Tearsheet

Vail Resorts (MTN)

Market Price (11/29/2025): $140.245 | Market Cap: $5.1 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Vail Resorts (MTN)

Market Price (11/29/2025): $140.245
Market Cap: $5.1 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 5.6%	Weak multi-year price returns 2Y Excs Rtn is -82%, 3Y Excs Rtn is -109%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%	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 35%
3	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, Sustainable Resource Management, and Renewable Energy Transition. Themes include Travel & Leisure Tech, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%, FCF Yield is 5.6%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2	Low stock price volatility Vol 12M is 35%
3	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, Sustainable Resource Management, and Renewable Energy Transition. Themes include Travel & Leisure Tech, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -82%, 3Y Excs Rtn is -109%
5	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%
6	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52%

Valuation, Metrics & Events

	11/29/25	2024	2023	2022
Share Price CYE	$140.25	$179.71	$195.25	$210.09
Market Cap CYE ($ Bil)	5.1	6.7	7.4	8.5
Total Debt ($ Bil)	3.4	3.4	3.1	3.0
Total Cash ($ Bil)	0.4	0.4	0.3	0.6
Enterprise Value ($ Bil)	8.1	10.1	10.5	11.5
Valuation Ratios
P/S TTM	1.9	2.4	2.8	3.3
P/EBIT TTM	10.1	12.1	16.0	18.0
P/E TTM	20.6	24.9	35.0	35.6
Sector Ratios
P/S TTM (Sector)	0.8	0.8	0.9	0.8
P/EBIT TTM (Sector)	7.6	8.1	7.8	6.3
P/E TTM (Sector)	10.3	11.1	10.7	8.5

	11/29/25	2024
Share Price CYE	$140.25	$179.71
Market Cap CYE ($ Bil)	5.1	6.7
Total Debt ($ Bil)	3.4	3.4
Total Cash ($ Bil)	0.4	0.4
Enterprise Value ($ Bil)	8.1	10.1
Valuation Ratios
P/S TTM	1.9	2.4
P/EBIT TTM	10.1	12.1
P/E TTM	20.6	24.9
Sector Ratios
P/S TTM (Sector)	0.8	0.8
P/EBIT TTM (Sector)	7.6	8.1
P/E TTM (Sector)	10.3	11.1

	MTN	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	3.0
Rev Chg Q	2.2%	7.1%
Rev Chg LTM	2.7%	6.1%
Rev Chg 3Y Avg	5.7%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.5
CFO LTM ($ Bil)	0.6
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	18.1%	18.8%
CFO/Rev LTM	18.7%	20.5%
Net Inc Mgn	9.4%	13.1%
VALUATION	MODERATE
P/S	2.0	3.2
P/CFO	10.4	15.8
P/FCF	18.1	20.5
P/E	20.7	23.5
STABILITY	FAIR
Debt/Equity	0.60	0.20
Cash/Assets	0.08	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Skier Visits	17.6 million	7312024	Link
Season Pass Sales (units)	2.3 million	12092024	Link
Number of Resorts	42	12092024	Link
Net Promoter Score	-27	10312024	Link

Upcoming
12/10/2025	Earnings Release	Rev: $274 Mil (E) EPS: $-5.23 (E)
3/09/2026	Earnings Release	Rev: - EPS: -

MTN Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are five key points explaining the approximate 6% stock movement for Vail Resorts (MTN) between July 31, 2025, and November 29, 2025: **1. Q4 Fiscal Year 2025 Earnings Missed Expectations.** Vail Resorts reported its fiscal fourth-quarter 2025 earnings, which ended July 31, 2025, with revenue of $271.3 million falling short of analyst estimates and a wider-than-expected non-GAAP loss per share of $5.08, compared to an estimated loss of $4.78. This financial underperformance contributed to a negative market reaction. **2. Decline in Skier Visits and Effective Ticket Price.** The company's core mountain segment experienced weakness in Q4 fiscal year 2025, with total skier visits declining by 7.7% year-over-year and the effective ticket price (ETP) falling by 8.5% year-over-year. This indicates a struggle with visitation and pricing power, impacting profitability. **3. Negative Impact from Labor Disputes.** A significant labor dispute at Park City in April 2025 led to operational disruptions and long lines, negatively affecting customer satisfaction and the company's reputation. This prolonged conflict resulted in increased operational costs and potential revenue loss, contributing to a notable stock decline. **4. Challenging Weather Conditions and Climate Change Concerns.** Unfavorable weather conditions, including diminished snowfall and a shortened season in Australia during fiscal year 2025, negatively impacted resort-reported EBITDA. Vail Resorts is also facing ongoing challenges from climate change, leading to efforts in geographical diversification and a two-year transformation plan to mitigate these impacts. **5. Soft Pass Product Sales and Shifting Guest Mix.** Pass product sales for the upcoming 2025/2026 North American ski season decreased approximately 3% in units, and there was a modest downtick in the proportion of higher-spending destination guests. This shift in guest mix and slower pass momentum indicate continued near-term challenges for earnings growth.

Show less

Stock Movement Drivers

Fundamental Drivers

The -13.8% change in MTN stock from 8/29/2025 to 11/28/2025 was primarily driven by a -12.2% change in the company's P/E Multiple.

	8292025	11282025	Change
Stock Price ($)	161.45	139.19	-13.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2958.44	2964.35	0.20%
Net Income Margin (%)	9.83%	9.45%	-3.90%
P/E Multiple	20.68	18.16	-12.19%
Shares Outstanding (Mil)	37.24	36.52	1.92%
Cumulative Contribution			-13.82%

LTM = Last Twelve Months as of date shown

Market Drivers

8/29/2025 to 11/28/2025

	Return	Correlation
MTN	-13.8%
Market (SPY)	5.4%	33.6%
Sector (XLY)	1.4%	43.9%

Fundamental Drivers

The -10.6% change in MTN stock from 5/30/2025 to 11/28/2025 was primarily driven by a -18.9% change in the company's P/E Multiple.

	5302025	11282025	Change
Stock Price ($)	155.66	139.19	-10.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2946.17	2964.35	0.62%
Net Income Margin (%)	8.83%	9.45%	7.02%
P/E Multiple	22.38	18.16	-18.86%
Shares Outstanding (Mil)	37.38	36.52	2.29%
Cumulative Contribution			-10.63%

LTM = Last Twelve Months as of date shown

Market Drivers

5/30/2025 to 11/28/2025

	Return	Correlation
MTN	-10.6%
Market (SPY)	15.7%	31.8%
Sector (XLY)	10.1%	45.6%

Fundamental Drivers

The -19.4% change in MTN stock from 11/28/2024 to 11/28/2025 was primarily driven by a -35.3% change in the company's P/E Multiple.

	11282024	11282025	Change
Stock Price ($)	172.71	139.19	-19.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2885.19	2964.35	2.74%
Net Income Margin (%)	8.01%	9.45%	17.92%
P/E Multiple	28.06	18.16	-35.30%
Shares Outstanding (Mil)	37.55	36.52	2.73%
Cumulative Contribution			-19.47%

LTM = Last Twelve Months as of date shown

Market Drivers

11/28/2024 to 11/28/2025

	Return	Correlation
MTN	-19.4%
Market (SPY)	14.6%	47.1%
Sector (XLY)	7.5%	53.4%

Fundamental Drivers

The -37.9% change in MTN stock from 11/29/2022 to 11/28/2025 was primarily driven by a -31.4% change in the company's Net Income Margin (%).

	11292022	11282025	Change
Stock Price ($)	224.13	139.19	-37.90%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2525.91	2964.35	17.36%
Net Income Margin (%)	13.77%	9.45%	-31.42%
P/E Multiple	25.87	18.16	-29.81%
Shares Outstanding (Mil)	40.16	36.52	9.04%
Cumulative Contribution			-38.40%

LTM = Last Twelve Months as of date shown

Market Drivers

11/29/2023 to 11/28/2025

	Return	Correlation
MTN	-28.6%
Market (SPY)	52.9%	43.5%
Sector (XLY)	41.1%	46.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MTN Return	18%	18%	-25%	-7%	-8%	-23%	-31%
Peers Return	65%	25%	-22%	45%	10%	-7%	139%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	111%
Monthly Win Rates [3]
MTN Win Rate	58%	42%	33%	50%	42%	40%
Peers Win Rate	55%	50%	40%	50%	48%	54%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
MTN Max Drawdown	-44%	-6%	-37%	-11%	-20%	-29%
Peers Max Drawdown	-45%	-15%	-35%	-17%	-11%	-26%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DKNG, H, SCI, HGV, VAC. 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] 2025 data is for the year up to 11/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	MTN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-45.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	82.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-48.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	93.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	220 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-40.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	66.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	764 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-77.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	345.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1530 days	1480 days

Compare to DKNG, H, SCI, HGV, VAC

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)

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. This segment is also involved in the ancillary activities, including ski school, dining, and retail/rental operations, as well as real estate brokerage activities. The Lodging segment owns and/or manages various luxury hotels and condominiums, and other lodging properties under the RockResorts brand; various condominiums located in proximity to the company's mountain resorts; destination resorts; and golf courses, as well as offers resort ground transportation services. This segment operates owned and managed hotel and condominium units. The Real Estate segment owns, develops, and sells real estate properties. The company was incorporated in 1997 and is based in Broomfield, Colorado.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Vail Resorts:

Vail Resorts is like:

Marriott for ski resorts, owning and operating a portfolio of premium mountain destinations.
Disney for mountain experiences, offering a comprehensive, high-quality recreational destination and entertainment experience.
Netflix for ski access, primarily through its Epic Pass, which provides subscription-based access to multiple resorts.

AI Generated Analysis | Feedback

Mountain Access (Lift Tickets & Passes): Provides access to ski slopes, chairlifts, and gondolas at their various resorts.
Lodging: Offers hotel rooms, condominiums, and other accommodations within or near their resort properties.
Ski & Snowboard Schools: Provides instruction and lessons for skiing and snowboarding enthusiasts of all skill levels.
Retail & Rental: Sells ski and snowboard equipment, apparel, and accessories, alongside offering equipment rental services.
Dining: Operates a variety of restaurants, cafes, and food service outlets across its resort properties.

AI Generated Analysis | Feedback

Vail Resorts (symbol: MTN) primarily sells directly to individuals rather than other companies. Its business model focuses on providing mountain resort experiences, including skiing, snowboarding, lodging, and related amenities, directly to end-users.

The company serves the following three major categories of individual customers:

Season Pass Holders: This category encompasses individuals who purchase multi-day or season passes, most notably the Epic Pass. These customers are typically frequent skiers and snowboarders who commit to visiting Vail Resorts' properties (and partner resorts) multiple times throughout a season. They represent a loyal customer base seeking value and extensive access.
Destination Visitors/Vacationers: This segment includes individuals and families who travel to Vail Resorts' destinations for multi-day vacations. These customers often seek a comprehensive resort experience, utilizing services such as lodging (in Vail-owned or managed properties), lift access, ski/snowboard lessons, equipment rentals, and dining at the resorts. They are looking for a complete holiday experience.
Day Visitors/Local Recreationalists: This category comprises individuals or groups who visit a resort for a single day of skiing, snowboarding, or other recreational activities. They often reside within a reasonable driving distance of a resort and typically purchase single-day lift tickets or utilize specialized local access products. This group is focused on convenient, short-duration recreational outings.

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Rob Katz, Chairman & Chief Executive Officer

Rob Katz was appointed Chief Executive Officer of Vail Resorts in May 2025, a role he previously held from February 2006 until November 2021. He served as Executive Chairperson of the Board from November 2021 to May 2025. Mr. Katz has been involved with Vail Resorts since 1991 and has served on its Board of Directors since 1996. Prior to his tenure as CEO of Vail Resorts, he 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

Angela Korch was appointed Executive Vice President and Chief Financial Officer in December 2022. She rejoined Vail Resorts from CorePower Yoga, where she served as Chief Financial Officer since May 2020. Ms. Korch previously spent over a decade in various leadership roles within Vail Resorts' finance organization, including Vice President of Corporate & Mountain Finance. In this role, she led financial and capital allocation strategies and played a significant role in integrating more than 30 mountain resorts. Before her initial time at Vail Resorts, she was an Assistant Portfolio Manager at Muzinich & Company. At CorePower Yoga, she was instrumental in helping the company navigate COVID-19 challenges, raise capital, and expand its studio portfolio.

Bill Rock, President of the Mountain Division

Bill Rock serves as the President of the Mountain Division at Vail Resorts. He began his career at Vail Resorts in 2010.

Courtney Goldstein, Executive Vice President & Chief Marketing Officer

Courtney Goldstein was appointed Executive Vice President and Chief Marketing Officer in April 2024. Prior to joining Vail Resorts, she served as Senior Vice President of Consumer Marketing, Growth, and Engagement at Comcast, and also held positions with American Express.

Lynanne J. Kunkel, Executive Vice President & Chief Human Resources Officer

Lynanne J. Kunkel serves as the Executive Vice President and Chief Human Resources Officer for Vail Resorts, a position she has held since 2017.

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Clear Emerging Threats to Vail Resorts (MTN)

The increasing popularity and accessibility of backcountry and uphill skiing and snowboarding represent an emerging threat. This trend allows participants to access mountain terrain and experience the sport without purchasing expensive lift tickets, thereby bypassing Vail Resorts' primary revenue model. As gear becomes more specialized, safety education more widespread, and interest in self-powered outdoor recreation grows, a segment of potential or existing resort guests may opt for these alternative forms of mountain access, potentially diverting revenue and altering long-term demand for traditional lift-serviced skiing and snowboarding.

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Vail Resorts (symbol: MTN) operates primarily in two main addressable markets: Mountain Operations and Lodging. The company's business model also includes real estate development and sales, though a specific addressable market size for this niche is not readily available.

Mountain Operations

Vail Resorts' Mountain segment generates revenue through lift ticket sales (including season passes like the Epic Pass), ski and snowboard lessons, equipment rentals, retail merchandise sales, dining, and other winter and summer recreational activities. * U.S. Mountain and Ski Resort Market: The U.S. mountain and ski resort industry is estimated at USD 3.4 billion in 2024. It is projected to increase to USD 3.6 billion in 2025 and is expected to reach USD 8.1 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 8.4% over the forecast period. Another report estimates the market size for Ski & Snowboard Resorts in the U.S. at USD 4.2 billion in 2025. The U.S. skiing and snowboarding market size was estimated at USD 5.78 billion in 2024. * North America Mountain and Ski Resort Market: The USA market contributes 55% of North America's total mountain and ski resort market. Based on the U.S. market value of USD 3.4 billion in 2024, the North American mountain and ski resort market would be approximately USD 6.18 billion in 2024 (USD 3.4 billion / 0.55). North America held the largest share in the global mountain and ski resort market in 2024. * Global Mountain and Ski Resort Market: The global mountain and ski resort market was valued at USD 9.53 billion in 2024 and is projected to reach USD 14.4 billion by 2035, exhibiting a CAGR of 3.85% from 2025 to 2035. Another source states the market size as USD 14.74 billion in 2024, growing to USD 16.35 billion in 2025.

Lodging

Vail Resorts owns and operates a number of hotels, lodges, and condominiums at its various resort locations, catering to visitors. * North America Hotel Market: The North America hotel market was valued at USD 120 billion according to recent reports based on a five-year historical analysis. * North America Luxury Hotel Market: Given Vail Resorts' focus on premium experiences, the luxury hotel segment is particularly relevant. This market reached USD 30.48 billion in 2024. Other estimates for the North America luxury hotel market include USD 37.86 billion in 2024 and USD 41.23 billion in 2025. The resorts sub-category within the North America luxury hotel market is projected to have the fastest growth, with a 7.6% CAGR through 2030. * North American Hotels Market (United States, Canada, and Mexico): This market is estimated at USD 40.16 billion in 2025.

Real Estate

Vail Resorts engages in real estate development, selling residential properties and commercial spaces in and around its resorts. * No specific addressable market size for "resort real estate development and sales" was found in the provided search results.

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Vail Resorts (MTN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

Epic Pass Price Increases: Vail Resorts has consistently increased prices for its various Epic Pass products, including the Epic Pass, Epic Local Pass, and Epic Day Pass, for the upcoming 2025-26 ski season. For example, the top-tier Epic Pass saw a 7% increase, while some Epic Day Pass products experienced steeper hikes of 25-30% for the 2025-26 season. These annual price adjustments directly contribute to higher revenue per pass holder.
Strategic Capital Investments and Enhanced Guest Experience: The company has announced a significant capital investment plan of approximately $249 million to $254 million for calendar year 2025. These investments aim to improve the guest experience through infrastructure upgrades, such as a new 10-person gondola at Park City Mountain and new six-person chairlifts at Andermatt-Sedrun-Disentis. Additionally, plans include developing a fourth base village at Vail Mountain's West Lionshead, featuring new lodging, dining, and retail spaces. These enhancements are designed to attract more guests and encourage increased visitation and ancillary spending.
Global Expansion and Increased Access: Vail Resorts is continuing its global expansion, particularly in Europe, to enhance the value and reach of its Epic Pass. For the 2025-26 season, the Epic Pass network will significantly increase access to Verbier 4 Vallées in Switzerland and will include six new Austrian ski resorts: Saalbach Hinterglemm Leogang Fieberbrunn, Zell am See-Kaprun, Mayrhofen, Hintertux Glacier, Silvretta Montafon, and Sölden. This expansion aims to attract a broader international customer base and boost pass sales.
Growth in Ancillary Spending and Targeted Lift Ticket Strategies: The company anticipates increased revenue from ancillary services such as ski school and dining. Furthermore, Vail Resorts is implementing new strategies to improve guest visitation, including new "Epic Friend Tickets" that offer discounted lift access for friends of pass holders, and more targeted pricing strategies for daily lift tickets. The company is also increasing its media investment to enhance brand awareness and drive overall visitation to its resorts.
Resource Efficiency Transformation Plan: While primarily focused on cost savings, the company's two-year "Resource Efficiency Transformation Plan" is projected to achieve $100 million in annualized cost efficiencies by the end of its fiscal year 2026. These efficiencies are expected to improve operating leverage and profitability, thereby contributing to overall financial growth and freeing up resources for further investments that can indirectly support revenue generation.

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Capital Allocation Decisions of Vail Resorts (MTN) over the Last 3-5 Years

Share Repurchases

Vail Resorts repurchased approximately 1.29 million shares for a total of $200 million during the quarter ending July 31, 2025.
As of March 10, 2025, the company had 1.5 million shares remaining under its authorization for future share repurchases.
Annual share buybacks amounted to $200 million in fiscal year 2025, $150 million in fiscal year 2024, and $500 million in fiscal year 2023.

Outbound Investments

In March 2022, Vail Resorts acquired a 55% stake in Andermatt+Sedrun+Disentis, a Swiss resort operator, for $160 million, marking its first expansion into Europe.
The company acquired Seven Springs Mountain Resort, Hidden Valley Resort, and Laurel Mountain Ski Area in Pennsylvania in December 2021.
In fiscal year 2024, Vail Resorts closed on the acquisition of Crans-Montana Mountain Resort in Switzerland, securing an 84% ownership stake in its lift operations for an enterprise value of CHF 118.5 million (approximately $128 million).

Capital Expenditures

Vail Resorts expects its calendar year 2025 capital plan to be approximately $198 million to $203 million in core capital, plus an additional $46 million for growth capital investments at its European resorts (Andermatt-Sedrun and Crans-Montana), and $5 million for real estate related projects.
Total planned capital investments for calendar year 2025 are estimated to be between $249 million and $254 million.
Key capital investments for 2025 and 2026 focus on multi-year transformational plans at Park City Mountain and Vail Mountain, including lift and snowmaking upgrades, new gondolas, and technology enhancements for the My Epic App.

Better Bets than Vail Resorts (MTN)

	MTN	Better Performance than MTN
Metric	Value	INDUSTRY: Hotels, Resorts & Cruise Lines
Rev Chg LTM	2.7%	BKNG (13.0%), ABNB (10.2%), RCL (8.6%), HLT (6.7%), MAR (4.7%)
Rev Chg 3Y Avg	5.7%	RCL (37.7%), BKNG (17.8%), ABNB (14.2%), HLT (13.1%), MAR (10.6%)
Op Mgn LTM	18.1%	BKNG (34.5%), RCL (26.4%), ABNB (22.6%), HLT (22.0%), VIK (21.6%)
CFO/Rev LTM	18.7%	ABNB (38.4%), RCL (36.2%), BKNG (33.2%), CCL (21.4%), HLT (21.4%)
FCF/Rev LTM	10.8%	ABNB (38.4%), BKNG (31.9%), HLT (19.6%), RCL (11.7%), CCL (11.1%)
Total Yield	6.3%	VAC (14.6%), TNL (14.4%), CHH (7.8%), WH (7.6%), CCL (7.2%)
P/S	1.9	HGV (0.7), TNL (1.0), NCLH (1.1), CCL (1.4), EXPE (1.8)
P/Op Inc	10.7	TNL (4.9), NCLH (7.0), CCL (8.6), WH (10.3), CHH (10.5)

	MTN	Better Performance than MTN
Metric	Value	SECTOR: Consumer Discretionary
Rev Chg LTM	2.7%	MELI (36.9%), BKNG (13.0%), AMZN (10.9%), HD (8.5%), TJX (4.1%)
Rev Chg 3Y Avg	5.7%	MELI (39.5%), BKNG (17.8%), AMZN (11.3%), TSLA (9.3%), ORLY (7.5%)
Op Mgn LTM	18.1%	MCD (46.1%), BKNG (34.5%), RCL (26.4%), ABNB (22.6%), ORLY (19.3%)
CFO/Rev LTM	18.7%	MCD (39.9%), MELI (37.5%), RCL (36.2%), BKNG (33.2%), DASH (20.0%)
FCF/Rev LTM	10.8%	MELI (32.9%), BKNG (31.9%), MCD (28.1%), DASH (15.8%), RCL (11.7%)
Total Yield	6.3%	F (13.6%), DHI (11.3%), LOW (7.6%), HD (6.5%), GM (6.4%)
P/S	1.9	F (0.3), GM (0.3), LOW (1.5), CPNG (1.7), ROST (1.9)
P/Op Inc	10.7	GM (7.1), PHM (7.6), DHI (8.0), CCL (8.6), LEN (9.3)

	MTN	Better Performance than MTN
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	2.7%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AAPL (6.0%)
Rev Chg 3Y Avg	5.7%	NVDA (92.0%), AVGO (24.0%), META (17.3%), MSFT (13.2%), GOOGL (11.0%)
Op Mgn LTM	18.1%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	18.7%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	10.8%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	6.3%	XOM (10.3%), JNJ (8.4%), BAC (7.7%), KO (7.5%), JPM (6.7%)
P/S	1.9	UNH (0.7), WMT (1.1), XOM (1.4), COST (1.5), CVX (1.6)
P/Op Inc	10.7	VZ (5.9), T (8.3), HCA (9.2), MRK (9.4), PFE (9.4)

		Best Bets In Consumer Discretionary Sector
	MTN	ABNB	BKNG	DUOL	MCD	ETSY	LOPE	ALSN	GRMN	CROX	WH
What You Pay
P/E	20.5	28.2	34.7	38.3	25.7	36.2	28.8	10.2	30.2	19.7	18.1
P/EBIT	10.0	27.4	20.8	139.5	17.7	15.9	19.2	7.5	26.7	17.2	10.6
What You Get
Rev Chg Q	2.2%	9.7%	12.7%	41.1%	3.0%	2.4%	9.6%	-15.9%	11.7%	3.4%	-3.5%
Rev Chg LTM	2.7%	10.2%	13.0%	39.9%	1.2%	2.0%	7.0%	-4.2%	16.6%	2.0%	3.4%
Rev Chg 3Y Avg	5.7%	14.2%	17.8%	41.7%	4.2%	4.9%	6.5%	4.6%	12.2%	14.5%	-2.5%
FCF/Rev 3Y Avg	11.7%	40.2%	35.6%	30.3%	27.4%	23.8%	21.8%	21.0%	20.5%	19.8%	19.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 14%, alpha of 2.9%, and sharpe of 0.61

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Vail Resorts Earnings Notes
2	With Vail Resorts Stock Sliding, Have You Assessed The Risk?	Return
3	How Does Vail Resorts Stock Stack Up Against Its Peers?	Peer Comparison
4	Better Bet Than MTN Stock: Pay Less Than Vail Resorts To Get More From UNH, EXC
5	Better Bet Than MTN Stock: Pay Less Than Vail Resorts To Get More From CCL, LULU
6	Better Bet Than MTN Stock: Pay Less Than Vail Resorts To Get More From CCL, NCLH
7	MTN Dip Buy Analysis
8	Vail Resorts Total Shareholder Return (TSR): -7.1% in 2025 and -5.1% 3-yr compounded annual returns (below peer average)
9	Vail Resorts (MTN) Operating Cash Flow Comparison	Financials
10	Vail Resorts (MTN) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to MTN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
LRN_10312025_Dip_Buyer_ValueBuy	10312025	LRN	Stride	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-6.2%	-6.2%	-7.8%
DECK_10312025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10312025	DECK	Deckers Outdoor	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	7.0%	7.0%	-2.4%
ATGE_10312025_Quality_Momentum_RoomToRun_10%	10312025	ATGE	Adtalem Global Education	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-5.6%	-5.6%	-8.8%
GNTX_10242025_Dip_Buyer_FCFYield	10242025	GNTX	Gentex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.8%	-3.8%	-7.7%
LNW_10172025_Dip_Buyer_FCFYield	10172025	LNW	Light & Wonder	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.4%	12.4%	-6.2%
MTN_4302025_Dip_Buyer_FCFYield	04302025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	9.6%	2.9%	-1.3%
MTN_6302022_Dip_Buyer_FCFYield	06302022	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.0%	19.6%	-6.5%
MTN_1312019_Dip_Buyer_FCFYield	01312019	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	32.0%	28.5%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
LRN_10312025_Dip_Buyer_ValueBuy	10312025	LRN	Stride	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-6.2%	-6.2%	-7.8%
DECK_10312025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10312025	DECK	Deckers Outdoor	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	7.0%	7.0%	-2.4%
ATGE_10312025_Quality_Momentum_RoomToRun_10%	10312025	ATGE	Adtalem Global Education	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-5.6%	-5.6%	-8.8%
GNTX_10242025_Dip_Buyer_FCFYield	10242025	GNTX	Gentex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.8%	-3.8%	-7.7%
LNW_10172025_Dip_Buyer_FCFYield	10172025	LNW	Light & Wonder	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.4%	12.4%	-6.2%
MTN_4302025_Dip_Buyer_FCFYield	04302025	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	9.6%	2.9%	-1.3%
MTN_6302022_Dip_Buyer_FCFYield	06302022	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.0%	19.6%	-6.5%
MTN_1312019_Dip_Buyer_FCFYield	01312019	MTN	Vail Resorts	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	32.0%	28.5%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ARWR	Arrowhead Pharmaceuticals	8.0	23.3%	207.0%
EXOD	Exodus Movement	0.5	21.4%	-42.0%
DEFT	DeFi Technologies	0.5	20.9%
UP	Wheels Up Experience	0.5	18.5%	-52.6%
TRVI	Trevi Therapeutics	1.7	17.0%	222.6%
TE	T1 Energy	0.6	16.7%
SANA	Sana Biotechnology	1.0	14.5%	146.6%
WOOF	Petco Health and Wellness	0.9	14.5%	-10.8%
CLSK	Cleanspark	3.8	13.8%	46.0%
URBN	Urban Outfitters	7.0	13.5%	41.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PD	PagerDuty	1.1	-23.3%	-36.3%
AMBA	Ambarella	3.1	-18.8%	1.6%
NTNX	Nutanix	13.0	-17.7%	-21.0%
ZS	Zscaler	39.4	-13.0%	39.7%
BFLY	Butterfly Network	0.8	-9.1%	-1.3%
PACB	Pacific Biosciences of California	0.7	-9.1%	30.6%
GLIBK	GCI Liberty	1.0	-8.5%
AIRS	AirSculpt Technologies	0.2	-8.0%	-31.2%
WDAY	Workday	57.4	-7.9%	-16.5%
LDI	loanDepot	0.6	-7.6%	36.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SYM	Symbotic	9.5	61.8%	268.2%
KSS	Kohl's	2.7	56.4%	77.9%
INSP	Inspire Medical Systems	3.8	52.6%	-31.3%
ARWR	Arrowhead Pharmaceuticals	8.0	48.1%	207.0%
OLMA	Olema Pharmaceuticals	2.4	44.7%	382.3%
HLF	Herbalife	1.4	44.7%	99.4%
ESPR	Esperion Therapeutics	0.8	41.6%	79.5%
CGEM	Cullinan Therapeutics	0.7	38.9%	-3.6%
NVRI	Enviri	1.5	37.4%	138.2%
ANF	Abercrombie & Fitch	4.5	36.5%	-36.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
UTI	Universal Technical Institute	1.3	-21.6%	-10.1%
PD	PagerDuty	1.1	-21.6%	-36.3%
ASPI	ASP Isotopes	0.4	-21.1%	30.7%
ESTC	Elastic	7.4	-20.8%	-29.4%
NTNX	Nutanix	13.0	-20.0%	-21.0%
KOS	Kosmos Energy	0.5	-19.5%	-68.7%
ACLX	Arcellx	4.1	-18.3%	-4.5%
BBWI	Bath & Body Works	3.6	-16.4%	-53.7%
AMBA	Ambarella	3.1	-15.5%	1.6%
UP	Wheels Up Experience	0.5	-15.2%	-52.6%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	2.6	234.7%	419.0%
OLMA	Olema Pharmaceuticals	2.4	222.5%	382.3%
COGT	Cogent Biosciences	4.6	151.0%	417.8%
CDTX	Cidara Therapeutics	3.4	109.0%	717.5%
SGML	Sigma Lithium	1.2	90.5%	-5.4%
MBX	MBX Biosciences	1.1	88.3%	83.5%
CSIQ	Canadian Solar	1.8	78.7%	143.6%
RIGL	Rigel Pharmaceuticals	0.9	71.6%	203.0%
CSTL	Castle Biosciences	1.2	65.4%	49.9%
INSP	Inspire Medical Systems	3.8	65.0%	-31.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.2	-69.1%	-31.2%
SOC	Sable Offshore	0.4	-68.4%	-82.0%
QURE	uniQure	1.5	-60.5%	56.5%
ASPN	Aspen Aerogels	0.3	-60.5%	-73.4%
LRN	Stride	2.8	-58.4%	-38.6%
BLZE	Backblaze	0.3	-56.7%	-22.9%
CCOI	Cogent Communications	0.9	-56.2%	-73.7%
SMR	NuScale Power	2.5	-54.8%	6.2%
FMC	FMC	1.7	-54.3%	-70.0%
NKLR	Terra Innovatum Global	0.3	-53.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ARWR	Arrowhead Pharmaceuticals	8.0	23.3%	207.0%
EXOD	Exodus Movement	0.5	21.4%	-42.0%
DEFT	DeFi Technologies	0.5	20.9%
UP	Wheels Up Experience	0.5	18.5%	-52.6%
TRVI	Trevi Therapeutics	1.7	17.0%	222.6%
TE	T1 Energy	0.6	16.7%
SANA	Sana Biotechnology	1.0	14.5%	146.6%
WOOF	Petco Health and Wellness	0.9	14.5%	-10.8%
CLSK	Cleanspark	3.8	13.8%	46.0%
URBN	Urban Outfitters	7.0	13.5%	41.3%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PD	PagerDuty	1.1	-23.3%	-36.3%
AMBA	Ambarella	3.1	-18.8%	1.6%
NTNX	Nutanix	13.0	-17.7%	-21.0%
ZS	Zscaler	39.4	-13.0%	39.7%
BFLY	Butterfly Network	0.8	-9.1%	-1.3%
PACB	Pacific Biosciences of California	0.7	-9.1%	30.6%
GLIBK	GCI Liberty	1.0	-8.5%
AIRS	AirSculpt Technologies	0.2	-8.0%	-31.2%
WDAY	Workday	57.4	-7.9%	-16.5%
LDI	loanDepot	0.6	-7.6%	36.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
SYM	Symbotic	9.5	61.8%	268.2%
KSS	Kohl's	2.7	56.4%	77.9%
INSP	Inspire Medical Systems	3.8	52.6%	-31.3%
ARWR	Arrowhead Pharmaceuticals	8.0	48.1%	207.0%
OLMA	Olema Pharmaceuticals	2.4	44.7%	382.3%
HLF	Herbalife	1.4	44.7%	99.4%
ESPR	Esperion Therapeutics	0.8	41.6%	79.5%
CGEM	Cullinan Therapeutics	0.7	38.9%	-3.6%
NVRI	Enviri	1.5	37.4%	138.2%
ANF	Abercrombie & Fitch	4.5	36.5%	-36.3%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
UTI	Universal Technical Institute	1.3	-21.6%	-10.1%
PD	PagerDuty	1.1	-21.6%	-36.3%
ASPI	ASP Isotopes	0.4	-21.1%	30.7%
ESTC	Elastic	7.4	-20.8%	-29.4%
NTNX	Nutanix	13.0	-20.0%	-21.0%
KOS	Kosmos Energy	0.5	-19.5%	-68.7%
ACLX	Arcellx	4.1	-18.3%	-4.5%
BBWI	Bath & Body Works	3.6	-16.4%	-53.7%
AMBA	Ambarella	3.1	-15.5%	1.6%
UP	Wheels Up Experience	0.5	-15.2%	-52.6%

Peer Comparisons for Vail Resorts

Peers to compare with:

Financials

	MTN	DKNG	H	SCI	HGV	VAC	Median
Name	Vail Res.	DraftKin.	Hyatt Ho.	Service .	Hilton G.	Marriott.
Mkt Price	139.19	32.20	166.05	79.03	42.54	54.87	66.95
Mkt Cap	5.1	16.0	15.9	11.1	3.8	1.9	8.1
Rev LTM	2,964	5,458	6,914	4,291	4,998	5,078	5,038
Op Inc LTM	538	-307	449	987	551	589	545
FCF LTM	320	532	107	574	77	70	213
FCF 3Y Avg	340	78	397	513	129	150	245
CFO LTM	555	668	301	994	238	132	428
CFO 3Y Avg	594	203	590	905	246	234	418

Growth & Margins

	MTN	DKNG	H	SCI	HGV	VAC	Median
Name	Vail Res.	DraftKin.	Hyatt Ho.	Service .	Hilton G.	Marriott.
Rev Chg LTM	2.7%	18.5%	3.1%	3.4%	6.0%	7.7%	4.7%
Rev Chg 3Y Avg	5.7%	45.2%	9.1%	1.3%	10.9%	5.3%	7.4%
Rev Chg Q	2.2%	4.4%	9.6%	4.4%	-0.5%	9.3%	4.4%
QoQ Delta Rev Chg LTM	0.2%	0.9%	2.3%	1.0%	-0.1%	2.1%	1.0%
Op Mgn LTM	18.1%	-5.6%	6.5%	23.0%	11.0%	11.6%	11.3%
Op Mgn 3Y Avg	18.8%	-15.5%	5.8%	22.0%	14.4%	12.9%	13.6%
QoQ Delta Op Mgn LTM	-0.4%	0.5%	0.0%	0.2%	-1.1%	0.5%	0.1%
CFO/Rev LTM	18.7%	12.2%	4.4%	23.2%	4.8%	2.6%	8.5%
CFO/Rev 3Y Avg	20.4%	3.0%	8.8%	21.7%	5.5%	4.9%	7.2%
FCF/Rev LTM	10.8%	9.7%	1.5%	13.4%	1.5%	1.4%	5.6%
FCF/Rev 3Y Avg	11.7%	0.1%	5.9%	12.3%	3.0%	3.1%	4.5%

Valuation

	MTN	DKNG	H	SCI	HGV	VAC	Median
Name	Vail Res.	DraftKin.	Hyatt Ho.	Service .	Hilton G.	Marriott.
Mkt Cap	5.1	16.0	15.9	11.1	3.8	1.9	8.1
P/S	1.9	3.4	2.0	2.7	0.7	0.5	1.9
P/EBIT	10.0	-75.8	44.2	12.0	8.3	4.7	9.1
P/E	20.5	-69.4	-154.0	21.8	69.7	9.7	15.1
P/CFO	10.3	27.8	45.0	11.7	15.5	19.1	17.3
Total Yield	6.3%	-1.4%	-0.2%	4.6%	1.4%	14.6%	3.0%
Dividend Yield	1.4%	0.0%	0.4%	0.0%	0.0%	4.3%	0.2%
FCF Yield 3Y Avg	4.8%	0.2%	3.1%	4.8%	3.2%	4.2%	3.7%
D/E	0.6	0.1	0.5	0.4	2.0	2.1	0.5
Net D/E	0.5	0.0	0.4	0.4	1.9	2.1	0.5

Returns

	MTN	DKNG	H	SCI	HGV	VAC	Median
Name	Vail Res.	DraftKin.	Hyatt Ho.	Service .	Hilton G.	Marriott.
1M Rtn	-6.1%	5.1%	15.7%	-1.3%	-3.7%	-17.5%	-2.5%
3M Rtn	-13.8%	-32.9%	15.2%	0.1%	-10.5%	-29.1%	-12.1%
6M Rtn	-10.6%	-10.3%	26.0%	2.1%	11.4%	-15.8%	-4.1%
12M Rtn	-19.4%	-25.2%	6.8%	-9.4%	1.9%	-40.9%	-14.4%
3Y Rtn	-37.9%	123.0%	71.4%	17.6%	-1.1%	-58.5%	8.2%
1M Excs Rtn	-7.6%	4.5%	16.3%	-1.1%	-2.6%	-18.6%	-1.8%
3M Excs Rtn	-18.7%	-38.0%	9.5%	-4.3%	-15.7%	-34.3%	-17.2%
6M Excs Rtn	-27.1%	-24.8%	11.4%	-12.3%	-3.8%	-33.3%	-18.6%
12M Excs Rtn	-34.4%	-39.4%	-7.4%	-22.1%	-13.3%	-53.3%	-28.3%
3Y Excs Rtn	-108.7%	52.9%	4.2%	-54.7%	-71.2%	-130.5%	-63.0%

Comparison Analyses

	Title
0	How Does Vail Resorts Stock Stack Up Against Its Peers?
1	MTN or VAC - With 30% Return Forecast, VAC Probably Deserves Your Money
2	With 8.9% Gains On The Table, MTN May Outshine CENT
3	Vail Resorts vs. Hyatt Hotels: With Return Forecast Of 45%, Vail Resorts Is A Better Bet
4	Vail Resorts vs. Marriott: With Return Forecast Of 40%, Vail Resorts Is A Better Bet
5	Vail Resorts vs. Marriot Vacations Worldwide: With Return Forecast Of 40%, Vail Resorts Is A Better Bet
6	Vail Resorts vs. Hilton Worldwide Holdings: With Return Forecast Of 40%-44%, Both Seem Like Good Bets
7	Vail Resorts vs. Fortune Brands Home & Security: Similar Market Cap, But Vail Resorts Is A Better Bet
8	Vail Resorts vs. F5 Networks: Similar Market Cap, But Vail Resorts Is A Better Bet
9	Vail Resorts vs. Jones Lang LaSalle: Similar Market Cap, But Vail Resorts Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 7/31	LTM	2025	2024	2023	2022	2021	2020
Period End	7/31/2025	7/31/2025	7/31/2024	7/31/2023	7/31/2022	7/31/2021	7/31/2020
Filing Date	9/29/2025	9/29/2025	9/26/2024	9/28/2023	9/28/2022	9/23/2021	9/24/2020
Key Financials
Total Revenue	2,964	2,964	2,885	2,889	2,526	1,910	1,964
EBITDA	870	870	783	795	858	529	473
Operating Income	538	538	540	562	577	280	248
Net Income	280	280	231	266	348	128	99
EPS	7.59	7.54	6.10	6.70	8.60	3.17	2.45
Growth Rates
Total Revenue Growth	2.7%	2.7%	-0.1%	14.4%	32.3%	-2.7%	-13.6%
EBITDA Growth	11.1%	11.1%	-1.5%	-7.3%	62.1%	11.9%	-32.1%
Operating Income Growth	-0.4%	-0.4%	-4.0%	-2.5%	105.6%	13.2%	-48.6%
Net Income Growth	21.2%	21.2%	-13.1%	-23.6%	172.1%	29.4%	-67.2%
Margins
EBITDA Margin	29.4%	29.4%	27.2%	27.5%	34.0%	27.7%	24.1%
Operating Income Margin	18.1%	18.1%	18.7%	19.5%	22.8%	14.7%	12.6%
Net Income Margin	9.4%	9.4%	8.0%	9.2%	13.8%	6.7%	5.0%
Cash & Debt
Total Cash	440	440	323	563	1,107	1,244	391
Total Debt	3,444	3,444	3,059	3,025	2,943	3,076	2,705
Net Debt / (Cash)	3,004	3,004	2,736	2,462	1,835	1,832	2,314
Cash Flows
Net Cash from Operations	555	555	589	638	710	525	395
Free Cash from Operations	320	320	378	323	518	410	223
Returns to Shareholders
Dividends	328	328	324	314	226	-0	213
Share Repurchases	270	270	150	500	75	-0	46

$ Mil \| FY: 7/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	7/31/2025	4/30/2025	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023	4/30/2023	1/31/2023	10/31/2022
Filing Date	9/29/2025	6/5/2025	3/10/2025	12/9/2024	9/26/2024	6/6/2024	3/11/2024	12/7/2023	9/28/2023	6/8/2023	3/9/2023	12/8/2022
Key Financials Quarterly
Total Revenue	271	1,296	1,137	260	265	1,283	1,078	259	270	1,238	1,102	279
Ebitda	-125	661	460	-126	-122	619	427	-141	-78	574	402	-102
Operating Income	-202	571	384	-215	-190	584	355	-208	-158	553	330	-163
Net Income	-185	393	246	-173	-175	362	219	-176	-131	325	209	-137
EPS	-4.92	10.55	6.57	-4.61	-4.67	9.57	5.78	-4.60	-3.20	8.20	5.17	-3.40
Key Financials TTM
Total Revenue TTM	2,964	2,958	2,946	2,887	2,885	2,890	2,845	2,868	2,889	2,887	2,825	2,630
Ebitda TTM	870	873	831	798	783	828	783	758	797	842	874	857
Operating Income TTM	538	550	563	533	540	573	542	517	562	593	583	587
Net Income TTM	280	291	260	234	231	275	238	227	266	288	336	350
Growth Rates Quarterly
Total Revenue Growth	2.2%	1.0%	5.5%	0.7%	-1.6%	3.6%	-2.2%	-7.5%	1.0%	5.2%	21.5%	59.2%
EBITDA Growth	-2.2%	6.8%	7.6%	10.5%	-57.3%	7.8%	6.3%	-38.5%	-143.1%	-5.2%	4.3%	1.1%
Operating Income Growth	-6.4%	-2.2%	8.3%	-3.2%	-20.6%	5.6%	7.4%	-28.0%	-23.7%	1.8%	-1.0%	5.7%
Net Income Growth	-6.2%	8.5%	12.0%	1.5%	-33.5%	11.4%	5.1%	-28.1%	-20.4%	-12.8%	-6.6%	1.7%
Margins Quarterly
EBITDA Margin	-46.0%	51.0%	40.4%	-48.4%	-46.0%	48.2%	39.6%	-54.4%	-28.8%	46.3%	36.5%	-36.4%
Operating Income Margin	-74.5%	44.1%	33.8%	-82.6%	-71.6%	45.5%	32.9%	-80.5%	-58.4%	44.6%	30.0%	-58.2%
Net Income Margin	-68.4%	30.3%	21.6%	-66.4%	-65.8%	28.2%	20.3%	-67.9%	-48.5%	26.2%	18.9%	-49.0%
Cash & Debt
Total Cash	440	467	488	404	323	705	812	729	563	896	1,295	1,181
Total Debt	3,444	2,952	2,967	3,035	3,059	2,963	2,998	3,005	3,025	3,054	3,080	3,049
Net Debt / (Cash)	3,004	2,485	2,479	2,631	2,736	2,257	2,186	2,277	2,462	2,158	1,785	1,868
Cash Flows Quarterly
FCF from Operations	-172	118	326	282	-92	110	243	328	-89	121	273	333
Cash Flows TTM
FCF from Operations TTM	555	634	627	543	589	592	604	633	638	664	705	694
Returns to Shareholders Quarterly
Dividends	80	82	83	83	83	84	78	78	79	82	77	77
Share Repurchases	200	30	20	20	25	75	-0	50	100	400	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-21.0%	69.8%	46.5%	-24.7%	-21.0%	77.2%	47.0%	-27.0%	-18.0%	75.2%	50.3%	-23.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	13.3%	16.7%	16.8%	14.5%	14.4%	19.2%	18.3%	17.1%	17.4%	19.6%	22.7%	24.2%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Mountain	2,541	2,213	1,703	1,710	1,808
Lodging	340	312	205	248	463
Real Estate	8	1	2	5	1
Total	2,889	2,526	1,910	1,964	2,272

Price Behavior

Price Behavior

Market Price	$139.19
Market Cap ($ Bil)	5.1
First Trading Date	02/04/1997
Distance from 52W High	-24.8%
	50 Days	200 Days
DMA Price	$147.59	$149.48
DMA Trend	down	down
Distance from DMA	-5.7%	-6.9%
	3M	1YR
Volatility	34.0%	34.9%
Downside Capture	136.60	97.80
Upside Capture	32.00	63.37
Correlation (SPY)	33.5%	46.9%

MTN Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.97	0.81	0.78	0.84	0.84	0.90
Up Beta	2.52	3.33	2.39	1.16	0.99	0.97
Down Beta	0.43	0.42	0.49	0.70	0.74	0.69
Up Capture	77%	-11%	28%	58%	53%	52%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	12	22	33	64	118	380
Down Capture	99%	81%	48%	82%	91%	103%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	11	22	32	63	133	373

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

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of MTN With Other Asset Classes (Last 1Y)
	MTN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-18.9%	10.0%	15.6%	55.3%	1.0%	-1.8%	-8.1%
Annualized Volatility	34.8%	24.8%	19.7%	19.7%	15.9%	17.8%	35.6%
Sharpe Ratio	-0.55	0.33	0.61	2.12	-0.13	-0.25	-0.07
Correlation With Other Assets		53.1%	46.6%	0.1%	11.0%	50.0%	27.6%

ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of MTN With Other Asset Classes (Last 5Y)
	MTN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.5%	9.7%	15.3%	16.9%	12.2%	5.2%	38.4%
Annualized Volatility	31.2%	23.8%	17.1%	15.6%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.27	0.37	0.73	0.87	0.53	0.19	0.65
Correlation With Other Assets		52.2%	51.6%	4.7%	11.6%	43.7%	23.9%

Based On 10-Year Data

		Comparison of MTN With Other Asset Classes (Last 10Y)
	MTN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.8%	12.6%	14.4%	14.1%	5.7%	5.6%	75.1%
Annualized Volatility	31.7%	22.0%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.22	0.53	0.69	0.79	0.25	0.24	0.94
Correlation With Other Assets		51.9%	52.2%	-3.9%	13.3%	45.0%	13.8%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	4,145,807
Short Interest: % Change Since 10312025	3.6%
Average Daily Volume	590,441
Days-to-Cover Short Interest	7.02
Basic Shares Quantity	36,525,000
Short % of Basic Shares	11.4%

Returns Analyses

	Title
0	With Vail Resorts Stock Sliding, Have You Assessed The Risk?
1	Vail Resorts Stock Return Comparison
2	[10/7/2021] Vail Resorts (MTN) Stock Price Forecast: AI Forecasts MTN Stock Price To Be Around $348 In A Month (Up 1.5%)
3	Vail Resorts Total Shareholder Return (TSR): -20.5% in 2022 and 0.4% 3-yr returns (below peer average)
4	Vail Resorts (MTN) Stock Return: AI Predicts MTN Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
9/29/2025	1.0%	6.9%	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%
3/11/2024	0.7%	-0.6%	4.3%
12/7/2023	4.1%	6.1%	-1.6%
...
SUMMARY STATS
# Positive	14	10	10
# Negative	10	14	14
Median Positive	2.0%	6.0%	5.2%
Median Negative	-4.3%	-4.5%	-9.4%
Max Positive	7.7%	8.6%	11.5%
Max Negative	-10.3%	-15.5%	-16.2%

SEC Filings

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Report Date	Filing Date	Filing
7312025	9292025	10-K 7/31/2025
4302025	6052025	10-Q 4/30/2025
1312025	3102025	10-Q 1/31/2025
10312024	12092024	10-Q 10/31/2024
7312024	9262024	10-K 7/31/2024
4302024	6062024	10-Q 4/30/2024
1312024	3112024	10-Q 1/31/2024
10312023	12072023	10-Q 10/31/2023
7312023	9282023	10-K 7/31/2023
4302023	6082023	10-Q 4/30/2023
1312023	3092023	10-Q 1/31/2023
10312022	12082022	10-Q 10/31/2022
7312022	9282022	10-K 7/31/2022
4302022	6092022	10-Q 4/30/2022
1312022	3142022	10-Q 1/31/2022
10312021	12092021	10-Q 10/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Vail Resorts (MTN)

Market Price (11/29/2025): $140.245 | Market Cap: $5.1 BilSector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Vail Resorts (MTN)

Market Price (11/29/2025): $140.245Market Cap: $5.1 BilSector: Consumer DiscretionaryIndustry: Hotels, Resorts & Cruise Lines

Valuation, Metrics & Events

MTN Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Vail Resorts (MTN)

Clear Emerging Threats to Vail Resorts (MTN)

Mountain Operations

Lodging

Real Estate

Capital Allocation Decisions of Vail Resorts (MTN) over the Last 3-5 Years

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Vail Resorts (MTN)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

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Peer Comparisons for Vail Resorts

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (11/29/2025): $140.245 | Market Cap: $5.1 Bil
Sector: Consumer Discretionary | Industry: Hotels, Resorts & Cruise Lines

Market Price (11/29/2025): $140.245
Market Cap: $5.1 Bil
Sector: Consumer Discretionary
Industry: Hotels, Resorts & Cruise Lines