Detailed financial statements for Marriott Vacations Worldwide Corporation (VAC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Marriott Vacations Worldwide Corporation is a prominent global leisure company specializing in the development, marketing, sale, and management of vacation ownership products and associated offerings. Its business operations are structured around two core divisions: Vacation Ownership, and Exchange & Third-Party Management.
Analysis Summary
Marriott Vacations Worldwide Corporation reported revenue of $5.03B in the most recent fiscal year, growing at a 5-year CAGR of 11.8%.
Trailing-twelve-month margins: gross margin 20.9%, operating margin 11.1%, net margin -7.1%.
At the current price of $101.93, VAC has negative trailing earnings (P/E not meaningful) and an ROE of -15.70%. Market capitalisation stands at $3.5B.
Balance sheet quality for VAC: current ratio of 17.7, net debt of $5.02B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.81B | $2.18B | $2.97B | $4.26B | $2.89B | $3.89B | $4.66B | $4.73B | $4.97B | $5.03B |
| Cost of Revenue | $1.10B | $1.42B | $1.87B | $2.59B | $2.19B | $2.44B | $2.67B | $2.91B | $3.11B | $4.27B |
| Gross Profit | $706.8M | $765.0M | $1.10B | $1.67B | $696.0M | $1.45B | $1.99B | $1.82B | $1.85B | $760.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $434.0M | $494.0M | $725.0M | $996.0M | $540.0M | $844.0M | $1.06B | $1.10B | $1.16B | $1.19B |
| Operating Expenses | $458.1M | $505.0M | $1.10B | $1.20B | $696.0M | $990.0M | $1.19B | $1.23B | $1.31B | $206.0M |
| Operating Income | $220.0M | $260.7M | $313.0M | $564.0M | 0 | $463.0M | $797.0M | $587.0M | $547.0M | $554.0M |
| EBITDA | $228.0M | $271.0M | $375.0M | $498.0M | -$67.0M | $437.0M | $832.0M | $678.0M | $614.0M | $19.0M |
| Interest Expense | $9.0M | $10.0M | $54.0M | $132.0M | $150.0M | $164.0M | $118.0M | $145.0M | $162.0M | $169.0M |
| Pre-tax Income | $222.9M | $240.0M | $103.0M | $225.0M | -$340.0M | $127.0M | $582.0M | $398.0M | $306.0M | -$299.0M |
| Income Tax | $76.0M | $5.0M | $51.0M | $83.0M | -$84.0M | $74.0M | $191.0M | $146.0M | $89.0M | $8.0M |
| Net Income | $137.3M | $235.0M | $55.0M | $138.0M | -$275.0M | $49.0M | $391.0M | $254.0M | $218.0M | -$308.0M |
| EPS | $4.93 | $8.70 | $1.64 | $3.10 | $-6.65 | $1.15 | $9.68 | $6.96 | $6.16 | $-8.83 |
| EPS (Diluted) | $4.83 | $8.49 | $1.62 | $3.10 | $-6.65 | $1.13 | $8.65 | $6.28 | $5.61 | $-8.83 |
| Shares Outstanding (Diluted) | $28.4M | $27.7M | $34.0M | $44.5M | $41.4M | $43.3M | $45.2M | $43.5M | $42.1M | $34.9M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $147.1M | $409.0M | $231.0M | $287.0M | $524.0M | $342.0M | $524.0M | $248.0M | $197.0M | $733.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $328.3M | $1.21B | $2.36B | $166.0M | $150.0M | $2.32B | $2.49B | $2.73B | $2.83B | $2.99B |
| Inventory | $712.5M | $398.0M | $863.0M | $897.0M | $802.0M | $719.0M | $660.0M | $634.0M | $735.0M | 0 |
| Total Current Assets | $2.06B | $2.10B | $3.84B | $4.15B | $3.91B | $3.85B | $4.00B | $3.94B | $4.09B | $3.73B |
| Property, Plant & Equipment | $202.8M | $583.0M | $951.0M | $860.0M | $922.0M | $1.14B | $1.14B | $1.26B | $1.17B | $950.0M |
| Goodwill | 0 | 0 | $2.83B | $2.89B | $2.82B | $3.15B | $3.12B | $3.12B | $3.12B | $2.96B |
| Intangible Assets | 0 | 0 | $1.11B | $1.03B | $952.0M | $993.0M | $911.0M | $854.0M | $790.0M | $711.0M |
| Total Assets | $2.39B | $2.85B | $9.02B | $9.21B | $8.90B | $9.61B | $9.64B | $9.68B | $9.81B | $9.76B |
| Accounts Payable | $124.4M | $145.0M | $301.0M | $286.0M | $209.0M | $265.0M | $356.0M | $362.0M | $343.0M | $358.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $210.0M |
| Total Current Liabilities | $462.9M | $446.0M | $1.14B | $905.0M | $724.0M | $1.26B | $1.32B | $1.29B | $1.30B | $210.0M |
| Long-term Debt | $730.0M | $1.09B | $3.80B | $4.09B | $4.26B | $4.40B | $4.94B | $4.96B | $5.03B | $4.97B |
| Total Liabilities | $1.48B | $1.80B | $5.55B | $6.18B | $6.22B | $6.63B | $7.14B | $7.30B | $7.37B | $7.76B |
| Retained Earnings | $346.3M | $529.0M | $523.0M | $569.0M | $272.0M | $275.0M | $593.0M | $742.0M | $852.0M | $434.0M |
| Total Equity | $907.8M | $1.04B | $3.46B | $3.02B | $2.65B | $2.98B | $2.50B | $2.38B | $2.44B | $1.99B |
| Total Debt | $737.2M | $1.09B | $3.82B | $4.26B | $4.41B | $4.49B | $5.03B | $5.14B | $5.22B | $5.75B |
| Net Debt | $590.1M | $686.0M | $3.59B | $3.97B | $3.88B | $4.14B | $4.50B | $4.90B | $5.03B | $5.02B |
| Working Capital | $1.60B | $1.65B | $2.70B | $3.25B | $3.19B | $2.58B | $2.68B | $2.64B | $2.79B | $3.52B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $137.3M | $235.0M | $55.0M | $142.0M | -$256.0M | $53.0M | $391.0M | $254.0M | $217.0M | -$308.0M |
| Depreciation & Amortization | $21.0M | $21.5M | $62.0M | $141.0M | $123.0M | $146.0M | $132.0M | $135.0M | $146.0M | $149.0M |
| Stock-based Compensation | $14.0M | $16.3M | $35.0M | $37.0M | $36.0M | $51.0M | $39.0M | $31.0M | $33.0M | $38.0M |
| Change in Working Capital | $18.0M | $91.0M | $55.0M | $201.0M | -$16.0M | $229.0M | $141.0M | -$399.0M | -$172.0M | -$550.0M |
| Operating Cash Flow | $141.0M | $142.0M | $97.0M | $382.0M | $299.0M | $343.0M | $522.0M | $232.0M | $205.0M | $28.0M |
| Capital Expenditure | -$34.8M | -$26.0M | -$40.0M | -$46.0M | -$41.0M | -$47.0M | -$65.0M | -$118.0M | -$57.0M | -$57.0M |
| Acquisitions | $69.0M | 0 | -$1.35B | $51.0M | $15.0M | -$154.0M | $94.0M | $16.0M | $8.0M | $3.0M |
| Stock Repurchased | -$182.0M | -$88.0M | -$96.0M | -$465.0M | -$82.0M | -$78.0M | -$701.0M | -$286.0M | -$56.0M | -$61.0M |
| Dividends Paid | -$34.2M | -$38.0M | -$51.0M | -$81.0M | -$45.0M | -$23.0M | -$99.0M | -$106.0M | -$107.0M | -$110.0M |
| Free Cash Flow | $105.4M | $116.0M | $57.0M | $336.0M | $258.0M | $296.0M | $457.0M | $114.0M | $148.0M | -$29.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.5% | +36.0% | +43.5% | -32.2% | +34.8% | +19.7% | +1.5% | +5.1% | +1.3% | |
| Net Income Growth (YoY) | +71.1% | -76.6% | +150.9% | -299.3% | +117.8% | +698.0% | -35.0% | -14.2% | -241.3% | |
| EPS Growth (YoY) | +76.5% | -81.1% | +89.0% | -314.5% | +117.3% | +741.7% | -28.1% | -11.5% | -243.3% | |
| Shares Change (YoY) | -2.5% | +22.7% | +30.9% | -7.1% | +4.7% | +4.4% | -3.8% | -3.2% | -17.1% | |
| FCF Growth (YoY) | +10.1% | -50.9% | +489.5% | -23.2% | +14.7% | +54.4% | -75.1% | +29.8% | -119.6% | |
| Gross Margin | 39.0% | 35.0% | 37.1% | 39.2% | 24.1% | 37.4% | 42.6% | 38.5% | 37.3% | 15.1% |
| Operating Margin | 12.1% | 11.9% | 10.5% | 13.2% | 0.0% | 11.9% | 17.1% | 12.4% | 11.0% | 11.0% |
| EBITDA Margin | 12.6% | 12.4% | 12.6% | 11.7% | -2.3% | 11.2% | 17.9% | 14.3% | 12.4% | 0.4% |
| Net Margin | 7.6% | 10.8% | 1.9% | 3.2% | -9.5% | 1.3% | 8.4% | 5.4% | 4.4% | -6.1% |
| FCF Margin | 5.8% | 5.3% | 1.9% | 7.9% | 8.9% | 7.6% | 9.8% | 2.4% | 3.0% | -0.6% |
| Effective Tax Rate | 34.1% | 2.1% | 49.5% | 36.9% | 24.7% | 58.3% | 32.8% | 36.7% | 29.1% | -2.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.71 | $4.19 | $1.68 | $7.55 | $6.24 | $6.84 | $10.11 | $2.62 | $3.52 | $-0.83 |
| Dividends Per Share | $1.20 | $1.37 | $1.50 | $1.82 | $1.09 | $0.53 | $2.19 | $2.44 | $2.54 | $3.15 |
| Shares Outstanding (Basic) | $27.9M | $27.1M | $33.5M | $44.5M | $41.4M | $42.6M | $40.4M | $36.5M | $35.4M | $34.9M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -15.70% |
| Return on Invested Capital | 6.29% |
| Return on Assets | -3.52% |
| Gross Margin | 20.93% |
| Operating Margin | 11.08% |
| Net Margin | -7.09% |
Financial Health
| Debt / Equity | 2.65 |
| Current Ratio | 3.42 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.35 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 17.21 | 15.54 | 42.99 | 41.54 | -20.63 | 146.94 | 13.90 | 12.20 | 14.58 | -6.53 |
| P/B | 2.61 | 3.52 | 0.68 | 1.90 | 2.14 | 2.42 | 2.18 | 1.30 | 1.30 | 1.01 |
| P/S | 1.31 | 1.68 | 0.80 | 1.35 | 1.97 | 1.85 | 1.17 | 0.66 | 0.64 | 0.40 |
| Gross Margin | 39.0% | 35.0% | 37.1% | 39.2% | 24.1% | 37.4% | 42.6% | 38.5% | 37.3% | 15.1% |
| Operating Margin | 12.1% | 11.9% | 10.5% | 13.2% | 0.0% | 11.9% | 17.1% | 12.4% | 11.0% | 11.0% |
| Net Margin | 7.6% | 10.8% | 1.9% | 3.2% | -9.5% | 1.3% | 8.4% | 5.4% | 4.4% | -6.1% |
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