Vail Resorts vs Travel + Leisure
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Vail Resorts and Travel + Leisure side by side, using each one’s latest annual report. Here is what stands out:
- Travel + Leisure is the larger business, with $4.0B of revenue in fiscal 2025 against $2.8B for Vail Resorts.
- Travel + Leisure grew revenue faster (4.1%, against −4.3%).
- Vail Resorts kept more of each dollar of sales as operating profit (14.8% operating margin, against 13.8%).
- Travel + Leisure turned more of its sales into free cash flow (13.0% FCF margin, against 8.7%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Vail Resorts
MTN
2/8
Operating marginNet debt / EBITDA
Travel + Leisure
TNL
6/8
Revenue growth5-year growthNet marginFCF marginReturn on capitalShare count change
Side by side
Best in the row
| Latest fiscal year | MTN FY26 | TNL FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.3B | $4.2B |
| Revenue | $2.8B | $4.0B |
| Free cash flow | $248M | $523M |
| Net income | $148M | $230M |
| Growth | ||
| Revenue growth | −4.3% | 4.1% |
| 5-year growth | 8.3% | 13.2% |
| Share count change | −3.8% | −5.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 14.8% | 13.8% |
| Net margin | 5.2% | 5.7% |
| FCF margin | 8.7% | 13.0% |
| Return on capital | 8.1% | 8.5% |
| Return on equity | 44.4% | — |
| Balance sheet | ||
| Net debt | $3.4B | $5.3B |
| Net debt / EBITDA | 4.6x | 7.9x |
| Dividends and buybacks | $362M | $450M |
| Valuation & quality | ||
| P/E | — | 17.7x |
| Piotroski F-score | 5 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.