Hyatt vs Hilton Grand Vacations

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KIRA’s take AI analyst

I put Hyatt and Hilton Grand Vacations side by side, using each one’s latest annual report. Here is what stands out:

Hyatt is the larger business, with $7.1B of revenue in fiscal 2025 against $5.0B for Hilton Grand Vacations.
Hyatt grew revenue faster (6.8%, against 1.3%).
Hilton Grand Vacations turned more of its sales into free cash flow (4.6% FCF margin, against 2.2%).
Hilton Grand Vacations earned a higher return on the capital invested in it (4.6%, against 3.0%).

Who comes out ahead

Of the 8 measures where higher (or lower) is clearly better, how many each company leads.

Hyatt

2/8

Revenue growthNet debt / EBITDA

Hilton Grand Vacations

HGV

6/8

5-year growthNet marginFCF marginReturn on capitalReturn on equityShare count change

Side by side

Best in the row

Latest fiscal year	H FY25	HGV FY25
Size
Market cap	$16.6B	$2.9B
Revenue	$7.1B	$5.0B
Free cash flow	$159M	$230M
Net income	−$52.0M	$81.0M
Growth
Revenue growth	6.8%	1.3%
5-year growth	28.0%	41.4%
Share count change	−6.8%	−11.3%
Profitability
Gross margin	—	—
Operating margin	—	—
Net margin	−0.7%	1.6%
FCF margin	2.2%	4.6%
Return on capital	3.0%	4.6%
Return on equity	−1.5%	5.3%
Balance sheet
Net debt	$3.5B	$4.3B
Net debt / EBITDA	4.8x	5.7x
Dividends and buybacks	$350M	$600M
Valuation & quality
P/E	—	20.4x
Piotroski F-score	4	—

Ten years

Revenue

FY16

H $4.4B

HGV $1.6B

FY17

H $4.7B

HGV $1.7B

FY18

H $4.5B

HGV $2.0B

FY19

H $5.0B

HGV $1.8B

FY20

H $2.1B

HGV $894M

FY21

H $3.0B

HGV $2.3B

FY22

H $5.9B

HGV $3.8B

FY23

H $6.7B

HGV $4.0B

FY24

H $6.6B

HGV $5.0B

FY25

H $7.1B

HGV $5.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

H HGV

Operating margin

FY16

H —

HGV —

FY17

H —

HGV —

FY18

H —

HGV —

FY19

H —

HGV —

FY20

H —

HGV —

FY21

H —

HGV —

FY22

H —

HGV —

FY23

H —

HGV —

FY24

H —

HGV —

FY25

H —

HGV —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

H HGV

Free cash flow

FY16

H $251M

HGV $156M

FY17

H $289M

HGV $321M

FY18

H $44.0M

HGV −$208M

FY19

H $27.0M

HGV $106M

FY20

H −$733M

HGV $71.0M

FY21

H $204M

HGV $150M

FY22

H $473M

HGV $689M

FY23

H $602M

HGV $281M

FY24

H $463M

HGV $267M

FY25

H $159M

HGV $230M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

H HGV

Return on capital

FY16

H 5.2%

HGV —

FY17

H 8.8%

HGV 49.6%

FY18

H 17.7%

HGV 34.3%

FY19

H 17.7%

HGV 20.5%

FY20

H −14.2%

HGV −15.4%

FY21

H 1.9%

HGV 8.8%

FY22

H 8.5%

HGV 10.1%

FY23

H 5.7%

HGV 9.6%

FY24

H 24.2%

HGV 4.3%

FY25

H 3.0%

HGV 4.6%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

H HGV

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.