HGV vs VAC: How Hilton Grand Vacations and Marriott Vacations Worldwide Corporation Compare (2026)
Last updated August 2026
Short answer
HGV and VAC are similarly sized, but HGV trades noticeably cheaper on forward earnings (8.31x vs 14.61x): the market is paying up for VAC's profile and pricing HGV more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
HGV vs VAC: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | HGV | VAC | What it tells you |
|---|---|---|---|
| Market cap | $3.59B | $4.28B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 8.31 | 14.61 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Beta | 1.51 | 1.24 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 50% of range | 96% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 3.27 | 2.15 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: HGV is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how HGV and VAC affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HGV and VAC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HGV and VAC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Hilton Grand Vacations (HGV) do?
Hilton Grand Vacations develops, markets, sells, and manages timeshare and vacation-ownership resorts under the Hilton Grand Vacations brand across the United States, Japan, and Europe. It has grown into the industry's largest operator by revenue through the acquisitions of Diamond Resorts (2021) and Bluegreen Vacations (2024), giving it a consolidated member base of more than 720,000 owners and a fast-growing HGV Max membership tier. The model combines real-estate sales of vacation intervals with recurring, higher-margin streams: resort management fees, club membership dues, and consumer financing on the interval purchases it originates.
What does Marriott Vacations Worldwide Corporation (VAC) do?
Marriott Vacations Worldwide sells vacation ownership interests, the modern points-based version of the timeshare, under an exclusive long-term brand license from Marriott International plus the Sheraton, Westin, Hyatt Residence Club and Grand Residences names. The Abound by Marriott Vacations program lets owners spend points across the portfolio. Roughly 96% of segment revenue comes from the Vacation Ownership segment (about $4.8 billion of 2025's $5.0 billion), with the remainder from Exchange and Third-Party Management, built around Interval International, a membership exchange network of roughly 1.5 million members and more than 3,200 affiliated resorts across 90-plus countries. The economics have three legs: developer profit on selling intervals, recurring resort management and club fees, and consumer financing, because the company lends to a large share of its own buyers and securitizes those receivables. Trailing twelve-month revenue was about $5.2 billion (roughly $3.5 billion excluding cost reimbursements) as of August 2026.
HGV vs VAC: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- HGV drivers: Scale and brand licensing; Recurring, higher-margin income.
- VAC drivers: Sales productivity, not tour volume, is carrying growth; A cost and modernization program with a stated dollar target.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: HGV is highly leveraged, carrying roughly $7 billion of combined corporate and non-recourse debt against a much smaller equity base, so rising rates or tighter credit raise interest costs and pressure the receivables book. For VAC, this is a levered balance sheet attached to a discretionary purchase: about $3.1 billion of corporate debt plus $2.4 billion of non-recourse securitized notes, with net corporate leverage at 4.0x and liquidity of $928 million.
HGV or VAC: which should you pick?
HGV vs VAC: the full fundamentals
HGV. HGV trades at a modest equity market cap relative to its revenue and EBITDA, largely because of its substantial debt load, which lifts enterprise value well above the equity value. Early-2026 results beat expectations, with Q1 EPS around $0.99 and adjusted EBITDA up roughly 8 percent, prompting management to raise full-year EBITDA guidance. Valuation debate centers on whether steady contract sales and deleveraging justify the current multiple against the leverage and cyclicality.
VAC. At roughly $125 a share against 2026 adjusted EPS guidance of $8.25 to $9.05, VAC trades near 14 to 15 times guided adjusted earnings, and enterprise value against the $805 million to $830 million adjusted EBITDA guide lands in the high single digits once the non-recourse securitized debt is excluded. Trailing GAAP numbers tell an opposite story (a net loss of about $334 million and no meaningful P/E) because of the fourth-quarter 2025 impairment, which is why bulls and bears quoting the same company cite unrecognizably different multiples. The stock had roughly tripled from its 52-week low of about $44.58 by early August 2026 and closed above the average published analyst target of roughly $93, so the market moved faster than the sell-side models.
Headline figures (approximate, July 2026): HGV shows revenue (ttm) ~$5 billion, q1 2026 revenue ~$1.29 billion, 2026 adj. ebitda guidance ~$1.2 billion, market cap ~$4 billion; VAC shows revenue (ttm) ~$5.2 billion (~$3.5 billion excluding cost reimbursements), q2 2026 contract sales / vpg ~$545 million, up ~22%; VPG ~$4,477, up ~23%, q2 2026 adjusted ebitda / adjusted eps ~$215 million (vs ~$203 million); ~$2.31, up ~18%, gaap net income (ttm) ~-$334 million (~-$9.74 per share) after the ~$546 million Q4 2025 impairment.
The bottom line: HGV vs VAC
HGV and VAC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HGV and VAC exposure against your real portfolio. It is not an investment adviser.
Wondering how HGV or VAC fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Hilton Grand Vacations with AI
Connect the broker you already use and ask Walnut's AI how HGV fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between HGV and VAC?
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Hilton Grand Vacations develops, markets, sells, and manages timeshare and vacation-ownership resorts under the Hilton Grand Vacations brand across the United States, Japan, and Europe. Marriott Vacations Worldwide sells vacation ownership interests, the modern points-based version of the timeshare, under an exclusive long-term brand license from Marriott International plus the Sheraton, Westin, Hyatt Residence Club and Grand Residences names. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is HGV or VAC the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, HGV or VAC?
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On forward P/E (as of August 2026), HGV trades at 8.31x and VAC at 14.61x, so HGV is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both HGV and VAC?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of HGV vs VAC?
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HGV: HGV is highly leveraged, carrying roughly $7 billion of combined corporate and non-recourse debt against a much smaller equity base, so rising rates or tighter credit raise interest costs and pressure the receivables book. Timeshare sales are discretionary and cyclical, so a weaker consumer or softer travel spending can quickly slow contract sales and defaults on originated loans can climb. Integrating Bluegreen carries execution risk, including branding and systems costs, employee retention, and consumer-sentiment challenges tied to the acquired base. The industry also faces reputational and regulatory scrutiny around high-pressure sales tactics and difficult timeshare exits. Finally, competition from Marriott Vacations Worldwide, Travel + Leisure Co., and alternative lodging like short-term rentals limits pricing power. VAC: This is a levered balance sheet attached to a discretionary purchase: about $3.1 billion of corporate debt plus $2.4 billion of non-recourse securitized notes, with net corporate leverage at 4.0x and liquidity of $928 million. Because the company finances a large share of its own buyers, a consumer credit deterioration hits twice, through slower sales and through higher loan loss provisions on the receivables portfolio, and the provision line has historically been a large and volatile swing factor. GAAP results look nothing like adjusted results: the trailing twelve-month net loss was roughly $334 million (about negative $9.74 per share) because of the $546 million impairment taken in the fourth quarter of 2025, so trailing P/E is meaningless and every valuation argument runs through non-GAAP figures. Several plaintiff firms (Pomerantz, Schall and Portnoy among them) opened securities-fraud investigations in early 2026 over disclosures around the November 2025 quarter, and the industry carries persistent consumer-protection, telemarketing and timeshare-exit litigation exposure. Finally, the second-quarter surge came from volume per guest rather than tour growth, which is harder to sustain indefinitely, and the stock traded above the average published analyst target immediately after the move.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell HGV or VAC; figures are approximate and dated (as of August 2026). Verify current data before investing.