# Marriott Vacations Worldwide Corporation (VAC)

> Source: Nexqual · https://nexqual.com/VAC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Marriott Vacations Worldwide Corporation (VAC), nexqual.com/VAC" · informational, not investment advice.

**Price:** USD 112.93 (-0.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 113.11 · day 111.03–114.19 · 52w 44.58–131.34 · market cap $3.88B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.16B, net income -$334M (-6.5% margin), free cash flow $99.0M (SEC filings).
- 1 of 80 tracked superinvestors hold VAC (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $83.9M; 2 not under a Rule 10b5-1 plan ($83.9M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (12 analysts), mean target USD 123 (range 63–147).
- Total return with dividends: 1Y +68.7% vs S&P 500 +14.9%; 5Y -14.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 2.59, revenue estimate $1.41B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.89B | $4.66B | $4.73B | $4.97B | $5.03B | $5.16B |
| Net income | $49.0M | $391M | $254M | $218M | -$308M | -$334M |
| EPS (diluted) | $1.13 | $8.77 | $6.28 | $5.61 | -$8.84 | — |
| Free cash flow | $296M | $457M | $114M | $148M | -$29.0M | $99.0M |
| Net margin | 1.3% | 8.4% | 5.4% | 4.4% | -6.1% | -6.5% |
| Revenue growth | +34.8% | +19.7% | +1.5% | +5.1% | +1.3% | — |
| Cash + short-term investments | $342M | $524M | $248M | $197M | $406M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.8x · P/FCF 39.2x · P/B 1.9x · FCF yield 2.55% · Earnings yield -8.60% · Dividend yield (paid, TTM) 2.81% · Buyback yield (TTM) 0.64%
P/E at fiscal year-ends: Dec 2024 17.3x, Dec 2023 14.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VAC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Clifford Sosin | CAS Investment Partners | 2.16% | $40.8M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-19 | Asmar Christian | Director | 750,000 | $83.6M | 18.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-17 | Pighini Kathleen A. | See Remarks | 2,500 | $300K | 18.8% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 12 analysts; mean target USD 123 (low 63, high 147).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target lowered | Underweight | $65 → $63 |
| 2026-10-19 | Wells Fargo | Target lowered | Underweight | $101 → $100 |
| 2026-10-15 | Susquehanna | Target raised | Neutral | $110 → $115 |
| 2026-10-08 | JP Morgan | Initiated | Overweight | $125 |
| 2026-09-10 | Truist Securities | Target raised | Buy | $97 → $134 |
| 2026-08-07 | Barclays | Target raised | Overweight | $94 → $140 |
| 2026-08-07 | Wells Fargo | Target raised | Underweight | $68 → $101 |
| 2026-07-17 | Morgan Stanley | Target raised | Underweight | $51 → $52 |
| 2026-07-14 | Wells Fargo | Target raised | Underweight | $66 → $68 |
| 2026-06-30 | Deutsche Bank | Target raised | Buy | $92 → $119 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +68.7% | -14.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +69.0% | -3.1% |
| Volatility (annualized) | 60.5% | 42.3% |
| Max drawdown | -35.6% (Oct 2025→Nov 2025) | -70.4% (Jan 2022→Nov 2025) |

## Peers (Resorts & Casinos)
RRR (Red Rock Resorts, Inc.) USD 50.43 +2.38% · HGV (Hilton Grand Vacations Inc.) USD 37.08 +3.03% · BYD (Boyd Gaming Corporation) USD 72.27 +2.35% · MTN (Vail Resorts, Inc.) USD 148.23 +0.83% · CZR (Caesars Entertainment, Inc.) USD 29.07 +0.59% · PENN (PENN Entertainment, Inc.) USD 15.46 +3.83%

## More
Full page: https://nexqual.com/VAC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VAC's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1524358/000152435826000010/vac-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Hyatt Hotels Corp (H) | "We use the term "Hyatt Vacation Ownership" to refer to our Hyatt-branded business, and we also refer to Hyatt's World of Hyatt® customer loyalty program as "World of Hyatt."" |
| Customer | Marriott International | "We use the term "Marriott Vacation Ownership" to refer to our Marriott-, Sheraton-, and Westin-branded businesses, and we also refer to Marriott International's Marriott Bonvoy® customer loyalty program as "Marriott Bonv…" |
| Competitor | Walt Disney (DIS) | "In North America, we typically compete with companies that sell upper upscale tier vacation ownership products under a lodging or entertainment brand umbrella, such as Hilton Grand Vacations Club and Disney Vacation Club…" |
| Competitor | Airbnb (ABNB) | "In addition, the vacation ownership industry competes generally with other vacation rental options (such as hotels, resorts and condominium rentals) offered by the lodging industry as well as alternative lodging marketpl…" |

Other companies that name VAC in their own reports (relationship from VAC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | HOST HOTELS & RESORTS, INC. (HST) | 10-K 2026-02-25 | "We own a 67% interest in a joint venture with an affiliate of HV Global Group, a subsidiary of Marriott Vacations Worldwide Corporation, that owns a 131-unit vacation ownership development in Maui, Ha…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Vacation Ownership | $1.17B | 88.5% | +6.4% |
| Exchange & Third-Party Management | $54.0M | 4.1% | +1.9% |
| Total revenue | $1.32B | 100% | — |
The lines above cover 92.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Time Share | $430.0M | 32.6% | +16.2% |
| Cost Reimbursements | $400.0M | 30.3% | -1.7% |
| Management & Exchange | $225.0M | 17.0% | +2.7% |
| Rental | $173.0M | 13.1% | +8.1% |
| Ancillary Revenues | $74.0M | 5.6% | -1.3% |
| Management Service | $56.0M | 4.2% | +1.8% |
| Service Other | $36.0M | 2.7% | +2.9% |
| Total revenue | $1.32B | 100% | — |
The lines above cover 105.6% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "The Company provides full year 2026 guidance as reflected in the chart below."
- "As a result, the full year 2026 outlook is presented only on a non-GAAP basis and is not reconciled to the most comparable GAAP measures."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.59 | $1.95 | +32.5% | $1.41B | 11 |
| Next quarter (ends 2026-12-31) | $2.74 | $2.29 | +19.8% | $1.46B | 11 |
| Current fiscal year (ends 2026-12-31) | $8.76 | $7.55 | +16.0% | $5.45B | 12 |
| Next fiscal year (ends 2027-12-31) | $9.62 | $8.54 | +12.7% | $5.66B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±11.5%; last 8 reports averaged ±15.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 50.2% | ±11.5% |
| 2026-12-18 | 56 | 47.3% | ±15.1% |
| 2027-01-15 | 84 | 44.2% | ±17.1% |
| 2027-04-16 | 175 | 45.0% | ±24.8% |
| 2027-09-17 | 329 | 46.6% | ±34.6% |