Marriott Vacations Worldwide Co — Earnings Quality Grade F
VAC · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 20 days, change +1 days YoY
AR growth 8.4% vs revenue growth 1.3%
Revenue 1.3%, CFFO -86.3%. Cash follows revenue
Expense Quality
Inventory -5.9% vs COGS 1.0%. Normal
CapEx growth 0.0% vs revenue 1.3%. Normal
SG&A/Gross Profit = 62.8%. Normal
Gross margin 37.5%, change +0.2pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.0B)
Accruals ratio = -3.4%. Low accruals
Cash $0.4B covers only 7% of debt $5.7B
Balance Sheet Health
Goodwill+Intangibles $3.7B = 184% of equity. Over 50%
Debt/EBITDA = 298.9x (>4x). Financial stress
Other assets 12.3% vs revenue 1.3%. Normal
Write-offs surged 253% YoY, = 34% of NI. Possible big bath
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -6% YoY. Normal
Manipulation Score
M-Score = -2.63 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25