Vail Resorts, Inc. MTN

Consumer DiscretionaryHotels & Entertainment ServicesUnited States of America

Last close 154.82 USD on Nov 2, 2026, +22.4% year to date

Quant rating

Quant rating C Rank 225 of 344 in Consumer Discretionary

Growth B 107 of 344
Valuation D 253 of 344
Quality C 222 of 344
Revisions D 254 of 344
Momentum B 111 of 344

Wall Street consensus Hold (2.65)Average target 148.42 USD −4.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.5B
Enterprise value: 8.8B
52-week range: 118.72 – 163.24
3-year range: 118.72 – 236.85
Dividend yield: 5.85%
Beta (5 years): 0.75
Shares outstanding: 35.7M
Next earnings: Dec 8, 2026

About the company

Vail Resorts, Inc. is a network of destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland; and Perisher, Hotham, and Falls Creek in Australia. The Company operates through three segments, which include Mountain, Lodging and Real Estate. The Mountain segment includes the operations of the Company's mountain resorts/ski areas and related ancillary activities. The Lodging segment includes the operations of the Company's owned hotels, RockResorts, national park service (NPS) concessioner properties, condominium management, Colorado resort ground transportation operations and mountain resort golf operations. The Real Estate segment owns, develops and sells real estate in and around the Company's resort communities.

Growth and profitability fiscal year ends July 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,838	2,964	2,885	2,889	2,526	–
Revenue growth	−4.3%	2.7%	−0.1%	14.4%	32.3%	8.2%
EPS (basic, normalized)	4.12	7.53	6.07	6.74	8.55	–
EPS growth	−45.3%	24.1%	−9.9%	−21.2%	–	–
Gross margin	43.7%	44.4%	44.6%	43.9%	48.8%	45.1%
Net margin	5.2%	9.4%	8.0%	9.2%	13.8%	9.1%
ROE	44.4%	49.4%	27.0%	20.3%	21.7%	32.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	268
Current ratio	0.80x
Long-term debt (mil)	3,102
Net debt (mil)	3,235
Total equity (mil)	241
Net debt / equity	13.45x
Net debt / EBITDA	4.30x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	2,838	−4.3%	3.1x	753	−12.4%	11.6x	4.12	−45.3%	37.6x
2027	3,040	+7.1%	2.9x	816	+8.3%	10.7x	5.55	+34.8%	27.9x
2028	3,144	+3.4%	2.8x	865	+6.0%	10.1x	6.53	+17.7%	23.7x
2029	3,234	+2.9%	2.7x	898	+3.9%	9.8x	7.44	+13.9%	20.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	3,040	+0.4%	+1.6%	+0.1%	5.55	−1.6%	−13.9%	−20.0%
2028	3,144	+0.6%	+1.7%	+0.2%	6.53	−0.8%	−11.3%	−13.6%
2029	3,234	+0.7%	–	–	7.44	+2.7%	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	1,283	265	260	1,137	1,296	271	271	1,084	1,205	278
Sales mean (mil)	1,304	265	254	1,138	1,305	274	276	1,113	1,213	270
Surprise	−1.6%	+0.3%	+2.5%	−0.1%	−0.7%	−1.0%	−1.9%	−2.6%	−0.6%	+3.2%
EPS reported	9.54	−4.67	−4.61	6.56	10.54	−5.08	−5.20	5.87	8.81	−5.34
EPS mean	9.97	−4.24	−4.99	6.31	9.97	−4.73	−5.19	6.10	8.96	−5.27
Surprise	−4.3%	−10.1%	+7.7%	+3.9%	+5.7%	−7.4%	−0.2%	−3.8%	−1.7%	−1.3%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MTN Vail Resorts, Inc.	5.5B	4.30x	5.2%	22.94x	27.9x	23.7x	10.7x	10.1x
MAR Marriott International, Inc.	108.6B	3.06x	9.9%	−24.09x	35.1x	31.4x	20.7x	19.3x
HLT Hilton Worldwide Holdings Inc.	81.1B	3.39x	12.1%	−12.34x	40.0x	34.9x	23.1x	21.0x
RCL Royal Caribbean Cruises Ltd.	85.9B	3.09x	23.8%	7.33x	17.9x	15.8x	13.9x	12.6x
VIK Viking Holdings Ltd	38.9B	1.19x	17.7%	23.53x	27.0x	20.1x	19.7x	15.6x
CCL Carnival Corporation Ltd	40.4B	3.16x	10.4%	2.86x	13.3x	11.6x	8.8x	8.3x
Mean		3.03x	13.2%	3.37x	26.9x	22.9x	16.2x	14.5x
Median		3.13x	11.2%	5.10x	27.4x	21.9x	16.8x	14.1x

Technical analysis

1M+11.3%
3M+5.2%
1Y+11.4%
3Y−16.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Vail Resorts, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,838	2,964	2,885	2,889	2,526	1,910
Cost of revenue	1,597	1,647	1,598	1,621	1,294	1,041
Gross profit	1,241	1,317	1,287	1,268	1,232	869
Selling, general & administrative expenses	502	482	460	437	395	322
Research & development	–	–	–	–	–	–
Depreciation/amortization	306	296	279	269	252	253
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−6.3	−30.1	11.3	8.2	−37.6	18.2
Other operating expenses	19.2	9.4	48.0	49.8	20.3	14.4
Operating income	421	560	489	504	602	261
Net interest income (expense)	−194	−158	−149	−134	−145	−136
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	227	402	340	370	457	125
Provision for taxes	56.2	104	92.8	87.6	88.8	0.7
Minority interest	−23.2	−18.0	−15.9	−17.0	−20.4	3.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	148	280	231	266	348	128
Extraordinary items	–	–	–	–	–	–
Net income	148	280	231	266	348	128
EBIT, normalized	424	545	500	513	564	279
EBITDA, normalized	730	841	779	782	817	532
Basic EPS, normalized	4.12	7.53	6.07	6.74	8.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Vail Resorts, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	268	440	323	563	1,107	1,244
Receivables	355	382	376	381	383	345
Total inventory	135	117	119	133	109	80.3
Prepaid expenses	56.7	–	–	–	–	–
Other current assets	61.3	110	84.4	132	192	75.9
Total current assets	876	1,050	902	1,208	1,792	1,746
Property, plant & equipment	2,628	2,705	2,763	2,654	2,406	2,368
Goodwill	1,674	1,675	1,678	1,720	1,755	1,781
Intangibles	294	298	303	309	314	319
Long-term investments	–	–	–	–	–	10.6
Note receivable	–	–	–	–	–	–
Other long-term assets	54.0	49.4	40.8	55.9	51.4	26.5
Total assets	5,526	5,778	5,687	5,948	6,318	6,251
Liabilities
Accounts payable	153	140	141	149	151	98.3
Payable/accrued	–	–	0	–	–	–
Accrued expenses	246	272	239	136	144	136
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	83.9	600	59.3	69.2	63.7	114
Other current liabilities	614	656	667	777	752	630
Total current liabilities	1,097	1,668	1,107	1,131	1,111	978
Long-term debt	3,102	2,595	2,731	2,751	2,670	2,736
Minority interest	317	329	315	332	235	234
Other liabilities	770	762	824	731	689	707
Total liabilities	5,286	5,353	4,977	4,944	4,706	4,656
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.5	0.5	0.5	0.5	0.5	0.5
Additional paid-in capital	1,195	1,172	1,146	1,124	1,185	1,197
Retained earnings (accumulated deficit)	549	719	767	874	896	774
Treasury stock	−1,454	−1,408	−1,136	−984	−479	−404
Other equity	−50.7	−57.9	−67.3	−10.4	10.9	27.8
Total equity	241	424	710	1,004	1,612	1,595
Total liabilities & shareholders' equity	5,526	5,778	5,687	5,948	6,318	6,251

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Vail Resorts, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	171	298	247	283	368	124
Depreciation, depletion & amortization	306	296	279	269	252	253
Deferred taxes	−1.8	−21.0	6.7	23.5	−9.4	−16.1
Non-cash items	42.1	7.4	81.6	80.2	4.7	36.9
Changes in working capital	−37.0	−26.0	−25.4	−17.7	94.5	127
Cash from operations	480	555	589	638	710	525
Investing activities
Capital expenditures	−232	−235	−211	−315	−193	−115
Other investing cash flows	−34.3	30.7	−29.9	41.7	−155	11.8
Cash from investing	−266	−204	−241	−273	−348	−103
Financing activities
Financing cash flow items	−42.3	−39.2	−41.9	−20.3	−8.4	−20.9
Cash dividends paid	−317	−328	−324	−314	−226	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−61.6	125	−211	−579	−259	456
Cash from financing	−421	−243	−577	−914	−493	435
Foreign exchange effects	−2.0	11.6	−6.9	−3.7	−1.9	−0.1
Net change in cash	−209	119	−236	−553	−132	856
Free cash flow	248	320	378	323	518	410

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.