Vail Resorts (MTN)
Market Price (4/14/2026): $129.94 | Market Cap: $4.6 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines
Vail Resorts (MTN)
Market Price (4/14/2026): $129.94Market Cap: $4.6 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, FCF Yield is 6.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable Resource Management, and Renewable Energy Transition. Themes include Travel & Leisure Tech, Show more. | Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -104% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60% Weak revenue growthRev Chg QQuarterly Revenue Change % is -4.7% Key risksMTN key risks include [1] operational challenges stemming from its high fixed-cost structure and the difficulties of staffing and securing adequate housing for its seasonal workforce in resort communities. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, FCF Yield is 6.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable Resource Management, and Renewable Energy Transition. Themes include Travel & Leisure Tech, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -104% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 60% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -4.7% |
| Key risksMTN key risks include [1] operational challenges stemming from its high fixed-cost structure and the difficulties of staffing and securing adequate housing for its seasonal workforce in resort communities. |
Qualitative Assessment
AI Analysis | Feedback
1. Lower-than-expected skier visitation due to historically poor snowfall directly impacted financial performance.
Vail Resorts experienced a significant decline in skier visits due to historically low snowfall in key western North American markets such as Colorado and Utah. This led to a 14% year-over-year decrease in standard visits for the period and a 12.5% fall in overall skier visits in fiscal Q2 2026 (ending January 31, 2026). This adverse weather condition, a key macroeconomic factor, directly contributed to the company missing revenue and EBITDA estimates in its second fiscal quarter.
2. Mixed financial results for Q1 and Q2 Fiscal Year 2026, followed by lowered full-year guidance, created investor uncertainty.
For fiscal Q1 2026 (ended October 31, 2025), Vail Resorts reported revenue of $271.0 million, which fell short of consensus analyst estimates by approximately $5.4 million, although its non-GAAP net loss of $5.20 per share was marginally narrower than anticipated. Subsequently, for fiscal Q2 2026 (ended January 31, 2026), the company reported revenue of $1.08 billion, missing consensus estimates of $1.11 billion, and an EPS of $5.87, missing the $6.06 estimate. Following these results, management lowered its fiscal year 2026 estimated Resort Reported EBITDA by 3%, reflecting a less optimistic outlook and contributing to the stock's sideways trend.
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Stock Movement Drivers
Fundamental Drivers
The -0.3% change in MTN stock from 12/31/2025 to 4/13/2026 was primarily driven by a -11.4% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 130.57 | 130.18 | -0.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,975 | 2,922 | -1.8% |
| Net Income Margin (%) | 8.9% | 7.9% | -11.4% |
| P/E Multiple | 17.7 | 20.2 | 14.1% |
| Shares Outstanding (Mil) | 36 | 36 | 0.4% |
| Cumulative Contribution | -0.3% |
Market Drivers
12/31/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| MTN | -0.3% | |
| Market (SPY) | -5.4% | 20.7% |
| Sector (XLY) | -4.6% | 28.5% |
Fundamental Drivers
The -8.7% change in MTN stock from 9/30/2025 to 4/13/2026 was primarily driven by a -16.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 142.60 | 130.18 | -8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,964 | 2,922 | -1.4% |
| Net Income Margin (%) | 9.4% | 7.9% | -16.0% |
| P/E Multiple | 18.7 | 20.2 | 7.9% |
| Shares Outstanding (Mil) | 37 | 36 | 2.2% |
| Cumulative Contribution | -8.7% |
Market Drivers
9/30/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| MTN | -8.7% | |
| Market (SPY) | -2.9% | 21.5% |
| Sector (XLY) | -4.7% | 32.5% |
Fundamental Drivers
The -13.5% change in MTN stock from 3/31/2025 to 4/13/2026 was primarily driven by a -10.0% change in the company's Net Income Margin (%).| (LTM values as of) | 3312025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 150.42 | 130.18 | -13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,946 | 2,922 | -0.8% |
| Net Income Margin (%) | 8.8% | 7.9% | -10.0% |
| P/E Multiple | 21.8 | 20.2 | -7.2% |
| Shares Outstanding (Mil) | 37 | 36 | 4.6% |
| Cumulative Contribution | -13.5% |
Market Drivers
3/31/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| MTN | -13.5% | |
| Market (SPY) | 16.3% | 44.8% |
| Sector (XLY) | 16.1% | 50.4% |
Fundamental Drivers
The -35.3% change in MTN stock from 3/31/2023 to 4/13/2026 was primarily driven by a -33.6% change in the company's Net Income Margin (%).| (LTM values as of) | 3312023 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 201.12 | 130.18 | -35.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,825 | 2,922 | 3.4% |
| Net Income Margin (%) | 11.9% | 7.9% | -33.6% |
| P/E Multiple | 24.2 | 20.2 | -16.5% |
| Shares Outstanding (Mil) | 40 | 36 | 12.8% |
| Cumulative Contribution | -35.3% |
Market Drivers
3/31/2023 to 4/13/2026| Return | Correlation | |
|---|---|---|
| MTN | -35.3% | |
| Market (SPY) | 63.3% | 40.1% |
| Sector (XLY) | 55.8% | 42.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MTN Return | 18% | -25% | -7% | -8% | -25% | -2% | -44% |
| Peers Return | 5% | -2% | 28% | 11% | 21% | 2% | 82% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| MTN Win Rate | 42% | 33% | 50% | 42% | 33% | 50% | |
| Peers Win Rate | 50% | 50% | 58% | 55% | 62% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MTN Max Drawdown | -6% | -37% | -11% | -20% | -29% | -5% | |
| Peers Max Drawdown | -21% | -24% | -3% | -13% | -26% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HST, MAR, HLT, WYNN, LVS. See MTN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/13/2026 (YTD)
How Low Can It Go
| Event | MTN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.3% | -25.4% |
| % Gain to Breakeven | 82.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -48.3% | -33.9% |
| % Gain to Breakeven | 93.4% | 51.3% |
| Time to Breakeven | 220 days | 148 days |
| 2018 Correction | ||
| % Loss | -40.0% | -19.8% |
| % Gain to Breakeven | 66.7% | 24.7% |
| Time to Breakeven | 764 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -77.5% | -56.8% |
| % Gain to Breakeven | 345.3% | 131.3% |
| Time to Breakeven | 1,530 days | 1,480 days |
Compare to HST, MAR, HLT, WYNN, LVS
In The Past
Vail Resorts's stock fell -45.3% during the 2022 Inflation Shock from a high on 11/5/2021. A -45.3% loss requires a 82.7% gain to breakeven.
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About Vail Resorts (MTN)
AI Analysis | Feedback
Here are 1-3 brief analogies for Vail Resorts (MTN):
- Vail Resorts is like the Disney for ski resorts, operating multiple destination mountains and offering integrated experiences, lodging, and retail.
- It's similar to a Marriott International that owns and operates entire ski mountains and the surrounding hospitality infrastructure, rather than just hotels.
AI Analysis | Feedback
- Ski Resort Access: Provides access to a network of destination mountain resorts and regional ski areas for skiing and snowboarding.
- Ski & Snowboard Instruction: Offers lessons and training programs for skiing and snowboarding enthusiasts.
- On-Resort Services: Includes dining, retail, and equipment rental operations at its mountain resorts.
- Hotel & Condominium Lodging: Manages and operates luxury hotels, condominiums, and other lodging properties, including the RockResorts brand.
- Golf Course Operations: Manages and operates golf courses, often located near its mountain resorts.
- Resort Transportation: Offers ground transportation services within and between its resort properties.
- Real Estate Development & Sales: Involves the ownership, development, and sale of real estate properties.
- Real Estate Brokerage: Provides services for buying and selling real estate, often linked to its resort communities.
AI Analysis | Feedback
Vail Resorts (MTN) - Major Customers
Vail Resorts (MTN) primarily sells its products and services directly to individual consumers.
The company serves the following categories of customers:
- Skiers and Snowboarders: This is the company's largest customer base, comprising individuals and families seeking winter sports experiences. These customers purchase lift tickets, season passes (such as the Epic Pass), ski school lessons, equipment rentals, and on-mountain dining at Vail's numerous resorts and ski areas.
- Lodging Guests: Individuals, couples, and families who utilize Vail Resorts' owned and managed hotels, condominiums, and other lodging properties under brands like RockResorts. These customers often visit for ski trips but also include summer visitors, conference attendees, and general tourists who purchase accommodation and related hospitality services.
- Real Estate Purchasers: Individuals and investors who buy residential properties, such as vacation homes and condominiums, developed or brokered by Vail Resorts' real estate segment in proximity to its mountain resorts.
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AI Analysis | Feedback
Rob Katz, Chief Executive Officer & Chairperson of the Board
Mr. Katz was reappointed CEO in May 2025, after previously serving as CEO of Vail Resorts from February 2006 to November 2021, and then as Executive Chairperson. He was appointed Chairperson of the Board of Directors in March 2009 and served in both roles until November 2021. He has been involved with the company since 1991 and on the Board since 1996. Prior to becoming CEO of Vail Resorts, Mr. Katz was associated with Apollo Management L.P., a private equity investment firm, since its founding in 1990.
Angela Korch, Executive Vice President & Chief Financial Officer
Ms. Korch was appointed Executive Vice President and Chief Financial Officer of Vail Resorts, effective December 22, 2022. She rejoined Vail Resorts from CorePower Yoga, where she served as CFO since May 2020. Prior to that, she spent over a decade at Vail Resorts in various finance leadership roles, including Vice President of Corporate & Mountain Finance, where she supported the mountain division's expansion and played a role in integrating 32 mountain resorts. Before joining Vail Resorts in 2010, she was an Assistant Portfolio Manager at Muzinich & Company. At CorePower Yoga, she helped the company navigate COVID-19 challenges, raise capital, and expand its studio portfolio.
Bill Rock, President, Mountain Division
Mr. Rock was appointed President of the Mountain Division, effective May 1, 2023. He has nearly 30 years of experience in the ski industry and joined Vail Resorts in 2010 as Chief Operating Officer of Northstar California Resort. He has held various leadership roles including overseeing operations for the company's Lake Tahoe resorts, serving as Chief Operating Officer at Park City Mountain where he led the integration of Park City Mountain and Canyons Resort, and holding positions as Senior Vice President and Executive Vice President within the mountain division. He is an Army Veteran.
Celeste Burgoyne, Executive Vice President & Chief Revenue Officer
Ms. Burgoyne joined Vail Resorts in January 2026 as Executive Vice President and Chief Revenue Officer. In this role, she oversees the company's marketing function and leads all aspects of the guest journey and digital experience. Prior to joining Vail Resorts, Ms. Burgoyne was President of the Americas and Global Guest Innovation for lululemon, where she began her career in 2006 as the first General Manager of the U.S. business.
Chris Smith, Senior Vice President & Chief Information Officer
Mr. Smith was appointed Senior Vice President and Chief Information Officer in March 2024. As CIO, he is responsible for all IT infrastructure, applications, enterprise data, and information security and compliance, and oversees program management for resort integrations. Mr. Smith joined Vail Resorts in 2015, initially leading custom technology applications for mountain resorts, and over nearly a decade, expanded his scope to include commercial and custom technology applications for retail and hospitality lines of business, as well as finance.
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Key Risks to Vail Resorts (MTN)
Vail Resorts (MTN) faces several significant risks that could impact its business operations and financial performance. These key risks include its heavy reliance on weather patterns, the sensitivity of its business to economic conditions and evolving consumer behavior, and the challenges associated with a high fixed-cost operating model coupled with various operational and financial complexities.
1. Weather Dependency and Climate Change
The most significant risk to Vail Resorts is its profound dependency on natural snowfall and favorable temperatures. The business is highly seasonal, and climate change poses a long-term threat through decreased snowfall, warmer temperatures, and shortened ski seasons, directly impacting skier visits and revenue. Recent periods of historically low snowfall in key regions, such as the Rocky Mountains, have already led to sharp declines in visitation and ancillary spending, prompting the company to lower its financial outlook. While Vail Resorts invests in snowmaking systems, this only partially mitigates the broader impact of climate variability.
2. Economic Conditions and Changing Consumer Behavior
Vail Resorts is susceptible to broader economic conditions, as prolonged economic weakness, inflationary pressures, and elevated interest rates can reduce discretionary consumer spending on travel and leisure activities. This directly affects visitation numbers and revenue streams across its mountain, lodging, and retail segments. Furthermore, the company faces risks related to evolving consumer preferences, particularly concerning its Epic Pass program. There are indications that lower-budget consumer groups might be reducing their visits, and the company struggles with balancing pricing strategies with maintaining volume, leading to concerns about market saturation and declining pass unit sales in some markets. Criticism over lift ticket prices and crowded slopes can also deter potential visitors.
3. High Fixed Cost Structure and Operational Challenges
Mountain resort operations inherently involve a high fixed-cost structure, which means that any decline in revenue can significantly compress profit margins. Operational challenges also include potential labor shortages, increased labor costs, and the ability to adequately staff its resorts, especially during peak seasons. The company's strategy of acquiring and integrating new businesses, particularly international ones, carries risks related to successful integration and achieving anticipated synergies. Additionally, Vail Resorts has substantial debt levels, and its exposure to variable interest rates could affect financial stability if rates increase.
AI Analysis | Feedback
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For Vail Resorts (MTN), the addressable markets for its main products and services are sizable across its key segments:
Mountain Segment (Ski Resorts and Related Activities)
- The **U.S. Mountain and Ski Resort Industry** was estimated at approximately USD 3.4 billion in 2024. This market is projected to grow to USD 8.1 billion by 2035.
- The broader **North America Mountain and Ski Resorts Market** was estimated at USD 18.01 billion in 2024 and is projected to reach USD 49.16 billion by 2033. North America represents approximately 60% of the global market share for mountain and ski resorts.
- Specifically for **U.S. Skiing and Snowboarding**, the market size was estimated at USD 5.53 billion in 2023 and is expected to reach USD 7.74 billion by 2030.
Lodging Segment (Luxury Hotels and Resort Accommodations)
- The **United States Luxury Hotel Market** was valued at USD 28.59 billion in 2025 and is projected to reach USD 45.43 billion by 2034. Other estimates place the U.S. luxury hotel market at USD 83.19 billion in 2025, anticipated to reach USD 113.45 billion by 2030.
- The **North America Luxury Hotels Market** is a dominant force, accounting for over 30% of the global market share. The global luxury hotels market is estimated at USD 165 billion in 2025 and is expected to reach USD 275 billion by 2032.
- The **United States Leisure Travel Market** accounted for over 86.50% of the leisure travel market in North America in 2025. The global leisure travel market was valued at USD 993.8 billion in 2025 and is estimated to reach USD 1,735.4 billion by 2034.
- The **North America Travel and Tourism Spending Market** was approximately USD 5,938.11 billion in 2024, with the United States holding a significant share of USD 4,685.17 billion in the same year.
- The **North America Luxury Tourism Market** is valued at USD 40 billion.
- The **Global Hospitality Market**, which includes lodging, food and beverage services, and other tourism-related fields, expanded to approximately $4.9 trillion in 2024 and is projected to reach USD 16.05 trillion by 2035. Accommodation services constituted 58% of global hospitality spending in 2024. The USA hospitality market contributed 21% of the global market share in 2024.
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For Vail Resorts (MTN), the following are expected drivers of future revenue growth over the next 2-3 years:
- Strategic Price Increases and Dynamic Pricing: Vail Resorts consistently implements price increases for its Epic Pass products, such as the 3% to 4% increase for Epic and Epic Local passes for the 2025-2026 season. The company is also adopting more strategic and dynamic pricing across individual resorts and time periods, including discounted advance-purchase lift tickets and tailored pricing to drive off-peak visitation, aiming to increase overall visitation and revenue.
- Expansion of European Market Presence and Enhanced International Access: Vail Resorts is actively expanding its geographical footprint, particularly in the European market. Recent acquisitions like the 55% stake in Andermatt-Sedrun and the purchase of Crans-Montana Mountain Resort demonstrate this focus. Partnerships such as the one with Verbier 4 Vallées for the 2025-2026 season also grant Epic Pass holders expanded access, contributing to international growth. The company has significant capital investments planned for its European resorts to support this expansion.
- Capital Investments and Resort Upgrades to Enhance Guest Experience: Substantial capital expenditures are planned for resort upgrades and improvements across Vail Resorts' portfolio. For calendar year 2025, investments are projected between $249 million and $254 million, focusing on core capital and European growth initiatives. These include transformational projects like new gondolas and lift replacements (e.g., at Park City Mountain and Vail Mountain), along with upgrades to dining facilities and the development of new base villages, all aimed at improving the guest experience and driving ancillary revenue. Similar capital plans are expected for calendar year 2026, totaling approximately $234 million to $239 million.
- Resource Efficiency Transformation Plan: The company initiated a two-year Resource Efficiency Transformation Plan, announced in September 2024, designed to improve organizational effectiveness and scale for operating leverage. This plan is expected to achieve $100 million in annualized cost efficiencies by the end of fiscal year 2026, with cumulative efficiencies exceeding that by fiscal year 2027. While primarily a cost-saving initiative, the improved profitability and operational effectiveness are intended to support future growth and global expansion.
- Optimized Marketing, Product Offerings, and Rental Enhancements: Vail Resorts is implementing new marketing strategies, including increased investment in social and influencer channels, to broaden its customer base and drive pass sales. The company is also optimizing its product offerings, such as introducing a young adult pass to attract the Gen Z demographic. Furthermore, the expansion of the My Epic Gear experience into traditional Demo rentals across 12 resorts, starting winter 2026/2027, aims to enhance the rental experience with premium gear selection and digital booking options, likely boosting rental revenue.
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Share Repurchases
- Vail Resorts repurchased shares worth $500 million in 2023, $150 million in 2024, and $270 million in 2025.
- During fiscal year 2025, the company repurchased approximately 1.69 million shares for a total of $270 million.
- Between August 1, 2025, and November 30, 2025, Vail Resorts repurchased 200,000 shares for $25 million.
Outbound Investments
- In December 2021, Vail Resorts acquired Seven Springs Mountain Resort, Hidden Valley Resort, and Laurel Mountain Ski Area in Pennsylvania for a reported $125 million.
- Vail Resorts acquired a 55% stake in Andermatt-Sedrun Sport AG in Switzerland for approximately $160 million in August 2022.
- During fiscal year 2024, the company acquired a controlling interest in Crans-Montana Mountain Resort in Switzerland for a reported $136 million.
Capital Expenditures
- For calendar year 2026, Vail Resorts plans to invest approximately $215 million to $220 million in core capital expenditures, with total capital investments expected to be between $234 million and $239 million, including growth investments in European resorts and Resource Efficiency Transformation projects.
- For calendar year 2025, planned capital expenditures totaled approximately $249 million to $254 million, encompassing core capital, European growth, and real estate-related projects.
- Primary focuses of capital expenditures include lift upgrades, snowmaking systems, enhancing dining experiences, and technology investments for the My Epic App and AI capabilities.
Latest Trefis Analyses
Trade Ideas
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|---|---|---|---|---|---|---|---|
| 03312026 | SKY | Champion Homes | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 03272026 | DPZ | Domino's Pizza | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.1% | 3.1% | 0.0% |
| 03272026 | ETSY | Etsy | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 5.6% | 5.6% | 0.0% |
| 03272026 | OLLI | Ollie's Bargain Outlet | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 3.1% | 3.1% | 0.0% |
| 03272026 | PATK | Patrick Industries | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 3.4% | 3.4% | -1.6% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -3.3% | -3.3% | -6.5% |
| 04302025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 9.6% | -1.9% | -5.2% |
| 06302022 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 11.0% | 19.6% | -6.5% |
| 01312019 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 32.0% | 28.5% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 116.62 |
| Mkt Cap | 25.5 |
| Rev LTM | 9,588 |
| Op Inc LTM | 1,950 |
| FCF LTM | 1,323 |
| FCF 3Y Avg | 1,331 |
| CFO LTM | 1,820 |
| CFO 3Y Avg | 1,756 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 9.7% |
| Rev Chg Q | 7.5% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 17.0% |
| Op Mgn 3Y Avg | 17.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 18.4% |
| CFO/Rev 3Y Avg | 19.7% |
| FCF/Rev LTM | 11.8% |
| FCF/Rev 3Y Avg | 13.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.5 |
| P/S | 2.6 |
| P/EBIT | 12.9 |
| P/E | 27.6 |
| P/CFO | 10.7 |
| Total Yield | 5.7% |
| Dividend Yield | 1.7% |
| FCF Yield 3Y Avg | 5.0% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.6% |
| 3M Rtn | 1.4% |
| 6M Rtn | 21.8% |
| 12M Rtn | 55.2% |
| 3Y Rtn | 22.6% |
| 1M Excs Rtn | 3.7% |
| 3M Excs Rtn | 3.7% |
| 6M Excs Rtn | 14.1% |
| 12M Excs Rtn | 24.0% |
| 3Y Excs Rtn | -43.3% |
Comparison Analyses
Price Behavior
| Market Price | $130.18 | |
| Market Cap ($ Bil) | 4.7 | |
| First Trading Date | 02/04/1997 | |
| Distance from 52W High | -19.5% | |
| 50 Days | 200 Days | |
| DMA Price | $133.27 | $141.29 |
| DMA Trend | down | down |
| Distance from DMA | -2.3% | -7.9% |
| 3M | 1YR | |
| Volatility | 38.1% | 34.0% |
| Downside Capture | 0.14 | 0.40 |
| Upside Capture | -6.26 | 53.49 |
| Correlation (SPY) | 18.3% | 27.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.04 | 0.75 | 0.61 | 0.65 | 0.87 | 0.83 |
| Up Beta | -4.92 | -1.12 | -0.46 | -0.37 | 0.87 | 0.86 |
| Down Beta | 2.86 | 2.38 | 1.69 | 1.22 | 1.04 | 0.68 |
| Up Capture | 98% | 64% | 28% | 46% | 47% | 43% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 9 | 20 | 30 | 59 | 121 | 374 |
| Down Capture | 67% | 37% | 32% | 73% | 93% | 102% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 22 | 33 | 67 | 131 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTN | |
|---|---|---|---|---|
| MTN | -4.3% | 34.0% | -0.08 | - |
| Sector ETF (XLY) | 17.3% | 19.7% | 0.69 | 39.1% |
| Equity (SPY) | 18.7% | 13.7% | 1.06 | 29.5% |
| Gold (GLD) | 53.7% | 27.6% | 1.55 | -5.3% |
| Commodities (DBC) | 25.2% | 16.2% | 1.37 | -1.3% |
| Real Estate (VNQ) | 14.8% | 14.0% | 0.76 | 37.6% |
| Bitcoin (BTCUSD) | -11.7% | 43.0% | -0.17 | 16.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTN | |
|---|---|---|---|---|
| MTN | -12.2% | 31.4% | -0.37 | - |
| Sector ETF (XLY) | 6.4% | 23.7% | 0.23 | 51.7% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 49.8% |
| Gold (GLD) | 21.8% | 17.8% | 1.01 | 5.2% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | 11.2% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 43.6% |
| Bitcoin (BTCUSD) | 4.6% | 56.6% | 0.30 | 21.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTN | |
|---|---|---|---|---|
| MTN | 3.1% | 32.1% | 0.17 | - |
| Sector ETF (XLY) | 12.4% | 22.0% | 0.52 | 50.7% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 50.8% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | -2.4% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | 13.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 44.2% |
| Bitcoin (BTCUSD) | 67.5% | 66.9% | 1.07 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/9/2026 | 0.9% | -1.1% | -1.7% |
| 12/10/2025 | 9.3% | 10.5% | 1.2% |
| 9/29/2025 | 1.0% | 5.3% | 4.5% |
| 6/5/2025 | -2.9% | -0.8% | 8.9% |
| 3/10/2025 | 7.7% | 5.8% | -13.3% |
| 12/9/2024 | 2.5% | 0.3% | -4.8% |
| 9/26/2024 | -3.9% | -7.4% | -9.3% |
| 6/6/2024 | -10.3% | -6.5% | -9.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 10 | 10 |
| # Negative | 9 | 14 | 14 |
| Median Positive | 2.5% | 5.6% | 4.4% |
| Median Negative | -4.6% | -4.3% | -7.1% |
| Max Positive | 9.3% | 10.5% | 11.5% |
| Max Negative | -10.3% | -13.6% | -13.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 01/31/2026 | 03/09/2026 | 10-Q |
| 10/31/2025 | 12/10/2025 | 10-Q |
| 07/31/2025 | 09/29/2025 | 10-K |
| 04/30/2025 | 06/05/2025 | 10-Q |
| 01/31/2025 | 03/10/2025 | 10-Q |
| 10/31/2024 | 12/09/2024 | 10-Q |
| 07/31/2024 | 09/26/2024 | 10-K |
| 04/30/2024 | 06/06/2024 | 10-Q |
| 01/31/2024 | 03/11/2024 | 10-Q |
| 10/31/2023 | 12/07/2023 | 10-Q |
| 07/31/2023 | 09/28/2023 | 10-K |
| 04/30/2023 | 06/08/2023 | 10-Q |
| 01/31/2023 | 03/09/2023 | 10-Q |
| 10/31/2022 | 12/08/2022 | 10-Q |
| 07/31/2022 | 09/28/2022 | 10-K |
| 04/30/2022 | 06/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q2 2026 Earnings Reported 3/9/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income | 144.00 Mil | 167.00 Mil | 190.00 Mil | -30.0% | Lowered | Guidance: 238.50 Mil for 2026 | |
| 2026 Resort Reported EBITDA | 745.00 Mil | 760.00 Mil | 775.00 Mil | -12.6% | Lowered | Guidance: 870.00 Mil for 2026 | |
| 2026 Total Reported EBITDA | 747.00 Mil | 765.00 Mil | 783.00 Mil | ||||
| 2026 Annualized Cost Efficiencies | 106.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 12/10/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income | 201.00 Mil | 238.50 Mil | 276.00 Mil | 0 | Affirmed | Guidance: 238.50 Mil for 2026 | |
| 2026 Resort Reported EBITDA | 842.00 Mil | 870.00 Mil | 898.00 Mil | 0 | Affirmed | Guidance: 870.00 Mil for 2026 | |
| 2026 Core Capital Expenditures | 215.00 Mil | 217.50 Mil | 220.00 Mil | ||||
| 2026 Total Capital Expenditures | 234.00 Mil | 236.50 Mil | 239.00 Mil | ||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Korch, Angela A | EVP & Chief Financial Officer | Direct | Buy | 10072025 | 155.00 | 210 | 32,550 | 760,275 | Form |
| 2 | Korch, Angela A | EVP & Chief Financial Officer | Direct | Buy | 6232025 | 157.00 | 200 | 31,400 | 495,492 | Form |
| 3 | Korch, Angela A | EVP & Chief Financial Officer | Direct | Buy | 3132025 | 160.00 | 185 | 29,600 | 472,960 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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