VAC (Marriott Vacations Worldwide) Beneish M-Score: -2.35 (As of Jun. 25, 2026)

What is Marriott Vacations Worldwide Beneish M-Score?

Marriott Vacations Worldwide VAC +1.68% 84 Beneish M-Score is -2.35 as of Jun. 25, 2026. GuruFocus rates VAC with a GF Score™ of 84/100 and a GF Value™ of $102.20 (Fairly Valued). The stock has 7 warning signs investors should review. Among 824 Travel & Leisure companies, Marriott Vacations Worldwide ranks worse than 71.48% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Marriott Vacations Worldwide's Beneish M-Score or its related term are showing as below:

VAC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.66 Med: -2.37 Max: 2.36
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Marriott Vacations Worldwide was 2.36. The lowest was -2.66. And the median was -2.37.

Marriott Vacations Worldwide Beneish M-Score Related Terms

Marriott Vacations Worldwide Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Marriott Vacations Worldwide's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Marriott Vacations Worldwide Beneish M-Score Chart

Marriott Vacations Worldwide Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

Get a 7-Day Free Trial

-2.58

-2.53

-2.31

-2.40

-2.37

Marriott Vacations Worldwide Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.43	-2.36	-2.37	-2.37	-2.35

VAC vs PENN, RRR, MCRI: Beneish M-Score Comparison

For the Resorts & Casinos subindustry, Marriott Vacations Worldwide's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Marriott Vacations Worldwide Beneish M-Score vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Marriott Vacations Worldwide's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Marriott Vacations Worldwide's Beneish M-Score falls into.

Save Embed

84GF Score

Marriott Vacations Worldwide Corp VAC

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Marriott Vacations Worldwide Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Marriott Vacations Worldwide for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.028

0.528 * 1.0296

0.404 * 0.9762

0.892 * 1.0235

0.115 * 0.8357

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.003

4.679 * 0.025841

0.327 * 1.0695

-2.35

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $2,983 Mil.
Revenue was 1257 + 1323 + 1263 + 1246 = $5,089 Mil.
Gross Profit was 452 + 474 + 446 + 487 = $1,859 Mil.
Total Current Assets was $4,259 Mil.
Total Assets was $9,636 Mil.
Property, Plant and Equipment(Net PPE) was $944 Mil.
Depreciation, Depletion and Amortization(DDA) was $145 Mil.
Selling, General, & Admin. Expense(SGA) was $1,196 Mil.
Total Current Liabilities was $1,340 Mil.
Long-Term Debt & Capital Lease Obligation was $5,569 Mil.
Net Income was 22 + -431 + -2 + 69 = $-342 Mil.
Non Operating Income was -7 + -561 + -24 + -15 = $-607 Mil.
Cash Flow from Operations was -4 + 6 + 62 + -48 = $16 Mil.

Total Receivables was $2,835 Mil.
Revenue was 1200 + 1327 + 1305 + 1140 = $4,972 Mil.
Gross Profit was 481 + 482 + 477 + 430 = $1,870 Mil.
Total Current Assets was $4,059 Mil.
Total Assets was $9,882 Mil.
Property, Plant and Equipment(Net PPE) was $1,166 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General, & Admin. Expense(SGA) was $1,165 Mil.
Total Current Liabilities was $1,327 Mil.
Long-Term Debt & Capital Lease Obligation was $5,298 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2983 / 5089)	/	(2835 / 4972)
	=	0.586166	/	0.570193
	=	1.028

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(1870 / 4972)	/	(1859 / 5089)
	=	0.376106	/	0.365298
	=	1.0296

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (4259 + 944) / 9636)	/	(1 - (4059 + 1166) / 9882)
	=	0.460046	/	0.471261
	=	0.9762

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	5089	/	4972
	=	1.0235

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(146 / (146 + 1166))	/	(145 / (145 + 944))
	=	0.11128	/	0.13315
	=	0.8357

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(1196 / 5089)	/	(1165 / 4972)
	=	0.235017	/	0.234312
	=	1.003

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((5569 + 1340) / 9636)	/	((5298 + 1327) / 9882)
	=	0.716999	/	0.670411
	=	1.0695

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-342 - -607	-	16)	/	9636
	=	0.025841

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Marriott Vacations Worldwide has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.35 mean?

Marriott Vacations Worldwide (VAC) has a Beneish M-Score of -2.35 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Marriott Vacations Worldwide and its competitors. According to the industry distribution chart, Marriott Vacations Worldwide ranks #589 out of 824 companies in the Travel & Leisure industry, placing it in the top 71.5%.

Is Marriott Vacations Worldwide's Beneish M-Score too high?

Marriott Vacations Worldwide's current Beneish M-Score is -2.35. Based on the distribution chart, Marriott Vacations Worldwide ranks #589 out of 824 companies in the Travel & Leisure industry, which is below the industry midpoint. Overall, Marriott Vacations Worldwide has a GF Score™ of 84/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does Marriott Vacations Worldwide's Beneish M-Score compare to PENN and RRR?

According to the Travel & Leisure industry distribution chart, Marriott Vacations Worldwide ranks #589 out of 824 companies for Beneish M-Score. This places Marriott Vacations Worldwide in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Travel & Leisure company?

A good Beneish M-Score depends on the Travel & Leisure industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Marriott Vacations Worldwide and its competitors. Marriott Vacations Worldwide's current Beneish M-Score is -2.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Marriott Vacations Worldwide stock overvalued right now?

Based on GuruFocus' analysis, Marriott Vacations Worldwide (VAC) is currently considered Fairly Valued. The stock's GF Value™ is $102.20, compared to a current price of $99.15 — trading 3% below its estimated fair value. The current Beneish M-Score is -2.35. Marriott Vacations Worldwide's overall GF Score™ is 84/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Marriott Vacations Worldwide (VAC), the current Beneish M-Score is -2.35 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Marriott Vacations Worldwide (VAC) Overvalued in 2026?

Based on GuruFocus' analysis, Marriott Vacations Worldwide stock appears to be undervalued. The current stock price of $99.15 is trading 3% below its estimated GF Value™ of $102.20. GuruFocus considers Marriott Vacations Worldwide to be Fairly Valued.

Key valuation signals for VAC:

Beneish M-Score: -2.35
GF Value™: $102.20 vs. price of $99.15 (3% below fair value)
GF Score™: 84/100 with 7 warning signs

No single metric tells the full story. See the VAC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Marriott Vacations Worldwide Business Description

Industry Consumer Cyclical Travel & Leisure

Comparable Companies PENN RRR MCRI HGV MTN BALY MSC FLL CPHC CNTY LVS HKSE:00027 HKSE:01928 MGM WYNN STC:VPL BYD CZR SGX:G13 HKSE:02282

Other Exchanges M8V:Germany

Address 7812 Palm Parkway, Orlando, FL, USA, 32836

Website https://www.marriottvacationsworldwide.com

Marriott Vacations Worldwide Corp functions in the United States leisure industry. It owns and manages a cluster of resorts and accommodation facilities under trademarks like Marriott Vacation Club, Grand Residencies, and The Ritz-Carlton Destination Club predominantly in the United States. Some of its properties are also spread across Europe and Asia Pacific. Marriott's majority revenue components include the sale of vacation ownership products such as luxurious vacation packages. In addition, it offers purchase money financing to the end users of its core services. The company operates in two reportable segments: Vacation Ownership and Exchange & Third-Party Management. The majority of revenue is derived from the Vacation Ownership segment.

84GF Score

Get the complete analysis for VAC

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$99.15

Price

$102.20

GF Value

View VAC Analysis

See Beneish M-Score data for all stocks →