Marriott Vacations Worldwide Corporation
VAC Consumer Cyclical Resorts & Casinos
Marriott Vacations Worldwide Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.0 billion, up 1.31% from fiscal 2024. In the quarter to June 2026, revenue grew 5.94%, EPS grew 11.6%, free cash flow grew 123.5% and total debt rose 1.26%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five; insiders bought in the last twelve months.
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Marriott Vacations Worldwide Corporation (VAC) Altman Z-score
Marriott Vacations Worldwide Corporation's Altman Z-score for fiscal 2025 is 1.06, 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 | 1.06 | (0.34) |
| FY2024 | 1.40 | 0.03 |
| FY2023 | 1.37 | (0.27) |
| FY2022 | 1.64 | 0.06 |
| FY2021 | 1.58 | 0.34 |
| FY2020 | 1.24 | (0.39) |
| FY2019 | 1.63 | 0.50 |
| FY2018 | 1.13 | (2.11) |
| FY2017 | 3.24 | 0.15 |
| FY2016 | 3.09 | 0.34 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.39 | |
| Retained earnings / total assets | 0.04 | — | 0.06 | |
| EBIT / total assets | (0.02) | — | −0.06 | |
| Market value of equity / total liabilities | 0.26 | — | 0.16 | |
| Sales / total assets | 0.52 | — | 0.52 | |
| Altman Z-score | Distress zone | 1.06 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.41 | ||
Z and Z″ put Marriott Vacations Worldwide Corporation in different zones: distress zone by Z, grey 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. compare | 1.4× |
| VAC Marriott Vacations Worldwide Corporation | 1.1× |
| MGM MGM Resorts International compare | 0.8× |
| CZR Caesars Entertainment, Inc. 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