Vail Resorts vs Sabre
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The short version
- Vail Resorts is the larger business, with $2.8B of revenue in fiscal 2026 against $2.8B for Sabre.
- Sabre grew revenue faster (1.0%, against −4.3%).
- Vail Resorts kept more of each dollar of sales as operating profit (14.8% operating margin, against 10.7%).
- Vail Resorts turned more of its sales into free cash flow (8.7% FCF margin, against −6.9%).
- Sabre earned a higher return on the capital invested in it (8.9%, against 8.1%).
| Latest fiscal year | MTN · FY26 | SABR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.2B | $607M |
| Revenue | $2.8B | $2.8B |
| Free cash flow | $248M | −$192M |
| Net income | $148M | $525M |
| Growth | ||
| Revenue growth | −4.3% | 1.0% |
| 5-year growth | 8.3% | 15.7% |
| Share count change | −3.8% | 2.1% |
| Profitability | ||
| Gross margin | — | 56.4% |
| Operating margin | 14.8% | 10.7% |
| Net margin | 5.2% | 18.9% |
| FCF margin | 8.7% | −6.9% |
| Return on capital | 8.1% | 8.9% |
| Return on equity | 44.4% | — |
| Balance sheet | ||
| Net debt | $3.4B | $3.6B |
| Net debt / EBITDA | 4.6x | 8.9x |
| Dividends and buybacks | $362M | $0.0M |
| Valuation & quality | ||
| P/E | — | 0.9x |
| Piotroski F-score | 5 | 5 |
Revenue
FY17
MTN $1.9B
SABR $3.6B
FY18
MTN $2.0B
SABR $3.9B
FY19
MTN $2.3B
SABR $4.0B
FY20
MTN $2.0B
SABR $1.3B
FY21
MTN $1.9B
SABR $1.7B
FY22
MTN $2.5B
SABR $2.5B
FY23
MTN $2.9B
SABR $2.6B
FY24
MTN $2.9B
SABR $2.7B
FY25
MTN $3.0B
SABR $2.8B
FY26
MTN $2.8B
SABR —
MTN
SABR
Operating margin
FY17
MTN 19.9%
SABR 13.7%
FY18
MTN 20.3%
SABR 14.5%
FY19
MTN 21.0%
SABR 9.1%
FY20
MTN 11.4%
SABR −74.1%
FY21
MTN 13.7%
SABR −39.4%
FY22
MTN 23.8%
SABR −10.3%
FY23
MTN 17.5%
SABR 1.2%
FY24
MTN 16.9%
SABR 8.8%
FY25
MTN 18.9%
SABR 10.7%
FY26
MTN 14.8%
SABR —
MTN
SABR
Free cash flow
FY17
MTN $327M
SABR $362M
FY18
MTN $408M
SABR $441M
FY19
MTN $442M
SABR $466M
FY20
MTN $223M
SABR −$836M
FY21
MTN $410M
SABR −$469M
FY22
MTN $518M
SABR −$346M
FY23
MTN $323M
SABR −$13.6M
FY24
MTN $378M
SABR −$9.3M
FY25
MTN $320M
SABR −$192M
FY26
MTN $248M
SABR —
MTN
SABR
Return on capital
FY17
MTN 11.3%
SABR 8.4%
FY18
MTN 13.9%
SABR 12.4%
FY19
MTN 12.7%
SABR 7.6%
FY20
MTN 5.9%
SABR —
FY21
MTN 6.6%
SABR —
FY22
MTN 12.5%
SABR −6.5%
FY23
MTN 9.8%
SABR 0.9%
FY24
MTN 9.0%
SABR 6.9%
FY25
MTN 10.6%
SABR 8.9%
FY26
MTN 8.1%
SABR —
MTN
SABR
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.