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olivLaw · US equity research

Marriott Vacations Worldwide Corporation VAC

Real Estate Agents & Managers (For Others) · SIC 6531 · Vertical: Real Estate Agents & Managers (For Others) (SIC 6531)

114.41USD−3.52% · 1 dayClose 04 Nov 2026

Marriott Vacations Worldwide is one of the largest global vacation companies, active in developing, selling, financing and managing vacation ownership resorts, and in exchanging vacations through Interval International. For 2025 the vacation ownership segment generated 4,805 mn USD out of 5,018 mn USD segment revenue, and 2026 guidance points to contract sales of 2,080 to 2,115 mn USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Marriott Vacations Worldwide Corporation (VAC) stock was 114.41 USD (−3.52% on the day), with market capitalisation 3.9 bn USD, dividend yield 2.80%, beta 1.55, 52-week range 45.49–124.75 USD. Latest reported quarter (Q3 2026): revenue of 1.4 bn USD (+8.2% YoY), net income of 82.0 m USD, diluted EPS 2.24 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
3.9 bn USD
shares as of 29 Oct 2026
P/E (TTM)
unavailable
Diluted EPS TTM -25.51 · TTM to 30 Sept 2026
E/P (TTM)
-22.29%
TTM to 30 Sept 2026
Dividend yield
2.80%
DPS 12m 3.20
Beta (2y)
1.55
Volatility (1y) 60%
52-week range
45.49124.75

Price history

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Technical reading

RSI (14)
57.3
strong (55–70)
Bollinger (20, 2)
103.10 – 119.41
in the upper half of the band · %B 0.69 · band width 14.7%
SMA 50 / 200
106.81 / 86.95
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
2.85 / 2.38
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

CompanyS&P 500vs S&P 500Vertical median
1 month+12.2%−1.1%+13.3 pp—
3 months+12.5%−0.5%+12.9 pp—
6 months+46.2%+4.4%+41.8 pp—
Year to date+98.3%+12.3%+86.0 pp—
1 year+72.5%+13.5%+59.0 pp−32.9%
3 years+38.8%+76.4%−37.6 pp−14.2%
5 years−32.9%+63.7%−96.6 pp—
Max drawdown (1y)
−32.4%
05 Nov 2025 → 14 Nov 2025
Max drawdown (5y)
−73.6%
04 Jan 2022 → 14 Nov 2025
Compound annual growth (5y)
−7.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
1.4 bn USD
+8.2% YoY
Net income
82.0 m USD
unavailable YoY
Diluted EPS
2.24
unavailable YoY
net / operating
6.0% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue1.3 bn1.2 bn1.2 bn1.3 bn1.3 bn1.3 bn1.3 bn1.4 bn
Depreciation & amortisation37.0 m38.0 m38.0 m38.0 m35.0 m34.0 m32.0 m33.0 m
Income tax10.0 m45.0 m25.0 m3.0 m-65.0 m23.0 m37.0 m31.0 m
Net income50.0 m56.0 m69.0 m-2.0 m-431.0 m22.0 m77.0 m82.0 m
Diluted EPS1.19 ≈1.461.77-0.07-30.51 ≈0.642.122.24
Operating cash flow100.0 m8.0 m-48.0 m ≈62.0 m ≈6.0 m-4.0 m80.0 m ≈128.0 m ≈
Capex14.0 m14.0 m20.0 m ≈11.0 m ≈12.0 m8.0 m14.0 m ≈12.0 m ≈
Dividends paid26.0 m55.0 m28.0 m ≈27.0 m ≈055.0 m27.0 m ≈28.0 m ≈
Share repurchases11.0 m36.0 m0 ≈0 ≈25.0 m00 ≈0 ≈

≈ 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.

Fiscal years

Fiscal year2018⚠ 2019202020212022202320242025
Revenue3.0 bn4.3 bn2.9 bn3.9 bn4.7 bn4.7 bn5.0 bn5.0 bn
Revenue YoY+36.0%—−32.2%+34.8%+19.7%+1.5%+5.1%+1.3%
Net income55.0 m138.0 m-275.0 m49.0 m391.0 m254.0 m218.0 m-308.0 m
Net income YoY−76.6%—−299.3%unavailable+698.0%−35.0%−14.2%−241.3%
Diluted EPS1.613.09-6.651.138.776.285.61-8.84
Diluted EPS YoY−81.0%—−315.2%unavailable+676.1%−28.4%−10.7%−257.6%
net %1.9%3.2%-9.5%1.3%8.4%5.4%4.4%-6.1%
Free cash flow57.0 m336.0 m258.0 m296.0 m457.0 m114.0 m148.0 m-29.0 m

The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
406.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
2.0 bn USD
Total assets
9.8 bn USD
Debt / equity
unavailable
Current ratio
unavailable
ROE
-13.9%
ROA
-3.1%
FCF margin
-0.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.7 bn
2024
5.0 bn
2025
5.0 bn

SEC (XBRL)· 02 Mar 2026verified

Depreciation & amortisation
2023
135.0 m
2024
146.0 m
2025
149.0 m

SEC (XBRL)· 02 Mar 2026verified

Pre-tax income
2023
398.0 m
2024
306.0 m
2025
-299.0 m

SEC (XBRL)· 02 Mar 2026verified

Income tax
2023
146.0 m
2024
89.0 m
2025
8.0 m

SEC (XBRL)· 02 Mar 2026verified

Net income
2023
254.0 m
2024
218.0 m
2025
-308.0 m

SEC (XBRL)· 02 Mar 2026verified

Diluted EPS
2023
6.28
2024
5.61
2025
-8.84

SEC (XBRL)· 02 Mar 2026verified

Weighted average diluted shares
2023
43.5 m
2024
42.1 m
2025
34.9 m

SEC (XBRL)· 02 Mar 2026verified

Dividend per share
2023
2.92
2024
3.07
2025
3.17

SEC (XBRL)· 02 Mar 2026verified

Balance sheet · USD

Cash
2023
248.0 m
2024
197.0 m
2025
406.0 m

SEC (XBRL)· 02 Mar 2026verified

Goodwill
2023
3.1 bn
2024
3.1 bn
2025
3.0 bn

SEC (XBRL)· 02 Mar 2026verified

Intangibles (excl. goodwill)
2023
854.0 m
2024
790.0 m
2025
711.0 m

SEC (XBRL)· 02 Mar 2026verified

Total assets
2023
9.7 bn
2024
9.8 bn
2025
9.8 bn

SEC (XBRL)· 02 Mar 2026verified

Total liabilities
2023
7.3 bn
2024
7.4 bn
2025
7.8 bn

SEC (XBRL)· 02 Mar 2026verified

Equity
2023
2.4 bn
2024
2.4 bn
2025
2.0 bn

SEC (XBRL)· 02 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
232.0 m
2024
205.0 m
2025
28.0 m

SEC (XBRL)· 02 Mar 2026verified

Capex
2023
118.0 m
2024
57.0 m
2025
57.0 m

SEC (XBRL)· 02 Mar 2026verified

Free cash flow
2023
114.0 m ≈
2024
148.0 m ≈
2025
-29.0 m ≈

SEC (XBRL)· 02 Mar 2026derived

Investing cash flow
2023
-112.0 m
2024
-115.0 m
2025
-70.0 m

SEC (XBRL)· 02 Mar 2026verified

Financing cash flow
2023
-401.0 m
2024
-132.0 m
2025
241.0 m

SEC (XBRL)· 02 Mar 2026verified

Dividends paid
2023
106.0 m
2024
107.0 m
2025
110.0 m

SEC (XBRL)· 02 Mar 2026verified

Share repurchases
2023
286.0 m
2024
56.0 m
2025
61.0 m

SEC (XBRL)· 02 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
1.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
2.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
11.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-241.3%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-257.6%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-119.6%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-4.7%
computed by olivLawTTM to 30 Sept 2026
FCF margin
3.1%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
-10.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-2.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
67.1%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
210.0 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
46.0 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
164.0 m USD
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
3.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-22.3%
computed by olivLawTTM to 30 Sept 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
Dividend yield
2.8%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
3.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 50.0% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

114.41 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 3.9 bn USD

Key indicators

Market capitalisation
3.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
-10.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-4.7%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
1.3%
computed by olivLawFY 2025
Dividend yield
2.8%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

21/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 29 Oct 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 1758derived 93

Score by group

50% · Insufficient data

Estimated value range

Low
37.54
USD per share
Mid
85.79
USD per share
High
97.87
USD per share
Price: 114.41 USD
The price is above the range
Potential to the central value: -25.0% (value / price − 1)
Margin of safety: -33.4% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

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: 33.42 – 139.71 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)41.66 – 56.02 (Mid 47.78)
  • Peers: P/B33.42 – 139.71 (Mid 123.80)
    10 companies used · median multiple 2.0x · quartiles 0.5x – 2.3x
    AGNT, COMP, DOUG, FTHM, JLL, LHAI, MMI, OPAD, OPEN, PETZ
Multiple comparisons use the SIC vertical: Real Estate Agents & Managers (For Others) (SIC 6531)

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: indicators available: 4 of at least 6; score weight coverage: 50.0% of at least 60%

FactorValueScoreWeight used
ROE · Quality-10.9%31 (vs peers)13%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth2.6%26 (on a fixed band)17%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation1.9x64 (vs peers)39%
P/E (TTM) · Valuationunavailableunavailable—
Dividend yield · Returns2.8%60 (vs peers)30%
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth26/100 · 1/1 factors with a value
  • Quality· partial31/100 · 1/2 factors with a value
  • Returns· partial60/100 · 1/2 factors with a value
  • Valuation· partial64/100 · 1/2 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

Marriott Vacations Worldwide Corp (VAC). 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 -4.7%; ROE -10.9%.

The estimated value range is 37.54–97.87 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 85.79 USD, the price of 114.41 USD leaves a potential of -25.0% (value / price − 1) and a margin of safety of -33.4% (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 (indicators available: 4 of at least 6; score weight coverage: 50.0% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Revenue CAGR 3Y: 2.6%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage, P/E (TTM), Payout ratio (EPS).

Versus the vertical median

Real Estate Agents & Managers (For Others) (SIC 6531) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
—
vertical median 17.5x
EV/EBITDA
—
vertical median —
P/S
0.7x
vertical median 0.6x
above median (+22.3%)
P/B
1.9x
vertical median 2.1x
below median (−11.0%)
ROE
-10.9%
vertical median 2.4%
below median (−550.8%)
Net margin
-4.7%
vertical median 0.1%
below median (−3,413.4%)
EBIT margin
—
vertical median -2.4%
Revenue YoY
1.3%
vertical median 14.1%
below median (−90.7%)
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
2.8%
vertical median 1.8%
above median (+54.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
JLLJones Lang LaSalle Incorporated17.8 bn16.914.7%3.9%+11.4%+20% / +151%
COMPCompass, Inc.7.6 bn180.83.6%0.6%+23.7%−4% / +352%
VACMarriott Vacations Worldwide Corp3.9 bn—-10.9%-4.7%+1.3%+73% / +39%
OPENOpendoor Technologies Inc.1.9 bn—-196.9%-46.7%−15.2%−74% / −34%
MMIMarcus & Millichap, Inc.1.1 bn79.32.4%1.8%+8.5%+1% / −14%
AGNTAgnt, Inc.713.6 m—-6.9%-0.3%+4.5%−62% / −65%
OMHOhmyhome Limited346.1 m—-164.6%-75.2%+19.5%−63% / −83%
DOUGDouglas Elliman Inc.151.8 m5.616.3%2.5%+3.8%−37% / −14%
LHAILinkhome Holdings Inc.15.8 m—-5.6%-1.4%+175.7%−92% / unavailable
PETZTDH Holdings, Inc.12.8 m7.36.2%143.8%+122.0%+25% / −10%
OPADOfferpad Solutions Inc.11.8 m—-116.9%-11.3%−38.2%+19% / −78%
FTHMFathom Holdings Inc.6.1 m—-79.0%-6.3%+25.4%−86% / −94%
LRHCStratum Holdings Corp.1.4 m——-46.4%+16.7%−100% / unavailable
BEKEKE Holdings Inc.—154.84.4%3.2%+5.6%+8% / +17%
NMRKNewmark Group, Inc.—17.510.9%4.1%+20.3%−29% / +50%

1- and 3-year price returns: for VAC 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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    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 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

    In brief

    Marriott Vacations Worldwide is one of the largest global vacation companies, active in developing, selling, financing and managing vacation ownership resorts, and in exchanging vacations through Interval International. For 2025 the vacation ownership segment generated 4,805 mn USD out of 5,018 mn USD segment revenue 1, and 2026 guidance points to contract sales of 2,080 to 2,115 mn USD 3.

    SWOT

    Strengths

    • Global scale, licensed flagship brands and access to large loyalty programmes are hard to replicate.
    • A loyal owner base generates a large share of sales at lower marketing cost.
    • Recurring management and membership fees give more predictable cash flow than sales alone.

    Weaknesses

    • High corporate debt and reliance on securitising buyer loans increase sensitivity to credit conditions.
    • The exchange and third-party management segment has seen softer demand over recent years.
    • Vacation ownership segment margin slipped in the second quarter of 2026 due to higher marketing and sales costs.

    Opportunities

    • Growth in contract sales, new destinations and digital sales channels could support revenue expansion.
    • Monetising non-core assets and reacquiring sold intervals could improve margins and cash flow.
    • Growing recurring fee income could reduce reliance on cyclical sales.

    Threats

    • Weaker consumer confidence or tighter credit could reduce sales and financing capacity.
    • Health crises, natural disasters and travel policy changes can close resorts for long periods.
    • Changes to rules on selling and financing timeshares could raise costs or limit activity.

    Risks

    • Sensitivity to travel and the economyhigh

      Sales depend on visitor numbers and willingness to travel, both of which can fall in periods of economic uncertainty 1.

    • Buyer financing riskhigh

      The company finances a major share of sales, and defaults could lead to foreclosures and lower cash flow 1.

    • Inflation and operating costsmedium

      Higher labour, materials and interest costs can compress margins, especially if prices cannot be raised in proportion 1.

    • Complex regulationmedium

      The business is subject to many overlapping rules across jurisdictions, and failure to comply could bring fines or loss of licences 1.

    • Dependence on brand licenceslow

      Much of the business relies on long-term licences with Marriott and Hyatt, and changes to those agreements could affect customer access 1.

    Investment thesis

    What would need to be true (bull case)

    • If the raised 2026 guidance holds, higher contract sales and adjusted EBITDA could strengthen the company's position 3.
    • A loyal owner base and access to large loyalty programmes could support repeat sales at lower cost 1.
    • Lower debt and a stabilising leverage ratio could leave room to return capital to shareholders 3.

    What would break the thesis

    • Rapid growth in marketing costs and unsold maintenance fees could compress margins if sales slow 3.
    • High corporate debt and exposure to credit conditions could amplify the effects of a recession 3.
    • Demand for the exchange and third-party management segment has weakened in recent years, which could limit growth in that area 1.

    What to watch

    • Trend in vacation ownership segment margin and marketing costsQ3 2026
    • Net corporate leverage ratio and trend in non-recourse debtQ4 2026
    • Active Interval International members and revenue per memberQ4 2026

    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 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

    The business

    The company operates in two reportable segments: Vacation Ownership, which covers VOI sales and resort management, and Exchange & Third-Party Management, which includes the Interval International network and Aqua-Aston services 1. Its model rests on long-term licences with Marriott International and Hyatt that give it access to their loyalty programmes 1. Management aims to grow recurring revenue and reduce unsold inventory to support steadier cash flow 1.

    The company also finances most of the purchases it sells, earning interest through its consumer financing book, and rents unsold inventory to reduce carrying costs 1. Its strategy emphasises digital sales channels and data analytics to improve marketing efficiency 1.

    The business is capital-light relative to hotel ownership, since much of its inventory is developed or acquired on a deal-by-deal basis, and management says it can divest excess inventory when needed 1.

    Segments

    Exchange & Third-Party Management

    This segment earns fee income from memberships, exchange transactions and third-party property management, with demand softening over the past five years but with higher margins and modest capital needs 1. In the second quarter of 2026 active Interval International members declined slightly and average revenue per member was broadly flat 3.

    Market context

    The vacation ownership industry, also called timeshare, recorded US sales of about 10.5 bn USD in 2024, and the company believes there is potential for further growth in the US and globally 1. The market is concentrated among a few large developers and exchange networks, and demand depends on discretionary spending and access to consumer credit.

    The industry is sensitive to macroeconomic conditions, interest rates and consumer confidence, which can affect both sales and buyers' ability to finance purchases 1. If financing costs move faster than the rates developers charge, financing margins could compress 1.

    Trends

    • Growth from existing ownerstailwind

      About 70% of VOI sales in 2025 came from existing owners, who are cheaper to acquire and support volume and margins 1.

    • Financing costs and interest ratesheadwind

      The company finances more than half of its VOI sales, and if its financing rates do not rise as fast as funding costs, financing profit could be squeezed 1.

    • Digital tools and data analyticsmixed

      Investment in digital platforms and analytics could lower marketing costs and raise conversion of tour guests into buyers, but it brings cost and operational risk 13.

    • Inventory reduction and reacquisitionmixed

      Cutting unsold inventory and reacquiring previously sold intervals could improve cash flow, but the benefit depends on market conditions and capital availability 1.

    Competitive position

    The main rivals are other timeshare developers and exchange networks that compete for buyers through hotel brands and travel programmes. The company defends its position through exclusive access to the Marriott, Sheraton, Westin, Ritz-Carlton and Hyatt brands 1.

    In exchange services, competition is direct: Interval International competes with RCI, a subsidiary of Travel + Leisure Co, and differentiation depends on the quality of affiliated resorts and member loyalty 1.

    • Travel + Leisure CoTNL

      Owns RCI, one of the two leading exchange service providers for vacation ownership owners.

    • RCI, LLC

      Subsidiary of Travel + Leisure Co and the main rival of Interval International in vacation exchange.

    • Hilton Grand VacationsHGV

      Hotel-branded timeshare developer named in the industry alongside Marriott and Hyatt.

    • Disney Vacation Club

      Entertainment-brand timeshare programme competing for the same customers.

    News & filings

    In the press

    The latest news item in our archive is from 31 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Quarterly report04 Nov 2026
    • Current report04 Nov 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Quarterly report06 Aug 2026
    • Current report06 Aug 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report03 Aug 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report21 Jul 2026
      Departure or appointment of officers · Financial statements and exhibits
    • Current report18 May 2026
      Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
    • Quarterly report05 May 2026
    • Current report05 May 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Proxy statement26 Mar 2026

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Marriott Vacations Worldwide Corporation · 02 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Marriott Vacations Worldwide Corporation · 06 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Marriott Vacations Worldwide Corporation · 06 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.