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Vail Resorts, Inc.

MTN Consumer Cyclical Resorts & Casinos

Vail Resorts, Inc.’s revenue for fiscal 2026 (year ended July 2026) was $2.8 billion, down 4.26% from fiscal 2025. In the quarter to July 2026, revenue grew 2.50%, EPS fell 10.6%, free cash flow grew 29.4% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.

151.77 2.76 −1.79%
Market cap
$5.5B
P/E
39.2×
Fwd P/E
26.2×
Dividend yield
5.85%
F-score
5/9
Altman Z
1.50
Beneish M
−2.80
Dividend safety
18/100
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Total buys 4.97
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 2 — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.00%

Capital & Financial Ratios $m

Market Cap 5,510.00
Revenue 2,838.20
Net Income 170.74
Free Cash Flow 250.48
Net Debt 2,902.23
Current Ratio 0.80 (below 1: weak)
Debt/Equity 5.72 (above 2: weak)
P/E ratio 39.17 (above 35: high)
Fwd P/E 26.20
P/S ratio 1.91
P/B ratio 9.73 (above 6: high)
Past 5Y EPS Growth 5.65%
This Y EPS Growth 36.20% (at or above 15%: strong)
Next Y EPS Growth 16.47% (at or above 15%: strong)
Next Y revenue growth 7.00%
Next 5Y EPS Growth 21.70% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.9×, against a ten-year median of 4.4×; over the ten years it ranged from 2.4× in 2026 to 8.8× in 2021.
P/E against its own 10 years 72.23%
10-year low 10-year high
P/S against its own 10 years 11.57%
10-year low 10-year high
P/B against its own 10 years 97.03%
10-year low 10-year high
EV/Sales against its own 10 years 15.68%
10-year low 10-year high
EV/FCF against its own 10 years 83.00%
10-year low 10-year high

Dividends

Payout Ratio 2.29
Annual Dividend Rate 8.88
Annual Dividend Yield 5.85%
total individual payouts
2029 Powerpack
2028 Powerpack
2027 Powerpack
2026 8.88
2.22
2.22
2.22
2025 8.88
2.22
2.22
2.22
2.22
2024 8.88
2.22
2.22
2.22
2.22
2023 8.24
2.06
2.06
2.06
2.06
2022 7.64
1.91
1.91
1.91
1.91
2021 1.76
0.88
0.88
2020 1.76
1.76
2019 7.04
1.76
1.76
1.76
1.76
2018 5.88
1.47
1.47
1.47
1.47
2017 4.21
1.05
1.05
1.05
1.05
2016 3.24
0.81
0.81
0.81
0.81
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 573 337 456 284
Receivables 381 376 382 355
Inventory 133 119 117 135
Other 121 70 94 102
1,208 902 1,050 876
2023 2024 2025 2026
Payables 978 1,001 1,057 1,008
ST’ Debt 69 59 600 84
Other — — — —
1,131 1,107 1,668 1,097

Compound Annual Growth %

10y 5y 3y
Sales 5.89% 8.25% (0.59%)
Cash Flow 0.94% (1.80%) (9.07%)
Earnings (0.15%) 2.91% (17.82%)
Book Value (4.56%) (21.15%) (25.27%)

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate −5.40 Actual −5.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 −5.23 −5.20 Beat by 0.03
Q2 FY26 6.06 5.87 Miss by 0.19
Q3 FY26 8.97 8.81 Miss by 0.16
Q4 FY26 −5.40 −5.34 Beat by 0.06
Q1 FY27 −5.42 — Reports 9 December 2026

EPS $

Oct Jan Apr Jul Year
’26 — — — — —
’26 (5.20) 5.87 8.81 (5.60) 4.12
’25 (4.61) 6.56 10.54 (5.08) 7.53
’24 (4.60) 5.76 9.54 (4.67) 6.07
’23 (3.40) 5.16 8.18 (3.35) 6.74
’22 (3.44) 5.47 9.16 (2.70) 8.55
’21 (3.82) 3.62 6.72 (3.49) 3.13
Fiscal quarters ending in the months shown.

Revenue $m

Oct Jan Apr Jul Year
’26 — — — — —
’26 271 1,084 1,205 278 2,838
’25 260 1,137 1,296 271 2,964
’24 259 1,078 1,283 265 2,885
’23 279 1,102 1,238 270 2,889
’22 176 907 1,177 267 2,526
’21 132 685 889 204 1,910
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Oct Jan Apr Jul Year
’26 — — — — —
’26 316 260 7 (103) 480
’25 283 326 115 (170) 555
’24 328 243 110 (92) 589
’23 333 273 121 (89) 638
’22 349 262 162 (62) 710
’21 112 347 92 (26) 525
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Oct Jan Apr Jul Year
’26 — — — — —
’26 244 185 (28) (151) 250
’25 212 251 82 (213) 332
’24 275 166 85 (148) 378
’23 209 190 67 (137) 329
’22 299 184 129 (27) 584
’21 82 310 74 (46) 420
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to July

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Price, $
Price, $ Low 159.84 200.29 179.60 125.00 261.41 201.91 204.88 165.00 129.85 118.51 (3.3%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 237.77 302.76 251.81 300.00 376.24 329.07 266.26 236.92 187.71 160.49 (4.3%) ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 5,900 6,100 6,600 7,100 6,100 6,900 7,200 7,600 6,800 6,500 +1.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.32 0.33 0.34 0.28 0.31 0.37 0.40 0.38 0.44 0.44 +3.4% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 1,907 2,012 2,272 1,964 1,910 2,526 2,889 2,885 2,964 2,838 +4.5% 3,037 3,150 3,238 +4.5%
Gross margin, % 43.06 43.12 42.89 39.52 43.46 46.58 42.26 42.61 42.78 41.33 (1.7) pt
EBT 348 340 399 116 125 457 370 340 402 227 (4.7%)
EBT margin, % 18.27 16.91 17.56 5.93 6.56 18.10 12.82 11.78 13.57 8.00 (10.3) pt
Net income 232 401 323 109 124 368 283 247 298 171 (3.3%)
Depreciation 189 204 218 250 253 252 269 279 296 306 +5.5%
Per share, $
Per share, $ Revenue 48.59 49.79 56.30 48.76 47.39 62.42 72.86 76.19 79.78 79.43 +5.6%
Earnings 5.36 9.40 7.46 2.45 3.17 8.60 6.76 6.08 7.54 4.13 (2.9%)
Cash flow 12.00 13.58 15.72 9.81 13.03 17.56 16.09 15.55 14.93 13.42 +1.3%
Capex (3.68) (3.48) (4.76) (4.28) (2.62) (3.13) (7.80) (5.57) (6.00) (6.41) +6.4%
Free cash flow 8.32 10.10 10.96 5.53 10.42 14.43 8.29 9.99 8.94 7.01 (1.9%)
Book value 45.83 44.85 42.80 38.03 45.39 45.66 33.68 27.06 20.29 15.60 (11.3%)
Shares, m 39 40 40 40 40 40 40 38 37 36 (1.0%)
Valuation, ×
Valuation, × P/E 41.24 29.52 32.87 78.38 95.57 27.91 35.57 29.94 20.22 38.56 43.0
P/S 4.34 5.56 4.38 3.94 6.41 3.82 3.23 2.39 1.88 1.88 3.8
P/B 4.60 6.17 5.76 5.05 6.70 5.23 6.99 6.73 7.41 9.58 6.4
EV/Sales 4.94 6.10 5.02 4.98 7.25 4.46 4.01 3.24 2.81 2.90 4.6
EV/FCF 28.84 30.09 25.79 43.94 32.96 19.29 35.25 24.71 25.06 32.90 29.9
Cash, $m
Cash, $m Operating cash flow 471 548 634 395 525 710 638 589 555 480 +0.2%
Capex (144) (141) (192) (172) (105) (127) (309) (211) (223) (229) +5.3%
Free cash flow 327 408 442 223 420 584 329 378 332 250 (2.9%)
Balance, $m
Balance, $m Working capital (171) (55) (191) 62 767 681 77 (205) (618) (221) +2.8%
Total debt 1,272 1,273 1,576 2,451 2,850 2,734 2,820 2,791 3,194 3,186 +10.7%
Net debt 1,145 1,088 1,458 2,049 1,592 1,608 2,247 2,454 2,738 2,902 +10.9%
Shareholders’ equity 1,799 1,812 1,727 1,532 1,829 1,847 1,336 1,025 754 557 (12.2%)
Returns, %
Returns, % ROA 6.39 9.29 7.09 2.04 2.22 5.54 4.33 3.97 4.88 2.61 (3.8) pt
ROIC 8.05 8.81 9.35 3.90 4.77 10.88 8.80 8.78 10.02 7.60 (0.5) pt
ROE 15.67 21.04 17.02 6.07 7.61 18.93 16.70 19.58 31.48 22.50 +6.8 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jul 2026 · latest quarter Jul 2026 · fundamentals updated 25 Oct 2026

Vail Resorts, Inc. vs peers in Resorts & Casinos (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WYNN Wynn Resorts, Limited $7.6B 17.1× 16.9× +6.86% (above 0%: growing) +114.06% (above 0%: growing) +41.56% (above 0%: growing) 40.87% 16.03% Compare
MGM MGM Resorts International $7.3B 17.8× 11.8× +1.05% (above 0%: growing) +522.22% (above 0%: growing) +118.40% (above 0%: growing) 44.47% 11.32% Compare
CZR Caesars Entertainment, Inc. $5.9B — (loss-making) — (loss-making) +2.96% (above 0%: growing) n/m +29.79% (above 0%: growing) 53.26% 17.14% Compare
MTN Vail Resorts, Inc. $5.5B 39.2× 26.2× +2.50% (above 0%: growing) n/m +29.42% (above 0%: growing) (8.85%) (75.09%)
RRR Red Rock Resorts, Inc. $5.2B 16.9× 23.9× −3.04% (below 0%: shrinking) −29.17% (below 0%: shrinking) −76.90% (below 0%: shrinking) 61.83% 26.65% Compare
BYD Boyd Gaming Corporation $5.1B 3.2× 10.7× +0.04% (above 0%: growing) −4.89% (below 0%: shrinking) −235.57% (below 0%: shrinking) 50.29% 19.40% Compare
VAC Marriott Vacations Worldwide Corporation $4.0B — (loss-making) 14.5× +5.94% (above 0%: growing) +11.62% (above 0%: growing) +123.53% (above 0%: growing) 90.83% 12.20% Compare
HGV Hilton Grand Vacations Inc. $2.8B 21.5× 12.0× +7.27% (above 0%: growing) −42.31% (below 0%: shrinking) +318.52% (above 0%: growing) 36.75% 6.70% Compare
PENN PENN Entertainment, Inc. $2.1B — (loss-making) 15.1× +5.24% (above 0%: growing) n/m +9,546.15% (above 0%: growing) 37.18% 7.09% Compare
Median of peers $5.1B 17.1× 14.5× +4.10% +3.37% +79.98% 47.38% 14.12%

All 17 Resorts & Casinos stocks →

Pay and ownership Proxy statement filed 30 October 2025

Ownership

Directors and executive officers, together 1.20%
Ronald Baron/Baron Capital Management, Inc. 14.40%
Capital International Investors 13.90%
The Vanguard Group, Inc. 10.60%
BlackRock Inc. 9.70%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Vail Resorts, Inc. (MTN) Latest News

28 Oct

Impact 3 ·

26 Oct

Impact 4 ·

24 Oct

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23 Oct

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4 Oct

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2 Oct

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1 Oct

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29 Sep

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Impact 4 · transcript
Impact 3 ·
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28 Sep

Impact 4 ·
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Impact 3 ·
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Impact 3 · earnings
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27 Sep

Impact 4 ·

26 Sep

Impact 3 ·
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25 Sep

Impact 3 ·
stockrow.com/MTN · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com