Marriott Vacations Worldwide Corporation

VAC

$103.00

+3.82%

N/A+$3.79

Consumer Cyclical

Gambling, Resorts & Casinos

NYSE

Negociación activa

Marriott Vacations Worldwide Corporation is a prominent global leisure company specializing in the development, marketing, sale, and management of vacation ownership products ...

Análisis fundamental de VAC

Fortalezas clave

Strong brand portfolio with globally recognized names (Marriott, Westin, Sheraton, Hyatt) that drive customer loyalty and premium pricing.

Diverse revenue streams including vacation ownership sales, resort management, and exchange services, providing stability.

Factores de riesgo

High leverage with debt-to-equity ratio of 2.65 and net debt to EBITDA of -79.4, increasing financial risk.

Negative profitability metrics (net margin -7.1%, ROE -15.7%) indicate recent losses and operational challenges.

Rentabilidad

Margen neto-7.09%

Margen operativo11.08%

Valoración

PER-10.37x

Ratio corriente3.42

Eficiencia

ROE-15.70%

ROA-3.52%

Análisis Fundamental de VAC

Marriott Vacations Worldwide Corporation (VAC) is a global leader in the vacation ownership and timeshare industry, operating a diverse portfolio of brands including Marriott Vacation Club, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Residence Club. The company also owns Interval International, a major vacation exchange network. VAC's business model generates recurring revenue through maintenance fees and management services, providing a stable income stream. However, the company has faced significant financial challenges, as indicated by its negative net profit margin (-7.1%), negative return on equity (-15.7%), and negative earnings per share. The TTM P/E ratio is also negative due to net losses. Despite these headwinds, VAC has demonstrated resilience with a market cap of ~$4.1 billion, a beta of 1.24, and a dividend yield of 2.7%. The company's strong brand equity and diversified portfolio remain key competitive advantages. Recent strategic focus on profitability and cost discipline may improve future performance. Analysts have a cautious outlook, with a 'hold' consensus and a price target around $126. The stock trades at a significant discount to its historical valuation, but the high debt levels (debt-to-equity ratio of 2.65) and interest coverage of only 2.95 are concerning. Overall, VAC offers potential for long-term recovery if it can successfully reduce debt and improve cash flow.

Fortalezas clave de VAC

Strong brand portfolio with globally recognized names (Marriott, Westin, Sheraton, Hyatt) that drive customer loyalty and premium pricing.
Diverse revenue streams including vacation ownership sales, resort management, and exchange services, providing stability.
Recurring revenue from maintenance fees and membership programs, reducing volatility.
Large scale with 120+ properties in 14 countries, offering competitive advantages in development and marketing.
Proprietary exchange network (Interval International) with a large member base.
Experienced management team with a clear focus on profitability and cost discipline.
Strategic initiatives to reduce inventory and improve cash flow.

Factores de riesgo de VAC

High leverage with debt-to-equity ratio of 2.65 and net debt to EBITDA of -79.4, increasing financial risk.
Negative profitability metrics (net margin -7.1%, ROE -15.7%) indicate recent losses and operational challenges.
Economic sensitivity: demand for vacation ownership is cyclical and vulnerable to downturns.
Dependence on consumer discretionary spending, affected by inflation and interest rates.
Concentration in destination travel markets exposes to event risk (terrorism, natural disasters, pandemics).
Regulatory and legal challenges in timeshare industry, including consumer protection laws.
Intense competition from alternative lodging and travel models (e.g., Airbnb, cruises).
High customer acquisition costs and sales expenses (SG&A to revenue 26.3%).
Negative tangible book value and significant intangibles may signal overpayment for acquisitions.
Integration risks from previous acquisitions (e.g., ILG).

Capitalización vs ingresos y beneficios

Beneficios

n/a

Ingresos

n/a

Capitalización bursátil

$3.54B

-10.4x

Ratio P/E

0.7x

Ratio P/S

Beneficios e ingresos

Último informen/a

Beneficio por acción (EPS)n/a

Margen bruto20.93%

Margen neto-7.09%

Ratio deuda/capital2.65

Puente de rentabilidad (actual vs interanual)

Muestra cómo cambiaron el margen bruto, operativo y neto frente al año anterior.

Historial de ingresos / beneficio neto / FCF (USD B)

Señales de crecimiento de VAC

Métrica	Actual	Anterior	InteranualCambio interanual: trimestre actual frente al mismo trimestre del año pasado.	TrimestralCambio trimestral: trimestre actual frente al trimestre anterior inmediato.	Señal
Ingresos	—	—	—	—	Plano
EPS diluido	—	—	—	—	Plano
Flujo de caja libre	—	—	—	—	Plano

Rentabilidad de VAC

Métrica	Actual	Anterior	InteranualCambio interanual: trimestre actual frente al mismo trimestre del año pasado.	TrimestralCambio trimestral: trimestre actual frente al trimestre anterior inmediato.	Señal
Margen neto	—	5.83%	—	—	Plano
Margen operativo	—	12.88%	—	—	Plano
ROE	—	—	—	—	Plano

Salud financiera de VAC

Métrica	Actual	Anterior	InteranualCambio interanual: trimestre actual frente al mismo trimestre del año pasado.	TrimestralCambio trimestral: trimestre actual frente al trimestre anterior inmediato.	Señal
Ratio corriente	—	3.415	—	—	Plano
Ratio rápido	—	2.868	—	—	Plano
Deuda / capital	—	2.651	—	—	Plano

Valoración de VAC

Métrica	Actual	Anterior	InteranualCambio interanual: trimestre actual frente al mismo trimestre del año pasado.	TrimestralCambio trimestral: trimestre actual frente al trimestre anterior inmediato.	Señal
P/E	—	11.52x	—	—	Plano
P/B	—	1.72x	—	—	Plano

Supply Chain de VAC

RELATIONS

Upstream

Marriott International, Inc.NASDAQ:MAR Hyatt Hotels CorporationNYSE:H Aramark (via Avendra International)NYSE:ARMK JPMorgan Chase Bank, N.A.NYSE:JPM Bank of America, N.A.NYSE:BAC Deutsche Bank AGNYSE:DB Wells Fargo & CompanyNYSE:WFC Truist BankNYSE:TFCIllumio, Inc.Expedia Group, Inc.NASDAQ:EXPE Jones Lang LaSalle, Inc. (JLL)NYSE:JLLDPR ConstructionFinfrock Construction, LLCHuntonBrady ArchitectsQualtrics (SAP SE)NYSE:SAP DocuSign, Inc.NASDAQ:DOCU

Downstream

Timeshare Owners (~700,000 families)Interval International Exchange MembersMarriott International, Inc.NASDAQ:MAR Expedia Group, Inc.NASDAQ:EXPEThird-Party Homeowners' Associations (HOAs) & Resort OwnersTravel Agents & Online Travel AgenciesHyatt Hotels CorporationNYSE:H

Proxies

Hilton Grand Vacations Inc.NYSE:HGV Travel + Leisure Co.NYSE:TNL Marriott International, Inc.NASDAQ:MAR Bluegreen Vacations Holding CorporationNYSE:BXG

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