olivLaw · US equity research
Hilton Grand Vacations Inc. HGV
Hotels, Rooming Houses, Camps & Other Lodging Places · SIC 7000 · Vertical: Hotels and lodging (SIC 70xx)
Hilton Grand Vacations is a global timeshare company that develops, sells and manages resorts under Hilton Grand Vacations brands, with more than 720,000 Club members. Current interest stems from the integration of the Diamond and Bluegreen acquisitions, sales dynamics and 2026 guidance placing Adjusted EBITDA between $1.225 billion and $1.265 billion.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Hilton Grand Vacations Inc. (HGV) stock was 43.76 USD (+4.79% on the day), with market capitalisation 3.3 bn USD, P/E 8.4 on diluted EPS of 5.20 USD over the last 12 months, beta 1.28, 52-week range 34.05–54.69 USD. Latest reported quarter (Q3 2026): revenue of 2.0 bn USD (+50.8% YoY), net income of 291.0 m USD (+1,064.0% YoY), diluted EPS 3.70 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 77.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 31.61 – 41.69
- above the upper band · %B 1.20 · band width 27.5%
- SMA 50 / 200
- 37.57 / 44.53
- mixed trend
- MACD (12, 26, 9)
- 1.03 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +28.5% | −1.1% | +29.6 pp | — |
| 3 months | −7.1% | −0.5% | −6.6 pp | — |
| 6 months | −10.0% | +4.4% | −14.4 pp | — |
| Year to date | −2.2% | +12.3% | −14.5 pp | — |
| 1 year | +7.8% | +13.5% | −5.7 pp | +10.0% |
| 3 years | +17.5% | +76.4% | −58.9 pp | +9.2% |
| 5 years | −20.0% | +63.7% | −83.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.1 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 2.0 bn |
| Depreciation & amortisation | 70.0 m | 67.0 m | 59.0 m | 67.0 m | 80.0 m | 71.0 m | 71.0 m | 70.0 m |
| Interest expense | 79.0 m | 77.0 m | 79.0 m | 79.0 m | 76.0 m | 73.0 m | 70.0 m | 78.0 m |
| Pre-tax income | 49.0 m | -6.0 m | 43.0 m | 45.0 m | 93.0 m | 74.0 m | 23.0 m | 414.0 m |
| Income tax | 23.0 m | 6.0 m | 15.0 m | 15.0 m | 40.0 m | 6.0 m | 8.0 m | 117.0 m |
| Net income | 20.0 m | -17.0 m | 25.0 m | 25.0 m | 48.0 m | 66.0 m | 12.0 m | 291.0 m |
| Diluted EPS | 0.20 ≈ | -0.17 | 0.25 | 0.28 | 0.56 ≈ | 0.79 | 0.15 | 3.70 |
| Operating cash flow | 105.0 m | 38.0 m | 61.0 m ≈ | 34.0 m ≈ | 167.0 m | 128.0 m | 134.0 m ≈ | 87.0 m ≈ |
| Capex | 15.0 m | 14.0 m | 15.0 m ≈ | 21.0 m ≈ | 20.0 m | 6.0 m | 3.0 m ≈ | 14.0 m ≈ |
| Share repurchases | 125.0 m | 150.0 m | 150.0 m ≈ | 150.0 m ≈ | 150.0 m | 150.0 m | 150.0 m ≈ | 110.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 6 percentile of its own 35-quarter history (min 6.7, median 14.3, max 112.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 1.8 bn | 894.0 m | 2.3 bn | 3.8 bn | 4.0 bn | 5.0 bn | 5.0 bn |
| Revenue YoY | +16.8% | −8.1% | −51.4% | +161.2% | +64.2% | +3.7% | +25.2% | +1.3% |
| Net income | 298.1 m | 215.7 m | -201.0 m | 176.0 m | 352.0 m | 313.0 m | 47.0 m | 81.0 m |
| Net income YoY | −8.8% | −27.6% | −193.2% | unavailable | +100.0% | −11.1% | −85.0% | +72.3% |
| Diluted EPS | 3.05 | 2.42 | -2.36 | 1.75 | 2.93 | 2.80 | 0.45 | 0.89 |
| Diluted EPS YoY | −7.0% | −20.7% | −197.5% | unavailable | +67.4% | −4.4% | −83.9% | +97.8% |
| net % | 14.9% | 11.7% | -22.5% | 7.5% | 9.2% | 7.9% | 0.9% | 1.6% |
| Free cash flow | -208.0 m | 106.0 m | 71.0 m | 150.0 m | 689.0 m | 281.0 m | 267.0 m | 230.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 239.0 m USD
- Financial debt
- 4.5 bn USD
- Net debt
- 4.3 bn USD
- Equity
- 1.4 bn USD
- Total assets
- 11.5 bn USD
- Debt / equity
- 3.16x
- Current ratio
- unavailable
- ROE
- 4.9%
- ROA
- 0.7%
- FCF margin
- 4.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 894.0 m | 2.3 bn | 3.8 bn | 4.0 bn | 5.0 bn | 5.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 45.0 m | 126.0 m | 244.0 m | 213.0 m | 268.0 m | 273.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Interest expense | 43.0 m | 105.0 m | 142.0 m | 178.0 m | 329.0 m | 311.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | -280.0 m | 269.0 m | 481.0 m | 449.0 m | 136.0 m | 175.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -79.0 m | 93.0 m | 129.0 m | 136.0 m | 76.0 m | 76.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -201.0 m | 176.0 m | 352.0 m | 313.0 m | 47.0 m | 81.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -2.36 | 1.75 | 2.93 | 2.80 | 0.45 | 0.89 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 85.0 m | 101.1 m | 119.6 m | 111.6 m | 103.1 m | 91.5 m | SEC (XBRL)· 26 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 428.0 m | 432.0 m | 223.0 m | 589.0 m | 328.0 m | 239.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 119.0 m | 302.0 m | 511.0 m | 507.0 m | 315.0 m | 270.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 501.0 m | 756.0 m | 798.0 m | 758.0 m | 792.0 m | 859.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 0 | 1.4 bn | 1.4 bn | 1.4 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 81.0 m | 1.4 bn | 1.3 bn | 1.2 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 3.1 bn | 8.0 bn | 8.0 bn | 8.7 bn | 11.4 bn | 11.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 1.2 bn | 2.9 bn | 2.7 bn | 3.0 bn | 4.6 bn | 4.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 2.8 bn | 6.0 bn | 5.9 bn | 6.6 bn | 9.5 bn | 10.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 374.0 m † | 2.0 bn | 2.2 bn | 2.1 bn | 1.9 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 79.0 m | 168.0 m | 747.0 m | 312.0 m | 309.0 m | 300.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 8.0 m | 18.0 m | 58.0 m | 31.0 m | 42.0 m | 70.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 71.0 m ≈ | 150.0 m ≈ | 689.0 m ≈ | 281.0 m ≈ | 267.0 m ≈ | 230.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -33.0 m | -1.6 bn | -97.0 m | -158.0 m | -1.6 bn | -146.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 328.0 m | 1.6 bn | -782.0 m | 183.0 m | 1.2 bn | -338.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 10.0 m | 0 | 272.0 m | 368.0 m | 432.0 m | 600.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.3 bn USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 97.87 – 400.65 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)146.69 – 400.65 (Mid 223.96)WACC 6.3% · starting FCFF 685.9 m USD · terminal value share of EV 84%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -28.8%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E97.87 – 204.10 (Mid 151.42)15 companies used · median multiple 29.1x · quartiles 18.8x – 39.3xATAT, BYD, CHH, HLT, IHG, LVS, MAR, MCRI, MGM, MLCO, RRR, SHO, TNL, WH, WYNN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.0% | 61 (vs peers) | 12% |
| FCF conversion · Quality | 113.4% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 9.6% | 80 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | -32.8% | 0 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 8.4x | 100 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.3% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 16.9% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth40/100 · 2/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Hilton Grand Vacations Inc. (HGV). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 5.0 bn USD in 2025; YoY growth 1.3%; net margin 7.0%; ROE 31.0%.
The estimated value range is 122.28–302.38 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 187.69 USD, the price of 43.76 USD leaves a potential of 328.9% (value / price − 1) and a margin of safety of 76.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 113.4%
- Revenue CAGR 3Y: 9.6%
- P/E (TTM): 8.4x
- FCF yield: 14.3%
- Shareholder yield (distributions): 16.9%
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: -32.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Hotels and lodging (SIC 70xx) · same major group (2-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| HGVHilton Grand Vacations Inc. | 3.3 bn | 8.4 | 31.0% | 7.0% | +1.3% | +8% / +17% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| THTarget Hospitality Corp. | 1.1 bn | — | -9.8% | -10.8% | −17.0% | +45% / +3% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −23% / unavailable |
| CVEOCiveo Corp | 360.4 m | — | -4.7% | -1.1% | −6.3% | +56% / +60% |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
1- and 3-year price returns: for HGV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 28.78 Total return -34% · Per year -34% | 50.77 Total return 16% · Per year 16% | 76.30 Total return 74% · Per year 74% |
| 3 years | 30.86 Total return -29% · Per year -11% | 60.96 Total return 39% · Per year 12% | 100.19 Total return 129% · Per year 32% |
| 5 years | 33.09 Total return -24% · Per year -5% | 73.21 Total return 67% · Per year 11% | 131.55 Total return 201% · Per year 25% |
- Exit P/E± 15.24
- Net margin± 10.67
- Annual revenue growth± 8.35
- Annual dilution± 0.90
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Hilton Grand Vacations is a global timeshare company that develops, sells and manages resorts under Hilton Grand Vacations brands, with more than 720,000 Club members. Current interest stems from the integration of the Diamond and Bluegreen acquisitions, sales dynamics and 2026 guidance placing Adjusted EBITDA between $1.225 billion and $1.265 billion 13.
SWOT
Strengths
- A loyal member base and sales to existing owners provide a predictable stream of fee and dues revenue.
- The capital-efficient model, combining fee-for-service and just-in-time agreements, reduces the need to fund construction and inventory risk.
- The affiliation with Hilton brands and the Hilton Honors loyalty program supports customer trust and package sales.
Weaknesses
- Corporate and non-recourse debt is substantial, and its cost remains a pressure on profitability.
- Revenue deferrals on projects under construction reduce the visibility of quarterly results.
- Rising tour counts have not fully translated into higher value per guest, pointing to a sales-quality issue.
Opportunities
- Rebranding of Diamond and Bluegreen properties to Hilton brands could raise their appeal and pricing.
- Expanding HGV Max and partnerships with retail and hotel brands could attract new members.
- Monetizing receivables through securitization or warehouse borrowing could unlock additional cash.
Threats
- An economic slowdown or rising unemployment could reduce demand for timeshare vacations.
- If the Hilton license relationship deteriorated, the company could lose important brand rights.
- Higher interest rates or rising defaults could raise financing costs and weaken the loan portfolio.
Risks
- Dependence on the Hilton licensehigh
The company does not own the Hilton brands. A breach or termination of the license agreement could materially affect sales and competitive position 1.
- Customer defaults and financinghigh
The loan portfolio depends on borrower quality, and higher defaults could reduce interest income and securitization capacity 13.
- Indebtedness and cost of fundingmedium
Corporate and non-recourse debt is large, and changes in variable interest rates could increase financing expenses 13.
- Construction-related deferralsmedium
Projects under construction can defer revenue recognition, making quarterly results more volatile and harder to forecast 3.
- Acquisition integrationmedium
Integrating Diamond and Bluegreen remains complex and could generate complaints or litigation from former owners 1.
Investment thesis
What would need to be true (bull case)
- A large member base and sales to existing owners provide recurring revenue that could support growth if tour productivity and sales efficiency keep improving 13.
- The capital-efficient model and debt management could improve returns on capital and cash generation, especially if segment margins expand 3.
- Rebranding acquired properties under Hilton brands could raise product appeal and the value of existing inventory 12.
What would break the thesis
- VPG fell 8.6% in the second quarter of 2026, which could signal pressure on sales value per guest if the trend persists 3.
- High leverage and customer defaults could limit financial flexibility and affect results if economic conditions deteriorate 13.
- Dependence on the Hilton license and on integrating acquisitions could create operational and reputational risks if execution slips 1.
What to watch
- Delivery against 2026 Adjusted EBITDA guidance and any changes to itQ3 2026
- Trend in VPG and contract sales after the second quarterQ3 2026
- Default rates and the quality of the loan portfolionext 10-K
- Progress rebranding Bluegreen and Diamond properties2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
The company operates as a global timeshare business focused on selling vacation ownership intervals (VOIs) and managing resorts and member clubs, mainly under Hilton Grand Vacations brands 1. It manages over 200 properties across the United States, Europe, Canada, the Caribbean, Mexico and Asia, with a significant share concentrated in Florida, Europe and Hawaii 12. Its model combines owned inventory sales, fee-for-service and just-in-time agreements with third-party developers, and consumer financing 1.
Club members can exchange points for stays at its own resorts, across the Hilton system of 25 brands, in experiential vacations and in external exchange networks, with HGV Max benefits adding to the offer 1. The Bluegreen Acquisition, completed in January 2024 for total consideration of $1.6 billion inclusive of net debt, expanded the portfolio and member base 1. After the second quarter the company reiterated its 2026 guidance, although reported results are affected by construction-related deferrals 3.
VOI sales remain the core activity, but the company increasingly earns recurring management fees and fees from existing owners, who accounted for 74% of contract sales in fiscal 2025 1. The capital-efficient model, covering 35% of the inventory supply, reduces the need to finance construction 1.
Segments
Real estate sales and financing
This segment earns revenue from sales of owned VOIs, fee-for-service commissions and interest on loans to buyers, at a weighted average interest rate of 14.7% on loans as of December 31, 2025 1. In the second quarter of 2026 the segment generated revenue of $809 million, with an Adjusted EBITDA margin of 26.1% 3.
Resort operations and club management
The segment collects cost-plus management fees from owners' associations, annual Club dues and transaction fees from member exchanges, and revenue from renting unsold inventory 1. In the second quarter of 2026 it generated revenue of $430 million, with an Adjusted EBITDA margin of 35.8% 3.
Market context
Demand for timeshare is tied to vacation spending and to general economic conditions, and the company operates mainly in the United States, Europe and Asia 1. The sources do not provide quantified market-size data, so an assessment of market share remains limited to the information available 1. Pressures in the secondary market can influence prices of new inventory 1.
Demand remains sensitive to consumer discretionary spending and inflation, and interest rates and defaults shape the cost of financing for buyers 12. The historical default rate was 9.86% in fiscal 2025, down from 10.77% in fiscal 2024 1.
Trends
- Integration of Diamond and Bluegreenmixed
Rebranding of acquired properties is ongoing and could support sales if the Hilton brand attracts new members, but it requires investment and operational attention 12.
- Sales traffic growth versus spending per guestmixed
In the second quarter of 2026 tours rose 6.1%, yet VPG fell 8.6%, suggesting higher volume has not fully translated into more value per guest 3.
- Refinancing and continued buybackstailwind
The company refinanced its Term Loan B into a 2033 maturity and continued share repurchases, which could support financial flexibility if cash generation holds 3.
Competitive position
The company competes with other timeshare developers and operators, vacation rental firms, hotels and home-sharing services, based on location, quality, price and financing terms 1. Competition also comes from the secondary market, where owners can resell existing intervals and reduce demand for new sales 1.
It also competes for property acquisitions and partnerships, and its relationships with third-party developers matter for the fee-for-service model 1. Dependence on marketing partners such as Bass Pro and Choice Hotels is a distinctive feature but also a specific exposure 1.
- Marriott Vacations WorldwideVAC
Timeshare operator tied to a major hotel chain, cited in the source as a type of competitor in the hotel-brand timeshare segment; no specific figures from the analysed sources.
- Travel + Leisure Co.TNL
Timeshare and vacation exchange company referenced as part of the competitor category; the sources give no quantitative detail about it.
- Independent timeshare developers and operators
Numerous smaller owners compete for VOI sales, management agreements and off-site sales center locations.
- Vacation rental and home-sharing platforms
Home-sharing services compete with the company's vacation products through short-term rentals.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Oct 2026Material agreement · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report17 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report02 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report04 Jun 2026Material agreement · Financial statements and exhibits
- Current report22 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Hilton Grand Vacations Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Hilton Grand Vacations Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hilton Grand Vacations Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.