Choice Hotels vs Vail Resorts
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The short version
- Vail Resorts is the larger business, with $2.8B of revenue in fiscal 2026 against $1.6B for Choice Hotels, about 1.8 times as much.
- Choice Hotels grew revenue faster (0.8%, against −4.3%).
- Choice Hotels kept more of each dollar of sales as operating profit (28.1% operating margin, against 14.8%).
- Choice Hotels turned more of its sales into free cash flow (10.2% FCF margin, against 8.7%).
- Choice Hotels earned a higher return on the capital invested in it (19.5%, against 8.1%).
| Latest fiscal year | CHH · FY25 | MTN · FY26 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $5.2B |
| Revenue | $1.6B | $2.8B |
| Free cash flow | $164M | $248M |
| Net income | $370M | $148M |
| Growth | ||
| Revenue growth | 0.8% | −4.3% |
| 5-year growth | 15.6% | 8.3% |
| Share count change | −3.1% | −3.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 28.1% | 14.8% |
| Net margin | 23.2% | 5.2% |
| FCF margin | 10.2% | 8.7% |
| Return on capital | 19.5% | 8.1% |
| Return on equity | — | 44.4% |
| Balance sheet | ||
| Net debt | $1.9B | $3.4B |
| Net debt / EBITDA | 3.7x | 4.6x |
| Dividends and buybacks | $192M | $362M |
| Valuation & quality | ||
| P/E | 15.3x | — |
| Piotroski F-score | 6 | 5 |
Revenue
FY17
CHH $941M
MTN $1.9B
FY18
CHH $1.0B
MTN $2.0B
FY19
CHH $1.1B
MTN $2.3B
FY20
CHH $774M
MTN $2.0B
FY21
CHH $1.1B
MTN $1.9B
FY22
CHH $1.4B
MTN $2.5B
FY23
CHH $1.5B
MTN $2.9B
FY24
CHH $1.6B
MTN $2.9B
FY25
CHH $1.6B
MTN $3.0B
FY26
CHH —
MTN $2.8B
CHH
MTN
Operating margin
FY17
CHH 30.8%
MTN 19.9%
FY18
CHH 30.6%
MTN 20.3%
FY19
CHH 28.6%
MTN 21.0%
FY20
CHH 15.7%
MTN 11.4%
FY21
CHH 40.1%
MTN 13.7%
FY22
CHH 34.1%
MTN 23.8%
FY23
CHH 24.3%
MTN 17.5%
FY24
CHH 29.3%
MTN 16.9%
FY25
CHH 28.1%
MTN 18.9%
FY26
CHH —
MTN 14.8%
CHH
MTN
Free cash flow
FY17
CHH $234M
MTN $327M
FY18
CHH $195M
MTN $408M
FY19
CHH $213M
MTN $442M
FY20
CHH $76.5M
MTN $223M
FY21
CHH $309M
MTN $410M
FY22
CHH $301M
MTN $518M
FY23
CHH $228M
MTN $323M
FY24
CHH $213M
MTN $378M
FY25
CHH $164M
MTN $320M
FY26
CHH —
MTN $248M
CHH
MTN
Return on capital
FY17
CHH 57.3%
MTN 11.3%
FY18
CHH 64.9%
MTN 13.9%
FY19
CHH 39.3%
MTN 12.7%
FY20
CHH 15.1%
MTN 5.9%
FY21
CHH 40.3%
MTN 6.6%
FY22
CHH 34.2%
MTN 12.5%
FY23
CHH 19.9%
MTN 9.8%
FY24
CHH 21.6%
MTN 9.0%
FY25
CHH 19.5%
MTN 10.6%
FY26
CHH —
MTN 8.1%
CHH
MTN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.