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 $5.7B against $3.7B — 1.5× the size. Marriott Vacations Worldwide Corporation has negative trailing earnings, so its P/E is not meaningful; Vail Resorts, Inc. trades at 38.2×. Marriott Vacations Worldwide Corporation grew revenue faster over the last twelve months: 4.59% against −4.26%. Vail Resorts, Inc. has the higher net margin (5.20% vs −4.75%) and the higher return on invested capital (7.60% vs −0.64%). Both pay a dividend; Vail Resorts, Inc. yields more (5.59% vs 2.99%). Across the 21 metrics below, Marriott Vacations Worldwide Corporation leads on 11 and Vail Resorts, Inc. on 10.

Valuation

Metric MTN VAC Resorts & Casinos median
P/E 38.25 n/m 16.84
P/S 2.00 0.71 0.57
P/B 10.18 1.76 2.02
Price to free cash flow 22.64 22.34 10.86
EV/EBITDA 11.81 n/m 8.92
EV/Sales 3.02 1.63 1.79
Earnings yield 2.61% (6.74%) 2.61%
Free cash flow yield 4.42% 4.48% 7.35%

Profitability

Metric MTN VAC Resorts & Casinos median
Gross margin 41.33% 90.94% 47.52%
Operating margin 14.82% (1.35%) 12.21%
Net margin 5.20% (4.75%) 3.87%
Free cash flow margin 8.83% 3.17% 5.15%
Return on equity 22.50% (10.91%) 19.64%
Return on assets 2.61% (2.55%) 1.70%
Return on invested capital 7.60% (0.64%) 6.38%

Growth

Metric MTN VAC Resorts & Casinos median
Revenue growth (TTM) (4.26%) 4.59% 3.08%
EPS growth (last fiscal year) (45.29%) (257.58%) 3.45%
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 2.55 0.06
Current ratio 0.80 3.78 0.91
Net debt to EBITDA 4.00 (1,236.75) 4.00

Dividend

Metric MTN VAC Resorts & Casinos median
Dividend yield 5.59% 2.99% 1.98%
Payout ratio 2.14 — 0.49

Size

Metric MTN VAC Resorts & Casinos median
Market cap 5.66b 3.69b 3.32b

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