Collection targeting urban vacation experiences, integration of Welk Resorts into the Hyatt Vacation Club brand, and development of new resort properties in high-demand markets including Waikiki, Charleston, and Savannah. The company opened a new 110-unit Waikiki resort and announced plans for the first Hyatt Vacation Club resort in Orlando. Recent operational improvements have focused on customer acquisition and retention, with first-time buyer sales growing 6-9% year-over-year and the company targeting 35-40% first-time buyer mix. The company has also expanded its call transfer program with Marriott to increase qualified lead generation and implemented new promotional strategies to address softening sales metrics in certain market segments.
VAC company profile · for informational purposes only — not investment advice.
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