vs
Side-by-side financial comparison of FIRST HORIZON CORP (FHN) 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 $888.0M, roughly 1.4× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs -35.0%, a 64.4% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs -0.7%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $-6.0M). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs 5.2%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
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...
FHN vs VAC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $1.2B |
| Net Profit | $261.0M | $-431.0M |
| Gross Margin | — | — |
| Operating Margin | 38.5% | — |
| Net Margin | 29.4% | -35.0% |
| Revenue YoY | 21.8% | -0.7% |
| Net Profit YoY | 57.2% | -962.0% |
| EPS (diluted) | $0.51 | $-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 | $888.0M | $1.2B | ||
| Q3 25 | $889.0M | $1.2B | ||
| Q2 25 | $830.0M | $1.2B | ||
| Q1 25 | $812.0M | $1.1B | ||
| Q4 24 | $729.0M | $1.2B | ||
| Q3 24 | $827.0M | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $819.0M | $1.1B |
| Q4 25 | $261.0M | $-431.0M | ||
| Q3 25 | $262.0M | $-2.0M | ||
| Q2 25 | $241.0M | $69.0M | ||
| Q1 25 | $218.0M | $56.0M | ||
| Q4 24 | $166.0M | $50.0M | ||
| Q3 24 | $218.0M | $84.0M | ||
| Q2 24 | — | $37.0M | ||
| Q1 24 | $192.0M | $47.0M |
| Q4 25 | 38.5% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 37.2% | — | ||
| Q1 25 | 35.1% | — | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 31.0% | — |
| Q4 25 | 29.4% | -35.0% | ||
| Q3 25 | 29.5% | -0.2% | ||
| Q2 25 | 29.0% | 6.0% | ||
| Q1 25 | 26.8% | 5.0% | ||
| Q4 24 | 22.8% | 4.0% | ||
| Q3 24 | 26.4% | 6.9% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | 23.4% | 4.2% |
| Q4 25 | $0.51 | $-12.00 | ||
| Q3 25 | $0.50 | $-0.07 | ||
| Q2 25 | $0.45 | $1.77 | ||
| Q1 25 | $0.41 | $1.46 | ||
| Q4 24 | $0.29 | $1.29 | ||
| Q3 24 | $0.40 | $2.12 | ||
| Q2 24 | — | $0.98 | ||
| Q1 24 | $0.33 | $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 | — | $406.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.8B | $2.0B |
| Total Assets | $83.9B | $9.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $406.0M | ||
| Q3 25 | — | $474.0M | ||
| Q2 25 | — | $205.0M | ||
| Q1 25 | — | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $197.0M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | — | $237.0M |
| Q4 25 | $8.8B | $2.0B | ||
| Q3 25 | $8.9B | $2.5B | ||
| Q2 25 | $9.0B | $2.5B | ||
| Q1 25 | $8.7B | $2.4B | ||
| Q4 24 | $8.8B | $2.4B | ||
| Q3 24 | $9.0B | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | $8.9B | $2.4B |
| Q4 25 | $83.9B | $9.8B | ||
| Q3 25 | $83.2B | $10.1B | ||
| Q2 25 | $82.1B | $9.9B | ||
| Q1 25 | $81.5B | $9.9B | ||
| Q4 24 | $82.2B | $9.8B | ||
| Q3 24 | $82.6B | $9.7B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | $81.8B | $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 | $396.0M | $6.0M |
| Free Cash FlowOCF − Capex | $389.0M | $-6.0M |
| FCF MarginFCF / Revenue | 43.8% | -0.5% |
| Capex IntensityCapex / Revenue | 0.8% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $-29.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $6.0M | ||
| Q3 25 | $-200.0M | $62.0M | ||
| Q2 25 | $83.0M | $-48.0M | ||
| Q1 25 | $349.0M | $8.0M | ||
| Q4 24 | $191.0M | $100.0M | ||
| Q3 24 | $389.0M | $72.0M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | $838.0M | $3.0M |
| Q4 25 | $389.0M | $-6.0M | ||
| Q3 25 | $-208.0M | $51.0M | ||
| Q2 25 | $74.0M | $-68.0M | ||
| Q1 25 | $340.0M | $-6.0M | ||
| Q4 24 | $174.0M | $86.0M | ||
| Q3 24 | $383.0M | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | $828.0M | $-13.0M |
| Q4 25 | 43.8% | -0.5% | ||
| Q3 25 | -23.4% | 4.3% | ||
| Q2 25 | 8.9% | -5.9% | ||
| Q1 25 | 41.9% | -0.5% | ||
| Q4 24 | 23.9% | 6.9% | ||
| Q3 24 | 46.3% | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | 101.1% | -1.2% |
| Q4 25 | 0.8% | 1.0% | ||
| Q3 25 | 0.9% | 0.9% | ||
| Q2 25 | 1.1% | 1.7% | ||
| Q1 25 | 1.1% | 1.3% | ||
| Q4 24 | 2.3% | 1.1% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | 1.2% | 1.4% |
| Q4 25 | 1.52× | — | ||
| Q3 25 | -0.76× | — | ||
| Q2 25 | 0.34× | -0.70× | ||
| Q1 25 | 1.60× | 0.14× | ||
| Q4 24 | 1.15× | 2.00× | ||
| Q3 24 | 1.78× | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | 4.36× | 0.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
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% |
