MARRIOTT VACATIONS WORLDWIDE Corp (VAC) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Real estate · payout ratios computed from SEC filings, not taken from a data vendor.
Funds from operations is not shown for this company. It cannot be computed from what this company files — the inputs are absent from its XBRL, not zero. The figure marked in the table is operating cash flow instead.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | negative | The company lost $8.84 per share, so there are no earnings to pay a dividend out of and no ratio exists. |
| Operating cash flow | 392.9% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | negative | Operating cash flow was $29.0m short of capital spending, so no ratio exists. The dividend was not funded from free cash flow this year. |
Coverage rating 0 / 100 — Not covered. ? Peer standing · not rankedDirection 0/30Stability 0/20
Operating cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 392.9% |
| 2024-12-31 | 52.2% |
| 2023-12-31 | 45.7% |
| 2022-12-31 | 19.0% |
| 2021-12-31 | 6.7% |
| 2020-12-31 | 15.1% |
Coverage has deteriorated three years running — 19.0% to 392.9% — and the dividend now exceeds what the basis that applies can fund.
The arithmetic
- GAAP earnings — dividends declared per share $3.17 ÷ diluted EPS $-8.84
- Operating cash flow — dividends paid $110.0m ÷ operating cash flow $28.0m
- Free cash flow — dividends paid $110.0m ÷ (operating cash flow $28.0m − capex $57.0m)
Where the figures came from
- 10-K filed 2026-03-02 · accession
0001524358-26-000010
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- FFO not derivable (derived (NAREIT approximation)) — REIT page not publishable
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.