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Side-by-side financial comparison of Brookfield Asset Management Ltd. (BAM) and MARRIOTT VACATIONS WORLDWIDE Corp (VAC). Click either name above to swap in a different company.
MARRIOTT VACATIONS WORLDWIDE Corp is the larger business by last-quarter revenue ($1.2B vs $1.1B, roughly 1.1× Brookfield Asset Management Ltd.). Brookfield Asset Management Ltd. runs the higher net margin — 56.7% vs -35.0%, a 91.7% gap on every dollar of revenue.
Brookfield Asset Management Ltd. is a Canadian-American alternative asset manager. The company was founded in December 2022 as a spin-off of the asset management operations of Brookfield Corporation, and manages investments across real estate, infrastructure, renewable energy, private equity, and credit markets globally.
Marriott Vacations Worldwide Corporation is a pure-play public timeshare company. Formerly a division of Marriott International, Marriott Vacations Worldwide was established as a separate, publicly traded entity focusing primarily on vacation ownership in November 2011. Marriott Vacations Worldwide runs more than 120 resorts with over 700,000 Owners and members in a diverse portfolio of brands under The Marriott Vacation Clubs name. Its brands include Marriott Vacation Club, The Marriott Vaca...
BAM vs VAC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $1.2B |
| Net Profit | $615.0M | $-431.0M |
| Gross Margin | — | — |
| Operating Margin | 84.2% | — |
| Net Margin | 56.7% | -35.0% |
| Revenue YoY | — | -0.7% |
| Net Profit YoY | — | -962.0% |
| EPS (diluted) | — | $-12.00 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $974.0M | $1.2B | ||
| Q2 25 | $931.0M | $1.2B | ||
| Q1 25 | $954.0M | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $873.0M | $1.2B | ||
| Q2 24 | $821.0M | $1.1B | ||
| Q1 24 | $786.0M | $1.1B |
| Q4 25 | $615.0M | $-431.0M | ||
| Q3 25 | $692.0M | $-2.0M | ||
| Q2 25 | $584.0M | $69.0M | ||
| Q1 25 | $507.0M | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $537.0M | $84.0M | ||
| Q2 24 | $124.0M | $37.0M | ||
| Q1 24 | $373.0M | $47.0M |
| Q4 25 | 84.2% | — | ||
| Q3 25 | 79.1% | — | ||
| Q2 25 | 70.8% | — | ||
| Q1 25 | 61.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 72.5% | — | ||
| Q2 24 | 80.4% | — | ||
| Q1 24 | 56.5% | — |
| Q4 25 | 56.7% | -35.0% | ||
| Q3 25 | 71.0% | -0.2% | ||
| Q2 25 | 62.7% | 6.0% | ||
| Q1 25 | 53.1% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 61.5% | 6.9% | ||
| Q2 24 | 15.1% | 3.5% | ||
| Q1 24 | 47.5% | 4.2% |
| Q4 25 | — | $-12.00 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $1.77 | ||
| Q1 25 | — | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $2.12 | ||
| Q2 24 | — | $0.98 | ||
| Q1 24 | — | $1.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.6B | $406.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.9B | $2.0B |
| Total Assets | $17.0B | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $406.0M | ||
| Q3 25 | $1.1B | $474.0M | ||
| Q2 25 | $480.0M | $205.0M | ||
| Q1 25 | $332.0M | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $197.0M | ||
| Q2 24 | $10.0M | $206.0M | ||
| Q1 24 | — | $237.0M |
| Q4 25 | $8.9B | $2.0B | ||
| Q3 25 | $8.5B | $2.5B | ||
| Q2 25 | $8.5B | $2.5B | ||
| Q1 25 | $8.5B | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $9.0B | $2.4B | ||
| Q2 24 | $3.2B | $2.4B | ||
| Q1 24 | $2.2B | $2.4B |
| Q4 25 | $17.0B | $9.8B | ||
| Q3 25 | $16.5B | $10.1B | ||
| Q2 25 | $16.1B | $9.9B | ||
| Q1 25 | $15.0B | $9.9B | ||
| Q4 24 | — | $9.8B | ||
| Q3 24 | — | $9.7B | ||
| Q2 24 | $4.2B | $9.6B | ||
| Q1 24 | — | $9.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $562.0M | $6.0M |
| Free Cash FlowOCF − Capex | — | $-6.0M |
| FCF MarginFCF / Revenue | — | -0.5% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 0.91× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $562.0M | $6.0M | ||
| Q3 25 | $745.0M | $62.0M | ||
| Q2 25 | $529.0M | $-48.0M | ||
| Q1 25 | $265.0M | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | $567.0M | $72.0M | ||
| Q2 24 | $159.0M | $30.0M | ||
| Q1 24 | $516.0M | $3.0M |
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $-13.0M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | -1.2% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 0.91× | — | ||
| Q3 25 | 1.08× | — | ||
| Q2 25 | 0.91× | -0.70× | ||
| Q1 25 | 0.52× | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 1.06× | 0.86× | ||
| Q2 24 | 1.28× | 0.81× | ||
| Q1 24 | 1.38× | 0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
