HGVHilton Grand Vacations Inc.

Hotels, Rooming Houses, Camps & Other Lodging Places

Revenue: $4.5B; 1.1% YoY
Operating margin: —
EBITDA: —
Market cap: $2.9B
Employees: 22,300; $202K revenue each
Net debt / EBITDA: —; $4.7B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 6 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
370% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
200% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$202K · 21st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 13th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.9B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
2 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$14M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.3B	$3.5B	$3.6B	$4.5B	$4.5B	1.1%
Net income	$176M	$352M	$313M	$47M	$81M	72%
Operating cash flow	$168M	$747M	$312M	$309M	$300M	2.9%
Capex	$18M	$58M	$31M	$42M	$70M	67%
Stock-based comp	$48M	$46M	$40M	$47M	$64M	36%
Buybacks	$0	$272M	$368M	$432M	$600M	39%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jun 21, 2021	DEFM14A	—	$13.84	32.022%
Apr 15, 2021	PREM14A	—	$38.02	32.066%

13D filers

Filed	Filer	Form	Stake	Intent
Aug 14, 2026	CAS Investment Partners, LLC	SCHEDULE 13D	6.5%	Active
Jun 24, 2026	Apollo Principal Holdings A GP, Ltd.	SCHEDULE 13D/A	15.9%	Passive
Jun 8, 2026	Apollo Principal Holdings A GP, Ltd.	SCHEDULE 13D/A	16.9%	Passive
Aug 27, 2025	Apollo Management Holdings GP, LLC	SCHEDULE 13D	23.6%	Passive
Aug 18, 2025	Apollo Principal Holdings A GP, Ltd.	SCHEDULE 13D/A	20.7%	Active
Nov 27, 2024	Apollo Principal Holdings A GP Ltd	SC 13D/A	6.8%	Active
Aug 11, 2021	Apollo Principal Holdings III GP Ltd	SC 13D	6.5%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $14M · 7
Net: −$14M

Pay vs performance

No pay-versus-performance disclosure yet.