Hilton Grand Vacations vs Marriott Vacations Worldwide
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The short version
- Hilton Grand Vacations is the larger business, with $5.0B of revenue in fiscal 2025 against $5.0B for Marriott Vacations Worldwide.
- Hilton Grand Vacations turned more of its sales into free cash flow (4.6% FCF margin, against β0.6%).
| Latest fiscal year | HGV Β· FY25 | VAC Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.9B | $4.2B |
| Revenue | $5.0B | $5.0B |
| Free cash flow | $230M | β$29.0M |
| Net income | $81.0M | β$308M |
| Growth | ||
| Revenue growth | 1.3% | 1.3% |
| 5-year growth | 41.4% | 11.8% |
| Share count change | β11.3% | β17.1% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 1.6% | β6.1% |
| FCF margin | 4.6% | β0.6% |
| Return on capital | 4.6% | β |
| Return on equity | 5.3% | β13.9% |
| Balance sheet | ||
| Net debt | $4.3B | β |
| Net debt / EBITDA | 5.7x | β |
| Dividends and buybacks | $600M | $171M |
| Valuation & quality | ||
| P/E | 20.5x | β |
| Piotroski F-score | β | β |
Revenue
FY16
HGV $1.6B
VAC $2.0B
FY17
HGV $1.7B
VAC $2.2B
FY18
HGV $2.0B
VAC $3.0B
FY19
HGV $1.8B
VAC $4.3B
FY20
HGV $894M
VAC $2.9B
FY21
HGV $2.3B
VAC $3.9B
FY22
HGV $3.8B
VAC $4.7B
FY23
HGV $4.0B
VAC $4.7B
FY24
HGV $5.0B
VAC $5.0B
FY25
HGV $5.0B
VAC $5.0B
HGV
VAC
Operating margin
FY16
HGV β
VAC β
FY17
HGV β
VAC β
FY18
HGV β
VAC β
FY19
HGV β
VAC β
FY20
HGV β
VAC β
FY21
HGV β
VAC β
FY22
HGV β
VAC β
FY23
HGV β
VAC β
FY24
HGV β
VAC β
FY25
HGV β
VAC β
HGV
VAC
Free cash flow
FY16
HGV $156M
VAC $106M
FY17
HGV $321M
VAC $116M
FY18
HGV β$208M
VAC $57.0M
FY19
HGV $106M
VAC $336M
FY20
HGV $71.0M
VAC $258M
FY21
HGV $150M
VAC $296M
FY22
HGV $689M
VAC $457M
FY23
HGV $281M
VAC $114M
FY24
HGV $267M
VAC $148M
FY25
HGV $230M
VAC β$29.0M
HGV
VAC
Return on capital
FY16
HGV β
VAC β
FY17
HGV 49.6%
VAC β
FY18
HGV 34.3%
VAC β
FY19
HGV 20.5%
VAC β
FY20
HGV β15.4%
VAC β
FY21
HGV 8.8%
VAC β
FY22
HGV 10.1%
VAC β
FY23
HGV 9.6%
VAC β
FY24
HGV 4.3%
VAC β
FY25
HGV 4.6%
VAC β
HGV
VAC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.