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Vail Resorts (MTN)

Market Price (9/17/2025): $148.77 | Market Cap: $5.5 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Vail Resorts (MTN)

Market Price (9/17/2025): $148.77
Market Cap: $5.5 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, FCF Yield is 7.2%		 Weak multi-year price returns
2Y Excs Rtn is -82%, 3Y Excs Rtn is -90%		 
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%		 Meaningful short interest
Short 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 11%		 
2 Low stock price volatility
Vol 12M is 34%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, FCF Yield is 7.2%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
2 Low stock price volatility
Vol 12M is 34%
3 Weak multi-year price returns
2Y Excs Rtn is -82%, 3Y Excs Rtn is -90%
4 Meaningful short interest
Short 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 11%

Market Valuation

 9/17/252024202320222021
Share Price CYE$148.77$182.32$198.09$213.15$283.76
Market Cap CYE ($ Bil)5.56.87.68.611.5
Total Debt ($ Bil)3.03.03.02.93.1
Total Cash ($ Bil)0.50.30.61.11.2
Enterprise Value ($ Bil)8.09.810.611.514.6
Valuation Ratios     
P/S TTM1.92.52.93.86.9
P/EBIT TTM9.514.016.115.947.8
P/E TTM19.130.831.627.7103.4
Sector Ratios     
P/S TTM (Sector)0.80.80.90.81.3
P/EBIT TTM (Sector)7.26.97.05.57.4
P/E TTM (Sector)9.78.18.97.39.2
 9/17/2520242023
Share Price CYE$148.77$182.32$198.09
Market Cap CYE ($ Bil)5.56.87.6
Total Debt ($ Bil)3.03.03.0
Total Cash ($ Bil)0.50.30.6
Enterprise Value ($ Bil)8.09.810.6
Valuation Ratios   
P/S TTM1.92.52.9
P/EBIT TTM9.514.016.1
P/E TTM19.130.831.6
Sector Ratios   
P/S TTM (Sector)0.80.80.9
P/EBIT TTM (Sector)7.26.97.0
P/E TTM (Sector)9.78.18.9

Market Cap Chart

Business Description

Vail Resorts, Inc., through its subsidiaries, operates mountain resorts and urban ski areas in the United States. It operates through three segments: Mountain, Lodging, and Real Estate. The Mountain segment operates 37 destination mountain resorts and regional ski areas. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
MTN Return18%18%-25%-7%-8%-18%-30%
Peers Return-3%36%-17%21%19%-1%56%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: H, WH, HGV, VAC, BKNG. See MTN Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

Better Bets than Vail Resorts (MTN)

 MTNBetter Performance than MTN
MetricValueIndustry (Hotels, Resorts & Cruise Lines)
Rev Chg LTM2.4%BKNG (11.7%), RCL (12.1%), ABNB (10.2%), MAR (5.1%), HLT (6.3%)
Rev Chg 3Y Avg6.6%BKNG (19.9%), RCL (65.4%), ABNB (16.3%), MAR (13.2%), HLT (15.4%)
Op Mgn LTM18.7%BKNG (32.8%), RCL (26.4%), ABNB (22.5%), HLT (21.1%), VIK (21.6%)
CFO/Rev LTM21.4%BKNG (38.3%), RCL (33.4%), ABNB (37.2%), VIK (38.9%), WH (23.6%)
FCF/Rev LTM13.4%BKNG (36.9%), RCL (20.9%), ABNB (37.2%), HLT (18.7%), EXPE (14.2%)
Total Yield6.7%WH (7.0%), TNL (13.3%), VAC (13.7%), PRSU (32.7%)
 MTNBetter Performance than MTN
MetricValueAll Other Sectors
Rev Chg LTM2.4%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), META (19.4%)
Rev Chg 3Y Avg6.6%NVDA (92.0%), MSFT (12.5%), GOOGL (10.2%), META (13.0%), AVGO (24.0%)
Op Mgn LTM18.7%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM21.4%NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), META (56.4%)
FCF/Rev LTM13.4%NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), META (30.7%)
Total Yield6.7%XOM (9.7%), JNJ (8.2%), BAC (7.2%), UNH (9.4%), KO (7.2%)

Latest Trefis Analyses

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
5CHEKCheck-Cap285.6%154.6%
6ATCHAtlasClear275.9%-91.0%
7HSDTHelius Medical Technologies262.5%-95.6%
8OPIOffice Properties Income Trust261.7%-13.4%
9FGIFGI Industries156.8%145.2%
10AIREReAlpha Tech154.0%-56.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11963.5%11963.5%
2GIBOGIBO9734.4% 
3CHSNChanson International7565.0%-99.3%
4LNZALanzaTech Global7287.5%-86.0%
5QMMMQMMM3031.7%6775.0%
6OESXOrion Energy Systems1497.9%22.9%
7CURXCuranex Pharmaceuticals1401.6%1401.6%
8ENTOEntero Therapeutics565.6%117.6%
9PTNMPitanium553.2% 
10WLDSWearable Devices449.5%-30.0%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1CJETChijet Motor-92.2%-95.0%
2STFSStar Fashion Culture-92.2%-97.8%
3ELPWElong Power-91.6%-76.7%
4NXTTNext Technology-89.6%-95.1%
5NAKAKindly MD-89.0% 
6BINIBollinger Innovations-88.9%-100.0%
7JEM707 Cayman-88.4%-98.2%
8YAASYouxin Technology-82.5%-98.3%
9NEONNeonode-82.0%-50.2%
10NVNOenVVeno Medical-81.5%-69.8%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
5CHEKCheck-Cap285.6%154.6%
6ATCHAtlasClear275.9%-91.0%
7HSDTHelius Medical Technologies262.5%-95.6%
8OPIOffice Properties Income Trust261.7%-13.4%
9FGIFGI Industries156.8%145.2%
10AIREReAlpha Tech154.0%-56.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Vail Resorts

Financials

MTNHWHHGVVACBKNGMedian
NameVail Res.Hyatt Ho.Wyndham .Hilton G.Marriott.Booking  
Mkt Price148.87143.3784.7445.4577.125,475.01114.06
Mkt Cap5.513.76.54.32.7177.96.0
Rev LTM2,9586,7571,4504,9735,07825,0255,026
Op Inc LTM5534395876285898,220588
FCF LTM397132290208709,240249
FCF 3Y Avg3854202752731507,731330
CFO LTM6323003423471329,578344
CFO 3Y Avg6306033173792348,109491

Growth & Margins

MTNHWHHGVVACBKNGMedian
NameVail Res.Hyatt Ho.Wyndham .Hilton G.Marriott.Booking  
Rev Chg LTM2.4%0.9%3.9%18.4%7.7%11.7%5.8%
Rev Chg 3Y Avg6.6%14.2%-3.2%20.8%5.3%19.9%10.4%
Rev Chg Q1.0%6.2%8.2%-0.7%9.3%16.0%7.2%
QoQ Delta Rev Chg LTM0.4%1.6%2.1%-0.2%2.1%3.9%1.8%
Op Mgn LTM18.7%6.5%40.5%12.6%11.6%32.8%15.7%
Op Mgn 3Y Avg19.7%6.1%37.7%16.0%12.9%30.8%17.9%
QoQ Delta Op Mgn LTM-0.5%-0.8%0.5%-1.8%0.5%0.4%-0.1%
CFO/Rev LTM21.4%4.4%23.6%7.0%2.6%38.3%14.2%
CFO/Rev 3Y Avg21.6%9.1%22.3%8.8%4.9%36.3%15.4%
FCF/Rev LTM13.4%2.0%20.0%4.2%1.4%36.9%8.8%
FCF/Rev 3Y Avg13.2%6.3%19.4%6.4%3.1%34.6%9.8%

Valuation

MTNHWHHGVVACBKNGMedian
NameVail Res.Hyatt Ho.Wyndham .Hilton G.Marriott.Booking  
Mkt Cap5.513.76.54.32.7177.96.0
P/S1.92.04.50.90.57.12.0
P/EBIT9.515.411.59.25.022.810.5
P/E19.131.719.5127.710.437.025.6
P/CFO8.845.719.112.520.418.618.8
Total Yield6.7%3.6%7.0%0.8%13.7%3.4%5.2%
Dividend Yield1.5%0.4%1.9%0.0%4.0%0.7%1.1%
FCF Yield 3Y Avg5.4%3.1%4.6%6.0%4.2%5.7%5.0%
D/E0.50.50.41.62.00.10.5
Net D/E0.40.40.41.61.90.00.4

Returns

MTNHWHHGVVACBKNGMedian
NameVail Res.Hyatt Ho.Wyndham .Hilton G.Marriott.Booking  
1M Rtn-3.0%1.7%-3.1%2.4%2.8%0.6%1.1%
3M Rtn-4.1%7.1%6.0%15.3%13.4%3.5%6.6%
6M Rtn-4.8%17.6%-4.5%25.4%19.0%22.9%18.3%
12M Rtn-13.1%-0.6%10.7%24.4%11.8%38.6%11.3%
3Y Rtn-23.8%62.8%38.8%17.5%-40.1%196.0%28.2%
1M Excs Rtn-5.4%-0.7%-5.6%-0.0%0.4%-1.9%-1.3%
3M Excs Rtn-12.3%-2.9%-2.9%5.9%5.0%-7.4%-2.9%
6M Excs Rtn-22.2%-2.8%-23.6%7.1%-2.6%4.0%-2.7%
12M Excs Rtn-30.0%-19.0%-6.5%8.4%-5.3%24.4%-5.9%
3Y Excs Rtn-90.4%-6.4%-31.4%-53.3%-104.3%117.9%-42.4%

Comparison Analyses

Financials

$ Mil | FY: 7/312025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q4
Period End4/30/20251/31/202510/31/20247/31/20244/30/20241/31/202410/31/20237/31/20234/30/20231/31/202310/31/20227/31/2022
Filing Date6/5/20253/10/202512/9/20249/26/20246/6/20243/11/202412/7/20239/28/20236/8/20233/9/202312/8/20229/28/2022
Key Financials Quarterly            
Total Revenue1,2961,1372602651,2831,0782592701,2381,102279267
Ebitda661460-126-122619427-141-78574402-102-32
Operating Income571384-215-187584355-208-157553330-163-127
Net Income393246-173-175362219-176-129325209-137-109
EPS10.556.57-4.61-4.679.575.78-4.60-3.148.205.17-3.40-2.70
Key Financials TTM            
Total Revenue TTM2,9582,9462,8872,8852,8902,8452,8682,8892,8872,8252,6302,526
Ebitda TTM873831798783828783758797842874857856
Operating Income TTM553566536543573542518563593583587577
Net Income TTM290259233230277240230268288336350348
Growth Rates Quarterly            
Total Revenue Growth1.0%5.5%0.7%-1.6%3.6%-2.2%-7.5%1.0%5.2%21.5%59.2%30.8%
EBITDA Growth6.8%7.6%10.5%-57.3%7.8%6.3%-38.5%-143.1%-5.2%4.3%1.1%69.6%
Operating Income Growth-2.2%8.3%-3.2%-19.5%5.6%7.4%-28.0%-23.2%1.8%-1.0%5.7%22.2%
Net Income Growth8.5%12.0%1.5%-36.4%11.4%5.1%-28.1%-18.3%-12.8%-6.6%1.7%22.8%
Margins Quarterly            
EBITDA Margin51.0%40.4%-48.4%-46.0%48.2%39.6%-54.4%-28.8%46.3%36.5%-36.4%-11.9%
Operating Income Margin44.1%33.8%-82.6%-70.6%45.5%32.9%-80.5%-58.2%44.6%30.0%-58.2%-47.7%
Net Income Margin30.3%21.6%-66.4%-66.1%28.2%20.3%-67.9%-47.7%26.2%18.9%-49.0%-40.7%
Cash & Debt            
Total Cash4674884043237058127295638961,2951,1811,107
Total Debt2,9522,9673,0353,0452,9632,9983,0053,0253,0543,0803,0492,943
Net Debt / (Cash)2,4852,4792,6312,7222,2572,1862,2772,4622,1581,7851,8681,835
Cash Flows Quarterly            
FCF from Operations118326282-94110243328-87121273333-62
Cash Flows TTM            
FCF from Operations TTM632624541587594605635640664705694710
Returns to Shareholders Quarterly            
Dividends828383838478787982777777
Share Repurchases3020202575-050100400-0-038
Return on Invested Capital (ROIC) Quarterly            
ROIC69.8%46.5%-24.7%-21.3%77.2%47.0%-27.0%-17.9%75.2%50.3%-23.8%-20.5%
Return on Invested Capital (ROIC) TTM            
ROIC TTM16.5%16.5%14.3%14.2%19.2%18.4%17.1%17.5%19.6%22.7%24.2%22.4%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Mountain2,5412,2131,7031,5781,808
Lodging340312205380463
Real Estate81251
Total2,8892,5261,9101,9642,272


Price Behavior

MTN Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.740.940.640.860.800.88
Up Beta1.080.760.360.910.900.93
Down Beta0.650.430.350.880.660.66
Up Capture114%102%70%73%61%58%
Bmk +ve Days10223571142415
Stock +ve Days11193062118375
Down Capture-14%141%101%84%93%102%
Bmk -ve Days11192754106334
Stock -ve Days10223263130375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity4,114,592
Short Interest: % Change Since 81520259.0%
Average Daily Volume466,834
Days-to-Cover Short Interest8.81
Basic Shares Quantity37,241,000
Short % of Basic Shares11.0%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
6/5/2025-2.9%-0.8%8.9%
3/10/20257.7%5.8%-13.3%
12/9/20242.5%0.3%-4.8%
9/26/2024-3.9%-7.4%-9.3%
6/6/2024-10.3%-6.5%-9.5%
3/11/20240.7%-0.6%4.3%
12/7/20234.1%6.1%-1.6%
9/28/2023-8.4%-12.8%-13.9%
...
SUMMARY STATS   
# Positive14910
# Negative101514
Median Positive2.7%5.8%5.1%
Median Negative-4.3%-4.4%-9.4%
Max Positive7.7%8.6%11.5%
Max Negative-10.3%-15.5%-16.2%

SEC Filings

Expand for More

Report DateFiling DateFiling
4302025605202510-Q 4/30/2025
1312025310202510-Q 1/31/2025
103120241209202410-Q 10/31/2024
7312024926202410-K 7/31/2024
4302024606202410-Q 4/30/2024
1312024311202410-Q 1/31/2024
103120231207202310-Q 10/31/2023
7312023928202310-K 7/31/2023
4302023608202310-Q 4/30/2023
1312023309202310-Q 1/31/2023
103120221208202210-Q 10/31/2022
7312022928202210-K 7/31/2022
4302022609202210-Q 4/30/2022
1312022314202210-Q 1/31/2022
103120211209202110-Q 10/31/2021
7312021923202110-K 7/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Korch Angela AEVP & Chief Financial Officer6232025Buy157.0020031,400495,492Form
1Korch Angela AEVP & Chief Financial Officer3132025Buy160.0018529,600472,960Form
2Vaughn Peter A 12182024Sell191.95922176,9821,468,640Form
3Korch Angela AEVP & Chief Financial Officer10042024Buy173.0916528,561378,559Form
4SORTE JOHN F 10022024Sell173.071,670289,0277,807,361Form

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