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Vail Resorts

MTN NYSE Hotels, Resorts & Cruise Lines Financials FY2017–FY2026

Vail Resorts' revenue fell 4.3% to $2.8 billion in fiscal 2026. Its operating margin was 14.8%, down from 18.9% a year earlier. Free cash flow was $248 million, down 22.4%. It paid out $362 million in dividends and buybacks, 146% of free cash flow. The diluted share count fell 3.8%.

Last close · Oct 23, 2026

$146.57

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.8B
4.3% vs prior year
Operating margin Operating income as a share of revenue.
14.8%
4.1 pts
Net income Profit after all expenses, interest and tax.
$148M
47.3%
Free cash flow Cash from operations minus capital spending.
$248M
22.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.1%
2.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Vail Resorts does

No business description yet.

Legal name
VAIL RESORTS, INC.
Fiscal year ends
July 31, 2026
Latest annual report
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Accession · CIK
0000812011-26-000049
0000812011

Revenue and margins

Vail Resorts had $2.8B of revenue in fiscal 2026, down 4.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2017 to 2026, diluted EPS grew −2.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $248M in fiscal 2026, 8.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Vail Resorts returned $362M to shareholders in fiscal 2026, 146% of free cash flow. The diluted share count fell 3.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Vail Resorts yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$3.4B and divides by 35.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

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Reference multiples: today 35.6x · peers 16.4x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Vail Resorts can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $1.1B$563M$323M$440M$269M
Debt incl. finance leases $3.2B$3.2B$3.2B$3.6B$3.6B
Net debt / EBITDA 2.4x3.4x3.8x3.7x4.6x
Debt / equity 2.0x3.2x4.5x8.5x—
Interest coverage 4.1x3.2x3.0x3.3x2.1x
Current ratio 1.6x1.1x0.8x0.6x0.8x
Quick ratio 1.5x1.0x0.7x0.6x0.7x
Total assets $6.3B$5.9B$5.7B$5.8B$5.5B
Total liabilities $4.5B$4.6B$4.7B$5.0B$5.0B
Shareholders' equity $1.6B$1.0B$710M$425M$241M
Net debt (− = net cash) $2.1B$2.7B$2.9B$3.2B$3.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$5.0M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

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$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 16, 2026 Angela A KorchEVP & Chief Financial Officer Bought 190 $131.85 $0.0M Form 4
Mar 16, 2026 Robert A KatzCEO & Chairperson of the Board, Director Bought 37,500 $131.81 $4.9M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score 5 / 86 / 85 / 8
Accruals ratio −6.2%−4.8%−5.9%
Altman Z'' 1.010.510.69

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Vail Resorts MTN $5.2B −4.3% 14.8% 8.7% 8.1% — 5
Sabre SABR $607M 1.0% 10.7% −6.9% 8.9% 0.9x 5 Compare →
Travel + Leisure TNL $4.1B 4.1% 13.8% 13.0% 8.5% 17.5x — Compare →
Marriott Vacations Worldwide VAC $4.2B 1.3% — −0.6% — — — Compare →
Choice Hotels CHH $4.9B 0.8% 28.1% 10.2% 19.5% 15.3x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $1.9B $2.0B $2.3B $2.0B $1.9B $2.5B $2.9B $2.9B $3.0B $2.8B
Operating income $379M $409M $476M $223M $261M $602M $504M $489M $560M $421M
Interest expense $54.1M $63.2M $79.5M $107M $151M $148M $155M $165M $172M $206M
Pretax income $348M $340M $399M $116M $125M $457M $370M $340M $402M $227M
Income tax $117M −$61.1M $75.5M $7.4M $0.7M $88.8M $87.6M $92.8M $104M $56.2M
Net income $211M $380M $301M $98.8M $128M $348M $266M $231M $280M $148M
Diluted EPS $5.22 $9.13 $7.32 $2.42 $3.13 $8.55 $6.69 $6.09 $7.53 $4.12
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $471M $549M $634M $395M $525M $711M $638M $589M $555M $480M
Capital expenditure $144M $141M $192M $172M $115M $193M $315M $211M $235M $232M
Free cash flow $327M $408M $442M $223M $410M $518M $323M $378M $320M $248M
Depreciation and amortization $189M $205M $218M $250M $253M $252M $269M $279M $296M $306M
Stock-based compensation $18.3M $19.0M $19.9M $21.0M $24.4M $24.9M $25.4M $26.8M $34.0M $28.2M
Acquisitions $547M $1.4M $419M $328M $0.0M $116M $38.6M $94.4M $0.0M $0.0M
Share buybacks $0.2M $25.8M $85.0M $46.4M $0.0M $75.0M $500M $150M $270M $45.0M
Dividends paid $146M $204M $261M $213M $0.0M $226M $314M $324M $328M $317M
Dividends and buybacks $146M $230M $346M $259M $0.0M $301M $814M $474M $598M $362M
Balance sheet
Cash and short-term investments $117M $178M $109M $391M $1.2B $1.1B $563M $323M $440M $269M
Total debt $1.3B $1.3B $1.6B $2.4B $2.9B $2.8B $2.8B $2.8B $3.2B $3.2B
Finance lease liabilities $0.0M $0.0M $0.0M $346M $352M $358M $402M $418M $421M $447M
Current assets $433M $539M $528M $665M $1.7B $1.8B $1.2B $902M $1.0B $877M
Current liabilities $605M $594M $719M $604M $978M $1.1B $1.1B $1.1B $1.7B $1.1B
Inventory $84.8M $85.6M $96.5M $102M $80.3M $109M $133M $119M $117M $135M
Property and equipment, net $1.7B $1.6B $1.8B $2.2B $2.1B $2.1B $2.4B $2.4B $2.4B $2.3B
Total assets $4.1B $4.1B $4.4B $5.2B $6.3B $6.3B $5.9B $5.7B $5.8B $5.5B
Total liabilities $2.3B $2.3B $2.7B $3.7B $4.4B $4.5B $4.6B $4.7B $5.0B $5.0B
Shareholders' equity $1.6B $1.6B $1.5B $1.3B $1.6B $1.6B $1.0B $710M $425M $241M
Margins
Operating margin 19.9% 20.3% 21.0% 11.4% 13.7% 23.8% 17.5% 16.9% 18.9% 14.8%
EBITDA margin 29.8% 30.5% 30.6% 24.1% 26.9% 33.8% 26.8% 26.6% 28.9% 25.6%
Net margin 11.0% 18.9% 13.3% 5.0% 6.7% 13.8% 9.2% 8.0% 9.5% 5.2%
FCF margin 17.1% 20.3% 19.5% 11.3% 21.5% 20.5% 11.2% 13.1% 10.8% 8.7%
Returns
Return on capital 11.3% 13.9% 12.7% 5.9% 6.6% 12.5% 9.8% 9.0% 10.6% 8.1%
Return on capital employed 13.8% 11.7% 13.3% 5.4% 5.3% 11.5% 10.1% 10.4% 12.9% 9.9%
Return on equity 17.2% 24.0% 19.5% 7.0% 8.8% 21.7% 20.3% 27.0% 49.4% 44.4%
Return on assets 6.4% 9.3% 7.1% 2.0% 2.2% 5.5% 4.3% 4.0% 4.9% 2.6%
Growth
Revenue growth 19.1% 5.5% 12.9% −13.6% −2.8% 32.3% 14.4% −0.1% 2.7% −4.3%
Net income growth 40.6% 80.4% −20.7% −67.2% 29.4% 172.1% −23.6% −13.1% 21.2% −47.3%
EPS growth 30.2% 74.9% −19.8% −66.9% 29.3% 173.2% −21.8% −9.0% 23.7% −45.3%
FCF growth −0.4% 24.9% 8.4% −49.7% 84.2% 26.2% −37.6% 17.0% −15.4% −22.4%
Share count change 8.2% 3.1% −1.1% −0.8% −0.0% −0.4% −2.3% −4.5% −2.0% −3.8%
Financial health
Net debt / EBITDA 2.0x 1.8x 2.1x 5.1x 4.0x 2.4x 3.4x 3.8x 3.7x 4.6x
Debt / equity 0.8x 0.8x 1.1x 2.1x 2.1x 2.0x 3.2x 4.5x 8.5x —
Interest coverage 7.0x 6.5x 6.0x 2.1x 1.7x 4.1x 3.2x 3.0x 3.3x 2.1x
Current ratio 0.7x 0.9x 0.7x 1.1x 1.8x 1.6x 1.1x 0.8x 0.6x 0.8x
Quick ratio 0.6x 0.8x 0.6x 0.9x 1.7x 1.5x 1.0x 0.7x 0.6x 0.7x
Capital allocation
Capex / revenue 7.6% 7.0% 8.5% 8.8% 6.0% 7.6% 10.9% 7.3% 7.9% 8.2%
Stock comp / revenue 1.0% 1.0% 0.9% 1.1% 1.3% 1.0% 0.9% 0.9% 1.2% 1.0%
Payouts / FCF 44.9% 56.4% 78.2% 116.4% 0.0% 58.1% 252.2% 125.4% 187.1% 146.0%
Quality scores
Piotroski F-score 6.0 6.0 5.0 5.0 6.0 7.0 5.0 5.0 6.0 5.0
Altman Z'' 1.6 2.0 1.7 1.2 1.9 2.2 1.4 1.0 0.5 0.7
Accruals ratio −7.9% −4.1% −7.9% −6.1% −6.9% −5.8% −6.1% −6.2% −4.8% −5.9%

Source: SEC EDGAR XBRL filings (CIK 0000812011). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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