Marriott Vacations Worldwide (VAC)


Market Price (10/21/2026): $113.35 | Market Cap: $3.9 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Marriott Vacations Worldwide (VAC)


Market Price (10/21/2026): $113.35
Market Cap: $3.9 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Dividend Yield is 2.8%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech.

Weak multi-year price returns
3Y Excs Rtn is -40%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.7%

Key risks
VAC key risks include [1] significant debt leverage that has resulted in a credit rating downgrade and [2] declining operational performance, Show more.

0 Attractive yield
Dividend Yield is 2.8%
1 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech.
2 Weak multi-year price returns
3Y Excs Rtn is -40%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 133%
4 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 27x
5 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.7%
7 Key risks
VAC key risks include [1] significant debt leverage that has resulted in a credit rating downgrade and [2] declining operational performance, Show more.

VAC in ETFs

Weight = VAC's share of each fund

VTI0.00%
ITOT0.00%
IWM0.11%
IJR0.18%
VYM0.01%
VB0.04%
SLYV0.34%
VIOV0.31%
+12 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/13/2026

Marriott Vacations Worldwide (VAC) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Marriott Vacations Worldwide reported strong financial results for fiscal Q2 2026 and raised its full-year guidance. The company announced an adjusted diluted earnings per share (EPS) of $2.31, surpassing the consensus estimate of $1.97 by $0.34. Quarterly revenue increased 5.9% year-over-year to $1.32 billion, exceeding analysts' expectations of $1.30 billion. Additionally, consolidated contract sales rose 22% year-over-year to $545 million in fiscal Q2 2026, which ended on June 30, 2026. Following these strong results, the company raised its fiscal 2026 adjusted EBITDA guidance by $50 million to approximately $818 million and adjusted diluted EPS guidance to a range of $8.25 to $9.05. The stock price notably surged by 22.62% on August 6, 2026, the day these results were reported.

2. Positive analyst sentiment and multiple price target upgrades provided upward momentum. Following the release of fiscal Q2 2026 results, several financial firms upgraded their ratings and increased price targets. Goldman Sachs, for example, lifted its price target on VAC from $100 to $132, while maintaining a "Buy" rating. Barclays raised its target significantly from $94 to $140 with an "Overweight" call, citing accelerating growth and solid revenue momentum. Deutsche Bank also increased its target from $119 to $134, retaining a "Buy" rating. Furthermore, JPMorgan Chase & Co. initiated coverage on October 8, 2026, with an "overweight" rating and a $125 price target, emphasizing the company's management overhaul and five-pillar growth strategy. The consensus among 14 Wall Street analysts reflects a "Moderate Buy" rating with an average price target of $107.83.

Show more
Updated on 10/13/2026

Marriott Vacations Worldwide (VAC) stock has gained about 10% since 6/30/2026 because of the following key factors:

1. Marriott Vacations Worldwide reported strong financial results for fiscal Q2 2026 and raised its full-year guidance. The company announced an adjusted diluted earnings per share (EPS) of $2.31, surpassing the consensus estimate of $1.97 by $0.34. Quarterly revenue increased 5.9% year-over-year to $1.32 billion, exceeding analysts' expectations of $1.30 billion. Additionally, consolidated contract sales rose 22% year-over-year to $545 million in fiscal Q2 2026, which ended on June 30, 2026. Following these strong results, the company raised its fiscal 2026 adjusted EBITDA guidance by $50 million to approximately $818 million and adjusted diluted EPS guidance to a range of $8.25 to $9.05. The stock price notably surged by 22.62% on August 6, 2026, the day these results were reported.

2. Positive analyst sentiment and multiple price target upgrades provided upward momentum. Following the release of fiscal Q2 2026 results, several financial firms upgraded their ratings and increased price targets. Goldman Sachs, for example, lifted its price target on VAC from $100 to $132, while maintaining a "Buy" rating. Barclays raised its target significantly from $94 to $140 with an "Overweight" call, citing accelerating growth and solid revenue momentum. Deutsche Bank also increased its target from $119 to $134, retaining a "Buy" rating. Furthermore, JPMorgan Chase & Co. initiated coverage on October 8, 2026, with an "overweight" rating and a $125 price target, emphasizing the company's management overhaul and five-pillar growth strategy. The consensus among 14 Wall Street analysts reflects a "Moderate Buy" rating with an average price target of $107.83.

3. The company demonstrated consistent shareholder returns by declaring a quarterly cash dividend. Marriott Vacations Worldwide announced a quarterly cash dividend of $0.80 per share of common stock on September 2, 2026. This dividend was payable on or around September 30, 2026, to stockholders of record as of September 16, 2026. This steady return of capital can enhance investor confidence and appeal to income-oriented investors, contributing to stable stock performance.

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Stock Movement Drivers

Fundamental Drivers

The 12.1% change in VAC stock from 6/30/2026 to 10/20/2026 was primarily driven by a 11.4% change in the company's P/S Multiple.
(LTM values as of)630202610202026Change
Stock Price ($)101.07113.2912.1%
Change Contribution By: 
Total Revenues ($ Mil)5,0895,1631.5%
P/S Multiple0.70.811.4%
Shares Outstanding (Mil)3435-0.9%
Cumulative Contribution12.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/20/2026
ReturnCorrelation
VAC12.1% 
Market (SPY)3.0%13.0%
Sector (XLY)-1.5%23.0%

Fundamental Drivers

The 77.1% change in VAC stock from 3/31/2026 to 10/20/2026 was primarily driven by a 73.6% change in the company's P/S Multiple.
(LTM values as of)331202610202026Change
Stock Price ($)63.96113.2977.1%
Change Contribution By: 
Total Revenues ($ Mil)5,0325,1632.6%
P/S Multiple0.40.873.6%
Shares Outstanding (Mil)3535-0.6%
Cumulative Contribution77.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/20/2026
ReturnCorrelation
VAC77.1% 
Market (SPY)18.6%22.9%
Sector (XLY)6.2%33.7%

Fundamental Drivers

The 77.8% change in VAC stock from 9/30/2025 to 10/20/2026 was primarily driven by a 74.4% change in the company's P/S Multiple.
(LTM values as of)930202510202026Change
Stock Price ($)63.73113.2977.8%
Change Contribution By: 
Total Revenues ($ Mil)5,0785,1631.7%
P/S Multiple0.40.874.4%
Shares Outstanding (Mil)35350.3%
Cumulative Contribution77.8%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/20/2026
ReturnCorrelation
VAC77.8% 
Market (SPY)16.4%29.5%
Sector (XLY)-3.0%39.7%

Fundamental Drivers

The 27.1% change in VAC stock from 9/30/2023 to 10/20/2026 was primarily driven by a 11.1% change in the company's P/S Multiple.
(LTM values as of)930202310202026Change
Stock Price ($)89.17113.2927.1%
Change Contribution By: 
Total Revenues ($ Mil)4,7875,1637.9%
P/S Multiple0.70.811.1%
Shares Outstanding (Mil)37356.0%
Cumulative Contribution27.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/20/2026
ReturnCorrelation
VAC27.1% 
Market (SPY)86.1%46.2%
Sector (XLY)46.8%51.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
VAC Return24%-19%-35%10%-33%97%-5%
Peers Return37%-18%32%23%18%6%127%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
VAC Win Rate50%33%25%42%42%70% 
Peers Win Rate53%47%53%63%65%56% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
VAC Max Drawdown-26%-34%-55%-36%-48%-21% 
Peers Max Drawdown-21%-36%-21%-20%-31%-23% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HGV, TNL, MAR, HLT, H. See VAC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/20/2026 (YTD)

How Low Can It Go

EventVACS&P 500
2025 US Tariff Shock
  % Loss-43.5%-18.8%
  % Gain to Breakeven76.8%23.1%
  Time to Breakeven415 days79 days
2024 Yen Carry Trade Unwind
  % Loss-19.8%-7.8%
  % Gain to Breakeven24.8%8.5%
  Time to Breakeven86 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-42.6%-9.5%
  % Gain to Breakeven74.2%10.5%
  Time to Breakeven980 days24 days
2020 COVID-19 Crash
  % Loss-70.7%-33.7%
  % Gain to Breakeven241.8%50.9%
  Time to Breakeven236 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-42.5%-19.2%
  % Gain to Breakeven74.0%23.8%
  Time to Breakeven120 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-13.4%-3.7%
  % Gain to Breakeven15.4%3.9%
  Time to Breakeven15 days6 days

Compare to HGV, TNL, MAR, HLT, H

In The Past

Marriott Vacations Worldwide's stock fell -43.5% during the 2025 US Tariff Shock. Such a loss loss requires a 76.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventVACS&P 500
2025 US Tariff Shock
  % Loss-43.5%-18.8%
  % Gain to Breakeven76.8%23.1%
  Time to Breakeven415 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-42.6%-9.5%
  % Gain to Breakeven74.2%10.5%
  Time to Breakeven980 days24 days
2020 COVID-19 Crash
  % Loss-70.7%-33.7%
  % Gain to Breakeven241.8%50.9%
  Time to Breakeven236 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-42.5%-19.2%
  % Gain to Breakeven74.0%23.8%
  Time to Breakeven120 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-41.1%-12.2%
  % Gain to Breakeven69.8%13.9%
  Time to Breakeven171 days62 days
2014-2016 Oil Price Collapse
  % Loss-20.3%-6.8%
  % Gain to Breakeven25.5%7.3%
  Time to Breakeven20 days15 days

Compare to HGV, TNL, MAR, HLT, H

In The Past

Marriott Vacations Worldwide's stock fell -43.5% during the 2025 US Tariff Shock. Such a loss loss requires a 76.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Marriott Vacations Worldwide (VAC)

Marriott Vacations Worldwide (VAC) is a global leader in the vacation ownership industry, primarily known for developing, marketing, selling, and managing timeshare properties and related products. The company's business model centers on offering upscale vacation experiences through an extensive portfolio of well-known hospitality brands, catering to individuals and families seeking a structured yet flexible approach to their vacation accommodations.

VAC's core products are vacation ownership interests sold under prestigious names like Marriott Vacation Club, Sheraton Vacation Club, Westin Vacation Club, Hyatt Residence Club, and The Ritz-Carlton Destination Club. In addition to these ownership sales, the company expands its offerings by operating exchange networks and membership programs, such as Interval International, which provides flexibility for owners to exchange their vacation time. Furthermore, VAC delivers comprehensive management services to a variety of resorts and lodging properties, including those under the Aqua-Aston brand, leveraging its expertise to a broader market. The company serves its upscale customer base across approximately 120 properties in the United States and thirteen other countries, primarily through resort-based and off-site sales centers.

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Here are 1-2 brief analogies for Marriott Vacations Worldwide (VAC):

  • It's like Marriott International (MAR), but for luxury timeshares.
  • It's like Toll Brothers (TOL), but for luxury vacation home ownership.

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  • Vacation Ownership Products: Fractional ownership interests in vacation properties, providing access to a portfolio of upscale resorts under various brands.
  • Exchange Networks and Membership Programs: Services enabling vacation owners to exchange their ownership interests for stays at other resorts within a broad network.
  • Third-Party Resort Management Services: Management and operational services provided to other resorts and lodging properties.
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Marriott Vacations Worldwide (VAC) primarily sells its vacation ownership products and experiences directly to individual consumers rather than other businesses. Based on the company description, its major customers can be categorized as:

  1. Affluent Travelers and High-Net-Worth Individuals: The company develops and sells "upscale tier vacation ownership products" under premium brands such as Marriott Vacation Club, The Ritz-Carlton Destination Club, Sheraton Vacation Club, and Westin Vacation Club. These products typically appeal to individuals and families with significant disposable income who seek luxury accommodations and consistent, high-quality vacation experiences.

  2. Brand-Loyal Consumers: Individuals who are already loyal to the Marriott, Sheraton, Westin, or Hyatt brands and are familiar with their service standards and amenities often represent a significant customer segment. They may be motivated to purchase vacation ownership products associated with brands they trust and frequently patronize, leveraging existing loyalty program benefits or familiarity.

  3. Families and Frequent Vacationers: Customers who vacation regularly, often with families, and seek spacious, consistent, and resort-style accommodations are prime candidates for vacation ownership. They are looking for a convenient and reliable way to secure their vacation plans year after year, often valuing the amenities, services, and flexibility offered by a portfolio of global resorts.

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  • Marriott International, Inc. (MAR)
  • Hyatt Hotels Corporation (H)

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Matthew E. Avril, Chief Executive Officer

Matthew E. Avril assumed the role of Chief Executive Officer of Marriott Vacations Worldwide (MVW) in February 2026, after serving as Interim President and CEO since November 2025. He joined MVW's Board of Directors in March 2025 and brings over 30 years of executive leadership experience in the hospitality and vacation ownership industry. Prior to MVW, Mr. Avril was the Chief Executive Officer of Diamond Resorts International, Inc., a hospitality and vacation ownership company, from November 2016 to March 2017. He also previously served as Chief Executive Officer-elect for Vistana Signature Experiences and as President of the Hotel Group for Starwood Hotels & Resorts Worldwide.

Jason Marino, Executive Vice President and Chief Financial Officer

Jason Marino serves as Executive Vice President and Chief Financial Officer of Marriott Vacations Worldwide. In this role, he leads the finance, accounting, and development organizations, providing financial support and a strategic perspective to drive the company's overall financial results and growth.

Michael A. Flaskey, President and Chief Operating Officer

Michael A. Flaskey was appointed President and Chief Operating Officer of Marriott Vacations Worldwide in February 2026. With over 25 years of experience in the vacation ownership and hospitality industries, Mr. Flaskey most recently served as Chief Executive Officer and a member of the Board of Directors of Hornblower Group, a maritime hospitality company, from August 2024 to December 2025. Notably, he spent more than a decade leading Diamond Resorts International, including serving as Chief Executive Officer from 2017 to 2021, where he oversaw a transformation that culminated in the company's acquisition by Hilton Grand Vacations.

Raman Bukkapatnam, Executive Vice President and Chief Information Officer

Raman Bukkapatnam is the Chief Information Officer of Marriott Vacations Worldwide, a position he has held as a member of the executive leadership team since 2023. He is responsible for modernizing the company's technology infrastructure across its global sites and resorts, enhancing productivity through process improvements and automation, and developing new digital tools to enrich the vacation experience for Owners, members, and guests.

Tony Walker, Chief Sales and Marketing Officer

Tony Walker serves as the Chief Sales and Marketing Officer for Marriott Vacations Worldwide. With over two decades of leadership experience in the vacation ownership and hospitality sector, Mr. Walker directs the company's global sales and marketing strategy. His focus is on fostering growth, improving execution, and cultivating high-performing, culture-driven teams, leveraging his extensive expertise in sales, marketing, and operations gained from senior leadership roles at various prominent hospitality and vacation ownership organizations.

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The key risks to Marriott Vacations Worldwide (VAC) are:

  1. Sensitivity to Economic Downturns and Consumer Spending: The timeshare business is highly susceptible to fluctuations in consumer confidence and discretionary spending, which directly impact contract sales. Recent reports indicate a decline in consolidated contract sales and lower Volume Per Guest (VPG), signaling pressure on consumers and challenges in maintaining sales momentum. Weakness in key markets like Orlando and Maui further underscores this risk. Economic downturns and potential recessionary pressures can directly affect the demand for vacation ownership products and services.

  2. High Debt Levels and Financial Leverage: Marriott Vacations Worldwide carries substantial debt, which poses a significant financial risk. The company's net debt to equity ratio is considered high, and its debt is not well covered by operating cash flow, nor are its interest payments adequately covered by EBIT. S&P Global Ratings downgraded the company's credit rating due to concerns over high debt levels and a forecasted decline in contract sales, which could lead to increased borrowing costs and limit financial flexibility.

  3. Operational Challenges, Sales & Marketing Effectiveness, and High Costs: The company faces operational challenges, including high operating costs, particularly in sales and marketing, which are impacting margins. Declining contract sales in key markets and lower VPG indicate issues with sales effectiveness. Furthermore, the company has incurred significant non-cash impairment charges related to past acquisitions and assets, highlighting execution risks around capital deployment and regional expansion. Efforts to modernize and streamline operations are ongoing, but higher unsold maintenance fees and product costs also present challenges to profitability.

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Marriott Vacations Worldwide Corporation's primary addressable market is the global vacation ownership (timeshare) industry. The global vacation ownership market was valued at approximately USD 12.7 billion in 2024. Other estimates for 2024 place the market at USD 13.14 billion and USD 20.4 billion. This market is projected to grow substantially, with estimates ranging from USD 23.8 billion by 2034 to as high as USD 47.8 billion by 2035. The compound annual growth rate (CAGR) for the global market is generally estimated to be between 6.5% and 9.1% during the forecast periods. For the U.S. market, the timeshare industry's sales volume increased to USD 10.5 billion in 2022. North America, including the U.S., accounted for approximately 41% of the global vacation ownership market share in 2024. Marriott Vacations Worldwide also operates exchange networks and provides management services to other resorts and lodging properties. However, specific addressable market sizes in monetary terms for these services, distinct from the broader vacation ownership market, are not readily available in the provided information.

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Marriott Vacations Worldwide Corporation (VAC) is expected to drive future revenue growth over the next two to three years through several key strategies:

  1. Increased Contract Sales from Existing Owners and New Buyers: The company anticipates an increase in contract sales, with a projected 1% growth at the midpoint for 2026. This growth is supported by efforts to engage existing owners, as evidenced by an increase in owner Volume Per Guest (VPG) for the first time since 2024. Additionally, the company has built a pipeline of 270,000 vacation packages and attracted 100,000 new first-time buyers over the past five years, creating future upgrade potential.

  2. Growth in Exchange and Third-Party Management Revenue: Marriott Vacations Worldwide projects a 2% to 4% increase in its management and exchange revenue through 2026. This growth is expected to come from higher fees associated with the usage volume of goods, services, and food and beverage spending at its resorts.

  3. Benefits from Modernization Program and Enhanced Capital Efficiency: While primarily focused on profitability, the company's modernization program is slated to deliver $150 million to $200 million in annualized Adjusted EBITDA benefits by the end of 2026. This strategic shift towards margin expansion and capital efficiency allows for optimized resource allocation and potential reinvestment into revenue-generating initiatives, such as expanded digital capabilities and data analytics, which can enhance sales and marketing effectiveness.

  4. Strategic Emphasis on Profitable Revenue Growth: Marriott Vacations Worldwide is pivoting its strategy from purely sales volume growth to a more disciplined approach that prioritizes profitable revenue. This includes strengthening marketing and sales execution and implementing greater cost and capital allocation discipline. Such a focus can lead to more targeted and effective revenue-generating activities and a healthier top line over the long term.

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Share Repurchases

  • Marriott Vacations Worldwide's Board of Directors extended its share repurchase program through December 31, 2026.
  • The company returned $171 million to shareholders in dividends and share repurchases in full year 2025.
  • Marriott Vacations Worldwide spent $286 million on share repurchases in 2023 and $701 million in 2022, but expected to spend less in 2024 to improve leverage.

Share Issuance

  • As of December 31, 2025, the company had approximately 34.3 million common shares outstanding.
  • There is no indication of significant share issuances in recent years.

Inbound Investments

  • In the fourth quarter of 2025, the company issued $470 million of vacation ownership notes through a securitization, with a gross advance rate of 98%.

Outbound Investments

  • The company has a roadmap for new resort developments through 2028, including a Marriott Vacation Club resort in Khao Lak, Thailand (2025/2026), a new resort in Nusa Dua, Bali (2026), a Hyatt Vacation Club in Orlando, Florida (2027), and Westin Vacation Clubs in Charleston, South Carolina, and Savannah, Georgia (2028).

Capital Expenditures

  • The company is investing approximately $200 million through 2026 as part of a modernization program focused on technology and automation.
  • Expected capital expenditures are $50 million-$75 million for 2025 and approximately $100 million for 2026.
  • The primary focus of these expenditures includes its modernization program, attracting and retaining sales staff, and driving tour growth.

Better Bets vs. Marriott Vacations Worldwide (VAC)

Peer Outperformance in Hotels, Resorts & Cruise Lines

VAC has trailed 70% of its 20 Hotels, Resorts & Cruise Lines peers over 5Y. Among the peers that beat it are MAR, H and TNL. Hotels, Resorts & Cruise Lines ranks 3rd of 23 industries in Consumer Discretionary by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Hotels, Resorts & Cruise Lines constituents that VAC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
95%
of 20 industry peers · 74.5% return
3Y
40%
of 20 industry peers · 39.2% return
5Y
30%
of 20 industry peers · -14.2% return
Hotels, Resorts & Cruise Lines peers with revenue growth within 4pp of VAC's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
VAC Marriott Vacations Worldwide 2.6% -11.8x 74.5%39.2%-14.2% —
MAR Marriott International 5.5% 40.5x 54.1%117.4%170.4% +185pp
H Hyatt Hotels 3.2% 210.3x 19.5%77.5%115.5% +130pp
TNL Travel+Leisure 3.8% 17.6x 15.4%125.0%55.8% +70pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Consumer Discretionary sector, ranked by 5Y. Hotels, Resorts & Cruise Lines is VAC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Education Services 14 -20.6%77.0%88.7% CVSA 257% · PRDO 239% · LRN 124%
Homebuilding 17 -9.0%37.5%23.6% GRBK 163% · PHM 139% · TOL 135%
Hotels, Resorts & Cruise Lines ← 21 15.4%51.9%19.7% RCL 255% · MAR 170% · HLT 160%
Specialty Stores 7 13.9%40.7%19.6% ASO 50% · DKS 35% · FIVE 20%
Home Furnishings 3 -7.2%49.2%-3.1% SGI 44% · MHK -37%
Home Improvement Retail 5 -16.9%10.0%-3.8% HD 0% · LOW -4% · FND -65%
Automotive Retail 17 -13.6%12.8%-7.5% MUSA 218% · PAG 131% · ORLY 110%
Footwear 9 68.6%45.1%-10.7% DECK 46% · SHOO 19% · CROX -11%
Specialized Consumer Services 10 -12.7%23.3%-11.5% HRB 132% · FTDR 88% · SCI 43%
Restaurants 37 -7.8%-2.3%-18.7% EAT 342% · CAKE 215% · TXRH 109%
Distributors 4 -14.1%-19.1%-22.6% ARMK 128% · GPC 10% · LKQ -55%
Apparel Retail 26 4.8%0.9%-38.2% ANF 328% · TJX 147% · ROST 129%
Leisure Facilities 12 7.7%-1.9%-38.4% LTH 139% · OSW 120% · PLNT -31%
Household Appliances 18 -0.8%4.0%-41.8%
Computer & Electronics Retail 3 13.3%58.2%-42.6% BBY 4% · GME -43%
Leisure Products 14 -17.0%-17.0%-42.9% GOLF 78% · HAS 47% · MAT -15%
Apparel, Accessories & Luxury Goods 29 2.5%19.3%-44.8% RL 251% · TPR 246% · KTB 77%
Automotive Parts & Equipment 39 -13.8%-12.9%-48.2% MOD 1127% · GTX 231% · BWA 56%
Casinos & Gaming 20 -12.6%-24.3%-48.4% MCRI 89% · BYD 13% · RRR 11%
Broadline Retail 14 -2.3%23.8%-52.3% EBAY 74% · AMZN 54% · OLLI 39%
Other Specialty Retail 17 -29.4%-33.8%-77.7% ULTA 68% · TSCO -11% · BBWI -66%
Automobile Manufacturers 8 -72.5%-56.0%-77.8% GM 39% · TSLA 29% · F 3%
Consumer Electronics 11 -31.0%-30.6%-79.3% GRMN 98% · SONO -47%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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Peer Comparisons

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Financials

VACHGVTNLMARHLTHMedian
NameMarriott.Hilton G.Travel+L.Marriott.Hilton W.Hyatt Ho. 
Mkt Price113.3536.1967.16396.21360.00176.16144.75
Mkt Cap3.92.94.2104.681.716.610.4
Rev LTM5,1635,2764,09326,90412,4857,1526,214
Op Inc LTM5377345864,2332,915510660
FCF LTM993424423,1321,939252392
FCF 3Y Avg1082004382,5021,934346392
CFO LTM1444635453,7282,109443504
CFO 3Y Avg1713215343,1332,128530532

Growth & Margins

VACHGVTNLMARHLTHMedian
NameMarriott.Hilton G.Travel+L.Marriott.Hilton W.Hyatt Ho. 
Rev Chg LTM1.7%5.4%4.5%4.7%8.7%5.8%5.1%
Rev Chg 3Y Avg2.6%9.3%3.8%5.5%8.6%3.2%4.6%
Rev Chg Q5.9%7.3%4.4%4.8%6.5%1.2%5.4%
QoQ Delta Rev Chg LTM1.5%1.8%1.1%1.2%1.7%0.3%1.3%
Op Inc Chg LTM-9.7%6.8%-24.6%7.2%20.1%16.4%7.0%
Op Inc Chg 3Y Avg-9.2%-0.5%-4.7%1.6%8.5%7.6%0.6%
Op Mgn LTM10.4%13.9%14.3%15.7%23.3%7.1%14.1%
Op Mgn 3Y Avg10.9%14.8%18.0%15.7%22.1%6.3%15.2%
QoQ Delta Op Mgn LTM0.2%0.0%-0.1%-0.3%0.3%0.4%0.1%
CFO/Rev LTM2.8%8.8%13.3%13.9%16.9%6.2%11.0%
CFO/Rev 3Y Avg3.5%6.4%13.5%12.2%18.4%7.8%10.0%
FCF/Rev LTM1.9%6.5%10.8%11.6%15.5%3.5%8.6%
FCF/Rev 3Y Avg2.2%4.0%11.1%9.7%16.7%5.1%7.4%

Valuation

VACHGVTNLMARHLTHMedian
NameMarriott.Hilton G.Travel+L.Marriott.Hilton W.Hyatt Ho. 
Mkt Cap3.92.94.2104.681.716.610.4
P/S0.80.51.03.96.52.31.7
P/Op Inc7.33.97.124.728.032.616.0
P/EBIT-24.35.47.224.228.231.015.7
P/E-11.819.017.640.451.6210.329.7
P/CFO27.46.27.728.038.737.527.7
Total Yield-5.7%5.3%9.3%3.2%2.1%0.8%2.6%
Dividend Yield2.8%0.0%3.6%0.7%0.2%0.3%0.5%
FCF Yield 3Y Avg3.5%4.9%11.9%3.1%3.0%2.2%3.3%
D/E1.42.71.40.20.20.30.8
Net D/E1.32.61.30.20.20.20.8

Returns

VACHGVTNLMARHLTHMedian
NameMarriott.Hilton G.Travel+L.Marriott.Hilton W.Hyatt Ho. 
1M Rtn10.0%1.7%6.3%16.9%17.8%13.6%11.8%
3M Rtn16.6%-26.4%-7.6%7.9%11.2%-7.0%0.5%
6M Rtn48.3%-25.2%-10.3%6.0%5.9%3.3%4.6%
12M Rtn74.6%-15.4%15.5%53.7%38.2%19.5%28.9%
3Y Rtn39.3%-1.8%125.2%116.8%145.8%77.5%97.2%
1M Excs Rtn11.4%3.1%7.9%17.0%18.6%13.6%12.5%
3M Excs Rtn15.6%-28.8%-12.5%5.2%8.9%-8.1%-1.4%
6M Excs Rtn39.8%-33.7%-18.7%-2.5%-2.5%-5.1%-3.8%
12M Excs Rtn62.1%-31.8%0.6%38.3%23.6%6.6%15.1%
3Y Excs Rtn-39.7%-78.9%50.6%34.4%64.7%-7.3%13.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Vacation Ownership4,8054,7304,4684,3423,539
Exchange & Third-Party Management213231262291320
Corporate and other146-323 
Property Owners’ Associations    31
Total5,0324,9674,7274,6563,890


Assets by Segment
$ Mil20242023202220212020
Vacation Ownership8,2968,1678,0377,8976,859
Exchange & Third-Party Management777813865911951
Corporate and other7357007378051,088
Total9,8089,6809,6399,6138,898


Price Behavior

Price Behavior
Market Price$113.29 
Market Cap ($ Bil)3.9 
First Trading Date11/08/2011 
Distance from 52W High-8.5% 
   50 Days200 Days
DMA Price$106.74$83.32
DMA Trendupup
Distance from DMA6.1%36.0%
 3M1YR
Volatility63.9%59.6%
Downside Capture78.37144.95
Upside Capture149.06186.95
Correlation (S&P 500)10.9%29.3%
VAC Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.090.900.611.021.341.51
Up Beta-0.98-0.10-1.520.791.171.48
Down Beta-2.343.271.310.171.431.60
Up Capture147%119%122%196%205%268%
Bmk +ve Days6162766132424
Stock +ve Days11213167135361
Down Capture219%86%125%100%117%110%
Bmk -ve Days16263760120328
Stock -ve Days11213359117384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VAC
VAC77.3%59.6%1.19-
Sector ETF (XLY)-0.9%19.2%-0.1838.9%
Equity (SPY)16.8%12.7%0.9328.6%
Gold (GLD)-2.9%29.3%-0.106.0%
Commodities (DBC)52.5%20.7%1.93-20.6%
Real Estate (VNQ)5.1%13.8%0.1126.7%
Bitcoin (BTCUSD)-23.7%43.6%-0.507.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VAC
VAC-3.4%44.8%0.06-
Sector ETF (XLY)5.6%24.1%0.1953.5%
Equity (SPY)13.6%17.1%0.6150.9%
Gold (GLD)18.1%18.9%0.775.3%
Commodities (DBC)9.7%19.5%0.385.9%
Real Estate (VNQ)1.4%18.9%-0.0342.5%
Bitcoin (BTCUSD)7.7%51.7%0.3322.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VAC
VAC7.1%46.8%0.32-
Sector ETF (XLY)12.3%22.2%0.5057.1%
Equity (SPY)15.3%17.9%0.7256.3%
Gold (GLD)12.1%16.4%0.603.1%
Commodities (DBC)8.2%18.1%0.3717.1%
Real Estate (VNQ)5.2%20.7%0.2150.1%
Bitcoin (BTCUSD)62.9%66.2%1.0314.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity2.0 Mil
Short Interest: % Change Since 91520265.1%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest4.5 days
Basic Shares Quantity34.8 Mil
Short % of Basic Shares5.8%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202622.6%17.3%-2.5%
5/5/20265.0%7.1%23.0%
2/25/202616.7%19.7%22.5%
11/5/2025-26.4%-29.8%-21.3%
8/4/2025-1.8%-5.1%4.5%
5/7/202510.5%24.1%14.8%
2/26/2025-9.3%-13.7%-21.0%
11/6/202413.2%9.3%14.1%
...
SUMMARY STATS   
# Positive10910
# Negative141514
Median Positive9.7%9.3%14.4%
Median Negative-2.9%-6.6%-7.9%
Max Positive22.6%24.1%39.8%
Max Negative-26.4%-29.8%-21.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202622.6%17.3%-2.5%
5/5/20265.0%7.1%23.0%
2/25/202616.7%19.7%22.5%
11/5/2025-26.4%-29.8%-21.3%
8/4/2025-1.8%-5.1%4.5%
5/7/202510.5%24.1%14.8%
2/26/2025-9.3%-13.7%-21.0%
11/6/202413.2%9.3%14.1%
7/31/2024-7.9%-13.6%-13.1%
5/6/20241.7%2.8%-9.0%
2/21/20249.6%8.7%16.7%
11/1/2023-7.2%-10.9%-12.8%
8/31/2023-1.9%-6.5%-8.6%
5/3/2023-3.5%-7.2%-3.6%
2/22/2023-1.7%-1.1%-15.6%
10/31/2022-1.4%-7.3%0.8%
8/8/20222.6%7.5%1.0%
5/5/20221.0%-3.5%8.1%
2/23/2022-2.2%-3.4%-5.4%
11/8/2021-1.4%-1.3%-7.2%
7/28/2021-3.8%-10.2%-2.9%
5/5/2021-1.5%-6.6%-2.4%
2/24/2021-4.3%-2.3%-1.0%
11/4/20209.9%23.8%39.8%
SUMMARY STATS   
# Positive10910
# Negative141514
Median Positive9.7%9.3%14.4%
Median Negative-2.9%-6.6%-7.9%
Max Positive22.6%24.1%39.8%
Max Negative-26.4%-29.8%-21.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202503/02/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/08/202510-Q
12/31/202402/28/202510-K
09/30/202411/07/202410-Q
06/30/202408/02/202410-Q
03/31/202405/07/202410-Q
12/31/202302/27/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/05/202610-Q
12/31/202503/02/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/08/202510-Q
12/31/202402/28/202510-K
09/30/202411/07/202410-Q
06/30/202408/02/202410-Q
03/31/202405/07/202410-Q
12/31/202302/27/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/27/202310-K
09/30/202211/04/202210-Q
06/30/202208/09/202210-Q
03/31/202205/09/202210-Q
12/31/202103/01/202210-K
09/30/202111/08/202110-Q
06/30/202108/04/202110-Q
03/31/202105/07/202110-Q
12/31/202003/01/202110-K
09/30/202011/05/202010-Q
06/30/202008/05/202010-Q
03/31/202005/22/202010-Q
12/31/201903/02/202010-K
09/30/201911/12/201910-Q

Recent Forward Guidance

Updated 10/8/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Depreciation and AmortizationReported138.00 Mil139.00 Mil140.00 Mil   
2026 Contract SalesReported2.08 Bil2.10 Bil2.12 Bil13.4% RaisedGuidance: 1.85 Bil for 2026
2026 Adjusted EBITDAReported805.00 Mil817.50 Mil830.00 Mil6.5% RaisedGuidance: 767.50 Mil for 2026
2026 Interest Expense, netReported174.00 Mil176.00 Mil178.00 Mil   
2026 Tax RateReported29.0%30.0%31.0%   
2026 Adjusted Net IncomeReported300.00 Mil315.00 Mil330.00 Mil16.7% RaisedGuidance: 270.00 Mil for 2026
2026 Adjusted EPSReported8.258.659.0516.5% RaisedGuidance: 7.43 for 2026
2026 Adjusted Free Cash FlowReported410.00 Mil435.00 Mil460.00 Mil8.8% RaisedGuidance: 400.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Contract salesReported0.040.060.08   
Q2 2026 Adjusted EBITDAReported187.00 Mil194.50 Mil202.00 Mil   
2026 Contract salesReported1.81 Bil1.85 Bil1.89 Bil3.9% RaisedGuidance: 1.78 Bil for 2026
2026 Adjusted EBITDAReported755.00 Mil767.50 Mil780.00 Mil0 AffirmedGuidance: 767.50 Mil for 2026
2026 Adjusted net income attributable to common stockholdersReported255.00 Mil270.00 Mil285.00 Mil0 AffirmedGuidance: 270.00 Mil for 2026
2026 Adjusted earnings per share - dilutedReported7.057.437.80 AffirmedGuidance: 7.43 for 2026
2026 Adjusted free cash flowReported375.00 Mil400.00 Mil425.00 Mil0 AffirmedGuidance: 400.00 Mil for 2026

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Depreciation and amortizationReported148.00 Mil149.00 Mil150.00 Mil-0.3% Lower NewActual: 149.50 Mil for 2025
2026 Contract salesReported1.75 Bil1.78 Bil1.81 Bil0.6% Higher NewActual: 1.77 Bil for 2025
2026 Adjusted EBITDAReported755.00 Mil767.50 Mil780.00 Mil2.7% Higher NewActual: 747.50 Mil for 2025
2026 Interest expense, netReported179.00 Mil181.50 Mil184.00 Mil6.1% Higher NewActual: 171.00 Mil for 2025
2026 Tax rateReported29.0%30.0%31.0%   
2026 Adjusted net income attributable to common stockholdersReported255.00 Mil270.00 Mil285.00 Mil-0.2% Lower NewActual: 270.50 Mil for 2025
2026 Adjusted earnings per share - dilutedReported7.057.437.87.6% Higher NewActual: 6.9 for 2025
2026 Adjusted free cash flowReported375.00 Mil400.00 Mil425.00 Mil58.4% Higher NewActual: 252.50 Mil for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Depreciation and amortizationReported149.00 Mil149.50 Mil150.00 Mil   
2025 Contract salesReported1.76 Bil1.77 Bil1.78 Bil-0.8% LoweredGuidance: 1.78 Bil for 2025
2025 Adjusted EBITDAReported740.00 Mil747.50 Mil755.00 Mil-2.3% LoweredGuidance: 765.00 Mil for 2025
2025 Interest expense, netReported170.00 Mil171.00 Mil172.00 Mil   
2025 Adjusted net incomeReported262.00 Mil270.50 Mil279.00 Mil2.1% RaisedGuidance: 265.00 Mil for 2025
2025 Adjusted earnings per share - dilutedReported6.76.97.12.2% RaisedGuidance: 6.75 for 2025
2025 Adjusted free cash flowReported235.00 Mil252.50 Mil270.00 Mil-15.8% LoweredGuidance: 300.00 Mil for 2025
2026 Adjusted EBITDA benefitReported150.00 Mil175.00 Mil200.00 Mil0.0% AffirmedGuidance: 175.00 Mil for 2026

Insider Activity

Updated 9/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Asmar, ChristianSee footnoteSell8202026111.49750,00083,617,500376,927,399Form
2Pighini, Kathleen ASee RemarksDirectSell8182026120.002,500300,0001,298,520Form
3Flaskey, MichaelSee RemarksMichael Flaskey Family TrustBuy310202667.2614,862999,636999,636Form
4Gray, Jonice M DirectBuy1125202554.471,10059,917719,276Form
5Morgan, Dianna DirectBuy1124202551.2250025,6101,182,875Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Asmar, ChristianSee footnoteSell8202026111.49750,00083,617,500376,927,399Form
2Pighini, Kathleen ASee RemarksDirectSell8182026120.002,500300,0001,298,520Form
3Flaskey, MichaelSee RemarksMichael Flaskey Family TrustBuy310202667.2614,862999,636999,636Form
4Gray, Jonice M DirectBuy1125202554.471,10059,917719,276Form
5Morgan, Dianna DirectBuy1124202551.2250025,6101,182,875Form
6McCarten, William W DirectBuy1121202548.085,000240,400659,081Form
7Asmar, ChristianSee FootnoteBuy1119202547.4484,0003,984,960195,943,330Form
8Galbreath, Lizanne DirectBuy1118202546.515,500255,8051,195,958Form
9Shaw, William Joseph DirectBuy1114202546.0420,000920,8009,371,304Form
10Quazzo, Stephen R DirectBuy1114202545.532,00091,0601,096,818Form
11Avril, Matthew ESee RemarksDirectBuy1114202545.615,000228,0502,644,513Form
12Andrews, Charles Elliott DirectBuy1114202547.0110,000470,1001,947,859Form

Investor Activity (13F)

Updated Oct 21, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Ananym Capital Management, LP$53.4 Mil20.4%10ADD +11.2%13F
Impactive Capital LP$268.9 Mil19.5%10Hold13F
Senvest Management, LLC$75.0 Mil2.5%49Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Ananym Capital Management, LP$53.4 Mil20.4%10ADD +11.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Angelo Gordon & Co., L.P.$29.4 Mil2.8%46Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Impactive Capital LP$268.9 Mil19.5%10Hold13F
Senvest Management, LLC$75.0 Mil2.5%49Hold13F
Ananym Capital Management, LP$53.4 Mil20.4%10ADD +11.2%13F
Core Cache Last Updated: 10/20/2026