Vail Resorts 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 $2.8B for Vail Resorts, about 1.8 times as much.
- Marriott Vacations Worldwide grew revenue faster (1.3%, against −4.3%).
- Vail Resorts turned more of its sales into free cash flow (8.7% FCF margin, against −0.6%).
| Latest fiscal year | MTN · FY26 | VAC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.2B | $4.2B |
| Revenue | $2.8B | $5.0B |
| Free cash flow | $248M | −$29.0M |
| Net income | $148M | −$308M |
| Growth | ||
| Revenue growth | −4.3% | 1.3% |
| 5-year growth | 8.3% | 11.8% |
| Share count change | −3.8% | −17.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 14.8% | — |
| Net margin | 5.2% | −6.1% |
| FCF margin | 8.7% | −0.6% |
| Return on capital | 8.1% | — |
| Return on equity | 44.4% | −13.9% |
| Balance sheet | ||
| Net debt | $3.4B | — |
| Net debt / EBITDA | 4.6x | — |
| Dividends and buybacks | $362M | $171M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 5 | — |
Revenue
FY17
MTN $1.9B
VAC $2.2B
FY18
MTN $2.0B
VAC $3.0B
FY19
MTN $2.3B
VAC $4.3B
FY20
MTN $2.0B
VAC $2.9B
FY21
MTN $1.9B
VAC $3.9B
FY22
MTN $2.5B
VAC $4.7B
FY23
MTN $2.9B
VAC $4.7B
FY24
MTN $2.9B
VAC $5.0B
FY25
MTN $3.0B
VAC $5.0B
FY26
MTN $2.8B
VAC —
MTN
VAC
Operating margin
FY17
MTN 19.9%
VAC —
FY18
MTN 20.3%
VAC —
FY19
MTN 21.0%
VAC —
FY20
MTN 11.4%
VAC —
FY21
MTN 13.7%
VAC —
FY22
MTN 23.8%
VAC —
FY23
MTN 17.5%
VAC —
FY24
MTN 16.9%
VAC —
FY25
MTN 18.9%
VAC —
FY26
MTN 14.8%
VAC —
MTN
VAC
Free cash flow
FY17
MTN $327M
VAC $116M
FY18
MTN $408M
VAC $57.0M
FY19
MTN $442M
VAC $336M
FY20
MTN $223M
VAC $258M
FY21
MTN $410M
VAC $296M
FY22
MTN $518M
VAC $457M
FY23
MTN $323M
VAC $114M
FY24
MTN $378M
VAC $148M
FY25
MTN $320M
VAC −$29.0M
FY26
MTN $248M
VAC —
MTN
VAC
Return on capital
FY17
MTN 11.3%
VAC —
FY18
MTN 13.9%
VAC —
FY19
MTN 12.7%
VAC —
FY20
MTN 5.9%
VAC —
FY21
MTN 6.6%
VAC —
FY22
MTN 12.5%
VAC —
FY23
MTN 9.8%
VAC —
FY24
MTN 9.0%
VAC —
FY25
MTN 10.6%
VAC —
FY26
MTN 8.1%
VAC —
MTN
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.