Hilton Grand Vacations Inc.
HGV Consumer Cyclical Resorts & Casinos
Hilton Grand Vacations Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.0 billion, up 1.33% from fiscal 2024. In the quarter to June 2026, revenue grew 7.27%, EPS fell 42.3%, free cash flow grew 318.5% and total debt rose 9.88%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Hilton Grand Vacations Inc. (HGV) Altman Z-score
Hilton Grand Vacations Inc.'s Altman Z-score for fiscal 2025 is 1.36, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.36 | (0.03) |
| FY2024 | 1.38 | (0.33) |
| FY2023 | 1.71 | 0.00 |
| FY2022 | 1.71 | 0.20 |
| FY2021 | 1.51 | 0.08 |
| FY2020 | 1.43 | (1.04) |
| FY2019 | 2.48 | (0.39) |
| FY2018 | 2.87 | (0.64) |
| FY2017 | 3.51 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.45 | — | 0.54 | |
| Retained earnings / total assets | 0.00 | — | 0.00 | |
| EBIT / total assets | 0.04 | — | 0.13 | |
| Market value of equity / total liabilities | 0.40 | — | 0.24 | |
| Sales / total assets | 0.44 | — | 0.44 | |
| Altman Z-score | Distress zone | 1.36 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.40 | ||
Z and Z″ put Hilton Grand Vacations Inc. in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MCRI Monarch Casino & Resort, Inc. compare | 8.5× |
| BYD Boyd Gaming Corporation compare | 2.5× |
| RRR Red Rock Resorts, Inc. compare | 1.6× |
| MTN Vail Resorts, Inc. compare | 1.5× |
| HGV Hilton Grand Vacations Inc. | 1.4× |
| VAC Marriott Vacations Worldwide Corporation compare | 1.1× |
| CZR Caesars Entertainment, Inc. compare | 0.5× |
| MLCO Melco Resorts & Entertainment Limited compare | 0.5× |
| PENN PENN Entertainment, Inc. compare | 0.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets