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.
Follow MTN
Vail Resorts, Inc. (MTN) Altman Z-score
Vail Resorts, Inc.'s Altman Z-score for fiscal 2026 is 1.50, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 1.50 | (0.05) |
| FY2025 | 1.55 | (0.28) |
| FY2024 | 1.82 | (0.38) |
| FY2023 | 2.20 | (0.13) |
| FY2022 | 2.33 | (0.10) |
| FY2021 | 2.43 | 0.48 |
| FY2020 | 1.95 | (1.32) |
| FY2019 | 3.27 | (0.77) |
| FY2018 | 4.04 | 0.99 |
| FY2017 | 3.05 | (0.11) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.05 | |
| Retained earnings / total assets | 0.10 | — | 0.14 | |
| EBIT / total assets | 0.08 | — | 0.25 | |
| Market value of equity / total liabilities | 1.07 | — | 0.64 | |
| Sales / total assets | 0.51 | — | 0.51 | |
| Altman Z-score | Distress zone | 1.50 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.69 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BYD Boyd Gaming Corporation compare | 2.5× |
| RRR Red Rock Resorts, Inc. compare | 1.6× |
| MTN Vail Resorts, Inc. | 1.5× |
| HGV Hilton Grand Vacations Inc. compare | 1.4× |
| WYNN Wynn Resorts, Limited compare | 1.3× |
| VAC Marriott Vacations Worldwide Corporation compare | 1.1× |
| MGM MGM Resorts International compare | 0.8× |
| CZR Caesars Entertainment, Inc. compare | 0.5× |
| PENN PENN Entertainment, Inc. compare | 0.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets