Vail Resorts vs Travel + Leisure
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The short version
- 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%).
| Latest fiscal year | MTN · FY26 | TNL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.2B | $4.1B |
| 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 | — | 17.5x |
| Piotroski F-score | 5 | — |
Revenue
FY17
MTN $1.9B
TNL $3.8B
FY18
MTN $2.0B
TNL $3.9B
FY19
MTN $2.3B
TNL $4.0B
FY20
MTN $2.0B
TNL $2.2B
FY21
MTN $1.9B
TNL $3.1B
FY22
MTN $2.5B
TNL $3.6B
FY23
MTN $2.9B
TNL $3.8B
FY24
MTN $2.9B
TNL $3.9B
FY25
MTN $3.0B
TNL $4.0B
FY26
MTN $2.8B
TNL —
MTN
TNL
Operating margin
FY17
MTN 19.9%
TNL 11.5%
FY18
MTN 20.3%
TNL 13.3%
FY19
MTN 21.0%
TNL 20.1%
FY20
MTN 11.4%
TNL −4.9%
FY21
MTN 13.7%
TNL 19.7%
FY22
MTN 23.8%
TNL 18.3%
FY23
MTN 17.5%
TNL 19.2%
FY24
MTN 16.9%
TNL 19.0%
FY25
MTN 18.9%
TNL 13.8%
FY26
MTN 14.8%
TNL —
MTN
TNL
Free cash flow
FY17
MTN $327M
TNL $879M
FY18
MTN $408M
TNL $343M
FY19
MTN $442M
TNL $344M
FY20
MTN $223M
TNL $305M
FY21
MTN $410M
TNL $511M
FY22
MTN $518M
TNL $390M
FY23
MTN $323M
TNL $276M
FY24
MTN $378M
TNL $383M
FY25
MTN $320M
TNL $523M
FY26
MTN $248M
TNL —
MTN
TNL
Return on capital
FY17
MTN 11.3%
TNL —
FY18
MTN 13.9%
TNL —
FY19
MTN 12.7%
TNL —
FY20
MTN 5.9%
TNL −1.9%
FY21
MTN 6.6%
TNL 10.8%
FY22
MTN 12.5%
TNL 11.5%
FY23
MTN 9.8%
TNL 13.5%
FY24
MTN 9.0%
TNL 12.0%
FY25
MTN 10.6%
TNL 8.5%
FY26
MTN 8.1%
TNL —
MTN
TNL
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.