Travel + Leisure vs Marriott Vacations Worldwide
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The short version
- Marriott Vacations Worldwide is the larger business, with $5.0B of revenue in fiscal 2025 against $4.0B for Travel + Leisure.
- Travel + Leisure grew revenue faster (4.1%, against 1.3%).
- Travel + Leisure turned more of its sales into free cash flow (13.0% FCF margin, against −0.6%).
| Latest fiscal year | TNL · FY25 | VAC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $4.2B |
| Revenue | $4.0B | $5.0B |
| Free cash flow | $523M | −$29.0M |
| Net income | $230M | −$308M |
| Growth | ||
| Revenue growth | 4.1% | 1.3% |
| 5-year growth | 13.2% | 11.8% |
| Share count change | −5.4% | −17.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 13.8% | — |
| Net margin | 5.7% | −6.1% |
| FCF margin | 13.0% | −0.6% |
| Return on capital | 8.5% | — |
| Return on equity | — | −13.9% |
| Balance sheet | ||
| Net debt | $5.3B | — |
| Net debt / EBITDA | 7.9x | — |
| Dividends and buybacks | $450M | $171M |
| Valuation & quality | ||
| P/E | 17.5x | — |
| Piotroski F-score | — | — |
FY16
TNL $3.7B
VAC $2.0B
FY17
TNL $3.8B
VAC $2.2B
FY18
TNL $3.9B
VAC $3.0B
FY19
TNL $4.0B
VAC $4.3B
FY20
TNL $2.2B
VAC $2.9B
FY21
TNL $3.1B
VAC $3.9B
FY22
TNL $3.6B
VAC $4.7B
FY23
TNL $3.8B
VAC $4.7B
FY24
TNL $3.9B
VAC $5.0B
FY25
TNL $4.0B
VAC $5.0B
TNL
VAC
FY16
TNL 17.8%
VAC —
FY17
TNL 11.5%
VAC —
FY18
TNL 13.3%
VAC —
FY19
TNL 20.1%
VAC —
FY20
TNL −4.9%
VAC —
FY21
TNL 19.7%
VAC —
FY22
TNL 18.3%
VAC —
FY23
TNL 19.2%
VAC —
FY24
TNL 19.0%
VAC —
FY25
TNL 13.8%
VAC —
TNL
VAC
FY16
TNL $846M
VAC $106M
FY17
TNL $879M
VAC $116M
FY18
TNL $343M
VAC $57.0M
FY19
TNL $344M
VAC $336M
FY20
TNL $305M
VAC $258M
FY21
TNL $511M
VAC $296M
FY22
TNL $390M
VAC $457M
FY23
TNL $276M
VAC $114M
FY24
TNL $383M
VAC $148M
FY25
TNL $523M
VAC −$29.0M
TNL
VAC
FY16
TNL —
VAC —
FY17
TNL —
VAC —
FY18
TNL —
VAC —
FY19
TNL —
VAC —
FY20
TNL −1.9%
VAC —
FY21
TNL 10.8%
VAC —
FY22
TNL 11.5%
VAC —
FY23
TNL 13.5%
VAC —
FY24
TNL 12.0%
VAC —
FY25
TNL 8.5%
VAC —
TNL
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.