Vail Resorts, Inc. (MTN) vs Marriott Vacations Worldwide Corporation (VAC)

Vail Resorts, Inc. and Marriott Vacations Worldwide Corporation are both Resorts & Casinos companies. Vail Resorts, Inc. is the larger, with a market value of $5.5B against $3.9B — 1.4× the size. Marriott Vacations Worldwide Corporation has negative trailing earnings, so its P/E is not meaningful; Vail Resorts, Inc. trades at 39.1×. Marriott Vacations Worldwide Corporation grew revenue faster over the last twelve months: 1.67% against −4.26%. Vail Resorts, Inc. has the higher net margin (5.20% vs −6.47%) and the higher return on invested capital (7.60% vs −1.51%). Both pay a dividend; Vail Resorts, Inc. yields more (5.86% vs 2.88%). Across the 21 metrics below, Vail Resorts, Inc. leads on 12 and Marriott Vacations Worldwide Corporation on 9.

Valuation

Metric MTN VAC Resorts & Casinos median
P/E 39.10 n/m 17.15
P/S 1.91 0.75 0.53
P/B 9.71 1.88 2.09
Price to free cash flow 21.61 37.91 9.94
EV/EBITDA 11.45 n/m 8.87
EV/Sales 2.93 1.71 1.78
Earnings yield 2.56% (8.68%) 1.35%
Free cash flow yield 4.63% 2.64% 7.20%

Profitability

Metric MTN VAC Resorts & Casinos median
Gross margin 41.33% 90.72% 50.85%
Operating margin 14.82% (3.27%) 10.41%
Net margin 5.20% (6.47%) 1.28%
Free cash flow margin 8.83% 1.98% 4.23%
Return on equity 22.50% (14.71%) 5.28%
Return on assets 2.61% (3.45%) 0.57%
Return on invested capital 7.60% (1.51%) 5.61%

Growth

Metric MTN VAC Resorts & Casinos median
Revenue growth (TTM) (4.26%) 1.67% 2.76%
EPS growth (last fiscal year) (36.54%) (257.58%) 8.54%
Revenue growth, 5-year CAGR 8.25% 11.76% 24.21%
Net income growth, 5-year CAGR 2.91% 0.00% 0.00%

Health

Metric MTN VAC Resorts & Casinos median
Debt to equity 5.72 2.65 1.94
Current ratio 0.80 3.56 0.91
Net debt to EBITDA 4.00 (1,236.75) 3.48

Dividend

Metric MTN VAC Resorts & Casinos median
Dividend yield 5.86% 2.88% 1.94%
Payout ratio 2.29 — 0.37

Size

Metric MTN VAC Resorts & Casinos median
Market cap 5.45b 3.86b 2.44b

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