Marriott Vacations Worldwide Corp. (VAC) intrinsic value & 10-year financials
Marriott Vacations Worldwide Corp. (VAC) has a Graham intrinsic value of $118.58 per share. At $110.93 on Oct 17, 2026, the stock trades 6% below that value. Over the last 10 fiscal years revenue grew 10.7% a year to $4.7B, with an average return on invested capital of 5.1%.
- Graham intrinsic value
- $118.58
- Share price (Oct 17, 2026)
- $110.93
- Price vs Graham value
- 6% below
- Market cap
- $3.9B
- Revenue (FY2025)
- $4.7B
- Revenue growth (10-yr CAGR)
- 10.7%
- ROIC (10-yr avg)
- 5.1%
- Free cash flow (FY2025)
- -$29.0M
VAC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.7B | -$308.0M | -$8.84 | -$29.0M | — | -5.9% |
| FY2024 | $4.6B | $218.0M | $5.61 | $148.0M | — | 4.1% |
| FY2023 | $4.4B | $254.0M | $6.28 | $114.0M | — | 5.0% |
| FY2022 | $4.4B | $391.0M | $8.77 | $457.0M | — | 7.6% |
| FY2021 | $3.6B | $49.0M | $1.13 | $296.0M | — | 1.0% |
| FY2020 | $2.6B | -$275.0M | -$6.65 | $258.0M | — | -5.7% |
| FY2019 | $4.1B | $138.0M | $3.09 | $336.0M | — | 4.3% |
| FY2018 | $2.8B | $55.0M | $1.61 | $57.0M | — | 2.4% |
| FY2017 | $2.0B | $226.8M | $8.18 | $115.9M | — | 23.2% |
| FY2016 | $1.9B | $137.3M | $4.83 | $106.6M | — | 15.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MARRIOTT VACATIONS WORLDWIDE Corp is a consistent compounder, expanding top-line revenue at 10.7% annually over the past decade.
MARRIOTT VACATIONS WORLDWIDE Corp has historically struggled to out-earn its cost of capital, averaging just 5.1% ROIC.
MARRIOTT VACATIONS WORLDWIDE Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MARRIOTT VACATIONS WORLDWIDE Corp is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $118.58 per share.