Marriott Vacations Worldwide Corporation

NYSE•VAC

CEO: Mr. John E. Geller Jr.

セクター: Consumer Cyclical

業種: Gambling, Resorts & Casinos

上場日: 2011-11-08

Marriott Vacations Worldwide Corporation, a vacation company, develops, markets, sells, and manages vacation ownership and related businesses, products, and services in the United States and internationally. It operates through two segments, Vacation Ownership and Exchange & Third-Party Management. The company manages vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, Hyatt Vacation Club, and Marriott Vacation Club Pulse brands. It develops, markets, and sells vacation ownership and related products under The Ritz-Carlton Destination Club brand; and holds right to develop, market, and sell ownership residential products under The Ritz-Carlton Residences brand. In addition, the company offers exchange networks and membership programs, as well as provision of management services to other resorts and lodging properties through Interval International, and Aqua-Aston business brands. Further, it provides financing consumer purchases of vacation ownership products, and renting vacation ownership inventory. The company sells its upscale tier vacation ownership products primarily through a network of resort-based sales centers and off-site sales locations. The company was founded in 1984 and is headquartered in Orlando, Florida.

連絡先情報

7812 Palm Parkway, Orlando, FL, 32836, United States

407-206-6000

www.marriottvacationsworldwide.com

時価総額

$2.29B

PER (TTM)

-7.5

配当利回り

4.8%

52週高値

$86.33

52週安値

$44.58

52週レンジ

51%

順位45Top 56.8%

3.6

F-Score

改良版 Piotroski 分析

10年ファンダメンタル

弱い • 3.6 / 9 ポイント

スコアレンジ (0-9)

8-9: 価値が優れている

6-7: 基礎体質が強い

4-5: 全体的に堅調

0-3: パフォーマンスが弱い

データ期間: 2016-2025

財務ダッシュボード

Q4 2025 データ

売上高

$1.32B+0.00%

直近4四半期の推移

EPS

-$12.35+0.00%

直近4四半期の推移

フリーCF

-$6.00M+0.00%

直近4四半期の推移

2025 Annual 決算ハイライト

主なハイライト

Total Revenue Modest Growth Total Revenues reached $5,032 M, reflecting a 1% increase versus $4,967 M reported previously.

Adjusted EBITDA Improvement Adjusted EBITDA was $751 M, improving 2% from $736 M, indicating stable core profitability before large charges.

Financing Profit Increased Financing Profit grew 7% to $210 M, driven by higher interest income on increased average notes receivable balance.

Owner Sales Loyalty Strong Repeat purchasing behavior strong, with 70% of 2025 VOI sales generated from existing, lower-cost owner base.

リスク要因

Massive Impairment Charges Recorded Non-cash Impairment charges surged to $577 M in 2025, driven by development strategy review and underperforming assets.

Vacation Ownership Sales Decline Consolidated Contract Sales fell 3% to $1,762 M, alongside a 3% drop in Volume Per Guest (VPG) metric.

Exchange Segment Revenue Drop Exchange & Third-Party Management segment revenues declined 8% to $213 M due to lower transaction volumes globally.

Net Loss Attributable to Stockholders Net Loss attributable to common stockholders reached $(308) M in 2025, a significant reversal from prior year net income.

見通し

Focus on Profitability and Cash Flow 2026 priorities focus on stronger profitability, improving cash flow, tightening cost structure, and refining global development strategy.

Asia Pacific Strategy Shift Asia Pacific strategy revised, scaling back growth expectations and deferring resort purchases due to higher customer default rates.

Asset Monetization Plan Expect generating $250 M to $300 M net cash proceeds over two years from disposition of identified non-core property and equipment assets.

Modernization Savings Expected Expect non-recurring expenses of approximately $100 M in 2026 related to modernization initiatives following Q3 2025 outsourcing.

同業比較

売上高 (TTM)

SAH

$15.15B

+6.5%

PENN

$6.96B

+5.8%

VSCO

$6.55B

+5.2%

粗利益率 (最新四半期)

SBET

97.6%

+76.4pp

CAKE

78.4%

+36.7pp

ZGN

67.5%

+1.1pp

主要指標

銘柄コード	時価総額	PER (TTM)	ROE (TTM)	負債比率
VSCO	$3.61B	24.0	24.6%	0.0%
GTX	$3.44B	11.0	-39.7%	63.7%
LCII	$2.98B	15.9	13.8%	38.9%

長期トレンド

直近4四半期

売上高

純利益

営業キャッシュフロー

4四半期売上高CAGR

3.3%

緩やかな成長

4四半期純利益CAGR

N/M

収益構造の変化

キャッシュフロー安定性

75%

キャッシュフローの変動が大きい

深度リサーチ

次回決算:2026年4月30日

EPS:$1.70

売上高:$1.20B

財務データ

決算説明会

財務レポート

ニュース

損益計算書

バランスシート

キャッシュフロー計算書

財務比率

変化率

損益計算書	直近12ヶ月

データなし