Here are 1-3 brief analogies for Marriott Vacations Worldwide (VAC):

• Like Disney's Vacation Club, but as a standalone company focused purely on upscale resorts rather than theme park proximity.
• NetJets, but for luxury resort stays and vacation home access instead of private jet travel.
• A luxury cruise line such as Carnival or Royal Caribbean, but offering exclusive access and ownership options for high-end resort vacations instead of sea voyages.

• Vacation Ownership Sales: Sells points-based or fixed-week vacation ownership interests primarily under the Marriott Vacation Club, Sheraton Vacation Club, and Westin Vacation Club brands.
• Resort Management: Manages vacation ownership resorts, providing services such as property maintenance, front desk operations, and amenity management.
• Consumer Financing: Offers financing solutions to customers for the purchase of vacation ownership products.
• Exchange & Travel Services: Provides access to internal and external exchange networks, allowing owners to trade their ownership for stays at other resorts or travel experiences.

Marriott Vacations Worldwide (VAC) primarily sells its products and services to individuals.

The company serves up to three major categories of customers:

• Existing Vacation Owners: These are individuals and families who already own vacation interests (e.g., points or weeks) within Marriott Vacation Club, Sheraton Vacation Club, or Westin Vacation Club. They often purchase additional points, upgrade their ownership, or exchange their interests for other vacation experiences, demonstrating repeat business and loyalty to the brand.

• New Vacation Owners: This category includes individuals and families who are purchasing vacation ownership interests for the first time. They are typically attracted through marketing efforts, discovery packages, and resort presentations, seeking the benefits of vacation ownership such as future vacation planning and access to a diverse portfolio of resorts.

• Rental Guests: These are individuals and families who rent accommodations at Marriott Vacations Worldwide's various resorts (such as Marriott Vacation Club, Sheraton Vacation Club, and Westin Vacation Club properties) for short-term stays, similar to traditional hotel guests. They experience the resort amenities and services without being vacation owners, often through various online travel agencies or direct bookings.

• Marriott International, Inc. (MAR)

Matthew (Matt) E. Avril, Interim President and Chief Executive Officer

Matthew E. Avril was appointed Interim President and Chief Executive Officer of Marriott Vacations Worldwide, effective November 10, 2025. He joined MVW's Board of Directors in March 2025. Mr. Avril brings over 30 years of experience in the hospitality and vacation ownership industry. His previous roles include serving as Chief Executive Officer of Diamond Resorts International, Inc., and CEO-elect of Vistana Signature Experiences, Inc. He also served as President of the Hotel Group at Starwood Hotels & Resorts Worldwide, Inc.

Jason Marino, Executive Vice President and Chief Financial Officer

Jason Marino became the Executive Vice President and Chief Financial Officer of Marriott Vacations Worldwide on September 30, 2023. He is responsible for leading the finance, accounting, and development organizations. Mr. Marino joined the Company in 2014 as Vice President, Corporate Finance, where he contributed to the creation and execution of the Company's capital efficient inventory strategy. He played a key role in the Company's $4 billion acquisition of ILG in 2018 and the acquisition of Welk Resorts in 2021, also providing critical financial leadership in capital raising activities. Before joining MVW, Mr. Marino served as Managing Director and head of business development and corporate finance at Cantor Commercial Real Estate, and as Director of Real Estate Investment Banking at Credit Suisse Securities, where he advised public and private companies in the real estate, lodging, and timeshare industries on capital raising and strategic growth.

Brian E. Miller, President, Vacation Ownership

Brian E. Miller serves as the President, Vacation Ownership for Marriott Vacations Worldwide, overseeing the company's global vacation ownership operations, including Sales, Marketing, Customer Service, and Resort Operations. He joined the organization in 1990 and was promoted to vice president of marketing in 1994.

Lori Gustafson, Executive Vice President and Chief Membership & Commercial Services Officer

Lori Gustafson is the Executive Vice President and Chief Membership & Commercial Services Officer for Marriott Vacations Worldwide Corporation.

James H Hunter, IV, Executive Vice President and General Counsel

James H Hunter, IV holds the position of Executive Vice President and General Counsel at Marriott Vacations Worldwide.

Key Risks to Marriott Vacations Worldwide (VAC)

1. Economic Uncertainty and Cyclical Nature of the Hospitality Industry: Marriott Vacations Worldwide operates in the hospitality industry, which is inherently cyclical and highly sensitive to macroeconomic conditions and consumer discretionary spending. Slowing economic growth, inflation, rising interest rates, and deteriorating consumer sentiment can significantly impact the company's operations by leading to decreased demand for vacations, lower occupancy rates, and reduced revenue. Geopolitical tensions and rapid governmental policy shifts can also introduce uncertainty and volatility into financial markets, further affecting consumer willingness to travel and the company's financial performance.
2. High Leverage and Financial Risk: The company carries a significant level of debt, which could limit its financial flexibility and increase borrowing costs, particularly with fluctuations in interest rates. A deterioration in net margin or a sudden decrease in turnover could lead to amplified negative returns for shareholders due to this high leverage. S&P Global Ratings has even lowered Marriott Vacations Worldwide's issuer credit rating due to forecasts of high debt-to-EBITDA leverage, which is expected to remain above its downgrade threshold through 2026.
3. Intense Competition and Operational Performance Challenges: Marriott Vacations Worldwide operates in a highly competitive vacation ownership sector, competing with numerous players who vie for market share through diverse offerings and strategic initiatives. This competitive pressure can lead to challenges in attracting and retaining customers, potentially resulting in lower occupancy rates, reduced pricing power, and increased marketing expenses. The company has also faced a negative trend in operating performance, including its volume per guest (VPG), which declined by 14% in Q2 2023 and is expected to decline further in 2025 due to competitive pressures. To address this, Marriott Vacations may need to increase spending on marketing and sales to attract and retain top sales staff and drive tour growth.

The amplified negative perception of timeshare ownership due to the increased visibility of difficulties in exiting contracts and the burden of ongoing maintenance fees. While the underlying issues of secondary market illiquidity and perpetual fees are not new, the digital age has significantly amplified consumer awareness and dissatisfaction through online forums, social media, consumer advocacy groups, and the proliferation of "timeshare exit" services. This emerging dynamic directly impacts Marriott Vacations Worldwide's ability to attract new buyers by eroding trust, highlighting long-term financial liabilities, and making potential purchasers more wary of the significant upfront and ongoing commitments inherent in vacation ownership.

• Global Vacation Ownership (Timeshare) Market:
  • In 2023, the market was valued at approximately $18.83 billion.
  • The market size is projected to reach approximately $22.17 billion by the end of 2025.
  • Further growth is anticipated, with projections reaching $31.08 billion by 2030 and approximately $39.80 billion by 2033.
• North America Vacation Ownership (Timeshare) Market:
  • North America is a dominant force in the vacation ownership industry, holding a substantial 77% share of the global market.
  • In 2023, timeshare sales in North America accounted for $14.48 billion.
  • The North American market is expected to hold 35.54% of the global market revenue of $22.17 billion in 2025.
• U.S. Vacation Ownership (Timeshare) Market:
  • The U.S. timeshare industry's sales volume increased to $10.5 billion in 2022.
  • The market was valued at USD 10.08 billion in 2022 and is projected to grow to USD 15.32 billion by 2028.
  • In 2023, the U.S. market accounted for $10.5 billion in sales.
• Europe Vacation Ownership (Timeshare) Market:
  • Europe contributes approximately 20% to the global market.
  • In 2023, timeshare sales in Europe amounted to $3.77 billion.
  • The European market is expected to hold 21.84% of the global market revenue of $22.17 billion in 2025.
• Asia-Pacific Vacation Ownership (Timeshare) Market:
  • Asia-Pacific also contributes approximately 20% to the global market.
  • Timeshare sales in Asia-Pacific were $3.76 billion in 2023.
  • This region is expected to be the fastest-growing for vacation ownership.

Marriott Vacations Worldwide (VAC): Key Revenue Growth Drivers for the Next 2-3 Years

Share Repurchases

• In May 2023, the Board of Directors increased its share repurchase authorization to an aggregate of $600 million, extending it through December 31, 2024.
• During the second quarter of 2022, the company repurchased over 1.4 million shares for $193 million, and an additional 1.1 million shares for $131 million through the end of July 2022.
• As of November 2025, the share repurchase program has been extended through December 31, 2025, with an approximate remaining capacity of $347 million.

Outbound Investments

• Marriott Vacations Worldwide acquired Welk Resorts in January 2021.
• The company acquired 48 completed units at Marriott Vacation Club, Waikiki for $82 million in the third quarter of 2025.
• In the second quarter of 2025, Marriott Vacations Worldwide acquired 52 units in Khao Lak, Thailand, for $50 million.

Capital Expenditures

• Marriott Vacations Worldwide's capital expenditures were -$57 million in the last twelve months and peaked in 2022.
• The company plans to invest approximately $200 million between 2025 and 2026 as part of its modernization program.
• The primary focus of capital expenditures is on modernization, bolt-on acquisitions, and new leisure-related opportunities.