At a glance
Marriot Vacations Worldwide is worth $3.86B. Revenue grew 1.3% to $5.03B in fiscal 2025, at a loss; over 5 years it has grown 11.8% a year. It pays a 2.85% dividend yield, raised every year for at least 5 years, and returned $1.63B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +71.2% over the past year with dividends reinvested and −3.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 71.1% in the 2020 crash (S&P 500: 33.7%) and 33.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Marriott Vacations Worldwide sells timeshares, which the industry calls vacation ownership interests. Buyers pay a fixed price for the right to use furnished resort units, often as points that can be redeemed across many resorts. They also pay an annual maintenance fee for upkeep. Its brands include Marriott Vacation Club, Sheraton Vacation Club, Westin Vacation Club, Hyatt Vacation Club and The Ritz-Carlton Club. It licenses these names from Marriott International and Hyatt, and the main agreements run to 2095 and 2093, respectively.
The company's income does not stop at the sale. Banks rarely lend to individual timeshare buyers, so the company often lends buyers much of the price itself and earns interest. It also collects fees for managing resorts for the owners' associations that oversee them, rents out rooms, and charges exchange, membership and club fees. Those fees and loan payments come in year after year from about 700,000 owner families.
It reports two segments. In the fiscal year ended December 31, 2025, Vacation Ownership brought in $4.8 billion, or 96% of segment revenue. Exchange & Third-Party Management brought in $213 million, or 4%. That segment includes the Interval International network, which lets owners swap stays at other resorts, and the Aqua-Aston resort management business. The company says demand there has softened over the past five years, though the segment still earns higher-margin fee income.
Price history
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VAC +71.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Cost reimbursements | $1.70B | 33.7% |
| Cost of vacation ownership products | $1.46B | 29.1% |
| Management and exchange | $860.0M | 17.1% |
| Rental | $650.0M | 12.9% |
| Exchange and other services revenues | $358.0M | 7.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.32B, up 5.9% from a year earlier, and net income was $77.0M (+11.6%).
- For fiscal 2025, revenue was $5.03B (+1.3% year over year; +11.8% a year from FY2020 to FY2025) with a -6.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.8% good |
|---|---|
| Free cash flow margin | -0.6% weak |
| Return on equity (FY2025) | -15.5% weak |
| Return on assets (FY2025) | -3.2% weak |
| Cash and investments | $211.0M (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.89B | $-275.0M | $258.0M |
| FY2021 | $3.89B | $49.0M | $296.0M |
| FY2022 | $4.66B | $391.0M | $457.0M |
| FY2023 | $4.73B | $254.0M | $114.0M |
| FY2024 | $4.97B | $218.0M | $148.0M |
| FY2025 | $5.03B | $-308.0M | $-29.0M |
Valuation snapshot
| Market value | $3.86B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.85% |
Rank among 1514 US companies
Market value at each year end
Marriot Vacations Worldwide’s market value went from $2.29B at the end of 2016 to $3.86B on Oct 28, 2026, up 68%; since the end of 2025 it is up 93%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.86B | +93.2% |
| 2025 | $2.00B | -36.3% |
| 2024 | $3.14B | +4.0% |
| 2023 | $3.02B | -41.5% |
| 2022 | $5.16B | -28.3% |
| 2021 | $7.20B | +27.7% |
| 2020 | $5.63B | +4.1% |
| 2019 | $5.41B | +63.2% |
| 2018 | $3.32B | -7.4% |
| 2017 | $3.58B | +56.4% |
| 2016 | $2.29B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VAC price data to Oct 28, 2026 | +100.2% | +71.2% | +13.2% | -3.6% | +8.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +100.2% |
| 2025 | -32.7% |
| 2024 | +9.6% |
| 2023 | -35.2% |
| 2022 | -18.9% |
| 2021 | +24.0% |
| 2020 | +7.2% |
| 2019 | +85.9% |
| 2018 | -47.0% |
| 2017 | +61.4% |
| 2016 | +51.8% |
| 2015 | -22.5% |
| 2014 | +41.8% |
| 2013 | +26.6% |
| 2012 | +142.8% |
| 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 65.1% over that stretch · deepest drop along the way 71.1%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.5% over that stretch · deepest drop along the way 33.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($83.9M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | Christian Asmar Director, 10% owner | sell | $83.6M |
| Aug 17, 2026 | Kathleen A. Pighini See Remarks | sell | $300K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.8% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.55% | Mar 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 4.99% | Dec 31, 2025 |
| Dimensional Fund Advisors LP | 4.5% | Jun 30, 2026 |
| Senvest Management, LLC | 3.4% | Dec 31, 2025 |
ETFs with the most weight in VAC
| BYRE Principal Real Estate Active Opportunities ETF | 1.22% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 1.17% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.63% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.59% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 0.51% |
| NIXT Research Affiliates Deletions ETF | 0.45% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.34% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.32% |
What could go wrong
- Losing the Marriott or Hyatt brands. The company licenses its brand names from Marriott International and Hyatt. If those licenses ended or the brands' reputations slipped, sales could suffer. Either licensor could also compete in vacation ownership in the future.
- Buyers defaulting on timeshare loans. The company lends buyers much of the purchase price. Higher defaults could cut income and cash flow. They could also hamper securitization, where loans are bundled into bonds and sold to investors for cash.
- Spanish court rulings on timeshare contracts. Courts in Spain have voided certain timeshare contracts. The company says these rulings have raised its exposure to lawsuits, which could materially hurt its business and financial condition.
- Resale timeshares and the industry's image. Existing owners reselling their timeshares on the secondary market can undercut new sales and margins. Negative public views of the timeshare industry could also weigh on the business.
- Borrowing, including convertible notes. The company carries debt, including convertible notes (bonds that can turn into shares), and may borrow more. Debt terms can limit its options, and breaching them could strain cash and liquidity.
- Disasters and travel disruptions at key resorts. Much of its selling happens at resorts, so anything that deters travel hurts. The 2023 Maui wildfires temporarily closed its Maui resorts and sales centers, hurting results in 2023 and 2024.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Marriott Vacations Worldwide pays a dividend and has raised it five years in a row. Dividends grew from $0.54 per share in fiscal 2020 to $3.17 in fiscal 2025, and the yield was 2.85% as of October 28, 2026. The weak spot is whether earnings and cash flow cover the dividend. In fiscal 2025 the company paid $110 million in dividends while posting a net loss of $308 million. Its free cash flow (cash from operations left after capital spending) was negative $29 million. Its annual report also warns that its ability to pay dividends is limited.
Buybacks have been larger than dividends: $1.18 billion over fiscal 2021–2025, against $445 million in dividends. The share count fell 19.3% between November 2021 and July 2026. In the 2020 COVID crash, the stock dropped 71% from peak to trough and recovered in about eight months. It fell 34% from its peak in the 2022 bear market and had not regained that peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Marriott Vacations Worldwide raise its dividend every year?
It has raised its dividend five years in a row, through fiscal 2025. Dividends per share rose from $0.54 in fiscal 2020 to $3.17 in fiscal 2025, and the yield was 2.85% as of October 28, 2026. Profits did not cover the latest increase, though. In fiscal 2025 the company paid $110 million in dividends despite a $308 million net loss. Its annual report also warns that its ability to pay dividends is limited.
How does Marriott Vacations Worldwide make money?
Almost all of its revenue comes from timeshares, which it calls vacation ownership. It sells them, lends many buyers part of the price and earns interest, manages resorts for fees, rents out rooms, and charges exchange and club fees. In fiscal 2025 the Vacation Ownership segment brought in $4.8 billion, or 96% of segment revenue. Exchange & Third-Party Management, which includes Interval International and Aqua-Aston, brought in $213 million, or 4%.
Is Marriott Vacations Worldwide part of Marriott International?
No. Marriott Vacations Worldwide is a separate public company listed on the NYSE. It uses the Marriott, Sheraton, Westin and Ritz-Carlton names under long-term licenses from Marriott International, and the main agreement expires in 2095. It uses the Hyatt name under a license that expires in 2093. Owners who are Marriott Bonvoy or World of Hyatt members can generally use their timeshare rights for stays at participating hotels. Losing a license could materially harm the business.
Did Marriott Vacations Worldwide make money in 2025?
No. For the fiscal year ended December 31, 2025, it reported a net loss of $308 million on revenue of $5.03 billion, or a loss of $8.84 per diluted share. In fiscal 2024 it had earned $218 million. Free cash flow was also negative, at minus $29 million. In the quarter ended June 30, 2026, it earned $77 million on revenue of $1.32 billion. That revenue was up 5.9% from a year earlier.
How has VAC stock performed over the long run?
Unevenly. As of October 28, 2026, the share price had returned 8.4% a year over 10 years but lost 3.6% a year over five years. The stock was up 100.2% in 2026 through that date, after falling 32.7% in 2025 and 35.2% in 2023. The swings are large. It dropped 71% from peak to trough in the 2020 COVID crash, and its deepest fall in about 15 years of trading was 74.9%.