VACMARRIOTT VACATIONS WORLDWIDE Corp

Real Estate Agents & Managers (for Others)

Revenue: $4.7B; 1.0% YoY
Operating margin: —
EBITDA: —
Market cap: $4.0B
Employees: 21,100; $221K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.5; mentions per 10K words

Takeover score 5 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
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
611% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$221K · 7th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 2 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingYes
−$77M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.6B	$4.4B	$4.4B	$4.6B	$4.7B	1.0%
Net income	$49M	$391M	$254M	$218M	−$308M	241%
Operating cash flow	$343M	$522M	$232M	$205M	$28M	86%
Capex	$47M	$65M	$118M	$57M	$57M	0.0%
Stock-based comp	$51M	$39M	$31M	$33M	$38M	15%
Buybacks	$78M	$701M	$286M	$56M	$61M	8.9%
Dividends	$23M	$99M	$106M	$107M	$110M	2.8%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 20, 2026	Impactive Capital LP	SCHEDULE 13D/A	9.8%	Passive
Jun 20, 2025	Impactive Capital LP	SCHEDULE 13D/A	11.7%	Passive
May 28, 2025	Impactive Capital LP	SCHEDULE 13D/A	9.5%	Active
Aug 7, 2024	Impactive Capital LP	SC 13D/A	25.6%	Passive
Apr 19, 2024	Impactive Capital LP	SC 13D	22.3%	Passive
Feb 8, 2024	MARRIOTT J W JR	SC 13D/A	0.0%	Passive
Jan 23, 2019	MARRIOTT J W JR	SC 13D/A	5.5%	Passive
Jan 23, 2019	Harrison Deborah Marriott	SC 13D/A	4.4%	Passive

Insider trading

Open-market buys, 12 mo: $7M · 15
Open-market sells, 12 mo: $84M · 2
Net: −$77M

Pay vs performance

No pay-versus-performance disclosure yet.