At a glance
Hilton Grand Vacations Inc is worth $2.69B, about 40 times its fiscal 2025 earnings. Revenue grew 1.3% to $5.05B in fiscal 2025, with 1.6% kept as profit; over 5 years it has grown 41.4% a year. It pays no dividend; it spent $1.67B buying back its shares over FY2021–FY2025. The stock returned −19.6% over the past year with dividends reinvested and −6.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 67.1% in the 2020 crash (S&P 500: 33.7%) and 39.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 45 months after the lows.
The business in plain English
Hilton Grand Vacations (HGV) is a timeshare company. It markets vacation ownership interests (VOIs). A VOI is a share of a resort, usually one week a year or every other year, or an allotment of points that can be used across a group of resorts. As of December 31, 2025, it had over 200 properties and more than 720,000 club members. Hilton spun HGV off in 2017 and licenses it the brand. HGV acquired Diamond Resorts in 2021 and Bluegreen Vacations in 2024.
Fiscal 2025 revenue was $5.05 billion. The real estate sales and financing segment brought in 59.2%. That covers VOI sales from its own inventory (35.9% of revenue), commissions for marketing other developers' units, and interest on loans to customers (10.2%). Resort operations and club management brought in 30.2%. That covers club fees, room rentals, and fees for running resorts on behalf of owners' associations, typically 10% to 15% of each resort's operating costs. Cost reimbursements made up the remaining 10.6%.
The US was the only country above 10% of fiscal 2025 revenue. Properties cluster in Florida, Hawaii, South Carolina, California, Arizona, Nevada, Virginia and Europe. Building resorts ties up cash for years, so HGV also markets units supplied by outside developers. In fiscal 2025, fee-for-service deals made up 17% of contract sales and just-in-time deals made up 9%.
Price history
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HGV -19.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Sales of VOIs, net | $1.81B | 35.9% |
| Resort and club management | $778.0M | 15.4% |
| Rental and ancillary services | $746.0M | 14.8% |
| Fee-for-service commissions, package sales and other fees | $664.0M | 13.2% |
| Cost reimbursements | $534.0M | 10.6% |
| Financing | $513.0M | 10.2% |
By business segment
| Real estate and financing | $2.99B | 59.2% |
| Resort Operations and Club Management | $1.52B | 30.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.96B, up 50.8% from a year earlier, and net income was $291.0M (+1064.0%).
- For fiscal 2025, revenue was $5.05B (+1.3% year over year; +41.4% a year from FY2020 to FY2025) with a 1.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +41.4% good |
|---|---|
| Free cash flow margin | 4.6% watch |
| Return on equity (FY2025) | 6.3% weak |
| Return on assets (FY2025) | 0.7% weak |
| Net cash (cash minus debt) | $-4.66B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $894.0M | $-201.0M | $71.0M |
| FY2021 | $2.33B | $176.0M | $150.0M |
| FY2022 | $3.83B | $352.0M | $689.0M |
| FY2023 | $3.98B | $313.0M | $281.0M |
| FY2024 | $4.98B | $47.0M | $267.0M |
| FY2025 | $5.05B | $81.0M | $230.0M |
Valuation snapshot
| Market value | $2.69B |
|---|---|
| P/E ratio | 39.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Hilton Grand Vacations’s market value went from $4.16B at the end of 2017 to $2.69B on Oct 28, 2026, down 35%; since the end of 2025 it is down 30%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.69B | -29.6% |
| 2025 | $3.83B | -0.2% |
| 2024 | $3.84B | -11.6% |
| 2023 | $4.34B | -2.2% |
| 2022 | $4.43B | -29.0% |
| 2021 | $6.24B | +134.1% |
| 2020 | $2.67B | -9.2% |
| 2019 | $2.94B | +14.9% |
| 2018 | $2.56B | -38.5% |
| 2017 | $4.16B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HGV price data to Oct 28, 2026 | -20.6% | -19.6% | -0.2% | -6.4% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -20.6% |
| 2025 | +14.9% |
| 2024 | -3.1% |
| 2023 | +4.3% |
| 2022 | -26.0% |
| 2021 | +66.2% |
| 2020 | -8.8% |
| 2019 | +30.3% |
| 2018 | -37.1% |
| 2017 | +62.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 60.1% over that stretch · deepest drop along the way 67.1%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 31.5% over that stretch · deepest drop along the way 39.5%, back to its old high 44.8 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($12.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 28, 2026 | Mark D Wang See Remarks, Director | sell | $9.9M |
| May 21, 2026 | Charles R. Jr. Corbin See Remarks | sell | $1.0M |
| Aug 6, 2026 | Charles R. Jr. Corbin See Remarks | sell | $970K |
| May 21, 2026 | Charles R. Jr. Corbin See Remarks | sell | $536K |
| May 19, 2026 | Carlos Hernandez See Remarks | sell | $261K |
Who owns it
Large shareholders (13G filings)
| Dimensional Fund Advisors LP | 5.2% | Sep 30, 2026 |
| FMR LLC | 3.8% | Mar 31, 2026 |
ETFs with the most weight in HGV
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.09% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.55% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.28% |
| NUSC Nuveen ESG Small-Cap ETF | 0.27% |
| SCDS JPMorgan Fundamental Data Science Small Core ETF | 0.24% |
| VTWG Vanguard Russell 2000 Growth ETF | 0.23% |
| RWK Invesco S&P MidCap 400 Revenue ETF | 0.22% |
| TPSC Timothy Plan US Small Cap Core ETF | 0.22% |
What could go wrong
- It does not own the Hilton name. HGV uses Hilton's brands under license. A breach could cost it timeshare exclusivity or the license itself, and rebranding Diamond and Bluegreen resorts depends on meeting its terms. Hilton's reputation matters too.
- Digesting the Diamond and Bluegreen deals. HGV is still folding in Diamond and Bluegreen, and has incurred substantial costs doing so. If integration falters, expected benefits may not arrive, and unhappy timeshare owners could complain, sue or harm its reputation.
- Light checks on customer loans. HGV lends to many customers without traditional checks such as income verification. If defaults rise, profits and cash flow fall, and its ability to package loans into bonds for funding could suffer.
- Heavy debt, partly at variable rates. As of June 30, 2026, total debt was $4.88 billion against $272 million of cash and investments. Some borrowing has variable rates, so rising interest rates raise costs. Loan terms also limit the company's flexibility.
- Resales, exit firms and maintenance fees. Owners reselling timeshares on the secondary market compete with HGV's new sales. Third-party exit companies encourage owners to quit, and higher maintenance fees could make the product less attractive or go unpaid.
- A flagged weakness in financial controls. In the fiscal 2025 10-K, management reported a material weakness: a significant gap in the internal controls meant to keep financial reports accurate. Such gaps raise the risk of reporting errors.
Recent events
- Major agreement signed
- Executive or board change; Other company announcement
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Major agreement signed
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results
- Quarterly results released
For income and retirement investors
Hilton Grand Vacations pays no dividend. Its fiscal 2025 10-K says it has no plans to pay one and that its debt could limit future payouts. For an income investor, any return depends on the share price, so drawing cash would mean trimming shares. Instead, the company repurchases its own stock. It spent $1.67 billion over fiscal 2021–2025, including $600 million in fiscal 2025. That was more than twice the year's $230 million of free cash flow (cash left after running and investing in the business). The share count fell 9.4% from July 2021 to July 2026, even though HGV issued new shares to acquire Diamond.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 67.1% in under a month, then recovered in about 10 months. In the 2022 bear market it fell 39.5% and did not regain that peak until June 24, 2026, nearly 45 months later. Single stocks like HGV carry more risk than diversified funds.
Questions investors ask
How does Hilton Grand Vacations make money?
Mostly from timeshare sales and the loans customers take out to pay for them. In fiscal 2025, the real estate sales and financing segment brought in 59.2% of $5.05 billion in revenue. That includes timeshare sales from its own inventory (35.9%), commissions on other developers' units, and loan interest (10.2%). Resort operations and club management added 30.2%, from club membership fees, room rentals and fees for running resorts for owners' associations. Cost reimbursements made up the remaining 10.6%.
Does Hilton Grand Vacations pay a dividend?
No. Hilton Grand Vacations pays no dividend. Its 10-K for fiscal 2025 says it has no plans to pay cash dividends and that its debt could limit payouts later. Instead, the company returns cash by repurchasing shares: $1.67 billion over fiscal 2021–2025, including $600 million in fiscal 2025. That reduces the share count but provides no regular income stream.
Is Hilton Grand Vacations owned by Hilton?
No. Hilton spun off Hilton Grand Vacations as a separate public company on January 3, 2017, and kept no ownership. HGV uses the Hilton Grand Vacations brand under a license. Depending on membership type, its more than 720,000 club members (as of December 31, 2025) can trade points for stays across Hilton's 25 brands and more than 9,000 properties. The tie carries risk: breaching the license could cost HGV its timeshare exclusivity or the license itself.
Is Hilton Grand Vacations profitable?
Yes, but thinly. Fiscal 2025 net income was $81 million on $5.05 billion of revenue, a net margin of 1.6%, or $0.89 per diluted share. That was well below the $352 million earned in fiscal 2022. In the quarter ended June 30, 2026, revenue rose 7.3% from a year earlier, but net income fell 52% to $12 million. As of October 28, 2026, the price-to-earnings ratio (share price divided by yearly earnings per share) was 39.9, based on fiscal 2025 earnings.
How much debt does Hilton Grand Vacations have?
About $4.88 billion as of June 30, 2026. That compares with $272 million of cash and investments and $1.10 billion of shareholders' equity (assets minus liabilities). The debt was larger than the company's stock market value of about $2.76 billion as of October 28, 2026. The 10-K warns that some borrowing has variable interest rates, so rising rates raise costs. It also says loan terms restrict how the company operates and could limit future dividends.