A Business at a Glance
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Hilton Grand Vacations Inc.
HGV
$4.4B
Mkt Cap
$48.89
+0.76%
Hilton Grand Vacations Inc. (HGV) has a current P/E ratio of 54.9, compared to its historical median P/E of 14.4. The stock is currently considered Expensive based on its historical valuation range.
Hilton Grand Vacations Inc. (HGV) has a 5-year average return on invested capital (ROIC) of 6.6%. This is below average and may indicate limited pricing power.
Hilton Grand Vacations Inc. (HGV) has a market capitalization of $3.9B. It is classified as a mid-cap stock.
Hilton Grand Vacations Inc. (HGV) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 15.22%.
Based on historical P/E analysis, Hilton Grand Vacations Inc. (HGV) appears expensive. The current P/E of 54.9 is 283% above its historical median of 14.4. The estimated fair value CAGR (P/E method) is -10.7%.
Hilton Grand Vacations Inc. (HGV) operates in the Hotels, Rooming Houses, Camps & Other Lodging Places industry, within the Consumer Cyclical sector.
HGV is a global timeshare company that develops, markets, sells, manages and operates timeshare resorts and vacation ownership interests (VOIs) primarily under the Hilton Grand Vacations brand, with over 200 properties across the United States, Europe, Canada, the Caribbean, Mexico, and Asia. The company operates through two segments: real estate sales and financing, which generates revenue from VOI sales (both owned inventory and fee-for-service arrangements with third-party developers), and consumer financing through loan origination and servicing; and resort operations and club management, which generates revenue from resort management services under cost-plus agreements with homeowners' associations and from club membership fees and ancillary services. With over 720,000 members as of December 31, 2025, HGV's business model allows customers to advance-purchase vacation time through points-based club memberships that provide flexibility to exchange VOIs for stays at Hilton Grand Vacations resorts, properties across the Hilton system of 25 brands with over 9,000 properties, or external exchange networks and experiential options. The company's competitive advantages include its strong brand portfolio (enhanced through acquisitions of Diamond Resorts in 2021 and Bluegreen Vacations in 2024), integrated distribution network spanning owned resorts and fee-for-service partnerships with third-party developers, and a financing business that originates and services consumer loans for VOI purchases. Unit economics are characterized by high-margin resort operations with recurring revenue from membership fees and management services, while real estate sales generate upfront revenue with variable cost of product and marketing expenses; the company has achieved cost synergies and improved inventory efficiency through integration of acquired properties.
【Strong execution with margin expansion】 Management expects to continue delivering adjusted EBITDA growth in 2026 through operational excellence, new customer acquisition, and product innovation, with guidance raised to $1.225–$1.265 billion reflecting strong first-quarter performance and the contribution from the Elara joint venture acquisition. The company anticipates low single-digit contract sales growth driven primarily by tour flow expansion, with VPG expected to decline slightly for the full year as comparisons normalize following the prior-year HGV Max launch period, though margins are expected to remain stable or expand due to continued cost efficiencies and operational leverage. Capital allocation remains focused on shareholder returns through share repurchases at approximately $150 million per quarter, while the company maintains its long-term adjusted free cash flow conversion target of 55–65%, expected to be in the lower half of that range in 2026 as spending on the Ka Haku project concludes. Management remains confident in the mid-teens loan loss provision rate for 2026 and expects sequential EBITDA growth each quarter as expense headwinds from license fees and financing optimization subside.
| Metric | Target | Period |
|---|---|---|
| Adjusted EBITDA before deferrals | $1.225 billion–$1.265 billion | FY2026 |
| Contract sales growth | Low single-digit | FY2026 |
| VPG (Value Per Guest) | Down slightly | FY2026 |
| Loan loss provision rate | Mid-teens | FY2026 |
| Adjusted free cash flow conversion | Lower half of 55%-65% range | FY2026 |
Adjusted EBITDA before deferrals (FY2026): “I'm pleased to announce that we're increasing our 2026 guidance for adjusted EBITDA before deferrals to be $1.225 billion-$1.265 billion from the prior $1.185 billion-$1.225 billion, for an increase of $40 million at the midpoint.”
Contract sales growth (FY2026): “From a sales perspective, our prior full year 2026 top-line targets remain in place. As a reminder, those include low single-digit contract sales growth with low- to mid-single-digit TOR growth and VPG down slightly.”
VPG (Value Per Guest) (FY2026): “We continue to expect VPG to be down slightly for the full year, with Q2 and Q3 seeing low to mid-single digit declines and returning to solid growth in the fourth quarter as we fully lap Bluegreen's Max launch period.”
Loan loss provision rate (FY2026): “We continue to expect that our 2026 conversion rate will be in the lower half of our target 55%-65% range as we wrap up spending on Kahaku project ahead of its anticipated opening later this year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Sales of VOIs, net | $883M | $1.49B | $1.42B | $1.91B | $1.81B | 26% |
Resort and club operations | $340M | $534M | $569M | $722M | $778M | 11% |
Rental and ancillary services | $342M | $626M | $666M | $733M | $746M | 11% |
Rental | $315M | $586M | $623M | $682M | $692M | 10% |
Fee-for-service commissions, package sales and other fees | — | — | $634M | $637M | $664M | 9% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.2B | 5.0B | 5.0B | 4.0B | 3.8B | 2.3B |
| Net Income | 164M | 81M | 47M | 313M | 352M | 92M |
| EPS | $1.96 | $0.89 | $0.45 | $2.80 | $2.93 | $0.77 |
| Free Cash Flow | 328M | 230M | 267M | 281M | 689M | 150M |
| ROIC | 0.0% | 4.3% | 4.6% | 8.2% | 9.1% | 6.8% |
| Gross Margin | - | 24.9% | 25.2% | 30.1% | 31.5% | 33.1% |
| Debt/Equity | 4.47 | 4.15 | 3.03 | 1.70 | 1.68 | 1.47 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 468M | 452M | 627M | 623M | 290M |
| Operating Margin | 0.0% | 9.3% | 9.1% | 15.8% | 16.2% | 12.4% |
| ROE | 13.7% | 5.3% | 2.4% | 14.7% | 17.0% | 7.8% |
| Shares Outstanding | 81M | 91M | 104M | 112M | 120M | 120M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 1.5B | 1.6B | 1.7B | 2.0B | 1.8B | 894M | 2.3B | 3.8B | 4.0B | 5.0B | 5.0B | 5.2B |
| Gross Margin | 27.1% | 27.9% | 29.0% | 30.9% | 28.3% | N/A | 33.1% | 31.5% | 30.1% | 25.2% | 24.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 57M | 92M | 104M | 120M | 118M | 92M | 151M | 212M | 194M | 199M | 215M | 218M |
| EBIT | 292M | 296M | 338M | 433M | 316M | -237M | 290M | 623M | 627M | 452M | 468M | 0 |
| Op. Margin | 19.8% | 18.7% | 19.7% | 21.7% | 17.2% | -26.5% | 12.4% | 16.2% | 15.8% | 9.1% | 9.3% | 0.0% |
| Net Income | 174M | 168M | 327M | 298M | 216M | -201M | 92M | 352M | 313M | 47M | 81M | 164M |
| Net Margin | 11.8% | 10.6% | 19.1% | 14.9% | 11.7% | -22.5% | 3.9% | 9.2% | 7.9% | 0.9% | 1.6% | 3.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 216M | 2.0M | 17M | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | N/A | 83.7% | 49.6% | 34.3% | 20.4% | -13.7% | 6.8% | 9.1% | 8.2% | 4.6% | 4.3% | 0.0% |
| ROE | -72.7% | 100.4% | 95.4% | 52.6% | 36.4% | -42.6% | 7.8% | 17.0% | 14.7% | 2.4% | 5.3% | 13.7% |
| ROA | N/A | 15.3% | 14.3% | 11.6% | 7.4% | -6.5% | 1.7% | 4.4% | 3.8% | 0.5% | 0.7% | 1.4% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 152M | 182M | 356M | -164M | 143M | 79M | 168M | 747M | 312M | 309M | 300M | 390M |
| Free Cash Flow | 140M | 156M | 321M | -208M | 106M | 71M | 150M | 689M | 281M | 267M | 230M | 328M |
| Owner Earnings | 130M | 158M | 312M | -213M | 77M | 19M | -6.0M | 457M | 59M | -6.0M | -37M | 50M |
| CapEx | 12M | 26M | 35M | 44M | 37M | 8.0M | 18M | 58M | 31M | 42M | 70M | 62M |
| Maint. CapEx | 22M | 24M | 29M | 33M | 44M | 45M | 126M | 244M | 213M | 268M | 273M | 277M |
| Growth CapEx | 0 | 2.0M | 6.0M | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 22M | 24M | 29M | 33M | 44M | 45M | 126M | 244M | 213M | 268M | 273M | 277M |
| CapEx/OCF | N/A | N/A | 9.8% | N/A | 25.9% | 10.1% | 10.7% | 7.8% | 9.9% | 13.6% | 23.3% | 15.9% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 183M | 283M | 10M | 0 | 272M | 368M | 432M | 600M | 600M |
| Buyback Yield | N/A | N/A | N/A | 7.1% | 9.2% | 0.4% | N/A | 6.0% | 8.1% | 10.4% | 14.6% | 15.2% |
| Stock-Based Comp | 0 | 0 | 15M | 16M | 22M | 15M | 48M | 46M | 40M | 47M | 64M | 63M |
| Debt Repayment | 0 | 0 | 10M | 408M | 290M | 9.0M | 0 | 13M | 7.0M | 62M | 27M | 27M |
| Balance Sheet | ||||||||||||
| Net Debt | -79M | 442M | 236M | 496M | 761M | 731M | 2.5B | 3.4B | 3.0B | 5.0B | 5.1B | 5.1B |
| Cash & Equiv. | 79M | 48M | 246M | 108M | 67M | 428M | 432M | 223M | 589M | 328M | 239M | 261M |
| Long-Term Debt | 0 | 490M | 482M | 604M | 828M | 1.2B | 2.9B | 2.7B | 3.0B | 4.6B | 4.5B | 4.8B |
| Debt/Equity | 0.00 | 2.93 | 0.93 | 0.98 | 1.45 | 3.10 | 1.47 | 1.68 | 1.70 | 3.03 | 4.15 | 4.47 |
| Interest Coverage | N/A | 98.5 | 12.5 | 14.4 | 7.3 | -5.5 | 2.8 | 4.4 | 3.5 | 1.4 | 1.5 | 1.5 |
| Equity | -106M | 167M | 518M | 616M | 570M | 374M | 2.0B | 2.2B | 2.1B | 1.8B | 1.3B | 1.2B |
| Total Assets | N/A | 2.2B | 2.4B | 2.8B | 3.1B | 3.1B | 8.0B | 8.0B | 8.7B | 11.4B | 11.5B | 11.9B |
| Total Liabilities | N/A | 2.0B | 1.9B | 2.1B | 2.5B | 2.8B | 6.0B | 5.9B | 6.6B | 9.5B | 10.1B | 10.6B |
| Intangibles | N/A | 70M | 72M | 81M | 77M | 81M | 1.4B | 1.3B | 1.2B | 1.8B | 1.7B | 1.6B |
| Retained Earnings | N/A | 28M | 355M | 441M | 390M | 181M | 357M | 529M | 593M | 352M | 34M | -5.0M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | 231M | 339M | 324M | 298M | 252M | 673M | 1.0B | 952M | 1.1B | 1.0B | 1.3B |
| Per Share Data | ||||||||||||
| EPS | 1.76 | 1.70 | 3.28 | 3.05 | 2.42 | -2.36 | 0.77 | 2.93 | 2.80 | 0.45 | 0.89 | 1.96 |
| Owner EPS | 1.31 | 1.60 | 3.13 | -2.18 | 0.86 | 0.22 | -0.05 | 3.80 | 0.53 | -0.06 | -0.41 | 0.62 |
| Book Value | -1.07 | 1.69 | 5.20 | 6.30 | 6.40 | 4.39 | 16.58 | 17.90 | 18.92 | 16.77 | 14.16 | 14.84 |
| Cash Flow/Share | 1.54 | 1.85 | 3.57 | -1.68 | 1.60 | 0.93 | 1.40 | 6.22 | 2.79 | 2.96 | 3.30 | 5.47 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 98.9M | 98.6M | 99.6M | 97.7M | 89.1M | 85.2M | 119.9M | 120.1M | 111.8M | 104.4M | 91.0M | 80.7M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | 12.7 | 8.6 | 14.2 | N/A | 29.9 | 12.8 | 14.5 | 88.0 | 50.8 | 24.9 |
| P/FCF | N/A | N/A | 12.9 | N/A | 29.0 | 36.9 | 41.8 | 6.5 | 16.1 | 15.5 | 17.9 | 12.0 |
| EV/EBIT | N/A | N/A | 12.2 | 6.8 | 11.9 | N/A | 19.6 | 10.8 | 10.2 | 17.9 | 17.5 | N/A |
| Price/Book | N/A | N/A | 8.0 | 4.2 | 5.4 | 7.0 | 2.6 | 2.1 | 2.1 | 2.4 | 3.2 | 3.3 |
| Price/Sales | N/A | N/A | 2.0 | 1.8 | 1.5 | 2.2 | 1.8 | 1.4 | 1.2 | 0.9 | 0.7 | 0.8 |
| FCF Yield | N/A | N/A | 7.8% | -8.1% | 3.5% | 2.7% | 2.8% | 15.3% | 6.2% | 6.5% | 5.6% | 8.3% |
| Market Cap | N/A | N/A | 4.1B | 2.6B | 3.1B | 2.6B | 5.3B | 4.5B | 4.5B | 4.1B | 4.1B | 3.9B |
| Avg. Price | N/A | N/A | 35.00 | 36.69 | 31.51 | 23.64 | 42.73 | 43.72 | 42.81 | 41.05 | 41.53 | 48.89 |
| Year-End Price | N/A | N/A | 41.56 | 26.19 | 34.45 | 30.80 | 52.34 | 37.49 | 40.55 | 39.60 | 45.22 | 48.89 |
Hilton Grand Vacations Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
Hilton Grand Vacations Inc. trades at 54.9x trailing earnings, compared to its 15-year median P/E of 14.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 19.3x vs a median of 17.0x. The company's 5-year average ROIC is 6.6% with a gross margin of 29.0%. Total shareholder yield (buybacks) is 15.2%. At current prices, the estimated annualized return to fair value is +28.5%.
Hilton Grand Vacations Inc. (HGV) reported annual revenue of $5.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Hilton Grand Vacations Inc. (HGV) has a net profit margin of 1.6%. This is a modest margin.
Hilton Grand Vacations Inc. (HGV) generated $230 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Hilton Grand Vacations Inc. (HGV) has a debt-to-equity ratio of 4.15. This indicates higher leverage, which may increase financial risk.
Hilton Grand Vacations Inc. (HGV) reported earnings per share (EPS) of $0.89 in its most recent fiscal year.
Hilton Grand Vacations Inc. (HGV) has a return on equity (ROE) of 5.3%. This indicates moderate shareholder returns.
Hilton Grand Vacations Inc. (HGV) has a 5-year average gross margin of 29.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 11 years of financial data for Hilton Grand Vacations Inc. (HGV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Hilton Grand Vacations Inc. (HGV) has a book value per share of $14.16, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to continue delivering adjusted EBITDA growth in 2026 through operational excellence, new customer acquisition, and product innovation, with guidance raised to $1.225–$1.265 billion reflecting strong first-quarter performance and the contribution from the Elara joint venture acquisition. The company anticipates low single-digit contract sales growth driven primarily by tour flow expansion, with VPG expected to decline slightly for the full year as comparisons normalize following the prior-year HGV Max launch period, though margins are expected to remain stable or expand due to continued cost efficiencies and operational leverage. Capital allocation remains focused on shareholder returns through share repurchases at approximately $150 million per quarter, while the company maintains its long-term adjusted free cash flow conversion target of 55–65%, expected to be in the lower half of that range in 2026 as spending on the Ka Haku project concludes. Management remains confident in the mid-teens loan loss provision rate for 2026 and expects sequential EBITDA growth each quarter as expense headwinds from license fees and financing optimization subside.
Based on recent SEC filings and earnings calls, Hilton Grand Vacations Inc. (HGV) has provided the following forward guidance: Adjusted EBITDA before deferrals: $1.225 billion–$1.265 billion (FY2026); Contract sales growth: Low single-digit (FY2026); VPG (Value Per Guest): Down slightly (FY2026); Loan loss provision rate: Mid-teens (FY2026); Adjusted free cash flow conversion: Lower half of 55%-65% range (FY2026).
Adjusted free cash flow conversion (FY2026): “We continue to expect that our 2026 conversion rate will be in the lower half of our target 55%-65% range as we wrap up spending on Kahaku project ahead of its anticipated opening later this year.”