Vail Resorts vs Pursuit Attractions & Hospitality
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The short version
- Vail Resorts is the larger business, with $2.8B of revenue in fiscal 2026 against $452M for Pursuit Attractions & Hospitality, about 6.3 times as much.
- Pursuit Attractions & Hospitality grew revenue faster (23.5%, against −4.3%).
- Vail Resorts turned more of its sales into free cash flow (8.7% FCF margin, against 2.5%).
- Vail Resorts earned a higher return on the capital invested in it (8.1%, against 6.3%).
| Latest fiscal year | MTN · FY26 | PRSU · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.2B | $1.5B |
| Revenue | $2.8B | $452M |
| Free cash flow | $248M | $11.1M |
| Net income | $148M | $22.7M |
| Growth | ||
| Revenue growth | −4.3% | 23.5% |
| 5-year growth | 8.3% | 1.7% |
| Share count change | −3.8% | 32.5% |
| Profitability | ||
| Gross margin | — | 92.4% |
| Operating margin | 14.8% | — |
| Net margin | 5.2% | 5.0% |
| FCF margin | 8.7% | 2.5% |
| Return on capital | 8.1% | 6.3% |
| Return on equity | 44.4% | 4.1% |
| Balance sheet | ||
| Net debt | $3.4B | $128M |
| Net debt / EBITDA | 4.6x | 1.2x |
| Dividends and buybacks | $362M | $10.2M |
| Valuation & quality | ||
| P/E | — | 41.0x |
| Piotroski F-score | 5 | 5 |
Revenue
FY17
MTN $1.9B
PRSU $1.3B
FY18
MTN $2.0B
PRSU $1.2B
FY19
MTN $2.3B
PRSU $1.3B
FY20
MTN $2.0B
PRSU $415M
FY21
MTN $1.9B
PRSU $507M
FY22
MTN $2.5B
PRSU $299M
FY23
MTN $2.9B
PRSU $350M
FY24
MTN $2.9B
PRSU $367M
FY25
MTN $3.0B
PRSU $452M
FY26
MTN $2.8B
PRSU —
MTN
PRSU
Operating margin
FY17
MTN 19.9%
PRSU 6.6%
FY18
MTN 20.3%
PRSU 6.3%
FY19
MTN 21.0%
PRSU 6.1%
FY20
MTN 11.4%
PRSU −28.0%
FY21
MTN 13.7%
PRSU −9.3%
FY22
MTN 23.8%
PRSU 23.0%
FY23
MTN 17.5%
PRSU 31.0%
FY24
MTN 16.9%
PRSU —
FY25
MTN 18.9%
PRSU —
FY26
MTN 14.8%
PRSU —
MTN
PRSU
Free cash flow
FY17
MTN $327M
PRSU $55.6M
FY18
MTN $408M
PRSU $7.3M
FY19
MTN $442M
PRSU $32.0M
FY20
MTN $223M
PRSU −$134M
FY21
MTN $410M
PRSU −$95.8M
FY22
MTN $518M
PRSU $16.5M
FY23
MTN $323M
PRSU $42.2M
FY24
MTN $378M
PRSU $0.7M
FY25
MTN $320M
PRSU $11.1M
FY26
MTN $248M
PRSU —
MTN
PRSU
Return on capital
FY17
MTN 11.3%
PRSU 8.3%
FY18
MTN 13.9%
PRSU 9.3%
FY19
MTN 12.7%
PRSU 9.8%
FY20
MTN 5.9%
PRSU −13.3%
FY21
MTN 6.6%
PRSU −7.1%
FY22
MTN 12.5%
PRSU 7.0%
FY23
MTN 9.8%
PRSU 10.8%
FY24
MTN 9.0%
PRSU −4.1%
FY25
MTN 10.6%
PRSU 6.3%
FY26
MTN 8.1%
PRSU —
MTN
PRSU
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.