A Business at a Glance
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VAIL RESORTS INC
MTN
$5.4B
Mkt Cap
$145.72
+1.15%
VAIL RESORTS INC (MTN) has a current P/E ratio of 21.0, compared to its historical median P/E of 27.8. The stock is currently considered Fair based on its historical valuation range.
VAIL RESORTS INC (MTN) has a 5-year average return on invested capital (ROIC) of 10.0%. This indicates solid capital allocation.
VAIL RESORTS INC (MTN) has a market capitalization of $6.9B. It is classified as a mid-cap stock.
Yes, VAIL RESORTS INC (MTN) pays a dividend with a trailing twelve-month yield of 4.64%. The company also returns capital through share buybacks, with a buyback yield of 3.58%.
Based on historical P/E analysis, VAIL RESORTS INC (MTN) appears fair. The current P/E of 21.0 is 24% below its historical median of 27.8. The estimated fair value CAGR (P/E method) is 7.5%.
VAIL RESORTS INC (MTN) operates in the Services-Miscellaneous Amusement & Recreation industry, within the Consumer Cyclical sector.
VAIL RESORTS INC (MTN) reported annual revenue of $3.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Vail Resorts operates 42 destination mountain resorts and regional ski areas across North America, Australia, and Europe, generating approximately 89% of revenue from its Mountain segment through lift ticket sales, season pass products, and ancillary services including ski school, dining, retail, and rental operations. The company's Lodging segment (11% of revenue) owns and manages luxury hotels, condominiums, and golf courses under the RockResorts brand and operates National Park Service concessioner properties including Grand Teton Lodge Company. The business model relies on advance pass commitments—approximately 2.3 million guests are committed to non-refundable pass products generating roughly $1 billion in revenue and accounting for approximately 74% of skier visits—which provides financial stability despite the fixed-cost nature of resort operations. The company has expanded pass units by 55% over five years and operates destination resorts located near population centers totaling approximately 110 million people, with five resorts ranking among the top ten most visited in the United States. Revenue growth is driven through pricing strategies, ancillary capture, and dynamic pricing adjustments by resort and time period, while the Resource Efficiency Transformation Plan targets structural cost reductions to offset weather volatility and visitation fluctuations.
【Weather-driven headwinds persist】 Management faces unprecedented weather challenges in the Rockies with snowfall approximately 40% lower than the historically poor fiscal 2012 season, resulting in significant visitation declines and downward guidance revisions. The company is implementing targeted pricing strategies, including 20% discounts for ages 13–30 and dynamic lift ticket pricing by resort and time period, while investing in digital marketing and influencer channels to drive conversion and reach younger demographics. Management expects pass sales timing to shift between spring and fall selling periods and anticipates recovery in visitation if weather normalizes, with early momentum in Australia showing Epic Australia Pass units up approximately 26% and dollars up approximately 31%. The company remains committed to exceeding its $100 million Resource Efficiency Transformation Plan target and is investing in technology across My Epic Gear, ski school, and dining to enhance guest experience and drive long-term growth, while maintaining capital discipline with core spending of $215–$220 million and total capital investments of $234–$239 million.
| Metric | Target | Period |
|---|---|---|
| Net income attributable to Vail Resorts | $128 million–$162 million | FY2026 |
| Resort Reported EBITDA | $735 million–$755 million | FY2026 |
| Cash taxes | $75 million–$85 million | FY2026 |
| Core capital spending | $215 million–$220 million | FY2026 |
| Total capital investments | $234 million–$239 million | FY2026 |
Net income attributable to Vail Resorts (FY2026): “We now expect net income attributable to Vail Resorts in the range of $128 million-$162 million”
Resort Reported EBITDA (FY2026): “Resort Reported EBITDA in the range of $735 million-$755 million”
Cash taxes (FY2026): “we now expect our cash taxes to be in the range of $75 million-$85 million”
Core capital spending (FY2026): “approximately $215 million-$220 million in core capital spending”
Total capital investments (FY2026): “$234 million-$239 million of total capital investments”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.8B | 3.0B | 2.9B | 2.9B | 2.5B | 1.9B |
| Net Income | 152M | 280M | 231M | 266M | 348M | 128M |
| EPS | $3.23 | $7.53 | $6.09 | $6.69 | $8.55 | $3.13 |
| Free Cash Flow | 174M | 320M | 378M | 323M | 518M | 410M |
| ROIC | 9.6% | 11.4% | 8.5% | 9.0% | 13.1% | 8.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 5.48 | 7.52 | 5.28 | 3.80 | 2.38 | 1.79 |
| Dividends/Share | $6.76 | $8.88 | $8.56 | $7.94 | $5.58 | $0.00 |
| Operating Income | 426M | 560M | 489M | 504M | 602M | 261M |
| Operating Margin | 15.0% | 18.9% | 16.9% | 17.5% | 23.8% | 13.7% |
| ROE | 27.6% | 49.4% | 27.0% | 20.3% | 21.7% | 8.8% |
| Shares Outstanding | 47M | 37M | 38M | 40M | 41M | 41M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.3B | 1.4B | 1.6B | 1.9B | 2.0B | 2.3B | 2.0B | 1.9B | 2.5B | 2.9B | 2.9B | 3.0B | 2.8B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 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 | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 117M | 211M | 283M | 379M | 409M | 476M | 223M | 261M | 602M | 504M | 489M | 560M | 426M |
| Op. Margin | 9.3% | 15.0% | 17.7% | 19.9% | 20.3% | 21.0% | 11.4% | 13.7% | 23.8% | 17.5% | 16.9% | 18.9% | 15.0% |
| Net Income | 28M | 115M | 150M | 211M | 380M | 301M | 99M | 128M | 348M | 266M | 231M | 280M | 152M |
| Net Margin | 2.3% | 8.2% | 9.4% | 11.0% | 18.9% | 13.3% | 5.0% | 6.7% | 13.8% | 9.2% | 8.0% | 9.4% | 5.4% |
| Non-Recurring | -1.2M | -2.1M | -5.4M | -6.4M | -4.6M | -664K | 27M | -5.4M | 44M | -9.1M | -9.6M | 6.9M | 6.9M |
| Returns on Capital | |||||||||||||
| ROIC | 5.2% | 9.8% | 10.3% | 12.0% | 15.2% | 13.8% | 6.6% | 8.0% | 13.1% | 9.0% | 8.5% | 11.4% | 9.6% |
| ROE | 3.5% | 13.6% | 17.2% | 17.2% | 24.0% | 19.5% | 7.0% | 8.8% | 21.7% | 20.3% | 27.0% | 49.4% | 27.6% |
| ROA | 1.3% | 4.9% | 6.0% | 6.4% | 9.3% | 7.1% | 2.0% | 2.2% | 5.5% | 4.3% | 4.0% | 4.9% | 2.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 246M | 304M | 437M | 471M | 548M | 634M | 395M | 525M | 710M | 638M | 589M | 555M | 411M |
| Free Cash Flow | 128M | 180M | 328M | 327M | 408M | 442M | 223M | 410M | 518M | 323M | 378M | 320M | 174M |
| Owner Earnings | 91M | 139M | 258M | 264M | 325M | 396M | 124M | 248M | 433M | 343M | 283M | 224M | -2.9B |
| CapEx | 118M | 124M | 109M | 144M | 141M | 192M | 172M | 115M | 193M | 315M | 211M | 235M | 238M |
| Maint. CapEx | 141M | 149M | 161M | 189M | 204M | 218M | 250M | 253M | 252M | 269M | 279M | 296M | 3.3B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46M | 0 | 0 | 0 |
| D&A | 141M | 149M | 161M | 189M | 204M | 218M | 250M | 253M | 252M | 269M | 279M | 296M | 3.3B |
| CapEx/OCF | 48.1% | 40.8% | 25.6% | 30.5% | 25.6% | 30.3% | 43.6% | 21.9% | 27.1% | 49.2% | 35.9% | 42.4% | 57.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 45M | 76M | 104M | 146M | 204M | 261M | 213M | 0 | 226M | 314M | 324M | 328M | 318M |
| Dividend Yield | 2.4% | 3.0% | 3.0% | 2.7% | 2.7% | 3.4% | 3.0% | N/A | 2.3% | 3.8% | 4.4% | 5.6% | 4.6% |
| Share Buybacks | 0 | 0 | 54M | 210K | 26M | 85M | 46M | 0 | 75M | 1.4B | 150M | 270M | 245M |
| Buyback Yield | N/A | N/A | 1.3% | 0.0% | 0.3% | 1.0% | 0.7% | N/A | 0.9% | 6.1% | 2.3% | 4.7% | 3.6% |
| Stock-Based Comp | 14M | 16M | 17M | 18M | 19M | 20M | 21M | 24M | 25M | 25M | 27M | 34M | 33M |
| Debt Repayment | 998K | 1.0M | 266K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 50M |
| Balance Sheet | |||||||||||||
| Net Debt | 582M | 1.0B | 632M | 1.2B | 1.1B | 1.5B | 2.1B | 1.6B | 2.7B | 3.3B | 3.4B | 2.8B | 2.6B |
| Cash & Equiv. | 44M | 35M | 68M | 117M | 178M | 109M | 391M | 1.2B | 1.1B | 563M | 323M | 440M | 421M |
| Long-Term Debt | 626M | 804M | 687M | 1.2B | 1.2B | 1.5B | 2.4B | 2.7B | 2.7B | 2.8B | 2.7B | 2.6B | 2.9B |
| Debt/Equity | 0.76 | 1.23 | 0.80 | 0.81 | 0.80 | 1.05 | 1.86 | 1.79 | 2.38 | 3.80 | 5.28 | 7.52 | 5.48 |
| Interest Coverage | 1.8 | 4.1 | 6.7 | 7.0 | 6.5 | 6.0 | 2.1 | 1.7 | 4.1 | 3.2 | 3.0 | 3.3 | 2.2 |
| Equity | 821M | 867M | 875M | 1.6B | 1.6B | 1.5B | 1.3B | 1.6B | 1.6B | 1.0B | 710M | 424M | 552M |
| Total Assets | 2.2B | 2.5B | 2.5B | 4.1B | 4.1B | 4.4B | 5.2B | 6.3B | 6.3B | 5.9B | 5.7B | 5.8B | 5.7B |
| Total Liabilities | 1.4B | 1.6B | 1.6B | 2.3B | 2.3B | 2.7B | 3.7B | 4.4B | 4.5B | 4.6B | 4.7B | 5.0B | 4.8B |
| Intangibles | 118M | 144M | 140M | 295M | 281M | 306M | 315M | 319M | 314M | 309M | 303M | 298M | 300M |
| Retained Earnings | 402M | 441M | 487M | 551M | 727M | 760M | 646M | 774M | 896M | 874M | 767M | 719M | 818M |
| Working Capital | -49M | -111M | -184M | -171M | -55M | -191M | 62M | 767M | 681M | 77M | -205M | -618M | -92M |
| Current Assets | 275M | 288M | 323M | 433M | 539M | 528M | 665M | 1.7B | 1.8B | 1.2B | 902M | 1.0B | 952M |
| Current Liabilities | 324M | 399M | 506M | 605M | 594M | 719M | 603M | 978M | 1.1B | 1.1B | 1.1B | 1.7B | 1.0B |
| Per Share Data | |||||||||||||
| EPS | 0.77 | 3.07 | 4.01 | 5.22 | 9.13 | 7.32 | 2.42 | 3.13 | 8.55 | 6.69 | 6.09 | 7.53 | 3.23 |
| Owner EPS | 2.46 | 3.71 | 6.92 | 6.53 | 7.81 | 9.63 | 3.04 | 6.08 | 10.65 | 8.64 | 7.46 | 6.04 | -62.07 |
| Book Value | 22.19 | 23.18 | 23.42 | 38.95 | 38.20 | 36.47 | 32.24 | 39.04 | 39.62 | 25.27 | 18.71 | 11.42 | 11.73 |
| Cash Flow/Share | 6.65 | 8.12 | 11.70 | 11.68 | 13.18 | 15.42 | 9.67 | 12.86 | 17.46 | 16.05 | 15.52 | 14.92 | 73.34 |
| Dividends/Share | 1.25 | 2.08 | 2.87 | 3.73 | 5.05 | 6.46 | 5.28 | 0.00 | 5.58 | 7.94 | 8.56 | 8.88 | 6.76 |
| Shares Out. | 37.0M | 37.4M | 37.3M | 40.3M | 41.6M | 41.1M | 40.8M | 40.8M | 40.7M | 39.7M | 37.9M | 37.2M | 47.0M |
| Valuation | |||||||||||||
| P/E Ratio | 71.7 | 25.9 | 27.0 | 31.3 | 24.0 | 27.6 | 66.1 | 82.7 | 23.5 | 30.7 | 27.9 | 20.4 | 45.1 |
| P/FCF | 16.0 | 16.5 | 12.4 | 20.2 | 22.3 | 18.8 | 29.3 | 25.8 | 15.8 | 25.4 | 17.1 | 17.9 | 39.5 |
| EV/EBIT | 22.0 | 17.7 | 16.3 | 20.2 | 24.6 | 20.4 | 37.0 | 42.3 | 14.5 | 19.8 | 17.7 | 15.4 | 22.2 |
| Price/Book | 2.5 | 3.4 | 4.6 | 4.2 | 5.7 | 5.5 | 5.0 | 6.6 | 5.1 | 8.2 | 9.1 | 13.5 | 12.4 |
| Price/Sales | 1.5 | 1.8 | 2.1 | 2.9 | 3.7 | 3.4 | 3.6 | 5.0 | 3.9 | 2.8 | 2.5 | 2.0 | 2.4 |
| FCF Yield | 6.2% | 6.1% | 8.1% | 4.9% | 4.5% | 5.3% | 3.4% | 3.9% | 6.3% | 3.9% | 5.9% | 5.6% | 2.5% |
| Market Cap | 2.0B | 3.0B | 4.0B | 6.6B | 9.1B | 8.3B | 6.5B | 10.6B | 8.2B | 8.2B | 6.4B | 5.7B | 6.9B |
| Avg. Price | 50.95 | 67.63 | 92.00 | 135.22 | 181.09 | 188.93 | 175.03 | 231.60 | 239.49 | 206.31 | 192.69 | 157.23 | 145.72 |
| Year-End Price | 55.24 | 79.36 | 108.41 | 163.61 | 218.71 | 202.06 | 159.84 | 258.80 | 200.75 | 206.80 | 169.93 | 153.89 | 145.72 |
VAIL RESORTS INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
VAIL RESORTS INC trades at 21.0x trailing earnings, compared to its 15-year median P/E of 27.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.8x vs a median of 19.5x. The company's 5-year average ROIC is 10.0%. Total shareholder yield (dividends + buybacks) is 8.2%. At current prices, the estimated annualized return to fair value is +2.6%.
VAIL RESORTS INC (MTN) has a net profit margin of 9.4%. This is a modest margin.
VAIL RESORTS INC (MTN) generated $320 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
VAIL RESORTS INC (MTN) has a debt-to-equity ratio of 7.52. This indicates higher leverage, which may increase financial risk.
VAIL RESORTS INC (MTN) reported earnings per share (EPS) of $7.53 in its most recent fiscal year.
VAIL RESORTS INC (MTN) has a return on equity (ROE) of 49.4%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 15 years of financial data for VAIL RESORTS INC (MTN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VAIL RESORTS INC (MTN) has a book value per share of $11.42, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management faces unprecedented weather challenges in the Rockies with snowfall approximately 40% lower than the historically poor fiscal 2012 season, resulting in significant visitation declines and downward guidance revisions. The company is implementing targeted pricing strategies, including 20% discounts for ages 13–30 and dynamic lift ticket pricing by resort and time period, while investing in digital marketing and influencer channels to drive conversion and reach younger demographics. Management expects pass sales timing to shift between spring and fall selling periods and anticipates recovery in visitation if weather normalizes, with early momentum in Australia showing Epic Australia Pass units up approximately 26% and dollars up approximately 31%. The company remains committed to exceeding its $100 million Resource Efficiency Transformation Plan target and is investing in technology across My Epic Gear, ski school, and dining to enhance guest experience and drive long-term growth, while maintaining capital discipline with core spending of $215–$220 million and total capital investments of $234–$239 million.
Based on recent SEC filings and earnings calls, VAIL RESORTS INC (MTN) has provided the following forward guidance: Net income attributable to Vail Resorts: $128 million–$162 million (FY2026); Resort Reported EBITDA: $735 million–$755 million (FY2026); Cash taxes: $75 million–$85 million (FY2026); Core capital spending: $215 million–$220 million (FY2026); Total capital investments: $234 million–$239 million (FY2026).