← Marriott Vacations Worldwide
The business behind the dividend
| Measure | VAC | Median | Formula |
|---|---|---|---|
| Return on equity | -15.5% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -7.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-216.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-29.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -6.4% | 15.0% | Operating income ÷ revenue |
| Net margin | -6.6% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.08x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -1.26x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -15.5% | 8.9% | 10.7% | 15.7% | 1.6% | -10.4% | 4.6% | 1.6% | 22.6% | 13.4% | 4.6% |
| Return on capital employed | -7.2% | 6.7% | 8.9% | 13.1% | 2.6% | -8.0% | 4.6% | 2.0% | 12.8% | — | 4.6% |
| Operating margin | -6.4% | 6.6% | 9.0% | 13.3% | 3.5% | -13.0% | 5.6% | 3.7% | 11.7% | 10.6% | 5.6% |
| Net margin | -6.6% | 4.7% | 5.8% | 9.0% | 1.4% | -10.5% | 3.5% | 2.0% | 11.5% | 6.5% | 3.5% |
| Debt to equity | 1.08x | 0.87x | 0.88x | 0.78x | 0.62x | 0.60x | 0.62x | 0.50x | 0.80x | — | 0.78x |
| Cash conversion | — | 0.94x | 0.91x | 1.34x | 7.00x | — | 2.77x | 1.76x | 0.60x | 1.16x | 1.34x |