Vail Resorts, Inc. (MTN) vs PENN Entertainment, Inc. (PENN)

Vail Resorts, Inc. and PENN Entertainment, Inc. are both Resorts & Casinos companies. Vail Resorts, Inc. is the larger, with a market value of $5.5B against $2.1B — 2.7× the size. PENN Entertainment, Inc. has negative trailing earnings, so its P/E is not meaningful; Vail Resorts, Inc. trades at 39.2×. PENN Entertainment, Inc. grew revenue faster over the last twelve months: 6.14% against −4.26%. Vail Resorts, Inc. has the higher net margin (5.20% vs −12.7%) and the higher return on invested capital (7.60% vs −4.38%). Across the 20 metrics below, Vail Resorts, Inc. leads on 12 and PENN Entertainment, Inc. on 8.

Valuation

Metric MTN PENN Resorts & Casinos median
P/E 39.17 n/m 17.17
P/S 1.91 0.30 0.58
P/B 9.73 1.14 2.18
Price to free cash flow 21.65 55.88 9.54
EV/EBITDA 11.47 n/m 8.81
EV/Sales 2.93 1.16 1.73
Earnings yield 2.55% (40.09%) 2.55%
Free cash flow yield 4.62% 1.79% 7.85%

Profitability

Metric MTN PENN Resorts & Casinos median
Gross margin 41.33% 35.16% 49.00%
Operating margin 14.82% (7.89%) 10.92%
Net margin 5.20% (12.66%) 2.36%
Free cash flow margin 8.83% 0.53% 6.48%
Return on equity 22.50% (37.49%) 0.14%
Return on assets 2.61% (6.19%) 1.03%
Return on invested capital 7.60% (4.38%) 7.36%

Growth

Metric MTN PENN Resorts & Casinos median
Revenue growth (TTM) (4.26%) 6.14% 2.76%
EPS growth (last fiscal year) (45.29%) (184.39%) 3.45%
Revenue growth, 5-year CAGR 8.25% 14.23% 24.21%
Net income growth, 5-year CAGR 2.91% 0.00% 0.00%

Health

Metric MTN PENN Resorts & Casinos median
Debt to equity 5.72 3.83 2.08
Current ratio 0.80 0.89 0.91
Net debt to EBITDA 4.00 (30.04) 4.00

Dividend

Metric MTN PENN Resorts & Casinos median
Dividend yield 5.85% — 1.95%
Payout ratio 2.29 — 0.37

Size

Metric MTN PENN Resorts & Casinos median
Market cap 5.51b 2.06b 2.78b

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