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 $4.9B against $3.5B — 1.4× the size. Marriott Vacations Worldwide Corporation has negative trailing earnings, so its P/E is not meaningful; Vail Resorts, Inc. trades at 30.9×. Marriott Vacations Worldwide Corporation grew revenue faster over the last twelve months: 1.67% against −4.29%. Vail Resorts, Inc. has the higher net margin (5.54% vs −6.47%) and the higher return on invested capital (7.57% vs −1.51%). Both pay a dividend; Vail Resorts, Inc. yields more (3.81% vs 2.28%). 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 30.86 n/m 18.52
P/S 1.71 0.69 0.54
P/B 5.29 1.74 2.13
Price to free cash flow 25.84 35.08 13.62
EV/EBITDA 10.26 n/m 9.18
EV/Sales 2.64 1.65 1.80
Earnings yield 3.24% (9.39%) 1.69%
Free cash flow yield 3.87% 2.85% 6.51%

Profitability

Metric MTN VAC Resorts & Casinos median
Gross margin 41.63% 90.72% 50.85%
Operating margin 15.20% (3.27%) 10.41%
Net margin 5.54% (6.47%) 1.28%
Free cash flow margin 6.63% 1.98% 4.23%
Return on equity 14.70% (14.71%) 5.28%
Return on assets 2.74% (3.45%) 0.57%
Return on invested capital 7.57% (1.51%) 5.61%

Growth

Metric MTN VAC Resorts & Casinos median
Revenue growth (TTM) (4.29%) 1.67% 2.76%
EPS growth (last fiscal year) 24.05% (257.58%) —
Revenue growth, 5-year CAGR 8.59% 11.76% 24.21%
Net income growth, 5-year CAGR 23.16% 0.00% 0.00%

Health

Metric MTN VAC Resorts & Casinos median
Debt to equity 3.30 2.65 1.94
Current ratio 0.91 3.56 0.91
Net debt to EBITDA 3.20 (1,236.75) 3.08

Dividend

Metric MTN VAC Resorts & Casinos median
Dividend yield 3.81% 2.28% 1.27%
Payout ratio 1.18 0.32 0.00

Size

Metric MTN VAC Resorts & Casinos median
Market cap 4.91b 3.47b 2.43b

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